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Large, national banks are not the only places to find competitive savings rates. Many savers are turning to local banks to find some of the best savings accounts.

Geddes Federal Savings and Loan Association, which serves the Central New York area, has a 2% annual percentage yield (APY) on money market account balances of $50,000 and up. Balances between $1,000 and $49,999 earn a money market rate of 1% APY. Money market accounts must have a minimum of $25 to earn interest.

Geddes Federal Savings and Loan Association also offers certificates of deposit (CDs) with competitive rates. CD rates include:

  • 1.3% APY for 4 months
  • 1.55% APY for  9 months
  • 1.65% for 12 months
  • 1.7% APY for 18 months
  • 2.15% APY for 24 months
  • 2.45% APY for 36 months
  • 2.65% for 48 months
  • 3% APY for 60 months

The bank also offers other CD rate terms. To earn the best CD rates, a CD must have a $500 minimum balance. Withdrawing money early results in a penalty.

The bank also offers CD rates for IRAs. Those CD rates include 2.15% APY for 12 months, 2.65% APY for 24 months, and 3.5% APY for 60 months. The bank offers other CD rates and terms for IRAs. The IRA CDs require a $500 minimum deposit.

Geddes Federal Savings and Loan has one office just outside of Syracuse, N.Y. The bank has been in business since 1949. The bank does not offer mortgages and services all of its accounts in-house.

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