Ulster Savings Bank (USB) has started the week by offering a 20-month Promo CD (1.66% APY) for those customers who already have or open a new Premium 50+ Checking, VIP Checking, or Wall Street Checking account. The minimum opening deposit is $500, with a no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the 20-month Promo CD is "six months interest."
USB has offered this type of promotional CD before, but this time there is no Direct Deposit requirement. All three checking accounts can be opened with a minimum $50 deposit, but the Wall Street Checking is the only account that requires a minimum balance.
Headquartered in Kingston, New York, 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.
Opening the 20-month Promo CD requires an in-person visit to any of 14 New York branches located in Gardiner, Kingston (2), Lake Katrine, 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 20-month Promo CD is not currently listed.
Ulster Savings Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 8.41% (excellent), based on December 31, 2016 data. In the past year, USB has increased its total deposits by $60.37 million, an excellent annual growth rate of 9.63%. Please refer to our financial overview of Ulster Savings Bank (FDIC Certificate # 15970) for more details.
Established in 1851, Ulster Savings Bank 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 $3,750 in 2017.) 166 years later, Ulster Savings Bank remains a locally-operated community bank with assets in excess of $817 million.
How the CD Promo Compares
When compared to the 285 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to within the FOM, Ulster Savings Bank’s 20-Month CD Promo APY currently ranks first.
The above rates are accurate as of 5/15/2017.