Dedicated to Deposits: Deals, Data, and Discussion

4.25% 18-Month CD (Nationwide) & 3.75% Checking Until 6/30/09 (PA/NJ) at Nova Bank

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NOVA Bank
Update 12/16/08: A reader has reported being told by a branch manager that today (12/16/08) will be the last day for this 4.25% 18-month CD.

Nova Bank is listing a CD special and a checking account special on its front page as of 12/11/08. Unfortunately, only the CD is available nationwide. The CD special has an APY of 4.25% and a term of 18 months. Minimum deposit is $500.

You can apply for the CD using their online application. According to the CSR, when you submit the application, you'll have to print the signature card and mail it in with your check and two forms of ID. I was told that the rate locks based on the postmark date.

At CD maturity, there's a 7-day grace period. If you don't want to have it automatically renew, I was told you have to mail or fax them written instructions. You can request them to mail you a check or have them wire transfer the funds. The wire transfer out fee is $25.

The CD details are described on page 16 of the disclosure document. Early withdrawal penalty is 180 days of interest for CD terms 12 months or longer.

3.75% Checking Account Promotion

Unlike the CDs, I was told the checking accounts can only be opened at one of their branches. The checking account has a 3.75% APY on all balances guaranteed until 6/30/09 as long as certain electronic requirements are met. Requirements are:
  • direct deposit or an ACH debit
  • sign up for free Online Banking and Bill Pay
  • receive a PBB or NOVA Check Card
If electronic requirements are not met, the APY will be 3.50%. The NO Fee Interest Checking has no minimum balance requirement and no monthly maintenance fees.

Branches are located in the Pennsylvania counties of Philadelphia, Montgomery, Delaware and Chester, and in the New Jersey cities of Deptford and Woodbury Heights.

Nova Bank's financial ratings for soundness are fair: 3.5 stars (good) at BauerFinancial based on 9/30/08 data and 3 stars (performing) at Bankrate.com based on 6/30/08 data. The bank has been FDIC insured since 1988 (FDIC Certificate # 27148).
  Tags: Pennsylvania, CD rates, checking account, NOVA Bank

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
That is a nice checking account rate, but I don't live in the Philadelphia area, so visiting them is not an option. I do have an online checking account with them that pays very little interest. They want your local business, not the online business apparently.

1
Comment #2 by Anonymous posted on
Anonymous
Tuesday, December 16th, will be the last day for the 4.25% 18-month CD offer, according to the branch manager from whom I bought one today.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to see it end early, but I guess it should be expected.

1