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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Nationwide Banking

Andrew Omalley Andrew Omalley Last update:

Overview

Nationwide has been in business since 2000 and it has developed quite the reputation over the years. A lot of its banking services are now provided by Axos Bank, which is no bad thing. Through this partnership, people have a great range of different types of online account options, include interest checking and high-yield savings accounts.

Nationwide is also known for having a low-cost structure, some decent APY rates, and a big network of ATMs across the United States. This Nationwide Bank review will consider all notable aspects of this offering.

  • Network of 80,000+ ATMs across the United States
  • Good APY rates for certain accounts
  • No monthly fees for some account types

Nationwide Bank Account Types

You will come across a number of different interesting online account options from Nationwide through its partnership with Axos Bank. This collection will cover everything from checking accounts to savings and certificate of deposit accounts. We have broken down each of the standout account types for you in the Nationwide Bank online account review, making it easier to see which might be a good fit for you.

Advantage Checking

This checking account offers great interest rates from 0.45% and up to 0.90% on your funds, which means that you can make your money work for you more so than with a lot of other types of checking accounts. The exact APY rate depends on how much you are depositing to this account on a monthly basis.

There are no fees for overdraft or when you have insufficient funds in your account, as well as monthly fees not being an issue. There is also no minimum balance that you are required to maintain and you will get access to 80,000+ ATMs across the United States. Finally, the opening required balance is just $50.

Account

  Type

Key

  Features

Advantage Checking Opening balance of $50
No

account fees

APY

rate up to 0.90%

 

Interest Checking

This is another type of checking account that allows you to earn interest on your funds. You don’t have to pay any account maintenance fees for this type of account and there is no need to keep a minimum sum in your account. The APY rate starts from 0.10% and goes up to 0.40% for sums of more than $25,000.

You can get access to complimentary checks when starting off and you will be able to get a refund on out-of-network ATMs fees up to $30 each month. Finally, the direct deposit feature allows you to speed up payments.

Account

  Type

Key

  Features

Interest Checking Complimentary checks
No

account fees

APY

rate up to 0.40%

 

My Checking

This is a checking account that is designed to fit around your specific banking needs. It is ideal for those people who are going to be using a variety of different features. You will need to open this account with at least $100 and you will then have access to the full suite of different online banking tools.

There is no limit on the ATM fee reimbursements and there is no monthly fee that you have to pay for this account. You also are not required to maintain a minimum balance. One of the reasons why many people go for this account type is because it gives you the ability to get your paycheck as many as two days early.

Account

  Type

Key

  Features

My Checking $100 opening balance
No

monthly maintenance fee

80,000+

no-fee ATMs

 

Regular Savings

For those people who are looking to maximize their savings, then this is a good account option for you. This allows you to get access to an APY of up to 0.50%, which is good by industry standards. The minimum daily balance requirement is only $300 and you get access to many great online banking tools.

There is a $3 monthly maintenance fee, but this can be waived if you maintain the minimum daily balance. You are able to request a free ATM card, as well as get access to a streamlined payments system.

Account

  Type

Key

  Features

Regular Savings $300 minimum daily average balance
$3

monthly maintenance fee is waivable

APY up

to 0.50%

 

My Savings

The My Savings account gives you access to a higher APY, with rates reaching as high as 0.70%. You will often need to deposit a certain amount each month in order to get the higher APY rates.

There is no need to maintain a minimum account balance and you just have to deposit $100 when starting off this account. You also do not have to pay any monthly fees and you get access to all of the standard digital banking tools.

Account

  Type

Key

  Features

My Savings Opening balance of $100
No

account fees

APY

rates up to 0.70%

 

Certificate of Deposit

Nationwide offers you access to CDs of varying time periods. These start from as short a three months and go up to five years. The APY rate for each time period is currently set at 0.20%. While these are not as high as some competitors, the short-term lengths are often preferred.

These funds are also subject to FDIC insurance up to $250,000 and there is only a $500 minimum deposit necessary to start. The CDs will renew automatically when their time period comes to an end, but you do have a 10-day grace period to make changes without incurring hefty fees.

Account

  Type

Key

  Features

Certificate of Deposit 3 months to five-year terms
$500

minimum deposit

Automatic

renewal

 

Money Market Plus

This account type is an ideal fit for those people who are seeking the security that a savings account provides, while also promising higher returns. Across the board, you can get an APY of 0.50% with this account type.

