Nationwide by Axos Bank Review 2021

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Updated on Sunday, August 1, 2021

Nationwide by Axos Bank

You might be familiar with Nationwide Insurance — first formed in 1925 as Farm Bureau Mutual Automobile Insurance Company, it adopted its current name in 1955. It managed Nationwide Bank from 2007 to 2018, but now has a relationship with the online-only Axos Bank to offer services to Nationwide members instead. With Axos Bank, you can open numerous account types, including savings, checking and CDs. Axos is also one of the first banks to offer completely online banking services.

Nationwide by Axos Bank savings accounts 3 out of 5

Nationwide by Axos Bank Regular Savings
  • APY: 0.25% on all balances if you maintain a minimum daily balance of $300
  • Minimum opening deposit: $25
  • Monthly fee: $3 (or $0 if you meet certain requirements)

This savings account offers a slightly lower APY of 0.25% (compounded daily), but you need only $25 to open an account. If you maintain the requirement of a $300 minimum daily balance, you can avoid paying the $3 monthly fee for the account. A Regular Savings account is best for you if you don’t have a high minimum amount to open an account with, but can maintain a minimum daily balance of $300 to qualify for the fee waiver.

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Nationwide by Axos Bank My Savings
  • APY: 0.20% on all balances (or 0.30% on all balances with a connected My Checking account receiving at least $1,000 in monthly direct deposits)
  • Minimum opening deposit: $100
  • Monthly fee: $0

The My Savings account currently offers an APY of 0.30% when you also open a My Checking account and set up a third-party monthly direct deposit of at least $1,000. If you don’t have a direct deposit or would prefer not to open a My Checking account, you can still earn 0.20% APY with your My Savings account. Overall, the My Savings account comes with a low minimum deposit to open and no monthly fees, and along with the direct deposit and My Checking account, its rate is competitive. Interest is compounded daily in this account.

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Nationwide by Axos Bank Money Market Plus
  • APY: 0.25% on all balances
  • Minimum opening deposit: $1,000
  • Monthly fee: $8 (or $0 if you meet certain requirements)

Nationwide by Axos Bank also offers a money market account that currently earns 0.25% APY on all balances, including those over $100,000. There is a maintenance fee of $8 that can be waived if you maintain a $1,000 minimum daily balance. You will also need a minimum deposit of $1,000 to open an account.

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Read about the top savings accounts available now.

Nationwide by Axos Bank checking accounts 4.5 out of 5

Nationwide by Axos Bank Advantage Checking
  • APY: 0.45% to 0.90% on balances up to and including $150,000 (0.45% with direct deposits of $1,000 or more each month, or 10 or more $3-plus point-of-sale transactions per month from your Advantage Checking account; 0.90% for doing both)
  • Minimum opening deposit: $50
  • Monthly fee: $0
  • ATM access: Access to 80,000-plus ATMs nationwide

The Advantage Checking account is an interest-bearing checking account with an APY as high as 0.90%. The APY is tiered and based on the amount of money in the account, as well as how you use your debit card. For example, if you have direct deposits of $1,000 or more each month, you can earn 0.45% and another 0.45% if you have 10 or more $3-plus point of sale transactions per month with your debit card. Balances above $150,000 don’t earn interest.

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Nationwide by Axos Bank Interest Checking
  • APY: 0.10% on all balances
  • Minimum opening deposit: $100
  • Monthly fee: $0
  • ATM access: Reimbursement of up to $30 in domestic ATM fees per month

The Interest Checking account offers a lower APY than the previous account, but it includes reimbursement of up to $30 in domestic ATM fees per month. The $100 minimum opening deposit is, also higher, though there’s no monthly fee and no daily balance minimum requirement. If you want to earn interest on your checking account balance and don’t live near in-network ATMs, this account could be a great option for checking.

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Nationwide by Axos Bank My Checking
  • APY: N/A
  • Minimum opening deposit: $100
  • Monthly fee: $0
  • ATM access: Unlimited domestic ATM fee reimbursement

The My Checking account is one of the most popular checking accounts offered. Although you don’t earn interest, there are no monthly fees and you get unlimited domestic ATM fee reimbursement every month. Plus, if you open a My Checking account with a My Savings account, you can earn up to 0.30% APY on your savings.

Nationwide by Axos Bank Direct Checking
  • APY: N/A
  • Minimum opening deposit: $0
  • Monthly fee: $5 (or $0 if you meet certain requirements)
  • ATM access: Reimbursement of up to $30 in domestic ATM fees per month

Although the Direct Checking account is non-interest bearing, it still has its benefits. There’s no minimum opening deposit required and if you have direct deposit, you can avoid the $5 monthly fee. Plus, this account includes reimbursement of up to $30 in ATM fees each month, which can save you money over time.

Nationwide by Axos Bank First Checking
  • APY: 0.10% on all balances
  • Minimum opening deposit: $50
  • Monthly fee: $0
  • ATM access: Up to $12 in domestic ATM fee reimbursements per month

The Nationwide by Axos Bank First Checking account is for teens between the ages of 13 to 17 (18 if in Alabama) with an adult co-owner on the account. A $50 minimum deposit is required to open an account, and all balances earn an APY of 0.10%. There is no monthly fee for the account and you can receive ATM fee reimbursements up to $12 per month. There are, however, daily transaction limits on this account — $100 cash and $500 debit. Still, there are no overdraft or non-sufficient funds fees, which could be helpful for teens starting out with a first checking account.

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Find the best checking accounts out there right now.

Nationwide by Axos Bank CDs 2.5 out of 5

TermAPYMinimum deposit to earn APY
1 year0.20%$500
3 years0.20%$500
5 years0.20%$500

Nationwide by Axos Bank’s CDs have terms ranging from as little as three months to 60 months, all with a $500 minimum to get started and a current APY of 0.20%. All CDs automatically renew with a 10-day grace period. Note that if you withdraw your funds before maturity, you will pay an early withdrawal fee which varies depending on the CD term. For example, a CD term of three to five months would lose one and a half months’ interest if you withdraw early.

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Learn which CDs offer the best rates.

Customer experience at Nationwide by Axos Bank

Although Nationwide is no longer a bank, it does offer a variety of banking products with high rates and low fees through its arrangement with Axos. In particular, its checking and savings accounts are some of the top picks for accounts available at any bank.

Because this is an online-only account, you’ll manage everything online, over email or by phone. Customers have access to more than 91,000 ATMs where you can withdraw funds with no fee. There’s also one branch location in Columbus, Ohio, if you’re in the area and want to bank in-person.

Nationwide by Axos Bank accounts also feature digital banking tools, including mobile deposit and banking, online bill pay and a no-hassle switch kit. In particular, the switch kit helps you to transfer your current direct deposits, redirect bill payments and close your old account once transactions clear.