Nationwide Bank Product Review: A Variety of Services

Nationwide online banking offers a range of financial services.

For over a decade, Nationwide Bank — a banking subsidiary of Nationwide Mutual Insurance Company — has been a competitive option in the online banking space, offering a multitude of services for customers. You can find Nationwide Bank’s checking, savings and investment account options online, along with certain Nationwide loans.

You won’t find a Nationwide credit card online, however, as they are no longer offered. Similarly, the Nationwide mortgage division is not currently accepting new applications for Nationwide home loans, as of Jan. 25, 2018. Here’s a look at the bank’s primary offerings and the pros and cons of each banking service.

Nationwide Member Checking

Nationwide members benefit from a generous online checking account, which includes the following highlights:

  • $0 monthly maintenance fee
  • $0 online statements
  • $0 money transfers, both within Nationwide Bank and to outside accounts
  • More than 77,000 surcharge-free ATMs nationwide
  • $0 ATM fees at non-Nationwide banks, up to eight per statement cycle
  • Free online access and mobile apps
  • $25 to open an account
  • Up to a 0.25% APY

Compare and Contrast: Ally Bank Review — High Interest Rates and 24/ Accessibility 

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Qualifying for Premier Member Benefits

Premier members at Nationwide benefit from unlimited fee-free ATM transactions. Additionally, 180 days after initially funding the account, premier members receive a 0.25 percent cash-back reward — up to $20 per month — when debit card purchases top $1,200 in a statement cycle.

Premier member benefits require ownership of at least one of the following additional products:

  • An additional bank account, credit card or loan
  • Homeowners or property insurance
  • Personal umbrella insurance
  • Pet insurance
  • Individual Nationwide life insurance or annuity policies
  • Auto insurance

Nationwide member checking is suitable for any customer who values the convenience of online banking and wants limited fees. Customers might want to consider whether it is worth their effort to earn premier member benefits. Note that it takes a $10,000 minimum to deposit to earn the highest checking APY.

Related: 10 Best Online Banks of 2018

Nationwide Online Savings Account

The Nationwide Online Savings account offers a similar combination of low fees and online access to the Member Checking account, including the following:

  • $0 monthly maintenance fee, with a $25 monthly direct deposit or a minimum balance of $300
  • $0 withdrawals, up to six per month
  • $0 online statements
  • $0 money transfers, both within and without Nationwide bank
  • $0 non-Nationwide ATM withdrawals, up to two per month

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As with the Member Checking account, the online savings account offers access to 77,000 surcharge-free ATMs, online and mobile apps and a $25 minimum to open the account. One of the main perks of the savings account is a 0.30% APY on any balance. The account also offers mobile check deposit using your smartphone.

Nationwide Money Market Account

To boost your savings rate, you might want to consider the Nationwide Money Market account. This account provides the same main benefits as both the Nationwide checking and savings accounts:

  • $0 monthly maintenance fee
  • $0 online statements and money transfers
  • $0 non-Nationwide ATM withdrawals — up to two per month
  • $0 withdrawals up to six per month
  • Access to the same 77,000 surcharge-free ATMs

The Nationwide Money Market account differs in that it offers a 0.25% APY, for balances of $10,000 and above.

The fine print of the account notes that you must keep at least $1,000 in the account at all times, otherwise you’ll face a monthly fee of $8.

Learn More: How to Open a Bank Account Online

Nationwide Bank CD

When you’re interested in committing your money to a longer-term investment, Nationwide offers certificates of deposit ranging from three months to five years in maturity. Nationwide Bank CD rates as of Jan. 25, 2018, ranged from 0.20% APY for a three-month CD with a deposit of less than $100,000, to a 0.20% APY for five-year deposits of at least $100,000.

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To verify rates, you can call the Nationwide Bank phone number, 877-422-6569, 8 a.m. to 8 p.m. on weekdays. Nationwide requires at least $500 to open a CD. As with other Nationwide accounts, you can access your CD account with a mobile app using your Nationwide bank login. Interest can be added to your account or paid out directly. At maturity, you can have your CD automatically renewed, choose a different CD term or withdraw the money.

As with other CDs, taking your money out of a Nationwide Bank CD prematurely will cost you an interest penalty. At Nationwide, the penalties are as follows, based on length of CD maturity:

  • Three to six months: 30 days of interest
  • Six to less than 24 months: 90 days of interest
  • 24 to less than 48 months: 180 days of interest
  • 48 months or greater: 360 days of interest

Related: 10 Best CD Accounts of 2018

Nationwide Auto Finance

Nationwide offers both a car buying service, powered by TrueCar and a Nationwide auto loan division. You can apply for a car loan online with Nationwide if you’re at least 18 years old and a U.S. citizen or legal resident. You’ll need to provide the following information:

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  • Residence information, including the previous resident if you’ve been in your home less than two years
  • Employment information, including the previous employer if you’ve been with your current employer less than two years
  • The amount you would like to borrow
  • Annual salary or other income information
  • Current auto insurance information
  • Bank account information for automatic loan payments

When refinancing a vehicle, you’ll need to provide the vehicle identification number, year, make, model, purchase price and dealership address and phone number. Nationwide rates are as low as 2.25 percent if you’re a Nationwide member, but run three percent for a 48-month refinance loan of at least $25,000.

Review the fine print of Nationwide’s auto loan program, and you’ll find those rates are only for borrowers with excellent credit and include a 1 percent discount for automatic ACH payments. Borrowers who meet these requirements might find that a Nationwide auto loan is suitable when shopping for an online loan.

Up Next: American Express Personal Savings Account Review — High Yield and No Fees or Minimums 

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by Nationwide Bank.

Nationwide, Nationwide Bank, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. Member FDIC.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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