Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.
How Nationwide bank accounts compare
-
Nationwide My Savings Account
-
Nationwide My Checking Account
-
Nationwide CD
-
Nationwide Money Market Plus Account
Annual Percentage Yield (APY)
0.20% to 0.30%
To qualify for the 0.30% APY you must open your new My Checking account and have a monthly Direct Deposit totaling at least $1,000 from a third party to your My Checking account.
Show more
Annual Percentage Yield (APY)
Up to 0.30%
Annual Percentage Yield (APY)
0.20% to 4.75% (4.75% APY on 12-month term)
Annual Percentage Yield (APY)
0.25%
On Axos Bank - Nationwide's website
On Axos Bank - Nationwide's website
On Axos Bank - Nationwide's website
On Axos Bank - Nationwide's website
Overall banking rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4.5 |
| CD | 4 |
| Money market account | 4.25 |
| Trustworthiness | 5 |
| Total | 4.25 |
Pros and cons
| Pros | Cons |
|
|
Nationwide My Savings Account
Nationwide My Savings Account
On Axos Bank - Nationwide's website
Insider’s Rating
4/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
To qualify for the 0.30% APY you must open your new My Checking account and have a monthly Direct Deposit totaling at least $1,000 from a third party to your My Checking account.
0.20% to 0.30%
Minimum Opening Deposit
$100
Pros
- No minimum account balance requirement
- No monthly service fee
- Online bill pay
Cons
- Low interest rate
- $100 opening deposit
- $10 excess transaction fee
Product Details
- Banking products are services provided through Nationwide's relationship with Axos Bank
- Online-only bank with one location in Columbus, Ohio
- Free ATM withdrawals at over 91,000 locations
- Earn 0.20% APY regardless of your account balance
- To qualify for the 0.30% APY you must open your new My Checking account and have a monthly Direct Deposit totaling at least $1,000 from a third party to your My Checking account. You will automatically receive the 0.30% APY upon meeting account requirements.
- $10 excess transaction fee if you exceed the federal limit of 6 transactions per month
- Interest compounded daily, deposited monthly
- FDIC insured through Axos Bank
You may like the Nationwide My Savings Account if you prioritize a savings account that doesn't have minimum balance requirements or monthly maintenance fees.
The Nationwide My Savings Account has a solid interest rate on par with the average savings account. However, if you're searching for accounts with a higher interest rate, consider going through our best high-yield savings accounts guide.
Compare Today's Rates
Nationwide My Checking Account
Nationwide My Checking Account
On Axos Bank - Nationwide's website
Insider’s Rating
4.5/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
Up to 0.30%
Minimum Opening Deposit
$100
Pros
- Earn 0.30% APY if you meet the requirements
- No monthly maintenance fees
- No minimum balance requirements
- Early direct deposit
- Unlimited domestic ATM fee reimbursem*nts
- Free overdraft protection
Cons
- $100 minimum opening deposit
- $25 overdraft fee
Product Details
- Banking products are services provided through Nationwide's relationship with Axos Bank
- Online-only bank with one location in Columbus, Ohio
- Free ATM withdrawals at over 91,000 locations
- Earn 0.30% APY if you open a new My Checking Account and receive a qualifying direct deposit totaling at least $1,000 during the first 25 days of opening an account
- Free overdraft protection that links your checking account to a savings account
- Interest compounded daily, deposited monthly
- FDIC insured through Axos Bank
The Nationwide My Checking Account might stand out if you frequently use ATMs. If you use out-of-network ATMs, you'll receive unlimited domestic ATM fee reimbursem*nts.
The Nationwide My Checking Account is also a solid bank account for avoiding standard bank fees; it doesn't charge monthly services fees and offers overdraft protection that links your checking account to a Nationwide savings account.
Nationwide CD
Nationwide CD
On Axos Bank - Nationwide's website
Insider’s Rating
4/5
Annual Percentage Yield (APY)
0.20% to 4.75% (4.75% APY on 12-month term)
Minimum Opening Deposit
$500
Pros
- Competitive interest rate on 1-year CD and 18-month CD
- Low minimum opening deposit
- Standard variety of CD terms
Cons
- Some CD terms offer low CD rates
- High early withdrawal penalties
Product Details
- Earn up to 4.75% APY
- FDIC Insured up to $250,000
- $500 minimum deposit required to start
- CDs automatically renew with a full 10-day grace period
- Overview of your financial health in online banking
- Account can be funded via wires or check
Nationwide CDs have a $500 minimum opening deposit, which is less than the typical $1,000 initial deposit required by most banks and credit unions.
