• filter:

Nationwide Bank -- checking and savings

  • Page :
  • 1
  • Text Only
  • Search this Topic »
Voting History
rated:
Nationwide Bank is currently (8/27/17) paying 1.3% on their savings account and 1.0% (1.15% for >$10k) on their checking product :

https://www.nationwide.com/deposit-rates.jsp

I have been using Aliiant's combo for many years (currently 1.11% and 0.65%) and Nationwide's rates looks interesting to me.

Can anyone share their experience using Nationwide Bank? Do they do bait-and-switch with the rates?

 

Member Summary
Most Recent Posts
@scanchain: You'd love their Bill Pay...I just entered all my payees and all of them are going electronic (except for my... (more)

craig10x (Sep. 05, 2017 @ 6:12p) |

Cool. Would love to hear your report on the ACH speed. 

scanchain (Sep. 06, 2017 @ 6:25a) |

Will do...set up two last evening to pull in from Alliant and BOA...They use Cashedge by the way for the transfer servic... (more)

craig10x (Sep. 06, 2017 @ 8:43a) |

Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
No bait and switch but kinda old school bank with crummy online interface.

rated:
While they may not do what is typically referred to as a bait-and-switch, it does state in several places on their website that the rates are subject to change.  So you could have that rate for a year and then they decide to drop the rates or they could it after a couple months.  Either way, you are on notice it could happen.

rated:
I'm inclined to give them a try. Anyone knows if they offer next day ACH transfers like Alliant?

rated:
I had their savings account when I had a car loan with them (recently paid off).  I did not use ACH per say, but did set up automatic savings deposit pull from WF.  It worked well.
The savings account got me a minor discount on the car loan rate. Phone support was good and usually had more than just a clue. Getting a supervisor if desired was easy.

For comparison:
I have the Insight Card paired with a savings account at Republic Bank paying just short of 5% APY for up to $5.000.00.

rated:
JW10 said:   I had their savings account when I had a car loan with them (recently paid off).  I did not use ACH per say, but did set up automatic savings deposit pull from WF.  It worked well.
The savings account got me a minor discount on the car loan rate. Phone support was good and usually had more than just a clue. Getting a supervisor if desired was easy.

For comparison:
I have the Insight Card paired with a savings account at Republic Bank paying just short of 5% APY for up to $5.000.00.

 
3% at LMCU on up to $15K seems reasonable with 10 debit card transactions and 4 logins per month.  (They used to pay 5%  but had even stricter hoops to jump through.)    I don't use the account and for some reason they paid the 3% to me this last month anyways.  (Grace period for new account terms maybe?)  Of course they don't have external transfers, but easy enough to use another bank for that.

Consumers Credit Union has 4.59% but has significant hoops to jump through.  $1000 in credit card purchases per month, and a number of other things.

rated:
@scanchain: looks like an interesting set up over there...I was considering it myself...

Especially if you get the member checking and savings combo because with two relationships with them, you get maximum perks (premier member benefits)...and the rate is very nice on both checking and savings...plus the excellent free atm coverage...I think the transfers are more limited than Alliant, though as far as maximum amounts per day and month...Transfers are apparently no fee for standard (2 to 3 transfers) but they indicate a fee for next day transfers...

rated:
Just read over their website...Transfers limited to $5000 per day and a rolling 30 day maximum of $10,000...3 day transfers are no fee and 1 day transfers have a fee...

rated:
craig10x said:   Just read over their website...Transfers limited to $5000 per day and a rolling 30 day maximum of $10,000...3 day transfers are no fee and 1 day transfers have a fee...
Those transfer limits are depressing.

Also, it appears that the checking account used to offer only 0.5% as recently as April this year; the higher rates only started in May. It is not clear if the bank is committed to maintain a high APY for the checking account.

rated:
Yes...that is true...and same also goes for the Online Savings Account which also never had that high a rate before...I guess i will pass on it...Just wish Alliant would at least go up to 1.20% apy like Ally Bank just did...

rated:
craig10x said:   Yes...that is true...and same also goes for the Online Savings Account which also never had that high a rate before...I guess i will pass on it...Just wish Alliant would at least go up to 1.20% apy like Ally Bank just did...
  Yeah, I'm still staying put with Alliant. I have been Alliant for more than 8 years now...

rated:
scanchain said:   
craig10x said:   Yes...that is true...and same also goes for the Online Savings Account which also never had that high a rate before...I guess i will pass on it...Just wish Alliant would at least go up to 1.20% apy like Ally Bank just did...
  Yeah, I'm still staying put with Alliant. I have been Alliant for more than 8 years now...

