| Checking and Savings Effective May 1, 2008 (Subject to Change at Anytime - Local Deposits Only) | |||||
|
Account Type
|
Interest Rate |
Annual Percentage |
Compounding |
Minimum Opening Deposit |
Minimum Average Daily Balance to Obtain APY |
|
Business NOW |
1.737% | 1.75% | M | $500.00 | na |
|
Personal NOW (Apply Online) |
1.737% | 1.75% | M | $25.00 | $500.00 |
|
Municipal NOW |
1.737% | 1.75% | M | $1.00 | na |
|
Tax-Exempt NOW |
1.737% | 1.75% | M | $500.00 | $500.00 |
| Money Market (Apply Online) | 2.716% | 2.75% | M | $1000.00 | $1000.00 |
| Municipal Money Market |
2.472% | 2.50% | M | $1000.00 | $1000.00 |
| Statement Savings (Apply Online) | 2.472% | 2.50% | M | $100.00 | $250.00 |
| Passbook Savings (No New) | 1.492% | 1.50% | Q | na | $500.00 |
| IRA Money Market Account | 2.716% | 2.75% | M | $1.00 | $1.00 |
|
Christmas Club |
1.986% | 2.00% | Q | $5.00 | $1.00 |
| Certificates of Deposit ("CD") Effective May 1, 2008 (Subject to Change at Anytime - Local Deposits Only) | ||||||
| UNDER $100,000 | OVER $100,000 | |||||
|
Account Type
|
Interest |
Annual |
Minimum |
Compounding |
Interest Rate |
Annual |
| 1 month up to 3 | 1.982% | 2.00% | $10,000.00 | M | 1.982% | 2.00% |
| 3 months up to 6 | 2.232% | 2.25% | $5,000.00 | Q | 2.232% | 2.25% |
| 6 months up to 1 year | 2.477% | 2.50% | $2,500.00 | Q | 2.477% | 2.50% |
| 1 year up to 2 (Apply Online) | 2.967% | 3.00% | $500.00 | Q | 2.967% | 3.00% |
| 2 years up to 3 (Apply Online) | 3.358% | 3.40% | $500.00 | Q | 3.358% | 3.40% |
| 3 years up to 4 (Apply Online) | 3.699% | 3.75% | $500.00 | Q | 3.699% | 3.75% |
| 4 years up to 5 (Apply Online) | 3.845% | 3.90% | $500.00 | Q | 3.845% | 3.90% |
| 5 years (Apply Online) | 3.942% | 4.00% | $500.00 | Q | 3.942% | 4.00% |
Effective May 1, 2008 (Subject to Change at Anytime - Local Deposits Only) |
||||
|
Account Type
|
Interest Rate |
Annual Percentage Yield* |
Compounding |
Minimum Opening Deposit |
| 1 year up to 2 | 3.065% | 3.10% | Q | $500.00 |
| 2 years up to 3 | 3.455% | 3.50% | Q | $500.00 |
| 3 years up to 4 | 3.796% | 3.85% | Q | $500.00 |
| 4 years up to 5 | 3.942% | 4.00% | Q | $500.00 |
| 5 years | 4.039% | 4.10% | Q | $500.00 |
|
Disclosure
*"Q" is quarterly compounding, "M" is monthly; CD's are compounded "Q" unless term is less than 3 months in which case it's "M". Withdrawals of Principal Before Maturity Penalties A Certificate of Deposit (CD) is a contract to keep a specified amount of money on deposit at the bank for a specified period of time. Bank of Utica traditionally pays top rates on its CD’s, but it is expected that you keep the CD until its maturity. 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. If the depositor has
died or been judicially declared to be an incapacitated person, no
penalty is imposed. In the absence of a Bank of Utica Deposit
Resolution and signature card, the proceeds of any CD will only be
deposited to a Bank of Utica account of the Depositor or paid by check
to the Depositor.
Bank of Utica Deposit Accounts (including CD's) are not transferable which means you cannot change the name(s) on the account once it has been opened. | |||
