Its short-term CD rates are low, but NVE Bank has one long-term CD rate that's very competitive. It's a 6-year CD and IRA CD with a 3.10% APY. Minimum deposit is $1,000, and the early withdrawal penalty is 9 months of interest. This 72-month rate and early withdrawal penalty are listed in the bank's CD/IRA Rates page as of 7/5/2011.
One interesting thing about this bank is that it's a mutual bank. As described in the bank's president message, "NVE Bank is an independent mutual bank. This means we do not issue stock or exist to maximize returns for stockholders or Wall Street." This may help keep fees to a minimum. The bank does offer a totally free checking account.
It appears a branch visit is required to open an account. NVE Bank branches are located in several cities of northeast New Jersey.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 24.64% (average) based on March 2011 data. Please refer to our financial overview of NVE Bank for more details. The bank has been a FDIC member since 1938 (FDIC Certificate # 29875).
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