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If you live in the central New York region, and need a place to park a large sum of money for a while, take a look at money markets at Geddes Federal Savings and Loan Association. The savings and loan has a money market rate of 1.9% annual percentage yield (APY) for balances of $50,000 and up. That money market rate is slightly lower than when we last wrote about Geddes Federal Savings and Loan, but is still above the average 0.9% being offered by other money market accounts. Savings rates are current as of May 24, 2010.

Details of money market deposit accounts include:

  • Balances of $1,000 to $49,999 earn 0.9% APY
  • Must have $25 minimum balance to earn interest
  • 24-hour online banking

The savings and loan also offers competitive certificate of deposit (CD) rates. CDs requires a minimum deposit of $500 and there is a penalty for early withdrawal. CD rates include:

  • 1% APY for 6 months
  • 1.15% APY for 9 months
  • 1.25% APY for 12 months
  • 1.4% APY for 18 months
  • 1.85% APY for 24 months
  • 2.25% APY for 36 months
  • 2.55% APY for 48 months
  • 2.9% APY for 60 months

Geddes Federal Savings and Loan Association also offers IRA CDs that require a minimum deposit of $25.

Only individuals and business located within  150 miles of Syracuse, NY are eligible to open deposit accounts at Geddes Federal Savings and Loan.

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