Solvay Bank is offering a high interest reward checking account. The rate and balance cap are a little low for reward checking accounts, but for those in the Syracuse New York area, it may be worthwhile. Below are the rates and features of the account if certain monthly requirements are met. These rates are listed at the bank's high interest checking page as of 5/10/2010.
- 2.75% APY on balances up to $15,000
- 0.50% APY on portion of balance over $15,000
- 0.05% base rate if requirements are not met
- ATM fee refunds worldwide up to $25 per cycle
Monthly requirements include:
- 12 debit card purchases
- 1 direct deposit
- Receive e-statements
Other features of the account:
- $15 minimum initial deposit
- No monthly service charge
- No minimum balance requirement
- Maximum of 1 account per tax ID number and 3 accounts per household (per bank rep)
There's an online application, but according to a bank rep, the account is limited to residents of Onondaga County, New York.
Branches are located in the Syracuse metro area.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our rates and reviews page for Solvay Bank). All ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 13297).
Other High-Yield Reward Checking Accounts
Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.
Edit: Updated availability and maximum account number based on email reply from a bank representative.