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 personal checking accounts, with a variety of features and requirements. They are:
- Student Checking
- Basic Banking
- Simply Checking
- NOW Account
- High Interest Checking
- Direct Rewards Checking
|2.00*%||-||$15k||Solvay Bank||High Interest Checking|
|OTHER TIERS: 0.10% → $15k+|
|0.03%||-||-||Solvay Bank||NOW Account|
Located in the 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.
Note: Solvay Bank's online application is only available to US citizens; non-citizens are asked to open accounts in a branch location.
Solvay Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.79% (excellent) based on June 30, 2014 data. In the past year, Solvay Bank has increased its total deposits by $37.16 Million, an excellent annual growth rate of 5.63%. Please refer to our financial overview of Solvay Bank for more details.
Solvay Bank (FDIC Certificate # 13297) was established in 1917 and is one of Central New York’s largest locally-based banks, with assets in excess of $778 Million. A May 2015 article in Business Journal News Network announced Solvay Bank’s latest accolade:
American Banker — a publication and news organization focusing on the banking industry — has recognized Solvay Bank Corp. on its annual list of the "Top 200 Publicly Traded Community Banks and Thrifts."
Solvay Bank ranked number 126 and was the only financial institution headquartered in Central New York to make the list, according to a Solvay Bank news release.
How the CD Compares
When compared to the 315 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New York State residents, Solvay Bank’s 37-month CD Special currently ranks first.
The above rates are accurate as of 10/30/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.