NUVO Offers 2.02% APY on Growth Savings Account

We all know how hard it is to build a nest egg, especially in today’s economic climate. Not only is it difficult to set aside money for savings, the money you do set aside earns very little interest in most secured investments. That’s why it’s so nice to see a savings account that offers an APY that’s competitive with most of the 5-year CD rates available on the market today.

The NUVO Growth Savings account, offered by NUVO Bank and Trust Company, currently earns 2.02% APY on balances up to $24,999 and 0.753% on $25,000 and over. If you have $100,000 or more to invest, any amount over $100,000 earns 1.070%, but you should keep in mind FDIC insurance limit is $250,000. If you have more than $250,000 to invest, you may want to consider alternatives for amounts higher than that limit.

This account only requires an opening deposit of $10, but if you want ATM fees waived, you need to have direct deposit or maintain an average account balance of $1,000 or more. However, there are no minimum balance requirements you have to meet in order to avoid a monthly service charge; all checking and savings accounts with NUVO are free.

These accounts are also 18/65 eligible, which is a requirement for Massachusetts state-chartered banks. There is no income or asset limits to qualify for an 18/65 account. These accounts guarantee minors and seniors aged 65 and older free personal checking and savings accounts, with no minimum balance. Additionally, if you meet the requirement for one of these accounts, you also receive free basic checks imprinted with your name, unlimited check writing, and unlimited deposits and withdrawals. However, the bank can still charge you for using ATMS.

NUVO bank is a new bank that was just founded in 2008. It is headquartered in Springfield, Massachusetts and focuses on financial services to individuals and small-to-medium sized business. NUVO Bank & Trust Company is state-chartered and a member of the Federal Deposit Insurance Corporation (FDIC).