Nationwide Interest Checking account review
This simple account has no minimum balance requirement, but its APYs are far from competitive.
finder.com’s rating: 4.8 / 5.0
Nationwide’s Interest Checking account, offered through Axos Bank, is an interest-bearing account with no minimum balance requirement and no monthly maintenance fees. But the interest rates aren’t competitive and the bank’s tiered rates approach means only those who keep high balances get the full 0.4% APY.
$0 per month
Up to 0.40%
Minimum deposit to open
|APY||0.40% on balances of $25,000+ |
0.30% on balances of $10,000 to $24,999.99
0.20% on balances of $2,500 to $9,999.99
|Fee||$0 per month|
|Minimum deposit to open||$100|
|ATMs||91,000 free ATMs across the country|
|ATM transaction fee||$0|
|ATM fee rebates||Up to$30.00 Domestic ATM Fees Reimbursed per month|
|Out-of-network ATM fee||$0|
|New account fee||$0|
Heather 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.
Nationwide’s Interest Checking account offers up to 0.4% APY, early direct deposits and no monthly fee or minimum balance to waive it.
But interest on this account is tiered, so your balance is directly tied to how much you’ll earn. To earn the highest APY, you’ll need to maintain a high balance of $25,000 or more in your account.
How do I open a Nationwide Interest Checking account?
Open this account in eight steps:
- Click Apply now.
- From the Nationwide by Axos Bank website, select Checking from the navigation menu and then Interest Checking.
- Click Open an Account.
- Choose whether or not you want to add an additional account
- Create an account login and click Start Application
- Photo capture your ID or enter your information manually, then click Save & Continue
- Enter details of how you want to fund the account and click Save & Continue
- Review your details, accept the disclosures and submit to apply.
You must meet the following requirements to open an account:
- At least 18 years old
- US resident or citizen
- Must not have a credit freeze on your credit report
- $100 minimum deposit
Have the following information ready before you apply:
- Social Security number
- US driver’s license or state ID
- Residential address
- Email address
What are the benefits of Nationwide’s Interest Checking account?
A few perks you can look forward to if you open this account:
- No monthly fee or minimum balance. While your interest rate is tied to your balance, you don’t have to maintain a balance to keep your account open or to waive a monthly fee.
- Free box of checks. If you’re willing to pay shipping charges, your first box of checks is free.
- Early direct deposit. This account comes with Direct Deposit Express, a free service that allows you to access your funds from a direct deposit up to two days early.
What should I look out for?
Keep the following drawbacks in mind before you apply:
- Tiered rates. Your interest rate is directly related to the balance you maintain, which isn’t always true for similar interest-bearing checking accounts offered by other online banks.
- Must maintain a high balance. In order to earn the highest APY, you must maintain a $25,000 balance.
- Low interest rate. Even if you meet the balance requirement to earn the 0.4% APY, the interest rate isn’t competitive compared to other online banks. It’s also lower than Axos Bank’s own interest-bearing checking and savings accounts.
- No bank branch access. As an online-only bank, you’ll rely on phone calls and online tools when you need help with your account.
- ATM reimbursements. Although you get up to $30 a month in domestic out-of-network ATM fee reimbursements, Axos Bank accounts typically offer unlimited reimbursements.
If you want a higher rate with lower minimum balance requirements, keep looking. As always, compare your options when considering an interest-bearing checking account.
Axos Bank’s ATM network and fees
Your Nationwide account allows you to use Axos Bank’s network of 91,000 free ATMs across the country. Use the locator map on its website to find the ATMs nearest you.
Unlike other Axos accounts, which often come with unlimited reimbursement of out-of-network ATM fees, the Interest Checking account reimburses up to $30 a month.
Axos Bank is also a member of the Green Dot network, which allows you to deposit cash onto your debit card at retail locations for a $4.95 fee.
Compare with other checking accounts
How do I deposit or withdraw my money?
This bank doesn’t have branches, but you can access your money in several ways:
- ATM. Use an Axos Bank ATM to make deposits or withdraw funds for free. Domestic out-of-network ATM fees are reimbursed up to $30.
- Checks. You can write unlimited checks on this account.
- Mobile deposit. Use your phone to deposit checks.
- Wire transfer. Incoming wire transfers are free, but outgoing transfers are $35 for a domestic wire and $45 for international wires.
- ACH transfer. Transfer money between banks over the phone or online for free.
- Green Dot Network. Deposit cash through a networked retailer for a fee. Typically, the retail store charges $4.95 per deposit. There is no additional fee from Axos.
What other checking options does Nationwide offer?
Nationwide offers the following checking accounts through Axos Bank:
- Direct checking. Pay no maintenance fees if you use direct deposit with no minimum deposit or minimum balance requirements and up to $30 a month in ATM fee reimbursement.
- My Checking. Get unlimited domestic ATM fee reimbursements, no minimum balance requirements and early access to your direct deposit funds.
- First checking. Designed for teens under 18, this account earns 0.25% APY with no monthly maintenance fees, no overdraft or insufficient funds fees and daily transaction limits that can be set by a parent or guardian.
How to contact Axos Bank customer service for Nationwide accounts?
Use one of the following methods to contact customer service, available 24/7:
- Call 855-232-2967.
- Email firstname.lastname@example.org
- Fill out the Request More Info form at the bottom of every page
- Send mail to P.O. Box 509127, San Diego, CA 92150
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