NOVA Bank Rates & Review

NOVA Bank review

NOVA Bank is a community bank headquartered in Chester County, Pennsylvania, with over a dozen locations in the greater Philadelphia area. It was established in 1887 as the Peoples-Thrift Building and Loan Association. Several name changes later, the bank took the name NOVA Bank in 2008.

NOVA Bank has received multiple local Community Impact Awards for its help in providing loans to nursing homes and senior care centers.

Checking

Customers can choose from two interest-bearing checking account picks and two non-interest checking account selections. One of each has no minimum balance and the other requires $500 minimum balance or $2,500 combined balance between accounts. They all come with free bill pay and a free ATM or debit card.

Savings

There are four savings account options with NOVA Bank and each has its own distinctive features. The regular savings account offers unlimited transactions. The money market account has limited check writing and a $1,000 minimum balance but offers better bank savings account rates with tiered interest.

The education savings account is ideal for parents seeking to set money aside for their children's education. And then there are CD accounts ranging from 3 months to 5 years for longer-term savings.

Loans and credit cards

Need extra funds? NOVA Bank offers personal and home loans. They also offer applications to a number of different credit cards.

Business banking

The range of products and services for businesses is similar to that for personal banking customers. A number of different checking account and savings account options are provided. There are business loans and business credit cards. Additional services include collections, disbursements and zero balance accounts.

Deposit insurance

NOVA Bank is a member bank of the Federal Deposit Insurance Corporation. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

As of Sept. 2010, NOVA Bank's website indicates participation in the FDIC Transaction Account Guarantee Program. Through December 2010, the TAG Program fully guarantees non-interest-bearing accounts for the entire deposit amount as a supplement to the FDIC insurance coverage.

Compare savings account interest rates from NOVA Bank and hundreds of other banks and credit unions at SavingsAccounts.com.