Dedicated to Deposits: Deals, Data, and Discussion

Higher Yield and New-Account Bonus for Nationwide's Money Market Account

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Nationwide Bank
Nationwide Bank increased the yield on its money market account to 3.50% APY (was 3.35%). There's also a $25 new-account bonus. The promotion code is MM080716, and it's scheduled to end on 10/03/2008. This promo doesn't seem to be listed at Nationwide's website. It was mentioned on this FW thread, and I just called and confirmed. You can apply either online or by phone with this promo code.

I did a full review of Nationwide's money market account in this March post. I've made a few updates to this post based on today's conversation with the CSR.

The account has maintained a competitive yield since March. The main downside to this account seems to be a slow ACH transfer system. Commenters have mentioned that transfers can take 5 days or more to complete. Another downside is a $1,000 minimum balance to avoid a $8 monthly fee.

Nationwide Bank also offers CDs with some decent rates. Some of the competitive rates include a 3.50% APY for a 3-month term, 3.60% APY for a 6-month term, 3.90% APY for a 12-month term and a 4.00% APY for a 24-month term. The minimum deposit is $500.

One positive aspect of Nationwide Bank is that it has some strong financial ratings: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 3/31/08 data. The rating did drop from 5 stars at Bankrate since my last report.

Nationwide Bank was established in 1998 and is a member FDIC (Certificate # 34710).

Update 7/18/08: A reader noted that the first two letters of the promo code need to be capitalized (M instead of m). The code listed above has been updated with this change.

Related Pages: money market accounts, Nationwide Bank, CD rates

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
The code for the $25 bonus did not work when i tried it online.
Maybe because i'm not a nationwide customer?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
You may want to call and see if you have any better luck. The CSR gave me the promo code without saying it has any special requirements. It could just be the online application program, or the CSR may have forgotten to inform me of some important restriction.

1
Comment #3 by Anonymous posted on
Anonymous
Type MM (caps) not mm. :-)

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks! It didn't even occur to me that they would require capital M's for the code.

1
Comment #5 by MG (anonymous) posted on
MG
How long did it take for the $25 bonus to post?

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Comment #6 by Anonymous posted on
Anonymous
Contrary to prior reports, their ACH service is very fast. I have a Chase and Indymac account linked and transfers to and from each have been next day. The funds are held for a few days after arriving at Nationwide, but they do earn interest while on hold.

I contacted them via their message center about when the bonus is supposed to post. They said they have to have the money for 60 days, and that the bonus will post within 3 weeks after the 60 day mark.

1