NOVA Bank CD rates and review

June 1, 2010 No Comments »

nova bank reviewNOVA Bank headquartered in Berwyn, Philadelphia, is a mid-sized bank serving residents in both Philadelphia and New York. Although their roots date back to 1887, NOVA Bank has grown only modestly since their inception.

Today NOVA Bank controls nearly $500 million in total assets. They have almost $440 million in consumer deposits and service $300 million in loans. As of 2012, NOVA Bank has just 13 locations within the two states and 13 full-time employees.

They have an A+ rating on BBB (Better Business Bureau) simply because they have no registered complaints. Although they are federally insured by the FDIC and your funds are protected by the federal government up to $250,000, they still have just a 1 star rating on Bankrate’s safe and sound rating scale as of 2012.

If you’re considering opening a certificate of deposit with NOVA Bank, we’ve listed their CD rates below.

NOVA Bank CD Rates:

(As of June 1, 2010. Visit NovaSavingsBank.com for updated rate information)

- 3 month CD rate yielding 0.75% APY with minimum deposit of $500 required.

- 6 month CD rate yielding 1.20% APY with minimum deposit of $500 required.

- 12 month CD rate yielding 1.50% APY with minimum deposit of $500 required.

- 18 month CD rate yielding 1.75% APY with minimum deposit of $500 required.

- 2 year CD rate yielding 1.95% APY with minimum deposit of $500 required.

- 3 year CD rate yielding 2.30% APY with minimum deposit of $500 required.

- 4 year CD rate yielding 2.55% APY with minimum deposit of $500 required.

- 5 month CD rate yielding 2.85% APY with minimum deposit of $500 required.

Our Take:

Nova Bank’s deposits rates are currently (and generally) competitive, however, their low star rating is a bit of a concern. This bank could be ripe for either a acquisition or a government take over because of their high assets and low equity position as of 2012 (meaning they are currently strapped for cash). Their deposit side growth has also slipped over the last few years as well which has hindered them even further. If you do open one of their savings accounts (be it deposit or money market) don’t be surprised if you’re chasing down your funds from the FDIC in the coming future.

See how their rates stack up against other CD rates in Philly from our database.

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