Bank of Utica (NY) Has Competitive Long-Term CD Rates

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Deal Summary: CDs – 5-Year CD (5.00% APY), 4-Year up to 5-Year CD (5.00% APY), 3-Year up to 4-Year CD (5.00% APY), $500 minimum deposit.

Availability: Online market area includes Herkimer, Madison, Oneida, and Ostego Counties, New York.

Bank of Utica has gone “uni-rate” on a majority of its CD product line and currently offers 5.00% APY on five of the CDs. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.15%$500-Bank of Utica1 Year Up to 2 Year CD
4.15%$500-Bank of Utica2 Year Up to 3 Year CD
4.15%$500-Bank of Utica3 Year Up to 4 Year CD
4.15%$500-Bank of Utica4 Year Up to 5 Year CD
4.15%$500-Bank of Utica5 Year CD
Rates as of April 24, 2024.

As the descriptive names suggest, the term length of these CDs can be set anywhere between 1 year and 5 years.

All the CDs are available as IRA CDs (Traditional, Roth, and SEP), earning the same 5.00% APY with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00%$500-Bank of Utica1 Year up to 2 Year IRA (Traditional, Roth, SEP)
4.20%$500-Bank of Utica2 Year up to 3 Year IRA (Traditional, Roth, SEP)
4.20%$500-Bank of Utica3 Year up to 4 Year IRA (Traditional, Roth, SEP)
4.20%$500-Bank of Utica4 Year up to 5 Year IRA (Traditional, Roth, SEP)
4.20%$500-Bank of Utica5 Year IRA (Traditional, Roth, SEP)
Rates as of April 24, 2024.

Early Withdrawal Penalty

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

If there is not sufficient interest accrued on the CD out of which to pay the penalty, the difference would be taken out of the principal of the CD.

An early withdrawal is not guaranteed. As stated in the Deposit Rules and Agreements disclosure (emphasis is mine),

If the account is a Certificate of Deposit and we give our consent, there may be a penalty for withdrawals made prior to the maturity date.

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, Oneida, and Otsego. The Bank’s website clearly states on its Personal Rates page, "Local Deposits Only."

Opening a CD (or checking, savings, or money market account) at Bank of Utica can be done online, by phone, by mail, or in-person at the sole New York branch, located on Genesee Street in downtown Utica.

Funding and Other Details

The following information is from the Bank of Utica website and a conversation with CSR.

  • Funding – ACH (online), check or internal transfer (in-branch).
  • Ownership – Individual, joint, or trust.
  • Interest – Compounded/credited monthly and can be withdrawn penalty-free by check or internal transfer.
  • Maturing Funds – Cashier’s check to address on file or transferred to a Bank of Utica checking or savings account.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Unlimited with equal shares. Social Security numbers are required for beneficiaries.
  • Credit Check – ChexSystems.

Bank Overview

Bank of Utica has an overall health grade of "B+" at DepositAccounts.com, with Texas Ratio of 0.26% (excellent), based on September 30, 2023 data. In the past year, Bank of Utica’s total non-brokered deposits decreased by -$189.75 million, a poor annual growth rate of -16.36%. Please refer to our financial overview of Bank of Utica (FDIC Certificate # 13397) for more details.

With total assets in excess of $1.3 billion, Bank of Utica is the largest bank in the Greater Utica/Oneida County area and 40th largest bank headquartered 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 5-Year CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Bank of Utica 5-Year CD. The following table compare the 5-Year CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 4-Year CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Bank of Utica 4-Year CD. The following table compare the 4-Year CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 3-Year CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Bank of Utica 3-Year CD. The following table compare the 3-Year CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 12/29/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Utica CD rates, 5-year CD rates, IRA CD rates

Comments
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.

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Bank of Utica (NY) Boosts 5-Year CD Rate
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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.

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

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