Earlier this month, Ulster Savings Bank began offering a 24-month Promo CD (1.64% APY) for those customers who already have or open a new personal checking account with direct deposit.
The minimum opening deposit is $500, with a maximum deposit of $100K per CD per customer. The direct deposit must be set up within 90 days to qualify for the promotional 1.64% APY.
As stated in Ulster Savings’ Disclosures, the Early Withdrawal Penalty for the 24-month Promo CD is "6 months simple interest."
Ulster Savings offers five different checking accounts:
- Absolutely Free Checking
- Premium 50+ Free Interest Checking
- VIP Free Interest Checking
- Wall Street Checking
- Student Investor Free Checking Account
|0.15*%||$2,500||-||Ulster Savings Bank||Wall Street Checking|
|OTHER TIERS: 0.10% → Up to $2,500|
|0.10%||-||-||Ulster Savings Bank||Premium 50+ Free Interest Checking|
|0.10%||-||-||Ulster Savings Bank||VIP Free Interest Checking|
Ulster Savings Bank’s market area is located along New York’s Hudson River Valley, stretching from Saugerties in the north, to Newburgh in the south. Accounts may be opened by any U.S. Citizen with a Social Security number (18 years or older) who resides in the market area.
As mentioned earlier, the 24-month Promo CD is only available to residents of Dutchess, Ulster, and Orange Counties.
Opening the 24-month Promo CD requires an in-person visit to any of 13 New York branches located in Gardiner, Kingston (2), New Paltz, Newburgh, Phoenicia, Poughkeepsie, Poughkeepsie Township, Red Hook, Saugerties, Stone Ridge, Wappingers Falls, and Woodstock. While Ulster Savings does have an online application, the 24-month Promo CD is not currently listed.
Ulster Savings Bank has an overall health rating of "C+" at DepositAccounts.com, with a Texas Ratio of 26.49% (average), based on September 30, 2015 data. Ulster Savings Bank has an excellent capitalization level of 13.61%, a result of holding $764.35 Million in assets with $104.05 Million in equity. Please refer to our financial overview of Ulster Savings Bank for more details.
Established in 1851, Ulster Savings Bank (FDIC Certificate # 15970) was the first savings bank in Ulster County, New York. The Bank’s very first customer, Severyn Bruyn (a local lawyer) deposited $120, which was considered to be a major transaction. (To put it into perspective, $120 in 1851 is the dollar equivalent of approximately $3,450 in 2016.) 165 years later, Ulster Savings Bank remains a locally-operated community bank with assets in excess of $764 Million.
How the CD Compares
When compared to the 316 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New York residents, Ulster Savings Bank’s 24-Month Promo CD currently ranks first.
The above rates are accurate as of 1/22/2016.