Bank of Utica (NY) Statement Savings Earns Competitive Rate


Deal Summary: Statement Savings Account, 0.60% APY on balances between $250 and $2 million.

Availability: Market area includes Herkimer, Madison, and Oneida Counties, New York.

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.

1.60*%$250$2.5mBank of UticaStatement Savings Account
OTHER TIERS: 1.00% $2.5m+
Rates as of September 22, 2023.

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.

4.50%$500-Bank of Utica4 Year Up to 5 Year CD
4.50%$500-Bank of Utica5 Year CD
4.50%$500-Bank of Utica4 Year up to 5 Year IRA (Traditional, Roth, SEP)
4.50%$500-Bank of Utica5 Year IRA (Traditional, Roth, SEP)
Rates as of September 22, 2023.

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


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, 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 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’s Savings Account Rates page.

Related Pages: Utica savings accounts, savings accounts, 5-year CD rates

Bank of Utica (NY) Boosts 5-Year CD Rate
Deal Summary: 5-Year CD (4.00% APY), 4-Year Up To 5-Year CD (3.50% APY), $500 minimum deposit.

Availability: Market area includes Herkimer, Madison, and Oneida Counties, New York.

If you live in New York State’s Mohawk Valley, the Bank of Utica has a product you might be interested in – a 5-year CD that currently earns 4.00% APY. This rate-leading CD can be opened with a $500 minimum deposit and there is no stated balance cap.

Bank of Utica also raised the rate on its 4-year...

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Bank of Utica (NY) Raises Rate On 5-Year CD To Competitive Level
Availability: Utica, New York area

Bank of Utica (up state New York) recently raised the rate on its 5-Year CD (2.50% APY). The minimum opening deposit is $500 and there is a $50K maximum deposit.

The 5-year CD is also available as an IRA (Traditional, Roth, and SEP) with the same funding requirements, but at a slightly higher APY of 2.60%.

As stated on Bank of Utica’s Disclosure page, the Early Withdrawal Penalty reads as follows:


With a single branch in Utica, New York, Bank of Utica...

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Top Long-Term CD Rates in Central New York at Bank of Utica

It’s now easy to get a 5-year CD with a yield of at least 2.00% if you don’t mind banking online. A higher 5-year CD rate is possible if you live in the right area. It’s most likely that your local banks won’t have better CD deals, but there are a few areas of the country where you can get really good CD deals. One of those areas is the Utica-Rome New York metro area. Bank of Utica just increased its 5-year and 4-year CD rates to levels far above...

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4.30% 60-Month CD at a New York Bank (Bank of Utica)
Update 4/05/08: The CD rates have fallen. Please check the bank's website for the latest rates

Update 3/29/08: The CD rates have fallen. The 60-month CD yield declined from 4.50% to 4.30% APY. The title has been modified to reflect this change.
Update 3/1/08: The CD rates have fallen. The 60-month CD yield declined from 4.70% to 4.50% APY.

Bank of Utica is offering a 4.70% APY 60-month certificate of deposit. The minimum deposit is $500, and the maximum is $150,000 (no limit for IRA's). The CDs are available for local depositors only.


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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.