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Nationwide Bank Review

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Nationwide Bank Savings
1.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1998, Nationwide Bank has $7 billion in assets along with $5 billion in deposits, which makes the institution a large bank. Nationwide Bank, whose headquarters are in Columbus, Ohio, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, Nationwide Bank should be solidly in contention for your choice of bank. Nationwide Bank has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Nationwide Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Nationwide Bank's standard checking does not have a monthly maintenance fee. Locating an institution with free checking, in addition to a high savings APY is your best option for accruing the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

5.0
SmartAsset Average: 3.5

With a savings rate of 1.30%, Nationwide Bank ranks poorly in comparison to the national average. Its one-year CD has a rate of 1.86% and the five-year CD has a rate of 2.51%, while its highest-yielding money market account earns at an APY of 1.55%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Nationwide Bank's Savings Rates Compare

Nationwide Bank Savings 1.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Nationwide Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Nationwide Bank's checking account is perfect for people who need a hassle-free checking account. For those who frequently visit the ATM, Nationwide Bank is perfect because it has no out-of-network ATM fees. Nationwide Bank doesn't refund out-of-network ATM fees, meaning you will have to find a Nationwide Bank ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.7
SmartAsset Average: 3.7

Nationwide Bank is a brick-and-mortar bank, with two total bank locations in Ohio. With mobile and web apps, Nationwide Bank makes account access easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 8:00 p.m. ET. Nationwide Bank's online and mobile banking services receive mediocre scores from customers. Out of 2,100 ratings across iOS and Android platforms, the Nationwide Bank mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). You can use Nationwide Bank's app to control your accounts by checking account balances, sending and receiving money and accessing support representatives. However, Nationwide Bank gets a fair consumer satisfaction score due to a large number of consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 3.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Nationwide Bank is currently a large bank and handles $7 billion in assets as well as deposits totaling $5 billion. Its Texas Ratio is 1.51%, suggesting that the bank is in excellent financial health and unlikely to fail. Additionally, Nationwide Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Nationwide Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 1.3% APY $1
Checking Account 1.0% APY $1
Certificates of Deposit
  • 12 Month: 1.86% APY
  • 24 Month: 2.35% APY
  • 36 Month: 2.40% APY
  • 48 Month: 1.65% APY
  • 60 Month: 2.51% APY
$10000 for all terms
Money Market Account 1.55% APY $25000

Nationwide Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Nationwide Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Nationwide Bank's CD rates are fair compared to the average U.S. bank.

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Find a Nationwide Bank Near Me

Nationwide Bank has two branches in the U.S.

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