Solvay Bank (NY) Still Offering High Interest Checking Rate Guarantee
I wrote about this special offer nearly eight months ago and it’s still available. Solvay Bank’s year-long guarantee on a new High Interest Checking Special account deserves another DA blog post. The 4.00% APY on qualifying 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.
The promotional rate and rate guarantee are only available on new High Interest Checking Special accounts. According to the fine print on the Compare Our Accounts 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
The High Interest Checking Special account has no minimum balance requirement and can be opened with $15 minimum deposit, with a limit of one account per tax ID. There is a $5 monthly maintenance fee that will be waived with one electronic direct deposit (salary, pension, or government benefits) per statement cycle. Unlimited check writing is available and a free Visa debit card will be issued following account opening. Nationwide ATM fees will be reimbursed up $25 per month, if qualifications are met.
Availability
Headquartered in Solvay (northeast corner of the Finger Lakes region), Solvay Bank offers the High Interest Checking Special to residents of 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 offices are open to in-branch teller transactions with capacity restrictions. All other services will be available in branch by appointment. PPP Portal has re-opened and is accepting applications!
Bank Overview
Solvay Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.79% (excellent) based on December 31, 2020 data. In the past year, Solvay Bank increased its total non-brokered deposits by $121.68 million, an excellent annual growth rate of 15.5%. 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. Currently the 56th largest bank headquartered in New York, Solvay Bank has assets in excess of $1.04 billion and more than 32,000 customer accounts.
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.
The above information and rates are accurate as of 4/12/2021.
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.
