Bank of Utica Review

Bank of Utica Savings

1.60% APY

Founded in 1927, Bank of Utica has $1.29 billion in assets as well as $952 million in deposits, which makes the institution a medium-size bank. Bank of Utica, whose headquarters are in Utica, New York, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a superb 4.8 stars out of 5, Bank of Utica is an exceptional bank that would be an ideal pick. 

Bank of Utica provides customers with a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Perfect for those who want their extra money to grow without monitoring it, Bank of Utica's savings account has a terrific interest rate. If you're looking for a checking account for everyday use, Bank of Utica offers an option without a maintenance or monthly fee. Why keep checking and savings accounts with one bank? Quick transferring between both accounts means you can still get higher interest rates in your savings account but still spend your funds from your checking.

Service Quality

Bank of Utica is a brick-and-mortar bank, with one total branches in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 9:00 a.m. to 5:00 p.m. ET. 

Bank of Utica gets fairly decent feedback from users for its mobile banking services: out of 6 ratings across iOS and Android platforms, the Bank of Utica mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). Bank of Utica's mobile app allows you to control your funds by reviewing monthly statements, transferring funds as well as accessing customer service. Bank of Utica gets a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Bank of Utica has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Bank of Utica's savings account APY is extremely competitive, great if you want to grow your money while still having it available. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Utica's CD rates are stellar in comparison to other U.S. banks.

Rates

With a savings rate of 1.60%, Bank of Utica ranks relatively competitively as compared against the national average. Bank of Utica's one-year and five-year term lengths CDs earn at a rate of 4.15% and 4.15%, respectively, while its highest-yielding money market account earns at an APY of 1.50%. Given that Bank of Utica offers an outstanding APY, Bank of Utica's savings account can be used especially for a key occasion like a new mortgage.

Fees

Bank of Utica generally has extremely low fees in comparison to the national average. With no monthly fee, Bank of Utica's checking account is ideal for those who need a hassle-free banking experience. 

Financial Health

Bank of Utica is a medium-size bank and owns assets totaling $1.29 billion as well as deposits totaling $952 million. Its Texas Ratio is 0.03%, denoting an exceptionally small likelihood of failure. Additionally, Bank of Utica is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Utica Near Me

Bank of Utica has one physical location across the U.S.