Deposit Product
& Consumer Loan Rates

Deposit Product Rates  |  Consumer Loan Rates

Effective date: June 29, 2020

Deposit product account type can be found in the first column, followed by the rate in the next column, annual percentage yield, and the minimum required balance.

Deposit Product Rates
Account Type Rate Annual Percentage Yield Minimum Balance ($)
Passbook and Statement Savings 0.02% 0.02% 200
Super Passbook & Platinum Savings Tier 1 0.02% 0.02% 1,000-10,000
Super Passbook & Platinum Savings Tier 2 0.05% 0.05% 10,000-50,000
Super Passbook & Platinum Savings Tier 3 0.10% 0.10% 50,000-100,000
Super Passbook & Platinum Savings Tier 4 0.12% 0.12% OVER 100,000
Choice Premier (Qualify Rate) 2.4718% 2.50% Up to and including
balance cap of $25,000
Choice Savings with Choice Premier
(Qualify Rate)
1.250% 1.250% Up to and including
balance cap of $25,000
Choice Interest (Qualify Rate) 1.982% 2.00% Up to and including
balance cap of $25,000
Choice Savings (Qualify Rate) 0.747% 0.750% Up to and including
balance cap of $25,000
Choice Interest, Choice Premier
or Choice Savings (Qualify Rate)
0.250% 0.250% Balances over $25,000
Choice Interest, Choice Premier
or Choice Savings (Non-Qualify Rate)
0.050% 0.050% All balances
Money Market Plus Checking Tier 1 0.02% 0.02% 2,500-25,000
Money Market Plus Checking Tier 2 0.07% 0.07% 25,000-50,000
Money Market Plus Checking Tier 3 0.12% 0.12% 50,000-100,000
Money Market Plus Checking Tier 4 0.17% 0.17% OVER 100,000
91-day Certificate 0.049% 0.050% 1,000
182-day Certificate 0.099% 0.100% 1,000
1-year Certificate 0.149% 0.150% 1,000
18-month Certificate 0.149% 0.150% 1,000
2-year Certificate 0.199% 0.200% 1,000
30-month Certificate 0.249% 0.250% 1,000
3-year Certificate 0.249% 0.250% 1,000
3 1/2-year Certificate 0.299% 0.300% 1,000
5-year Certificate 0.747% 0.750% 1,000
7-year Certificate 0.996% 1.000% 1,000
10-year Certificate 1.194% 1.200% 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.

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Consumer Loan Rates

Consumer Loan Rates are effective April 21, 2020

*APR = Annual Percentage Rate
Rates are subject to change without notice.

Find the year of your car in the first column and follow across that row to see the max loan term in the next column, and the APR rate in the last column.

Cars and Trucks One Ton and Under
Year Maximum term in months APR 
New 2019-2020 72 months  6.359%
Used 2017-2020 72 months  5.603%
Used 2014-2016 60 months  6.995%

Not everyone will qualify for these rates. Your rate may be higher.

Member FDIC. Equal Housing Lender.

Home Equity Line of Credit term can be found in the first column. Follow that row across to see the loan to value in the next column, loan amounts in the column after that, and the APR rate in the last column.

Home Equity Lines of Credit - Variable Rate
Term Loan to Value Loan Amounts APR*
240 Months (with Checking and AFT) 80% $5,000 or greater 2.95% 

*The APR is based on the index of the New York Prime Rate as published in the Wall Street Journal. The APR is variable and can change daily, however it will not be lower than 2.95% or exceed 15.50%. The index as of 3/16/2020 was 3.25%. The rate calculation is the index minus .30%. This APR requires loan payment to be deducted from a Cortland Bank consumer checking account through an Automatic Funds Transfer (AFT).

The loan term is twenty years which includes a ten year 'draw period' followed by a ten year 'repayment period'. Loan must be secured by a single-family, owner occupied dwelling. Property insurance is required (and flood insurance, if applicable.) A fee of $50 will be charged annually beginning 12 months after your note date for the 'draw period'. The minimum loan amount is $5,000. Loan must have a maximum combined loan-to-value of 80% or less. Repayment terms are: monthly interest only payments due during the 'draw period' and fully amortizing monthly principal and interest payments during the 'repayment period'. An Early Termination Fee of $300 will be charged if the loan is closed within three years of the note date.

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 at available. This offer 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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Rates are subject to change.