  So, what stops you guys from opening an account at Ally Bank?  I've been with Ally since GMAC days. Glad I keep Ally as my go to bank.

rated:
I had Ally up to recently...Have had Alliant for years like scanchain...Alliant is very good...they are just a bit slow about catching up on the rates..Though compared to most credit unions, their rate is actually very high...

rated:
likethemcheap said:   
scanchain said:   
craig10x said:   Yes...that is true...and same also goes for the Online Savings Account which also never had that high a rate before...I guess i will pass on it...Just wish Alliant would at least go up to 1.20% apy like Ally Bank just did...
  Yeah, I'm still staying put with Alliant. I have been Alliant for more than 8 years now...

  So, what stops you guys from opening an account at Ally Bank?  I've been with Ally since GMAC days. Glad I keep Ally as my go to bank.


My accounts with Ally also started back when they were GMAC bank. I especially like their no-penalty CDs now.
At one stage, I did use Ally as my main checking account. But then Ally's checking APY slipped compared to Alliant. I also didn't like Ally's ACH speed. So I switched back to Alliant, which I am still using.
 

rated:
craig10x said:   Just read over their website...Transfers limited to $5000 per day and a rolling 30 day maximum of $10,000...3 day transfers are no fee and 1 day transfers have a fee...

If I pull from another bank that allows up to $100,000 incoming electronic transfers per month, is there anything Nationwide can do to prevent this or penalize me for it?

Alternatively, if I write myself a large check against the Nationwide checking account and the bank I deposit it into decides to make the funds available to me immediately or within one day (rather than waiting for it to actually clear) is there anything Nationwide can do to penalize me?

Finally, does Nationwide allow wire transfers out of their checking account, and what are the associated fees for that service?

As long as one of the above three options is available, I don't see any reason not to try them out for a few months and see how I like it.

rated:
I don't get the impression that they do anything to prevent large pulls when done through another bank's transfer system...i believe the limitations only apply to using Nationswide's transfer system...
And they do have wire transfers and there is a fee (on their website, if you put in fees in the search bar it should bring up their fee schedule...
And of course, if you transfer money out of them by depositing a Nationwide Bank check to another bank, no problem there either as far as amounts way beyond what their transfer system allows...

Actually, overall it looks like a very nice set up there now with the combo package benefits (checking and savings)very good free atm coverage and high rates on checking and savings...
Only minuses are: 1) the low transfer limits on their transfer system 2) as mentioned on the depositaccounts.com site in their discussion of the bank, they have never had such high rates before on their Checking and Savings so i guess it is a question of whether they plan on maintaining them or not...

rated:
I just re-read the post on depositaccounts.com about the increase in rate on the Savings Account and thought i would paste it in here...The CSR he spoke to does make it sound encouraging as far as their sincerity in wanting to maintain the new rate as opposed to just a promotional offering...Also she confirmed for him that there are no limitations when using an outside bank's transfer system...
Here it is:

As I mentioned in the Forum post, DA has been tracking the Savings Account since 2009. While I’ve written more than 15 blog posts about Nationwide products since 2008, there’s never been an occasion to write about the Savings Account, simply because it never had a good rate. When I saw the 1.30% APY on Nationwide’s website, my first thought was, “that’s a mistake.” When I called Nationwide for confirmation, the CSR assured me that it was not an error. My next question was, “Is this a short-term promotional rate?” CSR stated that since increasing the rate on the Member Checking account to 1.15% APY about two months ago (see review), the Bank "has received a lot of good feedback, so we want the Savings account to be in line with that [Member Checking] rate."

rated:
Is there a new account bonus for this bank?

rated:
They are not offering one at this time...probably because they feel that the big rate hike on their Checking and Savings Account should be sufficient to attract lots of new accounts...

