Nationwide Bank Hikes Savings Account Rate

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Deal Summary: Savings Account, 1.30% APY, no minimum balance required to earn the stated APY.

Availability: Nationwide (internet bank)

You may have read my Forum post about Nationwide Bank’s recent (and substantial) 100 bps increase on its Savings Account (1.30% APY). There are no minimum balance requirement or maximum balance cap in regards to the stated APY, but there is a minimum $25 opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.30%--Nationwide BankSavings Account
Accounts mentioned in this post. Rates as of October 23, 2017.

As I mentioned in the Forum post, DA has been tracking the Savings Account since 2009. While I’ve written more than 15 blog posts about Nationwide products since 2008, there’s never been an occasion to write about the Savings Account, simply because it never had a good rate. When I saw the 1.30% APY on Nationwide’s website, my first thought was, “that’s a mistake.” When I called Nationwide for confirmation, the CSR assured me that it was not an error. My next question was, “Is this a short-term promotional rate?” CSR stated that since increasing the rate on the Member Checking account to 1.15% APY about two months ago (see review), the Bank "has received a lot of good feedback, so we want the Savings account to be in line with that [Member Checking] rate."

According to the Savings Account page, there are low, or even possibly no, fees associated with this account:

$0 monthly maintenance fee when you maintain a minimum daily balance of $300 or a monthly direct deposit of $25 or more. Otherwise $3.

$0 preauthorized withdrawals up to 6 per monthly statement cycle via telephone or electronic transfers, check or ATM card transactions.

$0 non-Nationwide Bank ATM transactions up to 2 per month. Fees from the ATM owner may apply.

$0 online statements detailing your monthly activity.

$0 money transfers with your Nationwide bank accounts and your accounts with other banks.

Nationwide Bank’s savings account rate may now be competitive, but its bank-to-bank transfer service is not. Standard transfers are limited to $5,000 per transaction and per day. The monthly limit (30 day rolling) is only $10,000. Full details are listed in the transfer section of Nationwide Bank’s online banking FAQs.

According to CSR, standard transfers take 3 to 5 business days. They do have next-day transfers, but these have even smaller limits ($2k per day). I was told there are no dollar limits when the transfers are initiated by another bank. Another option of moving your money is wire transfers. Outgoing domestic wire transfers cost $25, but there’s no charge for incoming domestic wire transfers.

Availability

Headquartered in Columbus, Ohio, Nationwide Bank is an internet bank that has no brick-and-mortar branch locations. Its entire product line is available nationwide and must be opened using the Bank’s online application.

According to Nationwide Bank’s FAQs concerning the opening of a Regular Savings account:

You’ll enter some basic information about yourself and up to 4 joint account owners. This includes address, date of birth, SSN and occupation.

We’ll ask you a few questions about how you’ll use your account(s). You can open up to 6 accounts.

You’ll make your opening deposit from one of many convenient options, including another bank account or debit card.

Beneficiaries: According to Nationwide Bank’s “How to Apply” page, you have the option to add up to 5 account beneficiaries. You do not need the person’s Social Security number; all you need is the person’s name and address. Trust accounts are also available, but you have to call to open a trust account.

Bank Overview

Nationwide Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 1.61% (excellent) based on March 31, 2017 data. Nationwide Bank has an average capitalization level (8.43%), the result of holding $7.19 billion in assets with $505.49 million in equity. Please refer to our financial overview of Nationwide Bank (FDIC Certificate # 30470) 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 eighth largest bank with assets in excess of $7.1 billion and nearly 120,000 customer accounts throughout the country.

How the Regular Savings Account Compares

When compared to the Savings Accounts tracked by DepositAccounts.com that require a similar minimum balance and are nationally available, Nationwide Bank’s Savings Account APY currently ranks third.

The above rates are accurate as of 8/24/2017.

To review the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table or our new Rates Map page.

Related Pages: Columbus savings accounts, savings accounts, nationwide deals, Internet banks

Comments
deplorable 1
deplorable 1   |     |   Comment #1
Sounds like they are using the same transfer service as Bank purely/igobanking. I wonder if they have the same 5 external account limit for linking as well. I'm looking hard at their checking account though as 1.15% without debit card hoops or the 6 withdrawal per month limit is a pretty good deal. I have had good dealings with Nationwide as I have a credit card and a 2.32% CD with them. They gave me 2 0% balance transfers for 12 months with a capped $75 fee on a credit card I already had opened with them.
Nationwide Bank Adds 41 Basis Points To 12-Month CD
Deal Summary: 12-month CD, 1.46% APY ($100k+), 1.41% APY ($500+); 24-month CD, 1.66% APY ($100k+), 1.61% APY ($500+).

Availability: Nationwide (internet bank)

Ohio-based Nationwide Bank raised the rates on its 12-month CD (1.46% APY) and 24-month CD (1.66% APY) yesterday. The minimum opening deposit to earn these APYs is $100k, with no stated balance cap. Of the two, the 12-month CD is the more competitive.

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

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Nationwide Bank (Internet Bank) Member Checking Now Earns 1.15% APY
Deal Summary: Nationwide Member Checking, 1.15% APY ($10k+),1.00% APY (up to $10k)

Availability: Nationwide (internet bank)

At the beginning of May, the APY on Nationwide Bank’s Member Checking was increased by 50 bps; that was the first rate increase since the account was introduced in September 2013. Another 15 bps were added yesterday, resulting in a 1.15% APY for balances of $10k+. Balances up to $9,999.99 earn 1.00% APY.

One interesting thing to note is that this checking account rate is currently much higher than the rates...

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

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Nationwide Bank Ups Jumbo CDs to Competitive Levels
Availability: Nationwide

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:

Availability

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Nationwide Bank Extends $200 E-Checking Account Bonus

Availability:

Nationally available.

Nationwide Bank extended its E-Checking promotion which offers new checking customers a $200 bonus. The new expiration date is 6/30/2015. Direct deposit is required, and the E-Checking does have monthly fees. The fees can be waived, but it will take either some effort or money to avoid the fees. That’s the main downside with this checking account. If you opened this account last year, please leave a comment about your experience.

To qualify for the $200 bonus, the following requirements must be met:

  • Open a new E-Checking account by...
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