Solvay Bank Review

Overview

Started in 1917, Solvay Bank has assets totaling $867 million along with deposits totaling $764 million, which makes it a medium-size bank. Solvay Bank, whose headquarters are in Solvay, New York, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave the bank a 4.2 out of 5 stars, suggesting Solvay Bank is a solid pick to be your bank. Solvay Bank has the complete package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Solvay Bank's ordinary checking account does not have a monthly fee. Banks that offer no-fee checking and a high interest rate savings account are the best option for gaining the highest income from your deposits while having convenient access to your funds.

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

Solvay Bank has a savings rate of 0.10%, which is fair compared to other U.S. banks. Its one-year CD earns at a rate of 0.75% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account has a rate of 0.20%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Solvay Bank's Savings Rates Compare

Solvay Bank generally has extremely low fees as compared against the national average. Solvay Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Solvay Bank doesn't reimburse out-of-network ATM charges, which means you will be required to locate a Solvay Bank ATM or eat the ATM charge.

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 simple access and banking on the go. Solvay Bank's online and mobile banking services receive moderate feedback from users. The Solvay Bank mobile app has an overall rating of 3.6 out of 5 (out of 39 ratings on Apple and Android) compared to the national average of 3.8. You can access Solvay Bank's mobile app to control your accounts by looking at account balances, sending and receiving money and reaching support representatives. Solvay Bank receives an exceptional consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Solvay Bank is a medium-size bank with assets totaling $867 million and $764 million in deposits. It has an excellent Texas Ratio of 3.11%, denoting a minute chance 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

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.

Products Offered

Solvay Bank has several deposit products like 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 the national average.

Find a Solvay Bank Near Me

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