Update 5/23/2012: NUVO now rebates all ATM fees at the end of each statement. Refer to the above table for the latest rates.
NUVO Bank & Trust Company is offering two good deposit account deals. The first is a personal savings account that's called the Growth Savings Account. It pays an interest rate of 2.00% for balances up to $25K and 0.75% on the portion of the balance over $25K. This isn't a reward checking account so there are no debit card usage or direct deposit requirements.
Avoiding ATM fees does require direct deposit or a balance of at least $1K. This is a good deal even for those who have large balances. The blended APY for a $100K balance comes out to 1.07%. These rates are accurate as of 6/15/2011.
The only problem with the Growth Savings Account is that there's no guarantee how long the rate will last. However, it does have a history of remaining competitive. My last report on it was in August 2010 when the top rate was 2.52% APY.
The business savings account is very similar to this Growth Savings Account. It's called the BizSavings Account, and it pays 1.75% on balances up to $50K, and 0.75% on the portion of balance over $50K. If you use remote deposit capture, the first tier rate jumps to 2.00%. These rate are current as of 6/15/2011.
CD Rate Special
If you want an account with a guaranteed rate, a CD would be the best option. The bank also has a competitive 9-month CD special with a 1.26% APY. A checking account is required. The bank's standard CD rates are also competitive. The best two are the 2-year CD with a 1.71% APY and a 3-year CD with a 2.02% APY. These rates are listed in the bank's deposit rates table as of 6/15/2011.
Free Checking and a Bill Pay Bonus
They offer a free checking account,
and like the savings account, you can avoid ATM fees nationwide with either direct deposit or a $1K balance.
The bank continues to offer a good deal on its online bill pay. Here's how the bank describes it in their About page: (this is no longer listed as of 5/23/2012)
Customers who take advantage of our FREE online bill pay will receive $10 for every automatic payment that is set up, up to 10 accounts, or $100
The bank allows customers to open accounts online via the andera.com service. However, you have to enter your zip code, and only those with certain Massachusetts zip codes are allowed to apply. Allowed zip codes appear to be limited to Hampden and Hampshire Counties.
The bank may be less restrictive on new accounts when people visit the office in person. A reader who mentioned this account yesterday said that anyone in the country can join. It should be noted that it's a small bank with one office in Springfield, Massachusetts.
The bank's overall health score at DepositAccounts.com is 4 stars (out of 5) with a Texas Ratio of 8.03% (above average) based on March 2011 data. Please refer to our financial overview of Nuvo Bank & Trust Company for more details. The bank has been a FDIC member since 2008 (FDIC Certificate # 58621).
Thanks to the reader sabre82af who mentioned this savings account in the discussion forum.
Searching for the Best Savings Account and CD Rates
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