Nationwide Review: Checking, Savings and CDs
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Overall bank rating
- CD rates
- Checking
- Savings
- Checking
- Checking
- Banking experience
- Overdraft fees
4.0
Nationwide offers banking products but is not technically a bank; its deposit accounts are operated by Axos Bank. The Axos Bank and Nationwide partnership offers customers a variety of online options, including a high-yield savings account, an interest checking account — with no monthly fees — that reimburses up to $30 in ATM charges a month, and the My Checking account, which offers unlimited domestic ATM fee reimbursements.
Best for: Customers who want a competitive savings rate and access to out-of-network ATMs without a fee, and who won’t need access to a branch.
Pros
- No monthly fees on its Interest Checking and My Checking accounts.
- Large ATM network, plus domestic ATM fee reimbursements.
Cons
- Only one branch.
- Low rates on most certificates of deposit.
- $25 overdraft fee can be charged up to three times. daily.
Full review
CD
2.0
/5 NerdWallet ratingNationwide’s 1-year CD rate is much more competitive than what you'll find at a traditional bank, but most of its other rates are lower than what you’ll find at other online banks. But at $500, the required minimum deposit is also lower than what you’ll find at many banks.
A wide range of terms are available, from as short as three and six months to as long as five years.
Checking
4.5
/5 NerdWallet ratingNationwide’s Interest Checking account offers 0.10% APY for balances under $2,500. That rate is comparable with what you’ll find at some other checking accounts. The more money in your account, though, the more interest you’ll earn — up to 0.40% APY for a balance over $25,000.
There’s no monthly fee for this account, and there’s no minimum balance required. The Interest Checking account provides reimbursement for up to $30 of domestic ATM fees each month, a feature that many checking accounts don’t offer. You can get paid up to two days early by using direct deposit, and you can ask for complimentary starter checks when you open an account.
You can make cash deposits at participating ATMs that accept cash. You can also deposit cash at the registers of retail stores in the Green Dot network, including CVS Pharmacy, Kmart, Rite Aid, 7-Eleven and Walgreens, but it could cost you up to $4.95. In the Columbus, Ohio area, you can deposit cash at the bank’s single branch.
» Compare checking accounts with NerdWallet's best checking accounts this month.
Nationwide’s My Savings account offers a 0.20% annual percentage yield. There is also an option to earn 0.30% APY with any balance, but you’ll need to have direct deposits totaling at least $1,000 each month into a My Checking account to get that rate.
You can open an account with a minimum deposit of $100. There are no monthly fees for this account.
» Want more options? See NerdWallet’s favorite high-yield online savings accounts.
Checking
5.0
/5 NerdWallet ratingThe Advantage Checking account offers tiered interest, with some requirements. You’ll earn 0.45% APY if you set up direct deposit for at least $1,000 per month or if you make at least 10 point-of-sale transactions of more than $3 each per month with your account debit card. You can earn the highly competitive rate of 0.90% APY by meeting both of those requirements.
With this Nationwide account, there are no monthly fees and no minimum balance requirements. You can open the account with $50. The Advantage Checking account doesn’t charge any overdraft fees.
The My Checking account doesn’t pay interest, but offers unlimited fee reimbursements for using domestic ATMs. You need a minimum deposit of $100 to open an account, but there are no minimum balance requirements. Direct deposits arrive up to two days earlier for no fee.
Banking experience
4.0
NerdWallet ratingNationwide offers customer service by phone from 8 a.m. to 8 p.m. ET, Monday through Friday only. Support is also available by chat on the site and via Twitter. The bank offers just one branch, in Ohio.
Both Android and iOS users give the Nationwide banking app high ratings. You can deposit up to $10,000 per day in checks via the apps.
Overdraft fees
4.0
NerdWallet ratingNationwide charges a $25 overdraft fee, which is lower than what some banks and banking services charge. That fee can be charged up to three times per day; some companies have a higher maximum number of times they’ll assess the fee.
There’s no fee for overdraft protection transfers, and you won’t be charged for having a continuous negative balance.
To compare savings rates at online banks and banking services, take a look at NerdWallet’s best high-yield online savings accounts, and check out other stellar options in NerdWallet’s roundup of the best checking accounts this month.
CD
2.0
/5 NerdWallet ratingNationwide’s 1-year CD rate is much more competitive than what you'll find at a traditional bank, but most of its other rates are lower than what you’ll find at other online banks. But at $500, the required minimum deposit is also lower than what you’ll find at many banks.
A wide range of terms are available, from as short as three and six months to as long as five years.
Checking
4.5
/5 NerdWallet ratingNationwide’s Interest Checking account offers 0.10% APY for balances under $2,500. That rate is comparable with what you’ll find at some other checking accounts. The more money in your account, though, the more interest you’ll earn — up to 0.40% APY for a balance over $25,000.
There’s no monthly fee for this account, and there’s no minimum balance required. The Interest Checking account provides reimbursement for up to $30 of domestic ATM fees each month, a feature that many checking accounts don’t offer. You can get paid up to two days early by using direct deposit, and you can ask for complimentary starter checks when you open an account.
You can make cash deposits at participating ATMs that accept cash. You can also deposit cash at the registers of retail stores in the Green Dot network, including CVS Pharmacy, Kmart, Rite Aid, 7-Eleven and Walgreens, but it could cost you up to $4.95. In the Columbus, Ohio area, you can deposit cash at the bank’s single branch.
» Compare checking accounts with NerdWallet's best checking accounts this month.
Nationwide’s My Savings account offers a 0.20% annual percentage yield. There is also an option to earn 0.30% APY with any balance, but you’ll need to have direct deposits totaling at least $1,000 each month into a My Checking account to get that rate.
You can open an account with a minimum deposit of $100. There are no monthly fees for this account.
» Want more options? See NerdWallet’s favorite high-yield online savings accounts.
Checking
5.0
/5 NerdWallet ratingThe Advantage Checking account offers tiered interest, with some requirements. You’ll earn 0.45% APY if you set up direct deposit for at least $1,000 per month or if you make at least 10 point-of-sale transactions of more than $3 each per month with your account debit card. You can earn the highly competitive rate of 0.90% APY by meeting both of those requirements.
With this Nationwide account, there are no monthly fees and no minimum balance requirements. You can open the account with $50. The Advantage Checking account doesn’t charge any overdraft fees.
The My Checking account doesn’t pay interest, but offers unlimited fee reimbursements for using domestic ATMs. You need a minimum deposit of $100 to open an account, but there are no minimum balance requirements. Direct deposits arrive up to two days earlier for no fee.
4.0
NerdWallet ratingNationwide offers customer service by phone from 8 a.m. to 8 p.m. ET, Monday through Friday only. Support is also available by chat on the site and via Twitter. The bank offers just one branch, in Ohio.
Both Android and iOS users give the Nationwide banking app high ratings. You can deposit up to $10,000 per day in checks via the apps.
4.0
NerdWallet ratingNationwide charges a $25 overdraft fee, which is lower than what some banks and banking services charge. That fee can be charged up to three times per day; some companies have a higher maximum number of times they’ll assess the fee.
There’s no fee for overdraft protection transfers, and you won’t be charged for having a continuous negative balance.
To compare savings rates at online banks and banking services, take a look at NerdWallet’s best high-yield online savings accounts, and check out other stellar options in NerdWallet’s roundup of the best checking accounts this month.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
