Deposit Product and Consumer Loan Rates
Deposit Product Rates
Consumer Loan Rates
Deposit Product Rates
Effective Date: April 23, 2013
| Account Type |
Rate |
Annual Percentage Yield |
Minimum Balance ($) |
| Passbook and Statement Savings |
0.020% |
0.020% |
200 |
| Super Passbook & Platinum Savings Tier 1 |
0.020% |
0.020% |
1,000-10,000 |
| Super Passbook & Platinum Savings Tier 2 |
0.070% |
0.070% |
10,000-50,000 |
| Super Passbook & Platinum Savings Tier 3 |
0.120% |
0.120% |
50,000-100,000 |
| Super Passbook & Platinum Savings Tier 4 |
0.170% |
0.170% |
OVER 100,000 |
| Free Checking |
No Interest |
No Interest |
0 |
| Interest Tiered Checking Tier 1 |
0.020% |
0.020% |
1,000-10,000 |
| Interest Tiered Checking Tier 2 |
0.020% |
0.020% |
10,000-50,000 |
| Interest Tiered Checking Tier 3 |
0.020% |
0.020% |
50,000-100,000 |
| Interest Tiered Checking Tier 4 |
0.020% |
0.020% |
OVER 100,000 |
| Money Market Plus Checking Tier 1 |
0.020% |
0.020% |
2,500-25,000 |
| Money Market Plus Checking Tier 2 |
0.070% |
0.070% |
25,000-50,000 |
| Money Market Plus Checking Tier 3 |
0.120% |
0.120% |
50,000-100,000 |
| Money Market Plus Checking Tier 4 |
0.170% |
0.170% |
OVER 100,000 |
| 91-day Certificate |
0.0500% |
0.0500% |
1,000 |
| 182-day Certificate |
0.1000% |
0.1000% |
1,000 |
| 1-year Certificate |
0.1500% |
0.1500% |
1,000 |
| 18-month Certificate |
0.2000% |
0.2000% |
1,000 |
| 2-year Certificate |
0.2500% |
0.2500% |
1,000 |
| 30-month Certificate |
0.3000% |
0.3000% |
1,000 |
| 3-year Certificate |
0.3500% |
0.3500% |
1,000 |
| 3 1/2-year Certificate |
0.4000% |
0.4000% |
1,000 |
| 5-year Certificate |
0.6500% |
0.6500% |
1,000 |
| 7-year Certificate |
1.1500% |
1.1500% |
1,000 |
| 10-year Certificate |
1.8000% |
1.8100% |
1,000 |
On Certificates, and on regular Passbook and Statement Savings accounts, interest compounds quarterly (unless otherwise noted).
On Interest Checking, Money Market Plus Checking, Platinum Savings and Super Passbook accounts, interest compounds monthly (unless otherwise noted).
The rates for Passbook, Statement Savings, Interest Checking, and Money Market accounts are variable and may change after your account is opened.
The annual percentage yields quoted are accurate as of the effective date listed above.
Fees may reduce your earnings on your account.
Substantial penalty for early withdrawal on Certificates of Deposit.
Member FDIC.
Consumer Loan Rates
Consumer Loan Rates are effective May 1, 2013
*APR = Annual Percentage Rate
Rates are subject to change without notice.
CARS AND TRUCKS ONE TON AND UNDER
| Year |
Maximum term in months |
APR*
Based on a loan amount of $10,000
|
|
2012-2013
New
|
48
|
4.77 %
|
|
2011-2012
Used
|
48
|
5.78 %
|
|
2007-2010
Used
|
48
|
6.54 %
|
Not everyone will qualify for these rates. Your rate may be higher.
Payment example 1: If you borrowed with no down payment, at 4.77 % APR* for 48 months,
the monthly payment will be $224.67 per $10,000.00 borrowed.
Payment example 2: If you borrowed with no down payment, at 5.78 % APR* for 48 months,
the monthly payment will be $229.16 per $10,000.00 borrowed.
Payment example 3: If you borrowed with no down payment, at 6.54 % APR* for 48 months,
the monthly payment will be $232.56 per $10,000.00 borrowed.
Member FDIC. Equal Housing Lender.
HOME EQUITY – CLOSED END
|
Type
|
Minimum Loan Amount
|
Loan to Value
|
APR*
Based on Loan Amount of $10,000
|
|
180 Months
|
$10,000
|
85% MAX.
|
6.53 %
|
|
120 Months
|
$10,000
|
85% MAX.
|
5.73 %
|
|
60 Months
|
$5,000
|
85% MAX.
|
5.38 %
|
Not everyone will qualify for these rates. Your rate may be higher.
Payment example 1: If you borrowed, at 85% maximum loan to value, at 6.53% APR* for 180 months,
the monthly payment will be $84.39 per $10,000.00 borrowed.
Payment example 2: If you borrowed, at 85% maximum loan to value, at 5.73% APR* for 120 months,
the monthly payment will be $106.07 per $10,000.00 borrowed.
Payment example 3: If you borrowed, at 85% maximum loan to value, at 5.38% APR* for 60 months,
the monthly payment will be $184.17 per $10,000.00 borrowed.
*APR = Annual Percentage Rate
Member FDIC. Equal Housing Lender.
HOME EQUITY LINES OF CREDIT – VARIABLE RATE
|
Term
|
Loan to Value
|
Loan Amounts
|
APR*
|
120 Months
(with Checking and AFT)
|
85%
|
$5,000 or greater
|
2.95%
|
*The Annual Percentage Rate (APR) is based on the New York Prime Rate as published in the Wall Street Journal, using the rate published on the sixth of the previous month. The APR is variable and can change monthly, however it will not be lower than 2.95% or exceed 15.50%. The index as of 4/06/13 was 3.25%. The rate calculation is the index minus 0.30%. This advertised APR of 2.95% requires the loan payment to be deducted from a Cortland Banks consumer checking account through an Automatic Funds Transfer (AFT). Loan must be secured by a single-family, owner-occupied dwelling. Property insurance is required (and flood insurance, if applicable.) An annual fee of $50.00 will be charged annually beginning 12 months after your note date. The minimum loan amount is $5,000 (maximum $300,000) and a minimum credit advance must be at least $5,000 is required. Must be new money (not currently owed to Cortland Banks). The loan term is ten years requiring a maximum combined loan-to-value of 85% or less. Repayment terms will equal 1.5% of the outstanding balance of principal and interest as of each monthly statement date, or $100, whichever is greater. An interest only option is also available (and would result in a balloon payment). Under this option, if you took a single $10,000 advance and the APR was 2.95% and you made only the minimum interest payments and made no principal reductions, at the end of the 10-year term the principal balance would be $10,000. During the period, you would make 119 interest payments of $25.05 and one final payment of $10,025.05. You should consult a tax advisor regarding the deductibility of interest and charges for the line. This offer is subject to credit approval. Not all applicants may qualify for this rate. Other rates and terms are available. This offer is accurate as of the date of publication, and may be modified or withdrawn without advance notice. Call for current terms and conditions.
*APR = Annual Percentage Rate
Member FDIC. Equal Housing Lender.
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