If you’re looking for a savings account to park your cash, you may have come across Nationwide My Savings. It’s a relatively new account, and it’s near the top of the pack when it comes to interest rates.But Nationwide is best known for insurance – so should you consider using My Savings for your savings account?Well, it is backed by Axos Bank, which has been around for a long time. See why Nationwide My Savings is usually on our list of the best high yield savings accounts.
Nationwide is “one of the largest insurance and financial services companies in the world” and has been around for over 85 years. Nationwide is primarily an insurance company. You might have seen their latest TV ads featuring the country singer Brad Paisley or heard their slogan, “Nationwide is on your side.”Nationwide insurance products are underwritten by Nationwide Mutual Insurance Company. Nationwide is not a bank, but through a limited marketing partnership with Axos Bank, they are promoting banking products, such as My Savings.For all intents and purposes, you are banking with Axos Bank, which you can see in the top left of the Nationwide/Axos Bank-branded website — “Banking services provided by Axos Bank.”
We’re going to review Nationwide’s My Savings product. This savings account product currently offers a whoppingAPY. There is no minimum balance requirement, no maintenance fee, and interest is compounded daily. You’ll need $100 to open an account.Some of the features included with this product are:Remember, this is really Axos Bank, and the mobile app is an Axos Bank app. The switch kit is a simple set of instructions on how to switch from your current bank to Axos Bank.
Savings rates are listed in six different tiers that range from $0 to $100,000. We’ll save you some time by not listing all six tiers since the rate is the same for all six. This might change in the future.Note that the My Savings product is not available on the Axos Bank website. You’ll only find Axos Bank’s 1.30% APY savings account product there. My Savings is available only through the Nationwide/Axos Bank-branded website.See the account here >>
Nationwide and Axos Bank do not list any fees associated with this product. However, there are certain fees that you might run into. These are listed on the Nationwide/Axos Bank-branded fee schedule:Check with Nationwide or Axos Bank to confirm current fee rates before opening an account.
You can visit Nationwide’s website and click on the “Banking & borrowing” menu item, and then “Savings.” This will bring you to the Nationwide/Axos Bank-branded website. You can open an account here >>You’ll need the following to open an account:Also, you must be a U.S. citizen or resident alien.
Yes — Axos Bank is a chartered bank and deposits are FDIC-insured. There are a number of other features to protect your money, including antivirus and malware protection, 128-bit encryption, two-step authentication, automatic logout, and account monitoring.When you sign up, be aware that both Nationwide and Axos Bank are likely to collect your information.
With a APY, you’re getting one of the best rates available from a savings account. If you already do business with Axos Bank, it might make the decision easy.