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 Up To 5-year CD to 3.50% APY. As the name suggests, this CD’s term length can be set anywhere between four and five years.
Both CDs are available as IRAs (Traditional, Roth, and SEP) earning the same APYs with the same funding requirements.
|1.50%||$500||-||Bank of Utica||5 Year IRA (Traditional, Roth, SEP)|
|1.35%||$500||-||Bank of Utica||4 Year up to 5 Year IRA (Traditional, Roth, SEP)|
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:
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."
Bank of Utica has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas Ratio of 1.16%, based on June 30, 2018 data. Bank of Utica has an excellent capitalization level (21.02%), the result of holding $1.07 billion with $225.82 million in equity. Please refer to our financial overview of Bank of Utica (FDIC Certificate # 13397) for more details.
With total assets in excess of $1 billion, Bank of Utica is the largest bank in the Greater Utica/Oneida County area and 48th 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 CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank's market area, Bank of Utica’s 5-year CD APY currently shares top honors with Connexus Credit Union’s 60-month Share Certificate.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank's market area, Bank of Utica’s 4-year Up To 5-year CD APY currently ranks second.
The above rates are accurate as of 11/8/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.