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Nationwide by Axos Bank CD review
Get 0.2% APY, regardless of whether you choose short- or long-term options.
finder.com’s rating: 2.7 / 5.0
★★★★★
Nationwide has teamed up with Axos Bank to offer its customers special offers on banking products, including nine CD terms with options from three months to five years. But its interest rates are lower than what you’ll find at most online banks.
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1%
1-year APY
0.2%
3-year APY
0.2%
5-year APY
Details
| 3-month APY | 0.2% |
|---|---|
| 6-month APY | 0.2% |
| 9-month APY | 0.2% |
| 1-year APY | 1% |
| 18-month APY | 0.2% |
| 2-year APY | 0.2% |
| 3-year APY | 0.2% |
| 4-year APY | 0.2% |
| 5-year APY | 0.2% |
| Early withdrawal penalty | 45 days interest for terms of 3 to 5 months 90 days interest for terms of 6 to 11 months 180 days interest for terms of 12 to 23 months 365 days interest for terms of 24 to 35 months |
| Minimum deposit to open | $500 |
| Interest compounding | Daily |
Review by
Heather Petty
heather.petty@finder.comHeather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert review
Nationwide CDs by Axos Bank are best for those looking for short-term CDs with a low minimum deposit. But unlike other banks, you won’t earn a higher interest on longer terms.
How do I open a Nationwide by Axos Bank CD account?
Open a CD in six steps:
- Go to the provider’s site and follow the steps to apply.
- From the Nationwide website, click Get started from the Certificates of Deposit page on the website, or click Open an account next to the CD term you want.
- Click New customer and create an account. Click Start application.
- Select the type of account you want to open.
- Photo capture your ID or enter your personal information manually. Click Save & continue.
- Select how you want to fund the account and click Save & continue.
- Review your information and submit your application.
Eligibility
You must meet the following basic requirements to open an account:
- At least 18 years old
- US resident or citizen
- No credit freeze on your credit report
Required information
Have the following information ready before you apply:
- Social Security number
- US driver’s license or state ID
- Residential address
- Email address
Funding options
Use one of the following options to fund your CD:
- ACH bank transfer
- Wire transfer — subject to a fee
- Mail a check
Benefits of a Nationwide CD
You can expect the following benefits from your CD:
- Low minimum deposit. You only need $500 to open an Axos Bank CD.
- Short-term options. Axos offers three-, six- and nine-month terms.
- Daily compounded interest. Your interest compounds daily and posts to your account monthly, to help you quickly reach your savings goals.
What to watch out for
Keep in mind the following potential drawbacks before you apply for a CD:
- Underwhelming interest rates. Axos Bank’s CD rates are slightly better than what you’ll find at a brick-and-mortar bank, but fall far shy of what you can get from most online banks.
- High early withdrawal penalties. You’ll pay half of what you made in interest as a penalty if you withdraw before your maturity date. The penalty is deducted from your withdrawal amount, even if you haven’t accrued enough interest to cover the penalty.
- Low rates no matter the term. Most banks offer higher rates on longer terms, but with Nationwide Axos CDs, you’ll earn the same rate no matter the term.
If you’re looking to invest in a long term CD offering a higher rate, you’ll want to compare the best CD rates.
Compare with other CDs
How do I cash in a CD?
Upon maturity, Axos Bank gives you a 10-day grace period to decide what to do with your funds. Choose from the following options:
- Do nothing. Your account automatically renews, so if you do nothing, your funds roll over into the same term CD at the current interest rate.
- Add or withdraw. Add or remove funds and change the term of your next CD.
- Close your account. Close your account by phone or email. You can also mail in your request and specify if you want the bank to send you a check or wire the funds for a fee.
How to contact Axos Bank customer service?
Use one of the following methods to contact customer service:
- Call 855-232-2967.
- Use the Request More Info form at the bottom of the website.
- Send mail to PO Box 509127 San Diego, CA 92150
What other savings products does Axos Bank offer?
Through Axos, Nationwide offers the following additional savings options:
- Regular savings. Keep at least $300 to avoid the monthly fee and earn 0.90% APY.
- My savings. Earn 1.05% APY as long as you direct deposit $1,000 every month into the account.
- Money market plus. Earn 0.25% APY with no monthly maintenance fees as long as you maintain $1,000 in the account.
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.