You also might find these CDs appealing if you're specifically looking for a 1-year CD or 18-month CD. The 1-year CD pays 4.75% APY (Annual Percentage Yield), and the 18-month CD offers 2.85% APY.
Nationwide Money Market Plus Account
Nationwide Money Market Plus Account
On Axos Bank - Nationwide's website
Insider’s Rating
4.25/5
Fees
$8 monthly service fee
Annual Percentage Yield (APY)
0.25%
Minimum Opening Deposit
$1,000
Pros
- Possible to waive monthly maintenance fee
- Complimentary starter checks
- Up to $10 in domestic ATM fees reimbursed each month
- May request a debit card
Cons
- Low interest rate
- $8 monthly maintenance fee
Product Details
- Banking products are services provided through Nationwide's relationship with Axos Bank
- Online-only bank with one location in Columbus, Ohio
- Free ATM withdrawals at over 91,000 locations
- Earn 0.25% APY regardless of your account balance
- To waive the $8 monthly maintenance fee, you must maintain at least $1,000 in your account
- Interest compounded daily, deposited monthly
- FDIC insured through Axos Bank
The Nationwide Money Market Plus Account could be a good option if you regularly maintain at least $1,000 in your account. That way, you'll waive the $8 monthly service fee.
The Nationwide Money Market Plus Account pays a slightly higher interest rate than the Nationwide My Savings Account. However, you'll still find more competitive rates on savings and money market accounts at other online financial institutions.
How Nationwide banking works
Nationwide is anational insurance company that offers online bank accounts and services through its relationship with Axos Bank. If you live in Ohio, there is Nationwide location in downtown Columbus.
Customers have access to free ATM withdrawals at over 91,000 locations throughout the US. You'll have to log in to online banking to use the company's ATM Locator feature. If you have the Nationwide My Checking Account, you'll also receive unlimited reimbursem*nts when you use out-of-network, domestic ATMs.
Direct Bankers are available weekdays from 8 a.m. to 8 p.m. ET by phone, email, or live chat.
The Axos Bank for Nationwide banking app has 4.8 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store.
Nationwide is not a bank. However, bank accounts are FDIC insured through Axos Bank. This means up to $250,000 is safe in individual bank accounts or $500,000 through joint bank accounts.
Nationwide trustworthiness and BBB rating
The Better Business Bureau rates companies to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints.
Nationwide received an A+ rating from the BBB, and Axos Bank also has an A+ rating.
Neither Nationwide nor Axos have been involved in any recent public controversies.
Nationwide vs. CIT Bank
Deciding between these two online institutions will likely depend on your preferences and goals.
The CIT Bank Savings Connect Account and CIT Bank Money Market Account offer more competitive interest rates than the Nationwide My Savings Account and Nationwide Money Market Plus Account. However, bare in mind rates may fluctuate over time, so this could change in the future.
The Nationwide My Checking Account and CIT Bank eChecking Account share some similar features, so your best option will likely depend on minor differences between accounts.
For example, Nationwide offers early direct deposit, while the CIT Bank does not. Nationwide also provides unlimited domestic ATM fee reimbursem*nts, while CIT offers up to $30 in ATM fee reimbursem*nts per month.
CIT Bank Review
Nationwide vs. Capital One
You might lean more toward Capital One if you don't have much money for a minimum opening deposit on an account. Capital One lets you open a savings account, CD, or checking account with $0. Capital One also offers more competitive interest rates on its savings account and CDs.
If you'd like to open a money market account, the Nationwide Money Market Plus Account will be your default option. Capital One doesn't have a money market account.
Capital One Bank Review
Frequently asked questions
Does Nationwide have bank accounts?
Nationwide offers bank accounts through its relationship with Axos Bank. Banking services and products are operated and federally insured by Axos Bank.
What is the interest rate for the Nationwide My Savings Account?
The Nationwide My Savings Account pays 0.20% to 0.30% regardless of your account balance.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2024
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
