Nationwide My Savings account review
Earn up to 1.05% APY with a $100 monthly direct deposit to your My Checking account.
The My Savings account earns 0.9% APY with no monthly maintenance fee or minimum balance requirement. But if you want to earn 1.05% APY, you’ll need to open Nationwide’s My Checking account and set up $1,000 in monthly direct deposits.
Minimum deposit to open
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
My Savings account is best for those who already have or plan to open the My Checking Account. When you open the My Checking account and set up direct deposits of at least $1,000 a month, your APY increases to 1.05%.
And if you don’t need a checking account, My Savings still offers a competitive rate at 0.9% APY. You also won’t need to worry about fees or meeting a minimum balance to earn a higher rate.
But you’ll need to do all your banking online and you’ll need $100 to open the account.
What are the benefits of the My Savings account?
Nationwide’s My Savings account comes with these perks:
- Higher interest rate. You’ll earn 0.9% APY no matter your balance. But If you pair this account with the My Checking account and direct deposit $1,000 every month, your APY increases to 1.05%.
- 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.
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.
- 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.
Compare with other savings accounts
How do I open the Nationwide My Savings account?
Open a My Savings account in seven steps:
- Visit the Nationwide/Axos Bank website.
- Click Open an Account.
- Find My Savings account and click Open an Account.
- Choose if you’re a current or new customer.
- Create an account login and click Start Application.
- Photo capture your ID or enter your information manually. Click Save & Continue.
- Enter your funding details and click Save & Continue.
- 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
- 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
How do I deposit or withdraw my money?
Acces your money in three 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.
What other savings options does Nationwide offer?
Nationwide offers the following savings accounts through Axos Bank:
- Regular savings. Earn 0.9% APY regardless of your balance, but keep at least $300 in the account to avoid a $3 monthly maintenance fee.
- Certificates of deposit. Earn 0.40% APY on terms from three to 60 months with a $500 minimum deposit.
- Money market account. Open your account with $1,000 to earn 0.6% APY, but you’ll need to maintain your balance to avoid the monthly fee.
How to contact Axos Bank customer service for Nationwide accounts?
You can reach customer service 24/7:
- 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.