If you're looking for a savings account to park your cash, you may have come across Nationwide My Savings. It's a relatively new account, and it's near the top of the pack when it comes to interest rates.
But Nationwide is best known for insurance - so should you consider using My Savings for your savings account?
Well, it is backed by Axos Bank, which has been around for a long time.
See why Nationwide My Savings is usually on our list of the best high yield savings accounts.
Quick Summary
- Consistently a top yield savings account
- No minimum balance requirement
- No monthly maintenance fees
Nationwide My Savings Details | |
|---|---|
Product Name | Nationwide My Savings |
Min Deposit | $100 |
APY | 1.05% APY |
Account Type | Savings |
Promotions | None |
What Is Nationwide?
Nationwide is “one of the largest insurance and financial services companies in the world” and has been around for over 85 years. Nationwide is primarily an insurance company. You might have seen their latest TV ads featuring the country singer Brad Paisley or heard their slogan, “Nationwide is on your side.”
Nationwide insurance products are underwritten by Nationwide Mutual Insurance Company. Nationwide is not a bank, but through a limited marketing partnership with Axos Bank, they are promoting banking products, such as My Savings.
For all intents and purposes, you are banking with Axos Bank, which you can see in the top left of the Nationwide/Axos Bank-branded website — “Banking services provided by Axos Bank.”
What Do They Offer?
Nationwide offers a few different products - MySavings, MyChecking, and Money Market Plus.
MySavings
We’re going to review Nationwide’s My Savings product. This savings account product currently offers a whopping 1.05% APY if you combine their MySavings Account with a MyChecking Account (a free checking account).
If you don't have the combo, the MySavings account with still yield a nice 0.90% APY.
There is no minimum balance requirement, no maintenance fee, and interest is compounded daily. You’ll need $100 to open an account.
Some of the features included with this product are:
- Free mobile deposit
- Online bill pay
- Mobile banking
- No-hassle switch kit
Remember, this is really Axos Bank, and the mobile app is an Axos Bank app. The switch kit is a simple set of instructions on how to switch from your current bank to Axos Bank.
Savings Rates
Savings rates are listed in six different tiers that range from $0 to $100,000. We’ll save you some time by not listing all six tiers since the rate is the same for all six. This might change in the future.
Note that the My Savings product is not available on the Axos Bank website. You’ll only find Axos Bank’s 0.90% APY savings account product there. My Savings is available only through the Nationwide/Axos Bank-branded website.
MyChecking
MyChecking is the name of Nationwide's free checking product. The account has $0 monthly maintenance fees, unlimited ATM reimbursement, and no minimum balance requirement.
That's about as low cost as it gets.
Plus, when you combine the MyChecking with a MySavings account, you get a higher yield on your savings!
Money Market Plus
Money Market Plus is the name of Nationwide's Money Market Account. This account pays a top notch APY with just $1,000 to open.
You must maintain a $1,000 minimum daily balance or you will have to pay an account maintenance fee.
Right now, this account pays a 0.90% APY.
Are There Any Fees?
Nationwide and Axos Bank do not list any fees associated with this product. However, there are certain fees that you might run into. These are listed on the Nationwide/Axos Bank-branded fee schedule:
- “Visa® Debit Card Foreign Currency Conversion Rate [—] 1%”
- “Closing Fee [—] $35.00”
- “Excess Transaction or Withdrawal Fee [—] $10.00”
Check with Nationwide or Axos Bank to confirm current fee rates before opening an account.
How Do I Open an Account?
You can visit Nationwide’s website and click on the “Banking & borrowing” menu item, and then “Savings.” This will bring you to the Nationwide/Axos Bank-branded website. You can open an account here >>
You’ll need the following to open an account:
- A Social Security number
- A valid form of ID: U.S. driver’s license or state ID
- A valid U.S. address that is not a P.O. Box
Also, you must be a U.S. citizen or resident alien.
Is My Money Safe?
Yes — Axos Bank is a chartered bank and deposits are FDIC-insured. There are a number of other features to protect your money, including antivirus and malware protection, 128-bit encryption, two-step authentication, automatic logout, and account monitoring.
When you sign up, be aware that both Nationwide and Axos Bank are likely to collect your information.
Is It Worth It?
With a 1.05% APY, you’re getting one of the best rates available from a savings account. If you already do business with Axos Bank, it might make the decision easy.
Nationwide My Savings Review
- Interest Rates
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Tools
Overall
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
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