The funds are FDIC-insured and you can get complimentary checks when starting off this new account. There will be a waiving of the $8 monthly maintenance fee if your minimum daily balance is $1,000 or more. You will also have to deposit $1,000 or more when starting off this account.

Account

  Type

Key

  Features

Money Market Plus APY rate up to 0.50%
No

account fees if $1,000 minimum daily balance

$1,000

minimum opening balance

Get my rate

 

 

Nationwide Bank APYs

A lot of the different types of accounts at Nationwide Bank offer APY rates of varying sizes. These can vary depending on the size of your balance or the time period in question. Even many of the checking accounts offer you the chance to earn interest on your funds. Here is a brief overview of what you can expect with the various Nationwide Bank account types.

 

Account 1 Year 3 Years 5 Years
Advantage Checking 0.45%-0.90% 0.45%-0.90% 0.45%-0.90%
Interest Checking 0.10%-0.40% 0.10%-0.40% 0.10%-0.40%
Regular Savings 0.50% 0.50% 0.50%
My Savings 0.40%-0.70% 0.40%-0.70% 0.40%-0.70%
CDs 0.20% 0.20% 0.20%
Money Market 0.50% 0.50% 0.50%

Get my rate

What is Nationwide Bank Best For?

With the Nationwide Bank offers, you have many great things to pick out. The low-cost structure is going to be ideal for a lot of people. These types of accounts will also be ideal for beginners due to the small required opening balances and the lack of minimum maintained balances. Finally, there are some great APY rates offered across the range of account types, often being better than those seen with competitor products.

Overdraft Fees

The standard overdraft fee that is charged by Nationwide Bank is $25, which is less than what many other banks charge. There is a cap of three of these fees in a single-day period. The bank also will not charge you for overdraft protection transfers, which is also uncommon. Finally, no fee has to be paid if you have a continually negative account balance. Certain account types at Nationwide Bank don’t even charge any overdraft fees.

Opening an Account at Nationwide

You can quickly open an account with Nationwide Bank without running into any issues. This can be done completely online in a matter of minutes, with no application fee being charged. You need to choose which type of account you want to open and then you will be asked for standard personal information.

It won’t take long for you to hear if your application was successful and you can get started by adding funds to your new account. There is currently only a single physical branch, so online applications are the way to go.

Pros and Cons

The pros greatly outweigh the cons when it comes to the Nationwide Bank offers. You have access to a great range of different account types. Many of the checking accounts offer you interest and high APY rates at that. There is often an absence of monthly maintenance fees across a lot of the account. Where these fees are present, the requirement to waive them are normally quite low.

Your in-network and out-of-network ATMs fees are usually taken care of also, so this is an all-around low-cost structure. The APY rates found across the board tend to be some of the best in the business today, so you are making the most of your funds. Finally, the low barrier to entry with these accounts thanks to the minimal required opening deposits and minimum required balances are ideal.

In terms of cons, the list is short. Those people who like to have the option of physical banking will likely be disappointed as Nationwide Bank just has a single branch. The APY rates for the CDs also might be a bit lower than some competitors, but Nationwide Bank offers very short-term lengths, which can often be preferred.

Pros Cons
Great selection of account types Lack of  physical branches
Low-cost account options CD APY rates might not be as high as some others
APY rates are top-tier  

Comparison to similar bank accounts

Nationwide Bank Bank of America TD Bank
APY: Up to 0.05% APY: Up to 0.15%
Minimum balance: $100 Minimum balance: $100 Minimum balance: $0 
Benefits:

  • 80K+ ATMs.
  • Cost-effective.
  • Low barrier to entry.
Benefits:

  • Thousands of branches.
  • Easily avoided monthly fees.
  • Low minimum required opening deposits.
Benefits:

  • No minimum required account balance.
  • Option for in-person banking.
  • Good selection of accounts.

 

Get my rate

Disclaimer: All banking products and services are solely offered and provided by Axos Bank®. Axos Bank is a federally chartered savings bank, and all deposit accounts opened with Axos Bank, including those of the same ownership and/or vesting held at Axos Bank, are combined and insured by the FDIC under the same FDIC Certificate 35546.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.