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account has an original maturity of less than one year: The fee we may impose will equal 30 days interest on the amount withdrawn subject to penalty.
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.
NUVO Bank & Trust Company has an overall health grade of "A+" at DepositAccounts.com, 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 DepositAccounts.com, 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.