Solvay Bank Rates & Review

Solvay Bank Review

Solvay Bank is an award-winning New York bank offering many types of savings, checking and loan products to personal and business banking customers.

This bank is headquartered in the city of Solvay and serves greater central New York. It has been in operation since 1917. U.S. Banker named Solvay Bank among America's Top 200 Banks in both 2009 and 2010. The bank jumped from #130 on the list in 2009 to #76 in 2010.

Personal checking

This bank has numerous checking account options for customers, including:

• Free checking account with unlimited check writing and online banking with bill pay and e-statements
• High interest checking account with unlimited check writing, no monthly service fee and no minimum balance
• Rewards checking account with no monthly service fee and no minimum balance that must be linked to direct deposit to receive awards

Other checking account offers include student checking, senior checking and interest bearing NOW checking accounts.

Personal savings

This bank offers six personal savings account options:

• Statement savings account
• Goal-oriented club savings account
• Money market accounts
• CD accounts
• IRAs for retirement savings
• Health savings accounts

Accounts are FDIC insured to the full amount allowable by law.

Business banking

Business customers have access to checking and savings products that are similar to those available for personal banking customers. However, there are slightly fewer options for business banking customers. Checking accounts including traditional and interest-bearing business checking. Savings account offers include regular savings, money market accounts and CDs.

Loans galore

Personal loans with Solvay Bank include consumer loans, residential mortgage loans, auto loans, home improvement loans and lines of credit. Solvay Bank business loans include term loans, working capital loans, commercial real estate loans, SBA loans and lines of credit.

Deposit insurance

Solvay Bank has been insured by the Federal Deposit Insurance Corporation since 1934. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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