Nationwide Bank Review of CD, Savings, Checking, IRA and Money Market Rates

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Updated on Tuesday, September 1, 2020

Nationwide Bank CD rates

Nationwide Bank offers good rates on its CDs.

Term

APY for deposits of:

$500-$9,999.99

$10,000-$99,999.99

Over $100,000

3 months

0.70%

0.70%

0.75%

6 months

1.50%

1.50%

1.55%

9 months

0.60%

0.60%

0.65%

12 months

1.86%

1.86%

1.91%

18 months

1.26%

1.26%

1.31%

24 months

2.35%

2.35%

2.40%

36 months

2.40%

2.40%

2.45%

48 months

1.65%

1.65%

1.70%

60 months

2.51%

2.51%

2.56%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • For the 3 month CD, you’ll pay 30 days’ worth of interest.
    • For CDs from 6 months to 18 months, you’ll pay 90 days’ worth of interest.
    • For the 24 month and 36 month CDs, you’ll pay 180 days’ worth of interest.
    • For the 48 month and 60 month CDs, you’ll pay 360 days’ worth of interest.

These CDs will automatically renew once they expire, but Nationwide Bank can send you a notice 30 days before your CD matures notifying you that it will not be renewed.

If your CD does renew, you get a 10-day grace period to withdraw the money or open a new CD account.

One of the really nice things about this CD is that if you have to make a claim with Nationwide Insurance, you do have the option of withdrawing the money in your Nationwide Bank CD penalty-free to help pay for the costs.

How to get Nationwide Bank’s CDs

You can apply for a CD from Nationwide Bank online. You’ll need Adobe Acrobat reader to view the documents. You’ll also need a photo ID along with a way to fund your new account.

SEE DETAILS Secured

on Nationwide Bank’s secure website

Member FDIC

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How Nationwide Bank’s CD rates compare

Nationwide Bank offers good (but not the best) rates on its CDs. The low minimum deposit and wide range of terms to choose from make this an easily accessible choice for people just starting out.

However, if you’re looking to earn the most money possible for your CD deposit, we recommend checking out these CD accounts, as well.

Nationwide Bank Savings Account

This account earns a decent rate and comes with a monthly maintenance fee that should be relatively easy to avoid.

APY

Minimum deposit amount

1.30%

$0

  • Monthly account maintenance fee: $3 ($0 with minimum daily balance of $300 or monthly $25 direct deposit)
  • ATM fee: $1.50 for non-Nationwide Bank ATMs
  • ATM fee refund: Your first two non-Nationwide Bank ATM uses of the month are free. Nationwide bank does not refund ATM surcharge fees charged by the ATM’s owner.
  • Overdraft fee: $25 for non-sufficient funds (NSF). If you’ve opted for overdraft protection, you’ll pay $3 each day that a transfer (or more than one transfer) is made.

To open this account, you’ll need to make at least a $25 initial deposit. After that, it’s a good idea to keep at least $300 in the account at all times, otherwise you’ll face a $3 monthly fee. You can also get this monthly fee waived if one of the account owners is under age 18, or if you receive a direct deposit for at least $25 into the account each month.

Like all savings accounts, Federal Regulation D limits you to making just six withdrawals or transfers per month. If you go over that, you’ll pay a $5 per-item “excess activity fee.”

How to get Nationwide Bank’s savings account

You can open a savings account with Nationwide Bank online. You’ll need to provide a few details such as your occupation, name, Social Security number, etc., along with a way to fund your new account. Nationwide Bank allows you to open up to six savings accounts.

SEE DETAILS Secured

on Nationwide Bank’s secure website

Member FDIC

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How Nationwide’s savings account compares

Nationwide Bank is far above the national average when it comes to how high the interest rate on its savings account is. Still, it’s not the highest rates out there — not even close, really. Instead, we also recommend checking out these top-earning online savings accounts.

Nationwide Bank Checking Account

This is one of the highest-earning checking accounts you can get.

APY

Minimum deposit amount

1.00%

$0-$9,999.99

1.15%

Over $10,000

  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Nationwide Bank ATMs
  • ATM fee refund: Your first eight non-Nationwide ATM uses of the month are free. The bank does not refund ATM surcharge fees charged by the ATM’s owner.
  • Overdraft fee: $25 for non-sufficient funds. If you’ve opted for overdraft protection, you’ll pay $3 each day that a transfer (or more than one transfer) is made.

If you’re looking for a checking account that offers a lot of value, this one one of the best ones out there. In order to open this account, you’ll need to make an initial deposit of at least $25. Nationwide Bank offers your first order of checks (120 individual checks) for free.

If you have another Nationwide product, such as an insurance policy or another bank account, you’re also eligible for premium member benefits. This unlocks two more perks: unlimited, free non-Nationwide ATM transactions (not including ATM surcharge fees) and Nationwide Bank’s cash back rewards program.

The cashback rewards program works like this: If you make at least $1,200 worth of debit card purchases each month, you can earn 0.25% cash back on your purchases for the month. Each month, you can earn up to $20 in cash back.

How to get Nationwide Bank’s checking account

If you have your Social Security number, a government-issued photo ID and a way to fund your account on hand, you can easily open an account online.

SEE DETAILS Secured

on Nationwide Bank’s secure website

Member FDIC

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How Nationwide Bank’s checking account compares

We really love this account. Not only does it come with no monthly maintenance fee (unlike many other banks), it also pays one of the highest interest rates currently available for checking accounts. To make it even better, you can earn cash back and use any ATM you want without paying a Nationwide ATM fee if you have another existing product with Nationwide.

If you’d like to scope out your other options, however, we recommend these top online checking accounts.

