Personal Money Market Account

In order to open a new money market account at NOVA bank,  the initial deposit requirement is $1,000, if it is a personal account.  This is also the required amount you need to maintain in order to avoid a monthly service fee. You do have a limited number of allowed transactions each months so be careful with the ATM card that is offered with the account.

Business Money Market Account

The initial deposit requirement is $2,000, if it is a business money market account. You also need to maintain this $2,000 daily minimum balance in order to avoid the monthly $10 fee. This is the only real difference between the personal and business money market accounts at NOVA Bank. The interest on both types of accounts is compounded daily and paid monthly. Since the two money market accounts are so similar all of the following details could be applied to both.

The Bottom Line (APY) for Nova Money Market

The APY earnings for NOVA Bank’s high yield money market accounts are tiered starting at .4% and capping out at 0.9%. The best money market interest rate is achieved once you have a balance of  $100,000.  The sad part here, is that where the APY at NOVA bank caps out, is where other banks start.

Money Market Account Access

With NOVA Bank’s online banking you can open an account without ever having to step inside a physical branch. The disadvantage to opening a high rate money market account online, with NOVA, is that in the fine print you will discover that you cannot use checks to withdraw funds from a money market account if it has been opened online. If check writing privileges are an important feature for you, be aware of this detail. Online money market accounts at Nova Bank offer free ATM cards, plus Nova Bank will even reimburse you for ATM fees up to $5 per monthly cycle.

Are you worried about the fine print on Nova MMA?

If  you fall bellow the minimum balance requirements you will be assessed a $10 fee. As with most deposit accounts, there are a limited number of transactions you can make during a one month cycle.  If you exceed the magic number you will also be tagged with a hefty $8 per transaction. So  keep track! As you would expect, there are no limits on deposits and in person withdrawals. You need to have some kind of activity happen in your money market deposit account at least once a year. If you go more than a year with no activity, a monthly fee of $10 will be assessed.  As an online customer of NOVA Bank you will want to make sure that you set up to receive your statements electronically. Mailed statements will cost you a reasonable $2, but why not just avoid getting zinged even that small amount. Losing the ATM card linked to your high interest money market accounts could cost you $15 to get a new one reissued. Rest assured that all accounts are FDIC insured up to $250,000.

Summary of Nova Bank Money Market Account

In summary, if you are interested in opening a money market account, check out NOVA as you would any other bank. Go to their website www.novabank.com, and check their table of balance requirements as they relate to APY. I would strongly suggest that you compare money market rates with other banks as well, because there are several out there that have much higher rates of return. You want your money to have the best money market rates for your particular needs, so know what features are most important to you.

NOVA Bank has a hard time stacking up to what is offered in the competitive world of online banking as far as APY rates are concerned. The rates of return at Nova Bank do increase with your deposit amount which is a plus, so make your comparisons carefully. If you are interested in what other services Nova offers, please consider reading our Nova bank review.

Not sure if a money market account is what you need? Please see our discussion of the pros and cons of a money market account. If you want a higher rate, certificates of deposit can offer that but you have to sacrifice the flexibility of a money market account. If your set on Nova Bank, please refer to our review of Nova Bank CD.