Nationwide Bank Review: Full-Service Online Banking
If Nationwide is already on your side for insurance, you may also want to consider their full-service online bank. Let’s find out if it beats your current bank.
- Loan programs
- Business banking
- High savings rates
As a member of the Nationwide Mutual Insurance Company, you’ll also have access to the insurance and investment products offered by the company. It’s an excellent banking choice for anyone who already works with the insurance company, or prefers to maintain banking with the same organization where they have their investments and insurance.
Nationwide Bank is the banking division of Nationwide Mutual Insurance Company. The insurance company, founded in 1926, currently has more than 32,000 employees, and is one of the largest insurance companies in America. Nationwide Bank was developed to provide banking services for the company’s insurance customers.
Naturally, as a Nationwide Bank customer, you’ll have access to the various insurance and financial products offered by the insurance company.
Nationwide Bank operates online for both Nationwide customers and the general public. As a full-service bank, it provides many of its products and services through Axos Bank. If you are a current or new Nationwide customer, you can continue working with the bank, though products and services will come from the Axos Bank side.
Nationwide Bank Checking Accounts
Nationwide Bank offers two checking account options:
This is Nationwide Bank’s basic checking account. The account comes with a free ATM card upon request, as well as a complementary suite of digital banking tools (online and mobile banking). The first six domestic ATM fees incurred each month on the account will be reimbursed.
There is a $3 monthly service fee, however the fee is waived with a minimum daily balance of just $300.
Interest Checking works similar to Direct Checking in that you will receive a free ATM card upon request, up to six domestic ATM fee reimbursements each month, and a complementary suite of digital banking tools. The account similarly has a monthly service charge of $3, which is waived with a minimum daily balance of $300.
The account currently pays interest at a rate of 0.40% APY.
Nationwide Bank Regular Savings
The account currently has an annual percentage yield of 1.30%. What’s more, there are no monthly maintenance fees and no minimum balance requirements. Like Nationwide Bank’s checking accounts, Regular Savings comes with a free ATM card upon request, as well as complementary digital banking tools.
Deal of the Day: CIT Bank has a 1.80% APY on their Money Market Account. $100 minimum deposit required and all deposits are FDIC insured up to the $250,000 per depositor maximum.
Nationwide Bank Money Market Plus Account
The Nationwide Bank Money Market Plus Account provides limited check writing privileges, and an interest rate of up to 1.55% APY. There is an $8 monthly maintenance fee, however it’s waived when you maintain a minimum daily balance of $1,000. You can receive up to two domestic ATM fee reimbursements per month on the account.
Interest rates on the money market account are tiered based on the balance in your account (as of August 5, 2019):
Nationwide Bank Certificates of Deposit (CDs)
Nationwide Bank CDs are available with minimum initial investments of just $500. Terms range between three months and 60 months, and certificates will renew automatically with a full 10-day grace period.
Interest rates on Nationwide CDs as of August 5, 2019, are as follows:
Early withdrawal penalties: If you withdraw funds from a CD prior to maturity, the early withdrawal penalty will be as follows:
- CD term of 3 through 5 months – 1 ½ months loss of interest
- 6 months through 11 months – 3 months loss of interest
- 12 months through 23 months – 6 months loss of interest
- 24 months through 35 months – 12 months loss of interest
- 36 months through 47 months – 18 months loss of interest
- 48 months or greater – 24 months loss of interest
Related: Best CD Rates
Nationwide Bank IRA CDs
Nationwide Bank offers CDs for both traditional and Roth IRAs. The minimum required initial investment is $500, in terms ranging between six months and 60 months.
Interest rates and APYs on the IRA CDs are as follows (as of August 5, 2019):
Nationwide Bank is a full-service mortgage lender, offering home loan products through Axos Bank. In fact, if you apply for a mortgage you’ll be directed to the Axos Bank Mortgage Web Center page. Loans offered include both fixed-rate and adjustable-rate mortgages, as well as conventional, FHA, VA, Jumbo and super jumbo loans. They even offer non-conforming loans and loans for investment properties with five or more units. You can also get home equity loans and lines of credit (HELOCs).
You can apply for a loan online, and get either prequalified or preapproved. The bank charges a single lender fee of $995, but it will be either waived or reduced under the following conditions:
- You have an Axos Bank checking account during the loan application process, AND
- The new mortgage is $250,000 or more, OR
- If the new mortgage loan is less than $250,000, the fee will be reduced by $200 if you open a new checking account during the loan application process.
Personal loans are available through Axos Bank with fixed monthly payments and no collateral requirement. The loans are available under the following terms:
- Loan amounts from $5,000 to $35,000
- Funding within two days of acceptance of final loan offer
- Terms of 12, 24, 36, 48 and 60 months
- Funds are deposited directly into your checking or savings account
- You can check preliminary offers without impacting your credit score
- Flexible lending criteria
- There are no prepayment penalties
Personal loans can be approved in as little as four hours of application, with instant bank verification.
Much like personal loans, Nationwide Bank auto loans are made available through Axos Bank. They’re currently offering auto loans with rates as low as 4.45% APR, and terms of up to 84 months. Auto loans are available in amounts ranging from $10,000 or as much is $90,000, and have no prepayment penalty. Loans are available for both purchase and refinance, and loan decisions are made within 24 hours.
In the case of used cars, vehicles must have less than 125,000 miles, and a minimum Kelly Blue Book retail value of $8,500. However, auto loans are not available for certain vehicle types, including Saab, Oldsmobile, Suzuki, Isuzu, or Daewoo vehicles, or for commercial vehicles.
