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%.
|2.50%||$500||-||Bank of Utica||5 Year CD|
|2.50%||$500||-||Bank of Utica||5 Year IRA (Traditional, Roth, SEP)|
As stated on Bank of Utica’s Disclosure page, the Early Withdrawal Penalty reads as follows:
If the term remaining is over 4 years through 5 years, the Penalty to be paid is fifteen months interest.
With a single branch in Utica, New York, Bank of Utica (FDIC Certificate # 13397) is a community-oriented bank that only offers its services and product line to the local community. Bank of Utica’s website clearly states on its Utica’s Rates page, "Local Deposits Only."
Opening a CD, or checking, savings and money market accounts at Bank of Utica can be done four different ways: online, by phone, by mail, or in-person at Bank of Utica, located on Genesee Street in downtown Utica.
Credit Union Overview
Bank of Utica has an overall health grade of "A+" at DepositAccounts.com, with an excellent Texas ratio of 2.86%, based on September 30, 2014 data. In the past year, Bank of Utica has increased its total deposits by $38.95 Million, an excellent annual growth rate of 5.19%. Please refer to our financial overview of Bank of Utica for more details.
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. With total assets of $1 Billion, Bank of Utica is the largest bank (in terms of deposits) in the Greater Utica/Oneida County area.
How the CD Compares
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to New York State residents, Bank of Utica’s 5-year CD is competitive.
The above rates are accurate as of 2/19/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.