Today's Interest Rates

 

Today's Interest Rates

Competitive Interest Rates with CanalCare Service

Interest Checking Account Rates

Accurate as of August 26, 2014

Account TypeInterest RateAPY*
NOW0.05%0.05%
Money Market ($1,000 - $24,999)0.05%0.05%
Money Market ($25,000 and above)0.10%0.10%
Personal Prestige IMMA ($1,000 - $24,999)0.05%0.05%
Personal Prestige IMMA ($25,000 and above)0.20%0.20%

* APY= Annual Percentage Yield

Interest rates are compounded monthly. These are variable interest rate products and the interest rates may change at the discretion of Chemung Canal Trust Company.

NOW Accounts

A maintenance fee of $5 is imposed for each month if the average available balance is less than $1,000. Minimum to open the account is $1,000. If your average available balance is $5,000 or greater, you may write an unlimited number of checks without a fee. If your average available balance is less than $5,000, we will pay 10 checks each statement period without a fee, and there will be a fee of $0.20 for each additional check.  No interest is earned on daily ledger balances under $1,000.  Fees could reduce earnings on the account.  Organizations, associations and corporations which are not-for-profit.

Money Market Account

Minimum deposit to open the account is $1,000. A daily ledger balance of $1,000 is required to earn interest.  No interest is earned on daily ledger balances under $1,000. The money market account is a variable interest rate account. Fees could reduce earnings on the account.

Personal Prestige IMMA

New money only. A minimum $25,000 balance and a Chemung Canal checking account are required to open the account. No interest is earned on daily ledger balances under $1,000. The Personal Prestige IMMA is a variable interest rate/yield personal money market account and is subject to change at any time. Fees can reduce earnings on the account.

All Accounts Mentioned Above

We use the daily ledger balance method to calculate interest on your account. This method applies a daily periodic rate to the ledger balance in the account each day. All deposited checks begin to earn interest as soon as we receive credit for the checks from the Federal Reserve Bank. For exact availability of funds for all checks, refer to our "Availability of Funds" disclosure, which is given to you at the time the account is opened, or may be obtained at any time from one of our client service representatives.

Each day, the daily ledger balance is multiplied by the interest rate and divided by 365 days (Example: a daily ledger balance of $2,500 x rate of 2.00%/365 days would equal 13.7 cents accrued interest for the day.) The accrued interest for each day is added together and credited to the account each month.

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Statement Savings Interest Rates

Accurate as of August 26, 2014

Interest RateAPY*
0.05%0.05%

* APY= Annual Percentage Yield

Interest compounds quarterly.  This is a variable interest rate product and the interest rates may change at the discretion of Chemung Canal Trust Company.

  • Minimum daily ledger balance to obtain annual percentage yield is $250.
  • Minimum to open account is $25 and minimum of $250 to avoid a service charge.
  • Fees could reduce earnings on the account.

Go to our savings calculator to create examples of how you may grow your savings!

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Certificate of Deposit Interest Rates

Accurate as of August 26, 2014

 

  


TermInterest RateAPY*
7-89 days**0.05%0.05%
3 month0.05%0.05%
5 month Special***0.20%0.20%
6 month0.10%0.10%
10 month Special***0.35%0.35%
12 month0.20%0.20%
15 month***0.40%0.40%
18 month0.20%0.20%
24 month0.35%0.35%
25 month Special^0.50%0.50%
30 month0.35%0.35%
36 month0.50%0.50%
48 month0.55%0.55%
60 month0.90%0.90%
84 month0.90%0.90%

* APY= Annual Percentage Yield

** Non-renewable

*** New money only. A customer is required to have a CCTC checking account. Unless directed, will roll into 6-month, 12-month and 18-month products, respectively.

^$25,000 minimum, new money deposits only.

Interest compounds quarterly. To earn annual percentage yield you must have interest compounded. Interest rates may change at the discretion of Chemung Canal Trust Company.

  • To earn annual percentage yield you must have interest compounded.
  • Minimum deposit to open is $1,000.
  • Minimum deposit for terms less than 3 months is $2,500.
  • There is a penalty for early withdrawals.
  • Minimum daily balance (the amount of principal in the account daily) to obtain the stated annual percentage yield is $1,000.
  • Fees could reduce earnings on the accounts.
  • Interest rates are subject to change without notice.

 

Go to our savings calculator to create examples of how you may grow your savings!

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IRA Interest Rates

Accurate as of August 26, 2014

TermInterest RateAPY*
3 month0.05%0.05%
5 month Special***0.20%0.20%
6 month0.10%0.10%
10 month Special***0.35%0.35%
12 month0.20%0.20%
15 month***0.40%0.40%
18 month0.20%0.20%
18 month - variable±0.20%0.20%
24 month0.35%0.35%
25 month Special^0.50%0.50%
30 month0.35%0.35%
36 month0.50%0.50%
48 month0.55%0.55%
60 month0.90%0.90%
84 month0.90%0.90%

 

IRA Money Market Rates

 

Account Type

Interest Rate

APY*

Money Market (<$1,000) 0.00% 0.00%
Money Market ($1,000 - $24,999) 0.05% 0.05%
Money Market (>$25,000) 0.10% 0.10%

 

* APY= Annual Percentage Yield

** Non-renewable

*** New money only. A customer is required to have a CCTC checking account. Unless directed, will roll into 6-month, 12-month and 18-month products, respectively.

^$25,000 minimum, new money deposits only. 

Interest rates may change at the discretion of Chemung Canal Trust Company.

  • Minimum daily balance (amount of principal in the account daily) to obtain the stated annual percentage yield is $1,000, except for the 18-month variable interest rate account, which is $100.
  • Minimum deposit to open account is $1,000, except for the 18-month variable interest rate account, which is $100.
  • Fees could reduce earnings on the accounts.
  • A penalty may be imposed on early withdrawals.

Go to our savings calculator to create examples of how you may grow your savings!

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