Solvay Bank (NY) Ups 36-Month CD Special Rate


Deal Summary: 36-month CD Special, 3.50% APY, $500 min/$250k max deposit, new money, checking relationship.

Availability: Market area includes the New York counties of Cayuga, Cortland, Madison, Oneida, Onondaga, and Oswego.

Solvay Bank has raised the rate on its 36-month CD Special to 3.50% APY. The minimum deposit is $500 of new money, and the maximum deposit is $250k. There is a limit of one CD Special per tax ID and the offer is only valid for personal accounts.

According to CSR, the Early Withdrawal Penalty is 6 months interest.

As stated in the fine print on the CD Rates page,

3.50% APY applies only to account holders that deposit new money and establish a new High Interest, Emerald, or Direct Rewards checking account relationship with a $500 direct deposit each statement cycle for the initial CD term.

The rate will drop to 1.05% APY if a direct deposit is not received within 60 days of account opening or is discontinued during the term of the CD.

While Solvay Bank has eight different personal checking accounts, only the High Interest, Emerald, or Direct Rewards accounts qualify for this promotion. The High Interest checking account is a rewards checking account, which currently earns 4.00% APY on qualifying balances up to $15k. The Emerald and Direct Rewards accounts are non-interest bearing.


Headquartered in Solvay (northeast corner of the Finger Lakes region), Solvay Bank’s market area includes the New York counties of Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego.

Opening a CD Special and/or a checking account can be done online, or at any of the ten full-service branches located in Baldwinsville, Camillus, Cicero, Fayetteville, Liverpool, North Syracuse, Solvay (2), and Syracuse (2).

A few points about Solvay Bank's online application: 1) it can only be used by US citizens. Resident aliens are asked to open accounts in a branch location. 2) Although the online application lists “36-month CD” with no mention of “Special”, it is the 36-month CD Special. 3) When the online application is submitted, it is sent to a branch location and will be reviewed. Upon approval, you will be contacted to confirm all the information is correct.

Bank Overview

Solvay Bank has an overall health grade of "A" at, with a Texas Ratio of 2.84% (excellent) based on March 31, 2018 data. In the past year, Solvay Bank has increased its total non-brokered deposits by $23.46 million, an excellent annual growth rate of 3.07%. Please refer to our financial overview of Solvay Bank (FDIC Certificate # 13297) for more details.

Established in 1917, Solvay Bank is not only the oldest commercial bank in Central New York, but also the largest locally-owned bank, with assets in excess of $888 million. A July 2018 press release, stated:

American Banker has recognized Solvay Bank Corp. – the holding company for Solvay Bank – on its annual list of The Top 200 Publicly Traded Community Banks and Thrifts. Solvay Bank ranked #139, moving up one spot from the 2017 list and is again the only financial institution headquartered in Onondaga County honored. Solvay Bank is one of six community banks in New York State on the list.

How the CD Special Compares

When compared to the 250 similar length-of-term CDs tracked by, requiring a similar minimum deposit and available with the Bank’s market area, Solvay Bank’s 36-month CD Special APY currently ranks first.

The above rates are accurate as of 8/16/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Syracuse checking accounts, checking accounts, reward checking accounts, 5-year CD rates

mark1010   |     |   Comment #1
Too many hoops to jump through. I'll wait.
Solvay Bank (NY) Has 37-Month CD Special With Checking
Availability: Market area includes the New York counties of Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego.

Solvay Bank ended the week by adding a 37-month CD Special (2.00% APY). The 2.00% APY includes a 0.50% premium for opening a new checking account. The rate will drop to the 36-month CD rate (currently 1.50% APY) without a new checking account relationship.

The minimum deposit is $500, with no balance cap. According to CSR, the Early Withdrawal Penalty is 6 months interest.

Solvay Bank has six different...

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High-Yield Reward Checking Account at Solvay Bank in New York - Local Only

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...
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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.