[Parts of NY] Solvay Bank 4% APY Checking on Balances up to $15,000

Offer at a glance

• Interest Rate: 4.00% APY
• Minimum Balance: None ($15 minimum to open)
• Maximum Balance: $15,000
• Availability: Residents within Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego counties in the state of New York; can be opened online
• Direct deposit required: Yes, no minimum specified
• Additional requirements: 12 debit card purchases
• Hard/soft pull: Soft
• Credit card funding: None
• Monthly fees: $5, waived with direct deposit
• Early account termination fee: Six months, $25
• Expiration date: None listed
• Insured: FDIC

The Offer

Direct Link to offer

• Solvay Bank has a high interest checking account which offers 4% APY on balances up to $15,000 when meeting the following qualifications:
  • Be enrolled in and agree to receive E-Statements
  • Have at least one direct deposit/ACH credit post and settle
  • Have at least 12 debit card purchases post and settle

The Fine Print

• Annual Percentage Yield (APY) is accurate as of 8/1/2018.
• 4.00% APY is for 12 months from account opening if account qualifications and rate tiers are met.
• 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.
• Rate may change 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. At least one electronic direct deposit of salary, pension, or government benefits is required each statement cycle to avoid a $5 monthly maintenance fee.
• If your daily balance is $15,000 or less, the interest rate will be 3.92% 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 0.10% to 4.00% 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.
• Minimum deposit is $15.
• Fees may reduce earnings.
• Promotion may end without notice.

Avoiding Fees

The account has a monthly fee of $5, waived when you have an electronic direct deposit of salary, pension, or government benefits.

$25 early termination fee if account is terminated within 6 months.

Our Verdict

This account has been around at least since 2016. Fine print states: 4.00% APY is for 12 months from account opening if account qualifications and rate tiers are met. Not sure if that means this rate is just a signing bonus idea or if they mean to lock it in for 12 months (“rate may change after promotional period”). If anyone has experience with this account, please let us know.

Hat tip to reader Trampdad