rated:
I called them today...took a while to get someone being early morning right after a holiday but when she came on she was very patient and answered all my questions and was very helpful, so i think i will give them a try...other than the small ach transfer limits when using  their external transfer system, it sounds like a very nice set up...

rated:
craig10x said:   I called them today...took a while to get someone being early morning right after a holiday but when she came on she was very patient and answered all my questions and was very helpful, so i think i will give them a try...other than the small ach transfer limits when using  their external transfer system, it sounds like a very nice set up...
  I think they have a good bill pay system. If the bill is paid by check, the amount is deducted only when the payee cashes the check, much better than Alliant which deducts the amount on the process date.

Watch the video at the 0:50 mark

https://www.nationwide.com/online-bill-pay-video.jsp

rated:
@scanchain: That's really good...i like that! Yeah Alliant's Bill Pay isn't the best... She was really nice on the phone and i must say i was pretty impressed...
Their free atm coverage is excellent (they have both Allpoint and Moneypass)...what the heck...might as well give them a try...Nationwide has been around a long time...and with the new competitive rates, it makes it very attractive indeed...

rated:
craig10x said:   @scanchain: That's really good...i like that! Yeah Alliant's Bill Pay isn't the best... She was really nice on the phone and i must say i was pretty impressed...
Their free atm coverage is excellent (they have both Allpoint and Moneypass)...what the heck...might as well give them a try...Nationwide has been around a long time...and with the new competitive rates, it makes it very attractive indeed...

  But it can never be the main hub because it lacked good ACH transfers (speed and $ amount).

rated:
Good point...makes it difficult to decide...other than that factor...i like it a lot...

rated:
I gave it a shot...Did my Online Application...did a small funding with a debit card and signed up (and already on) Online Banking! That was fast 
I'll give it a good run and see how it works out...

rated:
@scanchain: You'd love their Bill Pay...I just entered all my payees and all of them are going electronic (except for my rent which doesn't have the electronic system) I suspect that it is the good ol' Checkfree Bill Pay (which has a new name now) which is excellent! In many cases, even e bills are available (although i personally don't use them because i like getting the paper bill in the mail...

I was also impressed by the fact that when i set up external transfers in their online banking, it was able to do instant verification of not only my Bank of America account but Alliant CU as well!
Never been able to do instant verifications with Alliant before...Everything is nicely laid out in the Online Banking...

Customer Service (whom i spoke to several times today) was excellent with each rep i spoke with about various matters...Very efficient and friendly...All that plus the excellent rates...
This has definite potential in being a long term "keeper" 

rated:
craig10x said:   @scanchain: You'd love their Bill Pay...I just entered all my payees and all of them are going electronic (except for my rent which doesn't have the electronic system) I suspect that it is the good ol' Checkfree Bill Pay (which has a new name now) which is excellent! In many cases, even e bills are available (although i personally don't use them because i like getting the paper bill in the mail...

I was also impressed by the fact that when i set up external transfers in their online banking, it was able to do instant verification of not only my Bank of America account but Alliant CU as well!
Never been able to do instant verifications with Alliant before...Everything is nicely laid out in the Online Banking...

Customer Service (whom i spoke to several times today) was excellent with each rep i spoke with about various matters...Very efficient and friendly...All that plus the excellent rates...
This has definite potential in being a long term "keeper" 

  Cool. Would love to hear your report on the ACH speed. 

rated:
Will do...set up two last evening to pull in from Alliant and BOA...They use Cashedge by the way for the transfer service...it says up to 3 days but we will see...Apparently they recently redesigned their online banking (it was mentioned on the website) and it was just launched!  It is what i am using now...i am not sure how their old interface was but this new one is pretty nifty, i must say...Technology wise they seem to be way ahead of Alliant Cu (and now, also rate wise)...And even the mobile app works well (including check deposits where they allow up to $10,000 per day with no monthly maximums)...it's nicely laid out, easy to use and much faster than Alliant's mobile app which has always been rather "sluggish" i have found...

Other than the more restrictive and slower ach transfers, it's overall a pretty cool set up...Oh yes, forgot to mention....they also have "pay a person" through the popmoney service like the major banks use...

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017