Nationwide: Not Just for Insurance Anymore

Nationwide: Not Just for Insurance Anymore

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Nationwide is now "on your side" by offering a 1.05% APY money market account and CDs that pay up to 2.40% APY.

Chances are, you've seen or heard commercials promoting that Nationwide “is on your side” for insurance. But did you know they offer online bank products as well? Nationwide Insurance is an affiliate of Nationwide Bank. Although insurance products and services aren’t guaranteed by the FDIC or any federal agency, Nationwide Bank financial products like CDs are FDIC insured. And, right now, they’re offering some of the most competitive rates on the market for CDs and money market accounts.

The Nationwide money market account currently earns a 1.05% APY on all deposit amounts, but you must have an opening deposit of $1,000. Additionally, if you don't maintain a minimum $1,000 daily balance, an $8 monthly maintenance fee will be imposed. This account is best suited for people who don't need to access their money frequently. Although you do get two free non-Nationwide Bank ATM transactions per month, it will cost you $1.50 per ATM transaction thereafter. If you use a private ATM kiosk, you may still be charged a fee from the ATM owner, even if it’s one of your two free transactions. However, if you're looking for a stable place to store your deposit while still maintaining some liquidity, this could be a good option for you.

If you're willing to sacrifice liquidity for a higher interest rate, you may want to check out Nationwide’s CDs. These CDs only require a $500 minimum deposit, and have flexible terms ranging from three months to five years. A 12-month CD will earn you an even higher interest rate than the money market account: 1.15% APY up to balances of $99,999.999, over $100,000 earns 1.20%. If you can invest your money for even longer, you can earn up to 2.35% for a 60-month CD (or 2.40% for balances over $100,000).

Not sure if you can part with all of your savings for 5 years? You may want to try CD laddering, a technique I discuss in this previous BestCashCow article. If you ladder correctly, you should be never more than a year away from getting some of your funds. It can help you earn higher interest rates by taking advantage of rates offered by longer-term CDS, while getting you access to your money on a staggered rolling basis.

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Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
TotalDirect, a division of City National Bank of Florida 1-Year 5.35% APY with $25,000 minimum
First Internet Bank of Indiana 1-Year 5.31% APY with $1,000 minimum
Prime Alliance Bank 1-Year 5.30% APY with $500 minimum
Dollar Savings Direct, a division of Emigrant Bank 3-Year 5.00% APY with $1,000 minimum
First Internet Bank of Indiana 3-Year 4.66% APY with $1,000 minimum
IncredibleBank 3-Year 4.58% APY with $1,000 minimum
First Internet Bank of Indiana 5-Year 4.55% APY with $1,000 minimum
BMO Alto, a division of Bank of Montreal Harris 5-Year 4.50% APY with no minimum
Department of Commerce 5-Year 4.34% APY with $500 minimum

See More Online CD Rates →

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