In the realm of technology and advancement, the Bank of Utica has introduced greater in the field of banking and investment plans.

All the plans to hook up the growth and productivity line to all extents to power up the investment scenario.

Bank of Utica CD Rate Offers

You must be a member of the Bank of Utica to open a CD. This means that you will need to open a checking or savings account. You can apply online, by calling, or by doing it in person.

The authorized CD rates stated by the Bank of Utica are as follows;

Promotional CD-Offer

Key Features

  • The CD term offered by the Bank of Utica is 12 to 60 months.
  • The APY is 5.00%, and it applies to the entire range of 12 to 60 months.
  • The minimum deposit required to open a CD is $500 for all tiers.
  • The interest rate is locked in for the entire duration of the CD term.

Considerations

  • In case, if you need to withdraw your funds before the CD matures, you may incur penalties. These penalties can vary depending on the bank and the remaining term of the CD.
  • While CDs offer stability, they may not provide as high returns as riskier investments, such as stocks.

Pros & Cons

ProsCons
Low Risk InvestmentOpportunity Cost
Steady, Predictable ReturnsInterest Payments Timings are strict
Minimum Deposit of $500Rates are subjected  to change

Are Bank of Utica CD Rates Competitive?

It has been noticed that Bank of Utica’s Certificate of Deposit (CD) rates offer a competitive 5.00% Annual Percentage Yield (APY) for terms spanning 12 to 60 months with a $500 minimum deposit. It is very noteworthy.

However, To further assess their competitiveness, potential investors should compare these rates with offerings from other financial institutions, considering factors such as;

  • Minimum deposit requirements
  • Penalties for early withdrawals
  • Payment frequency.

Thus, it became crucial to verify the current rates directly with the bank, as they may be subject to change, ensuring that the chosen CD aligns with individual financial goals and preferences.

The fixed interest rate, low-risk nature, and steady returns make Bank of Utica’s CDs appealing, but thorough comparisons will provide a clearer understanding of their relative competitiveness in the broader financial market.

How do Bank of Utica CD Rates Compare?

In order to understand BOU CD rates, take a look at its comparison CD rate offers with other banks:

Financial InstitutionTermAPY
Bank of Utica12 to 60 months5.00%
Wings Financial Credit Union5-Year2.73%
Fort Knox Federal Credit Union5-Year3.05%
Umpqua Bank8-Month Special1.06%
Incredible Bank9-Month1.10%

Bank of Utica’s CD rates, at 5.00% APY for 12 to 60 months, appear notably higher compared to the rates offered by Wings Financial Credit Union, Fort Knox Federal Credit Union, Umpqua Bank, and Incredible Bank.

This suggests that, based on the provided rates, Bank of Utica’s CDs are relatively competitive, offering a potentially more favorable return on investment over similar terms.

Overview Bank of Utica 

Bank of Utica was founded in 1927 by John J. Sinnott, who founded it under the name Morris Plan Company of Utica. This became a bank for people who couldn’t get loans from traditional banks either through lack of money or credit.

Over the years, the bank has grown significantly and has become the primary bank in Utica. The bank is now dedicated to forming relationships with their community and making sure they are doing everything in their power to help their members reach their financial goals.

Bank of Utica works with over 300 non-profit organizations and contributes to them regularly. Because the Bank of Utica has been around for decades, they have a personal connection to the area where the bank is located and therefore strive to help in every way they can. They truly believe they are the best bank for the community as they know and understand the needs of those who live there.

Bank of Utica is also determined to keep its members safe by keeping up with the latest software, firewalls, and security systems to keep private information private. This type of software can detect fraudulent checks, strengthen any systems that may be weak or vulnerable to hackers, and more.

Locations Bank of Utica 

Branches in New York – Utica

FAQs

What is the current APY for Bank of Utica CD Rates?

As per the updated and most latest information, the APY is 5.00% for CD terms ranging from 12 to 60 months.

What is the minimum deposit required to open a Bank of Utica CD?

The minimum deposit is $500 for all CD tiers.

Are there early withdrawal penalties for Bank of Utica CDs?

Yes, there are penalties for early withdrawals. The specific terms can vary, so it’s important to consider all the terms to ensure the bank’s policy.

How often is interest paid on Bank of Utica CDs?

Interest payment frequency may vary. The consumers and investors invest as per their business plan, deposit authentication, and interest requirements.

Can CD rates at the Bank of Utica change, and how often are they updated?

CD rates can change, and the frequency of updates may vary. Over a short period of time, the changes are updated on the official website.