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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. The blended APY for a $100K balance comes out to 1.76%. The only potential issue is that there's no guarantee how long this rate will last. These rates are current as of 8/05/2010.

The business savings account is called the BizSavings Account, and it pays 2.02% APY on balances up to $50K, and 1.01% APY on portion of balance over $50K. If you use remote deposit capture, the first tier rate jumps to 2.28% APY. These rate are current as of 8/05/2010.

Top 5-Year CD Rate

If you want an account with a guaranteed rate, a CD would be the best option. The bank also has a competitive 5-year CD with a 3.05% APY. This is listed in the bank's deposit rates table as of 8/05/2010.

$100 Bill Pay Bonus

There's also a good checking account deal which is essentially a $100 bonus. Here's how the bank describes it in their About page:

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

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.

I contacted the bank about availability of these accounts, and I was told that you have to visit a branch in person, with valid identification, to open a new account. It's a small bank with one office in Springfield, Massachusetts.

The bank's ratings for safety and soundness are a little mixed: 3 stars (performing) at Bankrate.com and an overall health score of 5 out of 5 at DepositAccounts.com (see our NUVO Bank & Trust Company review). Both ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 2008 (FDIC Certificate # 58621). Note, since the bank is so new, it doesn't have a rating at BauerFinancial.

Related Pages: savings account, CD rates

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Anonymous   |     |   Comment #1
I phoned the other day and learned that the 2.52% APY rate on the growth savings account will be going down shortly; however it will remain 'very competitive'.  Apparently this rate has not changed since early 2009!
Neil Asher Scam
Neil Asher Scam (anonymous)   |     |   Comment #2
This article provides bank structure !!! Thanks