Bank of Utica (NY) Statement Savings Earns Competitive Rate
Bank of Utica’s Statement Savings Account currently earns a competitive 0.60% APY on balances between $250 and $2 million. According to the Personal Rates page, if the available average balance is greater than $2 million, a 0.25% APY applies to the portion above $2 million. The minimum opening deposit is $100, but balances less than $250 do not earn any interest.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.40*% | $250 | $2.5m | Bank of Utica | Statement Savings Account | |
| OTHER TIERS: 1.00% → $2.5m+ | |||||
According to the rules for the fee-free Statement Savings Account listed in the Deposit Account Disclosure,
Unlimited deposits and withdrawals can be made at a teller window. If you have a Quickdraw debit card for use with your checking account, you can also use that card with your savings account. You may make up to six transfers per month which include preauthorized automatic, Internet or telephone transfers. If inadvertently more than 6 transfers are paid in any month, there will be a fee of $5 per item which will reduce your earnings.
The 0.60% APY has been in effect since July 2020. At that time, the highest rate offered on a nationally available savings account was 1.30% APY and a 0.60% APY wouldn’t merit a second look. Bank of Utica’s Statement Savings became more competitive each month as the majority of savings account rates fell in the past 14 months.
Long-Term CDs
The last time I wrote about Bank of Utica in 2018, the 5-year CD earned 4.00% APY and the 4-year Up To 5-year CD earned 3.50% APY. While those rates have dropped significantly, these two long-term CDs are offering competitive rates. Either CD can be opened with a $500 minimum deposit, with no stated balance cap.
Both CDs are available as IRAs (Traditional, Roth, and SEP) earning the same APYs with the same funding requirements.
As stated on the Personal Rates page, the Early Withdrawal Penalty reads as follows:
If early withdrawals of principal, including partial withdrawals, are made there are penalties based on the remaining term of the CD as follows:
Remaining Term
One Year or Less
Over One Year through Two Years
Over Two Years through Three Years
Over Three Years through Four Years
Over Four Years through Five Years
Penalty To Be Paid
Three Months Interest
Six Months Interest
Nine Months Interest
Twelve Months Interest
Fifteen Months Interest
Availability
With a single branch in Utica, New York, Bank of Utica is a community-oriented bank that offers its services and product line in the Mohawk Valley counties of Herkimer, Madison, and Oneida. The Bank’s website clearly states on its Personal Rates page, "Local Deposits Only."
Opening a Statement Savings account (or CD, checking, or money market account) at Bank of Utica can be done online, by phone, by mail, or in-person at the sole branch on Genesee Street in downtown Utica.
The Open An Account With Us brochure explains the various way to open an account.
Our lobby is now fully open. We will be following the latest CDC & NYS guidance on face masks and social distancing.
- If you are fully vaccinated you may enter the bank without a face covering.
- Unvaccinated or not fully vaccinated visitors must continue to wear a mask while inside the bank. We’ll ask that you please lower your mask before heading up to the lobby so we can have you on camera for security purposes.
Bank Overview
Bank of Utica has an overall health grade of "A+" at DepositAccounts.com, with an excellent Texas Ratio (0.52%), based on June 30, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $156.27 million, an excellent annual growth rate of 15.34%. Please refer to our financial overview of Bank of Utica (FDIC Certificate # 13397) for more details.
With total assets in excess of $1.4 billion, Bank of Utica is the largest bank in the Greater Utica/Oneida County area and 49th largest bank in New York state. Founded in 1927 by John J. Sinnott, Bank of Utica has continuously been under the direction of the Sinnott family, with the 3rd and 4th generations of Sinnotts currently serving as President and Board of Director Member, respectively.
How the Statement Savings Account Compares
When compared to the Savings Accounts tracked by DepositAccounts.com that are available within the market area and are not limited by a low balance cap, Bank of Utica’s Statement Savings Account APY currently ranks third.
The above information and rates are accurate as of 9/16/2021.
To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.
