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Solera National Bank 3% Savings Account

July 21st, 2009

Solera National Bank is currently offering savings accounts that yield 3% APY. This rate could change at any time, but it’s been level since January.

You need at least a $100 balance to avoid a $5 quarterly fee, which should be pretty easy to do. Interest is paid out quarterly and if you close your account before the disbursement, then you don’t get any interest. There’s a $1 fee for every withdrawal you make over the 6 free withdrawals per quarter. You get 20 free deposits per month and if you want to make more there’s a $0.15 fee. Seems pretty strange to charge fees for putting money INTO your bank account. Every withdrawal you make that is in excess of 6 per month comes with a hefty $10 fee. There’s an inactivity fee of $15 per quarter if you have a balance below $100 and your account remains inactive for 6 consecutive months.

There’s a lot of BS fees with this account, but it offers such a high interest rate that if you know you can avoid the fees, it would be worth it.

To get an application you have to call them and ask for it to be emailed or mailed to you. You then need to fill it out and get it notarized and send it back in along with a copy of your ID.

If you’d like to open an account in person Solera National Bank is located in Lakewood, Colorado. It has a 3 out of 5 star soundness rating from bankrate and is FDIC insured.

Savings Rates

  1. Colin
    September 16th, 2009 at 08:38 | #1

    Not for out of state customers anymore. – 9/16/09

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