Money market rates are averaging 1.22% for deposits under $10,000. However, Nationwide Bank is offering rates of 1.7% on all of its money market accounts as of Oct. 26. Nationwide money market accounts include:
- Free online banking and online statements
- Free first order of checks
- Free ATM card
- Two free ATM transactions a month at non-Nationwide Bank ATMs; after that they are $1.50 per transaction
- Free transfers between money market account and other banks
- $1,000 minimum opening balance
The money market is required to have a $1,000 minimum daily balance or an $8 monthly maintenance fee is charged. Money markets also allow six pre-authorized withdrawals during each monthly statement cycle. That includes telephone or electronic transfers, check, or point-of-sale transactions.
Nationwide Associate and Agency Banking Program members don’t have a monthly maintenance fee and are allowed a minimum opening balance of $250. They also get free transactions at non-Nationwide Bank ATMS, although there may be a surcharge from the ATM owners.
Nationwide money market accounts offer Federal Deposit Insurance Corp. (FDIC) insurance up to $250,000 per depositor through 2013.
Nationwide Bank is based in Columbus, Ohio, and provides a range of insurance and financial products. The company is rated A+ by A.M. Best.
- 6 Month CD 1.25 %
- 1-year CD 1.54 %
- 2-year CD 1.80 %
- Money Market Account 1.22 %
- Savings Account 1.29 %
- 30-year Fixed Mortgage 4.98 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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