Nationwide Bank does a lot of things well and having one of the best money market rates is part of their tradition of excellence.  Bank Rate, an independent interest rate comparison website, named the Nationwide money market account “Top Tier, 100 Highest Yields” for the first quarter of 2010 (second quarter rankings are not yet available).   And since the purpose of a money market account is to marry maximum flexibility with the highest current money market rates, you can feel confident you will have frequent access to your money while it is growing at one of the fastest rates available.  There is a minimum opening deposit and daily balance requirement of $1,000.

Benefits of a Nationwide Bank High Rate Money Market Account

One of the biggest advantages to your Nationwide money market account is having your money grow at 1.05% APY.  As one of the best money market accounts, you also have the confidence in Nationwide Bank’s proven track record as one of the top financial institutions and the backing of the FDIC.  In addition to having one of the best money market interest rates available, you will also have flexible access to your money.  Each account is allowed six pre-authorized drafts from your account each month.  Additionally, you have two free non-Nationwide Bank ATM transactions, free money transfers and free online or paper statements.  Your first order of checks is also free.  And the bank account may be linked to another checking account to serve as overdraft protection.

Be an Informed Consumer—There Are a Few Fees

While a Nationwide Bank high yield money market account comes close to perfection, there are a few minor fees of which you should be aware.  One of the biggest disadvantages to having one of the best money market rates is having to maintain a minimum daily balance of $1,000.  If your balance dips below $1,000 there is an $8.00 monthly maintenance fee.  After your two free non-Nationwide Bank ATM transactions, there is a $1.50 usage fee per transaction.  And unlike other leading online banks, Nationwide does not refund the fees charged by the owner of the ATM for all transactions.

Okay, I’m Convinced so Where do I start?

If you have decided you are ready for a Nationwide Bank high yield money market account because it offers the best high yield savings and maximum access, opening account is easy.  The secure application takes about 10 minutes and uses information you probably have at your fingertips such as your Social Security and driver’s license numbers.  You’ll also need your current address and your previous address if you have moved in the last five years.  Beyond that basic information you will need to provide the routing number to the account you will use to fund you Nationwide Bank money market deposit account and your opening balance of $1,000.  The account can be individual or joint with Right of Survivorship for up to three co-signers.  Trust and business accounts are also available.

Things to Remember about Nationwide Bank MMA

Nationwide Bank is an industry leader in financial services.  In addition to being one of the best online banks they offer a wide array of other financial and insurance services.  The high yield money market account offers one of the best interest rates for savings of any online or brick and mortar bank.  The account combines the highest money market interest rates with the access of a checking account. In regards to Nationwide bank, we have written a specific Nationwide Bank review concerning their online banking services and  account products.

Some of the features that Nationwide offers for their Money Market Accounts include 1.05% APY, a FREE order of checks, plus online services. And the services don’t end there! Each FREE Money Market Account statement is detailed with activity reports, FREE ATM cards when requested-which allows access to 37,000 Allpoint ATMs and 400,000 Visa/Plus ATMs all across the country. And even if you cannot find one of those ATMs, you are allowed two non-Nationwide transactions per month. Though, the transactions between Nationwide and your accounts with other banks are unlimited. There are no fees attatched to this account unless the $1,000 minimum deposit is not reached or too many withdrawals are made. Six withdrawals are allowed, not including the ATM, mail, or Nationwide Branch transactions.

Overall, Nationwide Money Markets offer a variety of services, including BEST High-Yielding Interest Rate, ATM cards, and many other benefits.

Nationwide also offers other types of Money Market Accounts, including one for business owners! For more information, visit their site at www.nationwide.com.

Nationwide  is FDIC insured