- 2.60% APY on balances up to $100,000 guaranteed to 4/15/2010
- 1.30% APY on portion of balance above $100,000 (tiered money market rates)
- If requirements are not met, it reverts to tiered money market rates
- Refunds ATM fees worldwide
- At least one debit card purchase
- One Direct Deposit or other ACH deposit
- Receive electronic statements
- $1 minimum to open
- No monthly service fees
- Free bank style checks
- Free bill pay services
It's a small bank with one office located in New York City.
The bank was established in January 2008 so it's labeled as a start-up at BauerFinancial. It has a 3-star rating for safety and soundness (performing) at Bankrate.com based on 6/30/09 financial data. The bank is a FDIC member (FDIC Certificate # 58641).
Update 12/12/09: Savoy Bank received a NY State Cease-and-Desist Order (pdf) and a FDIC Cease-and-Desist Order (pdf) on 6/08/2009.
Other Reward Checking Accounts
Reward checking has been rare in New York so I'm happy to find a new one. A rate under 3% is low for reward checking, but the $100K cap is much better than the typical $25K cap.
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.