Background of Nova Bank

NOVA Bank has been operating as a community bank for more than 120 years. Nova Financial Services, Inc is a subsidiary of NOVA Bank which offers addition services to NOVA customers. NOVA Bank is held by a multi-bank holding company named NOVA Financial Holdings, Inc. NOVA Bank is a member of the FDIC so their accounts are insured up to $250,000 per customer. They have thirteen physical branches located in Pennsylvania and New Jersey. Their motto is “Client Driven Financial Solutions.” They have a very user friendly website that is well organized and simplistic: www.novabank.com. NOVA Bank is traded under the stock symbol BNS in the New York Stock Exchange.

Products and Services available through NOVA Bank

If you look at NOVA Bank’s website you will see that they offer a variety of choices for all of their area’s of personal banking. It would be impossible to go through all of these areas in-depth in this bank review so I offer some of the highlights.

Personal Banking

In the area of personal banking, NOVA Bank has four options, two of which do not earn interest and two that do. All checking accounts are FDIC insured and feature free online banking, bill pay, and ATM card. When looking at the two non-interest earning checking accounts the main difference is in whether you want unlimited check writing privileges, or whether you need an account that does not require any minimum balance. Honestly it is the high interest checking accounts that are the most exciting. NOVA Bank actually offers an interest earning checking account with no minimum balance! There are no minimums and no monthly fees. You have the possibility of earning one of two apy rates. The higher rate has three stipulations that must be met, you need to have a direct deposit or ACH set up, a NOVA check card (which is free with all accounts), and you need to be signed up for eStatements. Any month you meet these requirements, you earn the higher rate. The other option in high yeild checking accounts at NOVA Bank is no less exciting. The minimum balance requirement is a reasonable $1,ooo or a combined balance minimum of $5,000. The best part about this account is that the more money you have in your high interest checking account, the better your rate. There are five levels and it caps out at $100,000. The application for an online checking account is very simple through Nova Bank, and takes less than 5 minutes to fill out. You can initiate the set up of your accounts online but it will take two to four business days before you hear back, so it is not instant.

NOVA Bank offers lots of options for deposit account. They even offer Coverdell education savings accounts for those who are interested in an account for educational purposes. Note that if you withdraw funds, that are not for educational purposes, you will pay a penalty fee. Also, the accounts can only be set up for those under the age of 18. Nova bank also has money market accounts with check writing privileges and certificates of deposit with maturity time lines of three to 60 months. You are required a minimum deposit of $500 for the cds.

Loans

Other financial offerings by NOVA Bank include credit cards, auto loans, CD secured loans, mortgage loans, home equity loans, and home equity lines of credit. The cd secured loan is set up so that you can retain your certificate of deposit while giving you money that you need before the maturity date. There is a $5,000 minimum for this loan and the interest you will pay is set to 3% above your CD rate.

Business Banking

NOVA Bank is really business minded with more options and services than most banks I’ve seen. They offer five different options for business checking accounts. What a smorgasbord of choices. They even have high interest business checking accounts and non-profit business checking accounts. Nova Bank lists among their offerings term loans, lines of credit, commercial mortgages, and equipment leasing. You can also add merchant services and cash management services to the long list of options for business owners at NOVA Bank.

Investments, Insurance and Life Planning

Under the category of investments and insurance, Nova Bank has the unique offering of brokerage services and financial planning services with actual advisers not just online calculators. They also have the usual investment vehicles discussed above including money market accounts, certificates of deposits, and traditional savings accounts.

Review Summary of NOVA Bank

If you are looking for a Bank that combines the convenience of online banking with an extensive list of services usually only available in traditional banking venues, then Nova bank may be a good fit for you. They offer a plethora of services including personal banking, business banking, life planning, investments, and insurance. They also have an extensive list of calculators available online. The down side is that NOVA Bank’s interest rates do not stack up to some of their online bank competitors. If you are looking for everyday services and offerings, then I would suggest going with a bank that has less variety in their services but higher interest rates. Those who are looking for a “one stop shop” or who need more specified services then check out what NOVA Bank has to offer.