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finder.com’s rating: 3.4 / 5.0
★★★★★
The Nationwide Money Market Plus account by Axos Bank earns a decent 0.25% APY, though you can find money market accounts with much higher interest. Plus, the $8 monthly maintenance fee is higher than other money market or high-yield savings accounts available.
0.25%
APY
$8 per month
Fee
$1,000
Minimum deposit to open
Annual percentage yield (APY) | 0.25% |
---|---|
Fee | $8 per month |
To waive the fee | OR maintain a $1,000 daily minimum balance |
Minimum deposit to open | $1,000 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
More info | Go to site |
Review by
Sarah George is a personal finance writer at Finder who’s spent the last four years wielding her digital pen on all things banking and insurance. Her know-how has been featured in such publications as CBS, CNET and Reviews.com, and she was a panelist in Finder’s 2020 money-saving webinar. Sarah earned an English education degree and is a Certified Educator in Personal Finance.
Like most money market accounts, the Nationwide Money Market Plus account offers free ATM and check-writing privileges. Its 0.25% APY is also over twice the national average of 0.12% APY.
However, there’s no overdraft protection, and you’ll need to keep a daily balance of at least $1,000 to avoid the $8 monthly fee.
You can find other money market accounts with higher interest rates, a lower opening deposit and minimum balance. For example, the Quontic Bank Money Market account offers 3.5% APY and a $100 opening deposit requirement.
To compare, if you keep $1,000 in the Nationwide Money Market Plus account, you’ll earn $2.50 in interest for the year if you don’t put in any more money. If you take the same amount in the Quontic Bank account, you’ll earn $30.0.
The more money you keep in the account, the higher your earning potential. Getting an account with a higher interest rate makes the most sense if you plan to keep a high balance in your account.
You can open a Money Market Plus account in seven steps, and even speed up the application process if you take a photo of your ID.
You should meet the following requirements to open an account.
Have this key information ready before you apply.
We gathered a quick comparison of similar accounts to help you decide if Nationwide Money Market Plus is best for you. For more options, select “Compare accounts” to compare even more money market savings accounts.
Quontic Bank Money Market |
UFB Best Savings |
Lemmata Savings Bank Money Market Account |
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★★★★★ |
★★★★★ |
★★★★★ Finder rating 4.6 / 5 |
|
|
|
Fee $0 |
Fee $0 |
Fee $0 |
APY 3.50% |
APY 4.21% |
APY 3.95% |
Minimum deposit to open $100 |
Minimum deposit to open $0 |
Minimum deposit to open $1 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
Earn an APY that’s higher than the national average for savings accounts, although it’s not the highest around that we’ve seen for a money market account. Examples of how much you could earn depending on your balance:
APY | Amount in savings | Interest earned in 12 months |
---|---|---|
0.25% | $1,000 | $2.50 |
0.25% | $5,000 | $12.52 |
0.25% | $10,000 | $25.03 |
If you’re looking to earn higher interest, try the Quontic Bank Money Market account with its 3.5% APY, or the Quontic Bank High Yield Savings account with a 3.5% APY.
Put money in or use your funds in a variety of ways with this account.
From ATMs to mobile deposits, you have options for filling up your account with money.
Use the money from your account in four main ways, including the convenience of online transfers and bill payments.
You can contact customer service any time of the week.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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