Nuvo Bank & Trust Company (MA) Has Top-Rate 6-month CD


Availability: Western Massachusetts

UPDATE 7/6/2015: A DA reader mentioned in the Forum that the 6-month CD is available nationwide for a limited time, but I have not been able to confirm this with the bank.

In mid-March, NUVO Bank & Trust Company (NUVO Bank) raised the rate on its 6-month CD to 1.01% APY, which was a nice increase from January 2014’s 0.35% APY, but not enough to warrant more than a glance.

Yesterday, the 6-month CD’s rate continued its upward trend to 1.26% APY. The minimum deposit is $250, with a maximum balance cap of $250K.

As stated in the Truth In Savings document, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of less than one year: The fee we may impose will equal 30 days interest on the amount withdrawn subject to penalty.

Growth CDs

NUVO Bank currently offers three Growth CDs available to new customers that require a minimum $1K balance to earn the stated APY:

  • 18-month Growth CD – 1.11% APY
  • 24-month Growth CD – 1.31% APY
  • 36-month Growth CD – 1.51% APY

The features of the Growth CDs include unlimited deposits during the CD term up to $250K and a one-time rate increase to match NUVO Bank’s current rate. Complete details can be found NUVO Bank’s CD page.


Located in Springfield, Massachusetts, NUVO Bank & Trust Company is an independent, locally owned bank that primarily serves the western Massachusetts community. NUVO Bank is focused on providing loans and deposit and cash management services to small- and medium-sized businesses, and individuals.

Opening an account at NUVO Bank can be done online or by visiting the sole branch located on Main Street in Springfield.

Bank Overview

NUVO Bank & Trust Company has an overall health grade of "A+" at, with an excellent Texas ratio of 0.00%*, based on December 31, 2014 data. In the past year, NUVO Bank increased its total deposits by $17.68 Million, an excellent annual growth rate of 15.24%. Please refer to our financial overview of NUVO Bank & Trust Company for more details.

*This is not a typo: As of December 31, 2015, NUVO Bank had $0 in non-current loans and owned real estate, with $16.92 Million in equity and loan loss allowances on hand to cover.

With its 8th anniversary approaching at the end of this month, NUVO Bank & Trust Company (FDIC Certificate # 58621) was the first state-chartered commercial bank in 20 years to open in the region. The goal of the 27 original organizers was to "create a premier small business bank that offered an exceptional combination of the most up-to-date technology and experienced personal attention." NUVO Bank met and exceeded those goals, as evidenced by its double-digit growth in its first full year in business, and current assets of $153+ Million.

How the CD Compares

When compared to other similar length-of-term CDs tracked by, that require a similar minimum deposit and are available to Massachusetts residents, NUVO Bank & Trust Company's 6-month CD is the clear leader.

The above rates are accurate as of 4/6/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

cumulus   |     |   Comment #1
Also from Nuvo:
 0.65% APY 3-month CD
             1.26% APY 6-month CD
             1.51% APY 24-month CD
             1.66% APY 36-month CD
             1.51% APY 36-month bump-up, add-on CD
reported April 19, 2015 by Bankaholic.
Savings Account and CD Rate Deals at NUVO Bank & Trust Company in MA - Local Only

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...

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Savings Account, CD and Checking Account Deals at NUVO Bank & Trust Company in MA - Local Only

NUVO Bank & Trust Company is offering very competitive rates on its personal and business savings accounts. The personal savings account is called the Growth Savings Account, and it pays 2.52% APY for balances up to $25K and 1.50% APY on 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....

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