The good news is that it’s one of the best CD rates offered in the country today. The bad news is that it’s only offered locally, in Massachusetts. Nuvo Bank & Trust Company is offering a 3.045% APY 5-year CD, which is a competitively high yielding CD despite its long term lockdown period. The rate is applicable for deposits of up to $250,000.

Interest rates vary for deposits exceeding this amount. To open an account, you have to make a minimum $1000 deposit, which is a fair amount for this yield range. The interest rate, as with most certificate of deposit deals, is also compounded on a daily basis. The website doesn’t indicate penalties for early withdrawals of the fund, but it’s best if you inquire about this before opening an account.

You need to read the fine prints for any money in the bank deal, so you better make sure that the CD account you’re opening doesn’t have penalty fees that are to hefty. Five years is a long time to wait for maturation. If you have to pay a fine for early withdrawal, you might as well be fully aware of it.

Also remember that top CD rates tend to fluctuate without warning. Check the bank’s rate pages first before opening your 5-year CD. Who knows, at the time of your application, the shorter term CDs might already have more competitive yields.

Soundness and stability can also be an issue for someone who’s opening an account with the bank for the first time. Just in case you’re not aware of it yet, the safety and stability ratings of the bank are a little varied. While BauerFinancial.com doesn’t rate the bank at all, Bankrate.com gave it a 3 out of five. Other less recognized reviewers gave the bank as high as a perfect score, too.

This is a fairly expected feedback from a new bank. Nuvo Bank has only been around for a little more than two years. Gaining its FDIC membership in 2008, it is federally insured under FDIC Certificate #58621.