For whatever reason, auto loans are not available for the refinance of existing Axos Bank auto loans. Refinances are available only for auto loans held by other lenders.
Nationwide Bank offers the following business banking programs through Axos Bank:
Small Business Banking: Offers business checking, money markets, savings and CDs. Much like personal banking products, business banking products also come with mobile banking, including free mobile deposit.
Commercial Lending: Provides commercial lines of credit, commercial term loans, equipment financing, factoring loans, commercial real estate and bridge loans, lender finance, and small balance commercial.
One of the major advantages to banking with Nationwide Bank is the many other products and services offered by the company. For example, Nationwide is best known as one of the leading insurance companies in America. As one of the most diversified insurance companies, they provide insurance for life, homeowners, renters, condo, flood, auto insurance, boat, pet, dental, certain medical, travel, umbrella and specialty liability.
The company is also a major provider of investment services. These include annuities, mutual funds, exchange traded funds, and retirement plans.
Nationwide Bank Mobile App: Provides all the features of Nationwide Bank Online Banking. You can also make mobile deposits just by taking a picture of both the front and back of the check, then downloading it onto the banking app. The mobile app is available for download on Google Play for Android devices 4.4 and up, and at the App Store for iOS devices 9.0 or later, including iPhone and iPad.
Read More: Best Mobile Banking Apps
Online Bill Pay: You can manage and pay all your bills through the Online Banking dashboard. Bill payments can be set up as either single or recurring payments.
Customer support: Customer service is available by phone, live chat, or email. For personal banking, live support is available 24 hours a day, seven days a week, excluding Thanksgiving Day and Christmas Day.
Small business banking customer service is available Monday through Friday, from 9:00 am to 9:00 pm, Eastern time, excluding federal holidays.
Account security: All Nationwide Bank accounts are FDIC insured for up to $250,000 per depositor.
The bank also uses the following strategies to ensure the security of your account:
- Anti-Virus and Malware protection, including regular updates from the security team.
- 128-bit Secure Socket Layer (SSL) encryption to ensure your data remains private and secure.
- Two-step authentication, where they send a security code to your registered mobile device to access your account.
- Automatic logout, to prevent unauthorized users from collecting your information.
- Account monitoring for potential fraud.
- Usernames and passwords are not shared with third parties.
ATM card limits: ATM cards are subject to daily limits. Cash withdrawal is limited to $310, and point-of-sale transactions are limited to no more than $500.
Related: Best Online Banks
Nationwide Bank fees vary somewhat by an account (as included under the individual account descriptions above), but common bank charges include the following:
- Visa debit card foreign currency conversion rate: 1%
- IRA closing or transfer fee: $35
- Domestic and international wire fees: Free for incoming wires
- Outgoing domestic wire fees: $35
- Outgoing international wire fees: $45
- Deposited checks returned: $10
- Excess transaction or withdrawal fee: $10
- Stop payment fee: $10 if requested online, $35 with live assistance
To open an account with Nationwide Bank, you must be at least 18 years old, and be either a U.S. citizen or a resident alien.
Required documentation will include:
- Your Social Security number
- A valid form of ID, typically either a U.S.-issued driver’s license or state ID
- A valid U.S. address, which cannot be a PO Box
More specific documentation will vary depending on the type of account you want to open. For example, loan applications will naturally require income documentation.
Pros and Cons
- Full-service online bank — Nationwide Bank is a full-service bank, offering all banking products, including checking, savings, money market, CDs, and IRAs.
- Loan programs — These include mortgages, personal loans and auto loans.
- Business banking — Available for small businesses and the self-employed.
- High savings rates — The savings account, money market, and certificates of deposit pay among the most competitive interest rates among online banks.
- Paper checks available — Online checking offers paper checks, which are not offered by all online banks.
- Apart from banking, Nationwide is one — Apart from banking, Nationwide is one of the leading insurance companies in the country, as well as providing investing and retirement services.
- No credit cards: You'll have to look elsewhere for credit cards. Try our list of Best Cash Back Credit Cards.
- Banking services provided by Axos Bank may cause confusion: Nationwide Bank has largely shifted banking operations to Axos Bank, and it can be difficult to know where the services of one ends and the other begins.
Question: Many of the website links take me to Axos Bank–am I still working with Nationwide?
Answer: Nationwide has transferred many of their banking services and products over to Axos Bank. Even those products that are specifically labeled under Nationwide are being provided by Axos Bank. The two are closely integrated, and it appears that will be the case for the foreseeable future.
Question: Does Nationwide Bank offer commercial banking services, like merchant services and credit card processing?
Answer: Yes. Those business services are available through Axos Bank, and include analyzed business checking, merchant services, treasury management, third-party payment processors, and title and escrow.
Question: Can I use my debit card outside the U.S.?
Answer: Nationwide Bank offers a Visa debit card through Axos Bank with some of their accounts. However, if you’re going to use the card outside the U.S., there is a 1% fee for each international transaction.
Though much of Nationwide Bank’s banking services have been shifted over to Axos Bank, Nationwide still provides some of the highest yielding savings and money market accounts–and especially CDs–available.
And whatever products Nationwide Bank doesn’t offer directly, are available through Axos Bank. In addition, Nationwide Bank customers will have access to the many insurance and investment products available through Nationwide Mutual Insurance Company.
The bank is an excellent choice if you are already a Nationwide insurance customer, planning to become one, or simply looking for high yielding savings vehicles, especially certificates of deposit.
In addition to paying very competitive rates on savings products, Nationwide Bank is also what might be referred to as “fee light” bank, charging less for typical bank fees than most of the competition.
If you’d like more information, or if you’d like to open an account, check out the Nationwide Bank website.