Nationwide Bank (Internet Bank) Raises Rate On 24-Month CD

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Availability: Nationwide (internet bank)

Ohio-based Nationwide Bank raised the rates on its 24-month CD (1.56% APY) and 60-month CD (1.90% APY) earlier this week. The minimum opening deposit to earn these APYs is $100k, with no stated balance cap. Of the two, the 24-month CD is the most competitive.

The 24-month CD was added to the product line in March 2010 and has had more than 30 rate changes since that time. The new 1.56% APY is the highest rate for the 24-month CD since December 2010.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.96*%$100k-Nationwide Bank60 Month IRA (Traditional, Roth, CESA, SEP)
OTHER TIERS: 1.91% Up to $100k
1.96*%$100k-Nationwide Bank60 Month CD
OTHER TIERS: 1.91% Up to $100k
1.56*%$100k-Nationwide Bank24 Month IRA (Traditional, Roth, CESA, SEP)
OTHER TIERS: 1.51% Up to $100k
1.56*%$100k-Nationwide Bank24 Month CD
OTHER TIERS: 1.51% Up to $100k
Accounts mentioned in this post. Rates as of May 27, 2017.

Nationwide Bank CDs are offered with APYs a uniform 5 basis points lower for deposits of less than $100k.

The CDs are also offered as IRAs (Traditional, Roth, CESA, and SEP), earning the same APYs with the same funding requirements.

As stated on Nationwide Bank’s CD Rates page, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of at least:

24 months, but less than 48 months, the fee will equal 180 days of interest on the amount withdrawn

48 months or greater, the fee will equal 360 days of interest on the amount withdrawn

Availability

Headquartered in Columbus, Ohio, Nationwide Bank is an internet bank that has no brick-and-mortar branch locations. Its products (including all of the above mentioned CDs) are available nationally, and must be opened utilizing the bank’s online application.

According to Nationwide Bank’s FAQ:

To open a certificate of deposit account with another person, you will need to have that person's ID and residence information, too.
You can use our online application to open an individual or joint account with Right of Survivorship and with up to three co-signers.
You'll need to fund your account with an initial deposit that you can electronically transfer from another personal bank account or send by check.

Bank Overview

Nationwide Bank (FDIC Certificate # 30470) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 1.96% (excellent) based on September 30, 2016 data. In the past year, Nationwide Bank increased its total deposits by $556.25 Million, an excellent annual growth rate of 12.69%. Please refer to our financial overview of Nationwide Bank for more details.

While Nationwide Bank was established 19 years ago as the Nationwide Trust Company, its roots can be traced back to Nationwide Corporation, an auto insurer for farmers in Ohio in the 1920s. The name was changed to Nationwide Bank in 2007 when the Bank began offering products to the public. Nationwide Bank is currently Ohio’s ninth largest bank with assets in excess of $6.8 billion and over 121,700 customer accounts throughout the country.

How the CDs Compare

When compared to 191 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Nationwide Bank’s 24-Month CD (<$100k deposit) APY currently ranks third.

When compared to 200 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Nationwide Bank’s 24-Month CD ($100k+ deposit) APY currently ranks fourth.

The above rates are accurate as of 1/13/2017.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.


Comments
Anonymous
Anonymous   |     |   Comment #1
Nationwide is on your side.
MAM101
MAM101   |     |   Comment #2
I am new ti investments , although , saving is a great means of banking , so , I hope to achieve that and more . MAM101
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Ohio-based Nationwide Bank raised the rates on its 24-month CD (1.51% APY) and 36-month CD (1.70% APY). The minimum opening deposit to earn these APYs is $100K, with no maximum balance cap.

Both CDs are also offered with a $500 minimum deposit, with rates a uniform 5 basis points lower.

The CDs are also offered as IRAs (Traditional, Roth, CESA, and SEP), earning the same APYs with the same funding requirements.

As stated on Nationwide Bank’s Terms and Conditions page, the Early Withdrawal Penalty reads as follows:

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