Nationwide Money Market Plus account review
Earn 0.25% APY regardless of your balance, but you’ll pay a maintenance fee if it drops below $1,000.
finder.com’s rating: 3.4 / 5.0
The Nationwide Money Market Plus account, by Axos Bank, earns a decent 0.25% APY. But to avoid the $8 monthly maintenance fee, you’ll need to keep a daily balance of at least $1,000.
$8 per month
Minimum deposit to open
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.
Like most money market accounts, the Nationwide Money Market Plus account offers free ATM and check-writing privileges. But other than its above-average 0.25%, 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.
If you don’t need to write checks, Nationwide’s Regular Savings account comes with the same APY, and a much lower maintenance fee and minimum balance requirement to avoid it.
How do I open a Nationwide Money Market Plus account?
Open a Money Market Plus account in seven steps:
- Click Apply now.
- From the Nationwide/Axos Bank website, click Open an Account.
- Find the Money Market Plus account and select Open an Account.
- Choose whether or not you want to add an additional account.
- Create an account and click Start Application.
- Photo capture your ID or enter your information manually. Click Save & Continue.
- Enter your funding information and click Save & Continue.
- Review your details, read and accept the disclosures and submit your application.
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
- $1,000 minimum opening deposit
Have the following information ready before you apply:
- Social Security number
- US driver’s license or state ID
- Residential address
- Email address
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What are the benefits of a Nationwide Money Market Plus account?
Like most money market accounts, you’ll get a free ATM card and check-writing privileges. You’ll also get the following perks:
- Free starter checks. When you open your account, you can order free checks, but you’ll pay for shipping.
- Above-average rate. You’ll earn 0.25% APY no matter how much money you keep in the account. This rate is higher than the national average, but shy of other high-yield money markets.
- Reimbursed ATM fees. Get up to $10 of out-of-network ATM fees are reimbursed each month.
What should I look out for?
Keep the following drawbacks in mind before you apply:
- Monthly maintenance fee. You’ll pay $8 a month in maintenance fees unless you keep a daily balance of at least $1,000.
- High overdraft fees. If you overdraft on this account, you’ll have to pay $25 for each transaction, up to $75 a day in fees.
But if you want a savings account that offers higher rates, check out our best high-yield savings account guide.
How do I deposit or withdraw my money?
You can access your money in five ways:
- Mobile deposit. Use the Axos Bank mobile app to deposit checks.
- Wire transfer. Incoming wire transfers are free, but outgoing transfers are $35 for domestic and $45 for international wires.
- Checks. Use your check-writing privileges to withdraw funds.
- ACH transfer. Transfer money between banks over the phone or online for free.
- Green Dot network. Use your ATM debit card at retailers within the network to deposit funds, but the retailer usually charges a $4.95 fee.
What other savings options does Nationwide offer?
Nationwide offers the following personal and business savings account options through Axos Bank:
- Regular savings. Earn 0.25% APY regardless of your balance, but keep at least $300 in the account to avoid the $3 monthly fee.
- My Savings. You can earn 0.2% APY if you have a My Checking account and use direct deposit.
- Certificates of Deposit. Earn 0.4% APY on terms from three to 60 months with a $500 minimum deposit.
- IRA accounts. Choose from a traditional or Roth IRA CD and earn 0.4% APY.
- Business savings. Earn 0.2% APY with no maintenance fees or minimum balance requirements. You’ll need $200 to open the account.
How to contact Axos Bank customer service for Nationwide accounts?
You can contact customer service any time of the week in four ways:
- Call 855-232-2967.
- Email email@example.com.
- Fill out the Request More Info form at the bottom of the website.
- Send mail to P.O. Box 509127 San Diego, CA 92150.
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