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Rates

You can tell a lot by a name, but not everything. This interest-bearing account1 saves you money in more ways than one.

Key Features

  • Loan Rate Discounts
  • High Interest1
  • Refunds on ATM Withdrawal Fees2
  • No Minimum Balance Requirements
  • Free checking that earns high interest:
    • 4.00% APY1 for new Solvay Bank checking account customers on balances up to $15,000 for 12 months from account opening if account qualifications and rate tiers are met
    • 2.00% APY1 for current checking account customers on balances up to $15,000 if account qualifications and rate tiers are met
  • Lower loan rates:
    • Receive 1/8% (0.125%) discount on Residential Mortgages for terms of 10, 15, or 20 years when you open, maintain, and have your loan payments deducted from your High Interest Checking Account
    • Receive 1/4% (0.25%) on Home Equity Loans and Home Equity Lines of Credit when you open, maintain, and have your loan payments deducted from your High Interest Checking Account
    • Receive 1/4% (0.25%) discount on installment loans when you open, maintain, and have your loan payments deducted from your High Interest Checking Account
  • Refunds on ATM withdrawal fees, nationwide (up to $25 monthly)2
  • Avoid the $5 monthly maintenance fee with 1 electronic direct deposit of salary, pensions, or government benefits3
  • No minimum balance to earn rewards
  • Unlimited check writing
  • Free digital banking services, including:
    • Free online banking & bill pay4
    • Free mobile banking with mobile deposit
    • Free eStatements
  • Free Visa® debit card
  • $15 minimum deposit to open

Reward Qualifications

To earn your rewards, just do the following transactions and activities in your account during each monthly statement cycle:

  • Be enrolled in and agree to receive eStatements
  • Have at least one direct deposit/ACH credit post and settle
  • Have at least 12 debit card purchases post and settle

And even if you don't qualify one cycle, you still have a checking account that earns our base rate.

 

*Annual Percentage Yield (APY) is accurate as of 9/17/2019. 4.00% APY is for 12 months from account opening if account qualifications and rate tiers are met. If your daily balance is $15,000 or less, the interest rate will be 3.93% with an APY of 4.00%. An interest rate of 0.10% will be paid only for that portion of your daily balance that is greater than $15,000. The APY for this tier will range from 4.00% to 0.10% depending on the balance in the account. If monthly qualifications are not met, the rate will be 0.05% with a 0.05% APY on all balances. Rate may change after account is opened and after promotional period.

Account holder must meet the following qualifications each statement cycle to earn rate and ATM refunds: (1) post and clear 12 debit card purchases; (2) post one electronic direct deposit; (3) receive eStatements. Intra?bank transfers and ATM transactions do not count as qualifying transactions. At least one electronic direct deposit of salary, pension, or government benefits is required each statement cycle to avoid a $5 monthly maintenance fee. Minimum deposit is $15.

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. New accounts are subject to bank account opening requirements and applicants must be residents of Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego counties within New York State. Fees may reduce earnings. Promotion may end without notice. Member FDIC.