Nationwide Bank gives the highest CD rates nationally available for deposits over $100,000 for the 5 year term. Currently their rate for 5 year jumbo CDs is at 2.00% which beats what other banks are offering.
Jumbo CD Rates from Nationwide Bank
3 month – 0.40%
6 month – 0.60%
9 month – 0.65%
12 month – 1.10%
18 month – 1.20%
24 month – 1.25%
36 month – 1.55%
48 month – 1.85%
60 month – 2.00%
How Their Rates Compare
Right now Nationwide Bank offers one of the best rates for 5 year CDs with their 2.00% rate. Other competitive rates are from Intervest National Bank at 1.99% and Discover Bank at 1.90%.Their rates for 3 year jumbo CDs are slightly lower than the highest nationally available which is 1.65% from Doral Bank. Their 12 month jumbo CD also remains competitive at 1.10%, which is just a few points lower than the highest nationally available from Popular Bank and Doral Bank at 1.15%.
About Nationwide Bank
Nationwide Bank is part of Nationwide Mutual Insurance Company, one of the largest insurance and financial services providers in the United States. They have over 80 years of experience and it is ranked as 108 among the Fortune 500 list of companies based on 2007 revenue. One of the advantages of Nationwide Bank is that it is an online and direct bank, acquiring lesser overhead costs as compared to traditional brick and mortar banks. The bank is also a member of FINRA which is the largest independent regulator for all securities firms which are doing business in the United States.
Highlights of Nationwide Bank
Since June 2008, Nationwide Bank has been given a 4 star rating which signifies it is a financially sound institution in terms of performance and stability. Their money market account and CD rates also consistently offer competitive rates that oftentimes beat competitors and the national average.
There may be higher rates available from credit unions however, Nationwide Bank still remains at the top among banks. For businesses who are looking for areas to park their cash while the economy is still recovering, Nationwide Bank might prove to be a good choice.