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Current Rates

Save More with Specials from Canal Bank

Rates as of December 12, 2024

For a limited time, take advantage of our special offers:

3.00% APY*

Money Market

Minimum opening deposit is $10,000.00

CD - 4.50% APY**

for 5 months

CD - 4.00% APY**

for 12 months

Stop by our branch or call us at 716-458-3690 to open your account today!

 *APY = Annual Percentage Yield. Minimum deposit to open is $10,000. Account balance may not exceed $1,000,000 with the exception of future interest payments. Fees may reduce earnings on accounts. Interest rates may change at any time, without prior notice, before an account is opened. Interest compounds quarterly and is credited quarterly. Effective as of November 4, 2024.
 
**APY = Annual Percentage Yield. Minimum deposit to earn interest is $1,000. Account balance may not exceed $1,000,000 with the exception of future interest payments. There may be a penalty for early withdrawals. Fees may reduce earnings on accounts. All IRA certificates are subject to IRS tax regulations and penalties. Interest rates may change at any time, without prior notice, before an account is opened. Interest compounds quarterly and is credited quarterly. Effective as of November 4, 2024.

Interest Checking Account Rates

Account TypeInterest RateAPY*
NOW ($1,000 and above)0.02% 0.02%
Money Market ($1,000 - $24,999)0.02%0.02%
Money Market ($25,000 and above)0.03%0.03%
Personal Prestige IMMA (Less than $1,000)0.00%0.00%
Personal Prestige IMMA ($1,000 - $24,999)0.03%0.03%
Personal Prestige IMMA ($25,000 - $99,999)0.05%0.05%
Personal Prestige IMMA ($100,000 - $499,999)0.07%0.07%
Personal Prestige IMMA ($500,000 - $999,999)0.10%0.10%
Personal Prestige IMMA ($1,000,000 and over)0.15%0.15%
* APY= Annual Percentage Yield. Interest is compounded monthly. These are variable interest rate products and the interest rates may change at the discretion of Canal Bank.

A maintenance fee of $10 is imposed for each month if the daily ledger balance is less than $1,000. Minimum to open the account is $1,000. No interest is earned on daily ledger balances under $1,000. Fees could reduce earnings on the account. Accounts available for organizations, associations and corporations, which are not-for-profit. No per-check fees.

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.

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.

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.

Personal Savings Interest Rates

Interest RateAPY*
0.02% 0.02%
* APY= Annual Percentage Yield. Interest compounds quarterly. This is a variable interest rate product and the interest rates may change at the discretion of Canal Bank. 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.

Certificate of Deposit (CD) Interest Rates

TermInterest RateAPY*
NEW CD Special: 5 Month4.42%4.50%
NEW CD Special: 12 Month3.94%4.00%
7-89 days**0.05%0.05%
3 Month0.05%0.05%
6 Month0.10%0.10%
12 Month0.20%0.20%
18 Month0.20%0.20%
24 Month0.35%0.35%
30 Month0.35%0.35%
36 Month0.45%0.45%
48 Month0.55%0.55%
60 Month0.60%0.60%
84 Month0.60%0.60%
* APY= Annual Percentage Yield ** Non-renewable. All IRA certificates are subject to IRS tax regulations and penalties. There may be a penalty for early withdrawals. Fees may reduce earnings on accounts. All IRA certificates are subject to IRS tax regulations and penalties. Interest rates may change at any time, without prior notice, before an account is opened. Interest compounds quarterly and is credited quarterly. Effective as of May 20, 2024. Interest compounds quarterly. To earn annual percentage yield you must have interest compounded. Interest rates may change at the discretion of Canal Bank. 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 may be 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.

IRA Interest Rates

TermInterest RateAPY*
3 Month0.05%0.05%
6 Month0.10%0.10%
12 Month0.20%0.20%
18 Month0.20%0.20%
18 Month - Variable±; $100 and over0.03%0.03%
24 Month0.35%0.35%
30 Month0.35%0.35%
36 Month0.45%0.45%
48 Month0.55%0.55%
60 Month0.60%0.60%
84 Month0.60%0.60%

IRA Money Market Interest Rates

Account TypeInterest RateAPY*
Money Market ( < $1,000)0.00%0.00%
Money Market ($1,000 - $24,999)0.00%0.00%
Money Market ($25,000 - $99,999)0.03%0.03%
Money Market ($100,000 - $499,999)0.05%0.05%
Money Market ($500,000 - $999,999)0.07%0.07%
Money Market (>$1,000,000)0.10%0.10%
* APY= Annual Percentage Yield. Interest rates may change at the discretion of Canal Bank. ± 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. Interest is paid quarterly. A penalty may be imposed on early withdrawals.

Health Savings Account (HSA) Interest Rates

TermInterest RateAPY*
HSA (< $100)0.00%0.00%
HSA ($100 - $1,999)0.02%0.02%
HSA ($2,000 - $4,999)0.02%0.02%
HSA ($5,000 - $24,999)0.02%0.02%
HSA (> $25,000)0.03%0.03%
* APY= Annual Percentage Yield. Interest rates may change at the discretion of Canal Bank.

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