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Solvay Bank Review

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Solvay Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1917, Solvay Bank has $867 million in assets and deposits totaling $764 million, ranking it as a medium-size bank. Solvay Bank, whose headquarters are in Solvay, New York, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We ranked Solvay Bank at a 4.2 out of 5 stars, suggesting it is a solid pick to be your bank. Solvay Bank offers a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Solvay Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Solvay Bank's most basic checking does not have a monthly maintenance fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for returning the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

Solvay Bank has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Solvay Bank's CD rates are 0.75% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.20%. Given Solvay Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Solvay Bank's Savings Rates Compare

Solvay Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Solvay Bank charges customers extremely low fees compared to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Solvay Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Solvay Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Solvay Bank is a brick-and-mortar bank, with 10 total bank locations in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Solvay Bank gets average feedback from users for its mobile banking services. The Solvay Bank mobile app scored a 3.6 out of 5 (with 39 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Solvay Bank's app to control your funds by reviewing monthly statements, sending and receiving money and accessing support representatives. Solvay Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Solvay Bank is a medium-size bank with assets totaling $867 million and $764 million in deposits. Its Texas Ratio is 3.11%, signifying a negligible likelihood of failure. Additionally, Solvay Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Solvay Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.85% APY
  • 36 Month: 2.75% APY
  • 48 Month: 2.75% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Account 0.1% APY $10000

Solvay Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Solvay Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Solvay Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Solvay Bank Near Me

Solvay Bank has 10 physical branches in the U.S.

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