Nationwide Review: Checking, Savings and CDs

Nationwide offers ATM fee reimbursements and competitive savings rates, but CD rates are low.
Ruth SarrealNov 4, 2020

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Overall bank rating

Nationwide
  • Savings

  • Checking

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

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 certificates of deposit.
  • $25 overdraft fee can be charged up to three times daily.

Full review

Nationwide My Savings

at Nationwide

4.5

NerdWallet rating 

at Nationwide

APY

0.20%

With $0 minimum balance

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.

Nationwide Interest Checking

Nationwide Interest Checking

4.5

NerdWallet rating 
Monthly Fee

$0

APY

0.10%

With $0 minimum balance

Nationwide’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 Advantage Checking

Nationwide Advantage Checking

5.0

NerdWallet rating 
Monthly Fee

$0

APY

0.45%

With $0 minimum balance

The 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.

Nationwide CD

Nationwide CD

2.0

NerdWallet rating 
1-year APY

0.20%

3-year APY

0.20%

5-year APY

0.20%

Minimum Deposit

$500

Nationwide’s CD rates are lower than what you’ll find at some online banks. But at $500, the required minimum deposit is also lower than what you’ll find at many banks.

There is a wide range of terms available, from as short as three and six months to as long as five years.

» Looking for a short-term CD? See the best 1-year CDs this month.

Banking experience

3.5

NerdWallet rating 

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account.

Nationwide customer experience: Nationwide offers customer service by phone from 8 a.m. to 8 p.m. ET, Monday through Friday only. Many other financial companies offer phone support on weekends. Support is also available by chat on the site and via Twitter. There is 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 rating 

Nationwide 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.

Nationwide My Savings

at Nationwide

4.5

NerdWallet rating 

at Nationwide

APY

0.20%

With $0 minimum balance

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.

RATING 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.