Solera National Bank continues to offer a very competitive high-yield savings account. The current rate is 1.50% APY for all balances. This rate is listed in the bank's savings account PDF as of 5/24/2010. At the time of my last post on this bank in July 2009, the rate was 3% APY. So you can see the account has a history of competitive rates.
This high-yield savings account is called the Traditional Savings Account. It doesn't have the best features, but the very competitive rate may make up for this for some people. Here are some of the main features. I've highlighted the ones that are the most objectionable.
- $100 minimum balance to avoid a $5/quarter fee
- Interest is paid quarterly, and if you close your account before interest is credited you will not receive the accrued interest.
- There is a fee of $1.00 for each withdrawal and/or transfer in excess of six per quarterly statement cycle.
- Deposit up to 20 items per month at no charge. A $0.15 fee is charged for each deposited item in excess of 20.
- Each withdrawal/transfer in excess of six per calendar month will be assessed a $10.00 fee.
- Dormant/inactive service charge fee of $15.00 per quarter is applied to accounts with a balance of $100.00 or less and no activity for 6 consecutive months.
The bank doesn't seem to have an ACH bank-to-bank transfer service, but you should be able to initiate ACH transfers from another bank.
The bank also offers a competitive non-reward checking account. It's a tiered account with rates that range from 0.75% APY for balances under $20K to 1.70% APY for balances of $250K+. Rates and features are listed in the bank's Personal Innovations Checking PDF as of 5/24/2010.
The bank used to take out-of-state applications, but last August I was informed that they now restrict new accounts to local customers.
It's a small, one-office bank that was just established in 2007. It's located in Lakewood, Colorado which is in the suburbs of Denver.
The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Solera National Bank reviews and rates page). All ratings are based on 12/31/09 financial data. It's a member FDIC (FDIC Certificate # 58534).
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