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Nationwide My Savings account review

Earn up to 0.3% APY with a $1,000 monthly direct deposit to your new My Checking account.’s rating: 4.1 / 5.0


The My Savings account earns 0.2% APY with no monthly maintenance fee or minimum balance requirement. But if you want to earn 0.3% APY, you’ll need to open Nationwide’s My Checking account and set up $1,000 in monthly direct deposits.






Minimum deposit to open


Annual percentage yield (APY)0.20% on balances of $0+ with My Savings account alone or 0.3% APY when you open a My Checking account and set up a $1,000 direct deposit.
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More infoGo to site

Review by

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, and, 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

My Savings account is best for those who also plan to open a My Checking Account and receive direct deposits of at least $1,000 every month. With both accounts, you’ll enjoy 0.3% APY and your savings account can serve as a fallback in case you overdraw your checking account.

But without the linked checking account, you’ll only earn 0.2% APY, which is still a reasonable rate. Plus, you won’t need to worry about fees or meeting a minimum balance.

But while you can deposit and withdraw your money at ATMs, the Nationwide My Savings account requires you to do most of your banking online. And you’ll need to set aside $100 to open the account. Consider other banks if you’re looking for a savings product that has a lower initial deposit while still offering competitive — if not better — APYs.

How do I open the Nationwide My Savings account?

Open a My Savings account in eight steps:

  1. Select Apply now.
  2. Select Open an Account on the Nationwide/Axos Bank website.
  3. Find My Savings account and select Open an Account.
  4. Choose if you’re a current or new customer.
  5. Create an account login and select Start Application.
  6. Photo capture your ID or enter your information manually. Select Save & Continue.
  7. Enter your funding details and select Save & Continue.
  8. Review your details, read and accept the disclosures and submit your application.


You must meet the following eligibility requirements to open an account:

  • At least 18 years old
  • US resident or citizen
  • $100 minimum deposit

Required information

Have the following information ready before you apply:

  • Social Security number
  • US driver’s license or state ID
  • Residential address
  • Email address

Compare Nationwide My Savings to similar accounts

We gathered a quick comparison of similar accounts to help you decide if Nationwide My Savings is right for you. For more options, select Compare accounts to compare even more savings accounts.

Nationwide My Savings

American Express® High Yield Savings Account


Finder rating 4.1 / 5


Finder rating 4.6 / 5

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on Nationwide by Axos Bank's secure site
Go to site
on American Express's secure site









Minimum deposit to open


Minimum deposit to open


Minimum balance to earn interest


Minimum balance to earn interest


What are the benefits of the My Savings account?

Nationwide’s My Savings account comes with these perks:

  • Higher interest rate. You’ll earn 0.2% APY no matter your balance. But if you pair this account with a new My Checking account and direct deposit $1,000 every month, your APY increases to 0.3%. That’s significantly higher than the national average, but other banks offer even better returns.
  • No monthly maintenance fee. You won’t pay a dime to maintain your account each month.
  • Daily compounded interest. Your interest compounds daily and posts monthly, so you can meet your savings goals faster.
  • ATM card. Conveniently access your cash at thousands of ATMs nationwide.
  • Overdraft protection. Link your savings account to your My Checking account to cover any transactions that overdraw your checking account to avoid the $25 insufficient funds fee.

What should I look out for?

Keep the following drawbacks in mind before you apply:

  • High opening deposit. You’ll need $100 to open your account. You’ll find other savings accounts with no opening deposit requirement or with ones as low as $25.
  • Higher APY requirements. To qualify for 0.2% APY, you also need to open a new My Checking account. Existing customers don’t qualify for the higher interest rate. And your $1,000 direct deposit must post by the 25th of the month to lock in the 0.2% APY for the next month.
  • No branches. As an online-only bank, you don’t have the option of visiting a branch for in-person assistance. You’ll need to rely on phone calls and online tools.

If you want a savings account with a lower opening deposit requirement or one with branch access, you’ll want to compare your savings account options.

How do I deposit or withdraw my money?

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.
  • ACH transfer. Transfer money between banks over the phone or online for free.
  • ATM. Deposit and withdraw cash and checks for free at a network ATM, such as Allpoint.
  • Cash reloads at retail locations. You can also add cash to your account at any Green Dot Reload @ The Register for a fee of up to $4.95.

    How to contact Axos Bank customer service for Nationwide accounts?

    You can reach customer service 24/7:

    • Call 855-232-2967.
    • Live chat with a representative by selecting the messaging icon on its website.
    • Email
    • Fill out the Request More Info form at the bottom of the website.
    • Send mail to PO Box 509127 San Diego, CA 92150.

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    ★★★★★ — Subpar

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    We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

    Read the full methodology of how we rate checking accounts.

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