I wrote about this special offer nearly six months ago and was surprised (and pleased) to see it’s still available. The combination of a high rate and the year-long rate guarantee prompted another look at Solvay Bank’s High Interest Checking Special. The very competitive 4.00% APY (on qualify balances up to $15k) coupled with a one-year rate guarantee is a combination of features rarely offered on a rewards checking account. (Existing High Interest Checking accounts currently earn 2.00% APY on qualifying balances up to $15k.) Qualifying balances greater than $15k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.
|4.00*%||-||$15k||Solvay Bank||High Interest Checking Special - New Money|
|OTHER TIERS: 0.10% → $15k+|
|2.00%||-||$15k||Solvay Bank||High Interest Checking|
The promotional rate and rate guarantee are only available on new High Interest Checking accounts. According to the fine print on the High Interest Checking Special landing page,
Current checking account holders or those who have closed a checking account within the last 90 days are not eligible for this offer. Limit one new checking account per tax ID.
The qualification requirements include,
- At least 12 debit card purchases per statement cycle.
- At least one direct deposit/ACH credit per statement cycle.
- Be enrolled in and agree to receive eStatements.
Note, the qualification requirements can be met with an ACH credit instead of a direct deposit. However, a direct deposit is required to avoid a $5 monthly maintenance fee. According to the fine print on the High Interest Checking Special landing page,
At least one electronic direct deposit of salary, pension, or government benefits is required each statement cycle to avoid a $5 monthly maintenance fee.
The High Interest Checking Special account has no minimum balance requirement and can be opened with as little as $15. A free debit card will be issued and unlimited check writing is available. Nationwide ATM fees will be reimbursed up $25 per month, if qualifications are met. There is a limit of one account per tax ID.
Headquartered in Solvay (northeast corner of the Finger Lakes region), Solvay Bank’s market area for the High Interest Checking Special includes the New York counties of Cayuga, Cortland, Madison, Oneida, Onondaga, and Oswego.
Opening a High Interest Checking Special account can be done online, or at any of the nine full-service New York branches located in Baldwinsville, Camillus, Cicero, Fayetteville, Liverpool, North Syracuse, Solvay, and Syracuse (2). All branch lobbies are open for walk-in traffic with masks required for all those entering the lobbies. The number of customers permitted inside will also be limited, based on the size of the lobby.
Appointments will be required for all non-teller services (examples: opening an account, applying for a loan, etc). Please call your branch office to schedule an appointment or you may reach out to us at [email protected] to assist with this process.
Solvay Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.39% (excellent) based on June 30, 2020 data. In the past year, Solvay Bank has increased its total non-brokered deposits by $140.78 million, an excellent annual growth rate of 17.5%. 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 total deposits in excess of $1.08 billion.
How the High Interest Checking Special Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the online market area and have maximum qualifying balances of at least $15k, Solvay Bank’s High Interest Checking Special APY currently ranks first. The one year rate guarantee only increases its intrinsic value.
|Interest Rate||Account Name||Credit Union/Bank|
|4.00% APY||High Interest Checking ($15k max)||Solvay Bank|
|3.30% APY||Vertical Checking ($20k max)||Evansville Teachers Federal Credit Union|
|3.01% APY||VIP Checking Platinum Tier ($15k max)||Market USA Federal Credit Union|
The above rates are accurate as of 8/29/2020.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.