Nationwide Bank was founded in 2007 as an online banking service. A part of the Nationwide brand in existence since 1925, the bank is linked to Nationwide Mutual Insurance Company and Nationwide Investment Services Corporation.
Company Headquarters:
Nationwide Bank
P.O. Box 182049
Columbus, OH 43218-2049
Website: www.nationwide.com/online-banking.jsp
Customer service: 1-877-1 Bank NW (1-877-422-6569)
Types of Accounts Available
Nationwide Bank offers a well-rounded selection of account types. Here is a quick breakdown of banking options:
Savings Accounts
Nationwide savings accounts require $50 to open. Features include:
- 6 pre-authorized withdrawals per month
- 2 free non-ATM transactions per month
- Access to over 400,000 ATMs
- Free online statements
- Free transfers to other banks
- No monthly maintenance fees as long as a minimum daily balance of $300 is maintained
Checking Accounts
The bank offers a couple of checking accounts:
- Direct Checking requires no minimum balance and has no monthly fees if deposits are made via Direct Deposit.
- Interest Checking allows account holders to draw interest on their money. To avoid fees, they must maintain a $3,000 daily balance.
Both accounts require $50 to open and come with the following features:
- Free online banking and bill pay
- Free online statements
- Visa debit card
- The option to link to savings account for overdraft protection
Money Market Accounts
The bank’s money market account (MMA) requires a minimum of $1,000 to open and provides the following free features:
- Checks
- Online banking
- Online statements
- ATM card
- 6 pre-authorized withdrawals
- 2 non-Nationwide ATM transactions
- Money transfers to other banks
The interest rate on all price brackets is usually the same APY. A $1,000 daily balance must be maintained to avoid penalties.
CDs
Nationwide’s CDs require $500 to open. Features include:
- No monthly maintenance fees
- Automatic renewal at maturity
- Free online banking services
Nationwide’s CD terms are as follows:
- 3 month
- 6 month
- 9 month
- 12 month
- 18 month
- 24 month
- 36 month
- 48 month
- 60 month
Account holders can make deposits as low as $500 and up to/over $100,000. CD interest increases based on deposit amount. This bank does not advertise jumbo CDs.
IRA
Nationwide also offers a number of individual retirement accounts (IRAs) that allow you to roll over funds from employer-sponsored plans as well as the Coverdell Education Savings Account (ESA).
The IRAs include:
- Traditional IRA
- Roth IRA
Nationwide’s IRA terms are as follows:
- 3 month
- 6 month
- 12 month
- 24 month
- 36 month
- 48 month
- 60 month
Each IRA term and deposit amount offers a competitive rate. One perk of Nationwide’s IRA is free online statements.
How to Open Account
All Nationwide accounts can be opened right from the bank’s website. Each account type offers a blue “Open and Account” button, except for the IRA, which requires that you go through the IRA Online Service Center.
In order to open most accounts, you will need:
- To be at least 18-years old and a U.S. resident
- Valid driver’s license or state or military ID
- Social Security number
- Current address
- E-mail address
- Routing and account if the account will be funded from another bank
If you can’t fund the chosen account through an electronic transfer, the bank allows you to send a check, which is a pretty nice feature.
FDIC Insurance and Coverage
Like most online banks nowadays, Nationwide is FDIC-insured, which means all deposit accounts (checking, savings, money market, CDs) are protected by the government. Currently, the law requires banks to insure money for up to $250,000 per depositor.
Customer Service
In addition to the general customer service phone number, which is available 24/7 (for checking account balances, reviewing recent transactions, seeing if a check has cleared and transferring funds) the bank offers a number of additional contact numbers for deposit information, loans, credit cards and mortgages.
Security
Nationwide explains that private information is safe-guarded and technology is data encrypted, firewalled and actively monitored. Also, it provides information on how to recognize e-mail fraud and avoid identity theft.
In addition to standard accounts, the bank offers various types of loans, including HELOC, mortgage and auto, along with a Visa credit card. The bank also offers tools and calculators, fee information and a relatively extensive FAQ and bank glossary.
