Nationwide Banking services
Fees
Minimum Deposit
Current Promotion
APY Savings
Nationwide Bank has been trading since 1998, but it has accumulated $7 billion in assets and $5 billion in deposits. Nationwide Bank has its headquarters in Columbus, Ohio but this bank has concentrated its products and services on the online market.
Nationwide Bank has a wide variety of products including checking accounts, savings accounts, CDs, IRAs, credit cards, and mortgage products. The deposit accounts are operated via a partnership with Axos Bank. The bank has an average rating on consumer review sites, but this is fairly typical for financial institutions which rarely score highly.
This bank tends to have fair rates. While it is possible to find higher savings rates, there are certainly many banks that offer lower rates. Additionally, the most basic accounts do not have monthly maintenance charges, so you can enjoy fee-free checking and decent rates on your savings.
Nationwide bank can be a good choice if:
- Low minimum with no maintenance fees account
- You may need a mortgage/personal loan/home equity loan
- You're prefer higher rates than personal experience.
- No Account Minimums
- Large ATM Network
- No Maintenance Fees
- Domestic ATM Fee Reimbursement
- Interest Bearing Checking Account Options
- Costly Overdraft Fee
- Lower Rates on CDs
- Only Partnership Products Available
- Limited Physical Presence
- No Promotions
Nationwide Bank Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
The Benefits
No financial institution or service provider is perfect and there are both pros and cons associated with Nationwide Bank you should consider before making any account opening decisions.
- No Account Minimums
Unlike many banks, you don’t need to maintain a minimum account balance to avoid incurring a penalty or fee.
While some accounts do have a minimum opening deposit, you don’t need to maintain this amount in the account, once it is up and running.
- No Maintenance Fees
On checking and savings accounts, there are no monthly maintenance fees.
This means that you don’t need to worry about meeting waiver criteria, you can simply use the account for your day-to-day banking needs without any additional expenses.
- Interest Bearing Checking Account Options
This is quite an unusual feature for no maintenance fee accounts. In times when you need to protect your savings from inflation, Nationwide offers several checking account options that provide interest on your balance. It includes the Advantage Checking, which incentivizes having direct deposits and using your debit card at a higher rate.
- Large ATM Network
While the bank only has a couple of bricks and mortar branches, as a Nationwide customer, you can access a large ATM network.
So, you shouldn’t have any issues finding a machine for cash deposits or other account management tasks in your local area.
- Domestic ATM Fee Reimbursement
Most of the checking account options have some form of reimbursement for domestic ATM fees.
The amount of reimbursement depends on the type of account you hold, and it applies per statement period.
Drawbacks
Here are the most important cons you should consider before applying:
- Costly Overdraft Fees
While the fee amounts do vary depending on the type of account you hold, many are above average.
This makes it crucial that you read the fine print to ensure that you are familiar with the possible charges before opening your account.
- Low CD Rates
Unlike many CD providers, Nationwide does not incentivize taking on a longer term CD.
Considering there is a penalty for early withdrawal, there is no real incentive to tie your money up for a longer term, as the rates remain similar from three months to five years.
- No Promotions
Unlike other banks, Nationwide banking doesn't offer promotions for new accounts. For example, Citibank offers $200 – $2,000 bonus for new Citi Personal Checking accounts that meet Citi deposit requirements.
- Multiple Overdraft Fees
Depending on your account, an overdraft fee can be applied to your account up to three times per day. This means that if you slip up, you could incur up to $75 in overdraft fees daily.
- Only Partnership Products Available
If you want to access checking accounts, savings and CDs, there are no exclusive Nationwide products. All of these products are offered in partnership with Axos Bank, which has caused some customer service issues and complaints.
- Limited Physical Presence
There are only one or two branches, so in person assistance is not possible for most Nationwide customers.
Nationwide Customer Service
As we have touched on above, Nationwide Bank only has one or two physical branches, so if you need to access the customer service team, you’ll need to rely on phone or email contact.
The customer service line is available 8 am to 8 pm ET Monday to Friday, with no access on weekends. You can also access support via Twitter and using the website chat function.
However, the bank does have an impressive app, which should allow you to deal with any account management issues without needing to speak to a representative.
PNC Bank | |
|---|---|
App Rating (iOS)
| 4.8 |
App Rating (Android) | 4.2 |
BBB Rating (A-F) | A+ |
Contact Options | phone/mail |
Availability | 8 am to 8 pm ET |
Nationwide Bank Savings
Initial Deposit
Fees
APY
The Nationwide Axos partnership offers several savings account options. These include:
- My Savings: This is a high yield account with an impressive rate. There are no minimum balance requirements or maintenance fees and the interest on your balance is compounded daily. You will need $100 to open the account.
- Regular Savings: This account also has no maintenance fees or minimum balance requirements. You can also request a free ATM card for this account.
- Money Market Plus: This is an account offering high interest and limited check writing privileges. There are no minimum balance requirements or monthly maintenance fees and the interest compounds daily.
Regardless of which savings account you open, you have the reassurance of:
- 2 Step Authentication: Nationwide will either ask identity verification questions or send you a temporary security code to access and manage your account.
- 128 Bit SSL Encryption: This ensures transmission of digital financial data remains secure and private.
