Solvay Bank High Interest Checking Offers Top APY With Rate Guarantee


Deal Summary: High Interest Checking Special, 4.00% APY on qualifying balances up to $15k, one-year rate guarantee, new accounts only.

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

Solvay Bank’s High Interest Checking Special has a dynamic combination of features not usually offered on a Rewards Checking Account (RCA): a competitive 4.00% APY (on qualify balances up to $15k) coupled with a one-year rate guarantee. Qualifying balances greater than $15k earn 0.10% APY, with non-qualifying balances earning 0.05% APY.

4.00*%-$15kSolvay BankHigh Interest Checking Special - New Money
OTHER TIERS: 0.10% $15k+
2.00%-$15kSolvay BankHigh Interest Checking
Rates as of June 6, 2020.

This 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 (salary, pension, or government benefit) per statement cycle.
  • Receive eStatements.

The High Interest Checking Special account has no minimum balance requirement and can be opened with as little as $15. The $5 monthly maintenance fee will be waived with one electronic direct deposit. A free debit card will be issued and there is unlimited check writing 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 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).

Bank Overview

Solvay Bank has an overall health grade of "A" at, with a Texas Ratio of 1.26% (excellent) based on December 31, 2019 data. Solvay Bank has an above average capitalization level (10.34%), the result of holding $934.6 million in assets with $96.66 million in equity. 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 $785 million. American Banker has recognized Solvay Bank Corp. – the holding company for Solvay Bank – in its 2020 list of “The Top 200 Publicly Traded Community Banks and Thrifts.” Ranked 148th, Solvay Bank is one of seven community banks in New York State named, and the only financial institution headquartered in Onondaga County included on the list.

How the High Interest Checking Special Compares

When compared to the High Yield Rewards Checking Accounts tracked by that are available within the Bank’s market area and have maximum qualifying balances of at least $15k, Solvay Bank’s High Interest Checking Special APY currently shares the top spot with RCAs offered by Ideal Credit Union and Western Vista Credit Union. The one year rate guarantee gives the High Interest Checking Special a competitive edge.

The above rates are accurate as of 3/14/2020.

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.

Related Pages: Syracuse checking accounts, reward checking accounts

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...

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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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