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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

Founded in 1998, Nationwide Bank has assets totaling $7 billion and deposits totaling $5 billion, classifying the institution as a large bank. Nationwide Bank, whose headquarters are in Columbus, Ohio, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.4 out of 5 stars, Nationwide Bank should be solidly in contention for your choice of bank. Nationwide Bank provides customers with a varied selection of product offerings, 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 most basic checking does not have a monthly maintenance charge. Banks that offer no-fee checking, in addition to a high savings APY are the best bet for getting the highest income on your deposits while having convenient access to your funds.

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 earns at 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 below average savings rate, you should consider taking a look at other banks for savings accounts.

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 is perfect for those who want a basic banking experience. For those who often visit the ATM, Nationwide Bank is ideal because it has no out-of-network ATM fees. Nationwide Bank unfortunately does not refund out-of-network ATM fees, which means you'll need to locate a Nationwide Bank ATM or pay the cost of withdrawal.

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. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with representatives. You can get help during its customer service 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 get poor scores from customers. With 2,100 customer reviews across iOS and Android platforms, the Nationwide Bank mobile app rates a 3.0 out of 5 (compared to the national average of 3.8). Nationwide Bank's mobile app allows you to control your accounts by checking account balances, sending and receiving funds and accessing customer service. However, Nationwide Bank receives a fair consumer satisfaction score because of a high number of consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 ranks as a large bank owning $7 billion in assets and $5 billion in deposits. Its Texas Ratio is 1.51%, suggesting a minute probability of failure. 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 to give you 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 in comparison to the national average.

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Find a Nationwide Bank Near Me

Nationwide Bank has two physical branches across the U.S.

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