Nationwide Bank Money Market Account

Earn one of the highest rates available on a money market account today with this account.

APY

Minimum deposit amount

1.15%

$0-$9,999.99

1.55%

Over $10,000

  • Monthly account maintenance fee: $8 if you don’t keep at least $1,000 in the account
  • ATM fee: $1.50 for non-Nationwide Bank ATMs
  • ATM fee refund: Your first two non-Nationwide Bank ATM uses of the month are free. ATM surcharge fees from the ATM’s owner are not refunded.
  • Overdraft fee: $25 for non-sufficient funds. If you’ve opted for overdraft protection, you’ll pay $3 each day that a transfer (or more than one transfer) is made.

If you want to earn the highest rates possible with this account, you’ll need to deposit at least $10,000 into the account. You can open the account with as little as $1,000, and it’s a good idea to keep at least this much in the account; otherwise, you’ll have to pay the $8 monthly maintenance fee.

If you go over six withdrawals per month with this account, you’ll also have to pay a $5 per-item fee.

How to get Nationwide’s money market account

It’s easy to open Nationwide’s money market account online with the click of a few buttons. You’ll need to provide your personal information and a way to fund your account. Nationwide Bank allows you to open up to six money market accounts at a time.

SEE DETAILS Secured

on Nationwide Bank’s secure website

Member FDIC

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How Nationwide’s money market account compares

Nationwide’s money market account is also one of our current picks for best money market accounts. There are several accounts that offer higher interest rates, but this account is a great choice as long as you can keep at least $1,000 in the account to avoid the monthly maintenance fee. It’s an even better account if you can keep $10,000 in the account to earn the higher interest rate.

Nationwide Bank IRA accounts

IRA CD rates

These carbon-copies of Nationwide’s regular CDs allow you to save within the framework of a traditional, Roth or SEP IRA.

Term

APY for deposits of:

$500-$9,999.99

$10,000-$99,999.99

Over $100,000

3 months

0.70%

0.70%

0.75%

6 months

1.50%

1.50%

1.55%

9 months

0.60%

0.60%

0.65%

12 months

1.86%

1.86%

1.91%

18 months

1.26%

1.26%

1.31%

24 months

2.35%

2.35%

2.40%

36 months

2.40%

2.40%

2.45%

48 months

1.65%

1.65%

1.70%

60 months

2.51%

2.51%

2.56%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • For the 3 month CD, you’ll pay 30 days’ worth of interest.
    • For CDs from 6 months to 18 months, you’ll pay 90 days’ worth of interest.
    • For the 24 month and 36 month CDs, you’ll pay 180 days’ worth of interest.
    • For the 48 month and 60 month CDs, you’ll pay 360 days’ worth of interest.

Nationwide Bank’s IRA CDs work just like its regular CDs — it just offers fewer term options for IRA CDs. Assuming that the bank is still open when your IRA CD matures, it’ll automatically renew. Nationwide can send you a notice at least 30 days before your IRA CD matures saying that it won’t be renewed. If it renews, you’ll have a 10-day grace period to withdraw the money from the CD.

Nationwide offers the option of opening these IRA CDs as a traditional, Roth or SEP IRA.

How to get Nationwide’s IRA CDs

You can open up an IRA CD from Nationwide Bank online. A few things you’ll need include your Social Security number, email address and a way to fund your new account.

SEE DETAILS Secured

on Nationwide Bank’s secure website

Member FDIC

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How Nationwide Bank’s IRA CD rates compare

We do like the smaller deposit size that Nationwide Bank requires. This makes it easier for folks just starting to save in an IRA CD, because many other accounts require $1,000 or even $5,000, if not more.

Nationwide Bank offers some fairly high CD rates. They’re not a bad option, however you can earn even more money from your deposit by choosing one of these top IRA CDs instead.

IRA Money Market Account

Nationwide’s IRA money market accounts earn much less than their regular money market accounts.

APY

Minimum balance amount

0.50%

$0-$99,999.99

0.75%

Over $100,000

  • Monthly account maintenance fee: $8 if you don’t keep at least $1,000 in the account
  • ATM fee: $1.50 for non-Nationwide Bank ATMs
  • ATM fee refund: Your first two non-Nationwide Bank ATM uses of the month are free. ATM surcharge fees from the ATM’s owner are not refunded.
  • Overdraft fee: $25 for non-sufficient funds. If you’ve opted for overdraft protection, you’ll pay $3 each day that a transfer (or more than one transfer) is made.

Again, Nationwide Bank’s money market IRA works just like its regular money market account. One big difference, however, is that it earns a much lower interest rate.

You’ll need to deposit at least $1,000 to open this account. If you can keep the balance above this level — i.e., not make any withdrawals once you start saving — you get a free pass on paying the monthly maintenance fee.

Once you do start withdrawing from this account, however, you’re limited to just six free withdrawals per month as per Federal Regulation D guidelines. After that, you’ll pay $5 per transaction.

How to get Nationwide’s IRA money market account

With your name, Social Security number and address, you can open an account online in a few minutes. You’ll also need to provide a way to fund your new IRA money market account.

SEE DETAILS Secured

on Nationwide Bank’s secure website

Member FDIC

Overall review of Nationwide’s banking products

Nationwide Bank really does offer some excellent banking products with high rates and low fees. In particular, its checking and money market accounts are some of our top picks for accounts available at any bank (though not its IRA money market). Nationwide’s CDs and savings accounts also offer good rates and fair terms, but there are also many better options out there for these accounts.

It’s too bad that Nationwide is shifting away from banking; however, it’s not too late to open these accounts while they’re still available.

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