Nationwide Bank Savings Account

Does Nationwide Bank savings account deserve to be rated as one of the best online savings accounts or are they simply mediocre? Read on to find out the positives about this account as well as the negatives.

Getting started with a savings account from Nationwide Savings

To open a savings account through Nationwide Bank you need to have a modest initial deposit of $50. Some other banks like Sallie Mae and iGoBanking will allow you to open a high yield savings account with less, but compared to lots of banks out there in the online arena, $50 is an extremely low initial deposit requirement.  The online savings account can be applied for with Nationwide Banks online banking services.

What services are free with this online savings account?

When you open a savings account at Nationwide Bank you will receive free monthly online statements. In fact, the beauty of online accounts is that they usually come with free 24/7 account access just as this savings account does. Nationwide Bank will also allow you to transfer money to your savings account from outside accounts for free. As is expected, any transfers with in Nationwide Bank accounts are also free.

Rates, Fees, and Limitations

The current APY rate for Nationwide Bank’s savings account is 0.50%. The national average sits around 0.51% for both money market and savings accounts so Nationwide Bank does not come in on the top end. They do beat out Banks like Chase or Bank of America but they do not even come close to the rates offered by banks like Discover,  Ally, or American Express Bank.

The fees connected with this savings account are on the low end which is nice. The monthly fee for this savings account is only $3. You can easily avoid this fee if you set up an automatic deposit of only $25 per month or maintain a balance of at least $300. The pre-authorized withdrawal limit is 6 per month and two non-Nationwide Bank ATM transactions each month.

Summary of Nationwide Savings Account

On the positive side, Nationwide offers a savings account with a low initial deposit and low fees. The downside is that the savings rate is definitely not one of the highest savings rates. It is mediocre at best. Nationwide Bank does offer a large selection of banking products including money market accounts. If you do not already have a relationship with Nationwide Bank, I would really recommend looking for another bank that combine low fees with better rates.

If you would like to know more about who is offering the best rates, please see our other posts on best savings rates or use the handy charts to compare rates.