Even after the stunning drop in fed funds rate and the continuing reduction in treasury rates, solid CD rates can still be found.  One such find is the stellar rate found at Nova Bank, a Pennsylvania state-chartered savings bank.  Nova Bank is offering a 24 month term CD that has an interest rate of 4.00%.  The minimum balance to open the CD and obtain the stated APY is $500.00.

Nova Bank is also attracting customers with a 3.75% interest rate on their no fee interest checking account.  The 3.75% annual percentage yield is accurate as of December 18, 2008.  The stated APY is paid on all balances and is guaranteed through June 30, 2009 as long as certain electronic requirements are met.  Requirements are: the accountholder must have direct deposit or an ACH debit; sign up for free online banking and bill pay, and receive a PBB or NOVA check card.  If electronic requirements are not met, the APY will be 3.50%.  The no fee interest checking has no minimum balance requirement and no monthly maintenance fees.

NOVA Bank operates as a Pennsylvania state-chartered savings bank and is subject to regulations of and is periodically examined by the Pennsylvania Department of Banking and by the Federal Deposit Insurance Corporations.  NOVA Bank has operated as a community banking institution for more than 120 years and provides a wide-range of financial products and services to the greater Philadelphia region.  NOVA Bank offers personal banking services, business banking services, financial planning, and wealth management services.

Additional CD products offered by Nova Bank include:
3 months CD with an interest rate of 2.00% APY.
6 months CD that has an interest rate of 2.50% APY.
12 months CD that have a yield of 3.50% APY.
18 months CD with the same 3.50% APY.
36 months CD with a rate of 3.75% APY.
48 months CD that has an interest rate of 3.80% APY.
60 months CD also yielding 4.00% APY.

Interest rates may change without notice, for current rate information call a local bank representative at 877-482-2650.  The bank maintains a website that display the current interest rate on most of their consumer savings products, the web address is www.novasavingsbank.com.

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