- Anti Malware and Anti Virus Protection: The Nationwide security team performs updates regularly to detect and prevent any malicious software.
- Auto Logout: The Nationwide system automatically logs you out of inactive sessions to prevent unauthorized users access to your accounts and data.
Nationwide Bank CDs
Initial Deposit
Term
APY
Nationwide has a limited choice of CDs. There is one CD offering with the same interest rate regardless of the term. You can select a term from three months to five years, but you will need a minimum deposit of $500 to open your account.
You can benefit from full FDIC insurance coverage up to the maximum $250,000 and Nationwide offers an overview of your financial health with this product.
The Nationwide CDs automatically renew, but there is a full 10 day grace period, where you can choose to withdraw funds, make additional deposits or make any changes to your account. However, if you do need to access your funds before the end of the CD term, you will incur a penalty. The specific amount of the penalty will depend on the CD term, the withdrawal amount and your interest rate.
If the term is less than six months, the penalty is equal to 30 days interest, terms of up to 24 months, have a 90 day interest penalty but for longer term CDs, the penalty could be 180 to 360 days interest.
Nationwide Bank Checking Account
Initial Deposit
Fees
APY
Nationwide Bank has several checking account options.
Interest Checking
This account offers interest on your balance with tiered rates according to whether your balance is less or more than $2,500. There are no minimum balance requirements or monthly fees to maintain this account.
You can also get paid up to two days early if your salary is made by direct deposit and have reimbursement for domestic ATM fees with a cap of $30 per month.
Advantage Checking
The Advantage checking account also has a tiered interest rate structure. However, it is a little more complicated compared to the Interest Checking account. You’ll earn a higher rate if you set up direct deposit for $1,000+ per month or have 10+ point of sale transactions using your debit card (over $3 each). You can earn the highest rate if you meet both of these requirements.
As with the Interest Checking, there are no minimum balance requirements or monthly fees. There are also no overdraft fees. However, you do need $50 to open the account.
Direct Checking
This account is a streamlined checking account that has no maintenance fees when you have direct deposits into your account. There is also up to $30 in reimbursement for domestic ATM fees each month.
My Checking
The Nationwide Bank My Checking account offers some great benefits. There are no monthly maintenance fees or minimum balance requirements, and you can receive your direct deposit salary up to two days early with no fee.
You’ll also get unlimited reimbursement for domestic ATM fees. However, you do need a $100 minimum deposit to open the account.
Nationwide Bank Lending Products
Nationwide Axos has a limited selection of lending products. These include:
Mortgages
There are a variety of mortgage options if you want to purchase a property or refinance your home. These include conforming and non conforming loans, FHA loans, VA loans, Jumbo and SuperJumbo loans.
However, Nationwide Axos also offers Portfolio loans which are ideal for those who have an unusual property, need a higher loan amount, or have a complex financial structure, and Home Ready loans with low credit score requirements.
You can also access home equity loans and equity lines of credit.
Personal Loans
Customers can also access no collateral loans of $5,000 to $50,000 with a term of up to six years. There are flexible loan underwriting criteria and you can apply for a preliminary offer without impacting your credit score.
Additionally, you can access the funds within two days of accepting your final loan offer and if you decide to repay the loan early, there are no penalties or fees.
Auto Refinance Loans
Nationwide Axos also offers auto refinance loans to help you to drop your monthly payments and lower your interest rate. The bank offers competitive rates with terms of up to 84 months, so you can personalize your auto finance package.
The entire application takes less than 15 minutes, but you will need to have a valid form of identification and your Social Security Number on hand. However, once approved, there is no payment necessary for the first 90 days.
How to Open Nationwide Bank Account?
You can open an account online for Nationwide Bank products and services.
From the main Nationwide website, you’ll be redirected to the Nationwide Axos Banking Services website.
You can then click on the “Open an Account” button. You will see a prompt to add suggested accounts to your bundle, but you can proceed with just the one account.
You’ll then see a prompt to indicate whether you are an existing customer, new customer or want to continue an application.
As a new customer, you’ll need to create an account before you can complete a full application. This is a simple matter of providing your name, email and phone number.
After you click the consent box to allow Nationwide permission to contact you, you can create a username and password. You can then start the application.
The actual application process is quite standard. You’ll need to provide your full name, address, Social Security Number and other basic details.
Once you complete the form and submit your application, Nationwide will provide an approval decision quickly, so you can get started with your new account.
The Bottom Line
Through its partnership with Axos Bank, Nationwide is able to offer a decent selection of banking products, including checking accounts, savings accounts and lending products. Nationwide offers some good rates and the fact that many accounts have no minimums or maintenance fees is certainly a draw.
While you may be able to find a checking account with better rates elsewhere, when you factor in needing to meet fee waiver criteria, these accounts can become far less attractive.
So, if you’re comfortable with extremely limited branch access and using the online platform or app for your day to day account management, Nationwide is worthy of consideration.
Compare Alternative Banks
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 3.70%
| 3.60%
| 0.01%
|
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
|
Checking Minimum Deposit | $100 | $0 | $0 |
Mobile App Rating | 4.5/5 on iOS, 3.4/5 on Android | 4.9/5 on iOS, 4.7/5 on Android | 4.8/5 on iOS, 4.3/5 on Android
|
BBB Rating | A+ | A+ | B- |
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