Variable APY Rates Offer From Nationwide Bank Proves To Be Competitive

Nationwide Bank proves that with great investing power comes bigger rewards. Their latest offering on CD rates do not only have highly competitive rates, but it also showcases the rewards you can expect by just adding a bit more to your initial CD deposit.

About the CD Terms

Laddering CD rates are not new, but it offers consumers more options on what to do with their money. Most banks and credit unions that offer certificates of deposit terms only stick to one APY for any given amount of investment, depending on the maturity term. With Nationwide Bank’s ladderized program offer, you can choose three different APYs in each maturity term offered.

Maturity – APY

$0 to $9, 999.99

3 Month Term – 0.35%
6 Month Term – 0.55%
9 Month Term – 0.60%
12 Month Term – 1.05%
18 Month Term – 1.10%
24 Month Term – 1.20%
36 Month Term – 1.40%
48 Month Term – 1.65%
60 Month Term – 1.75%

$10,000 to $99,999.99

3 Month Term – 0.35%
6 Month Term – 0.55%
9 Month Term – 0.60%
12 Month Term – 1.05%
18 Month Term – 1.10%
24 Month Term – 1.20%
36 Month Term – 1.40%
48 Month Term – 1.65%
60 Month Term – 1.75%

$100,00 and above

3 Month Term – 0.40%
6 Month Term – 0.60%
9 Month Term – 0.65%
12 Month Term – 1.10%
18 Month Term – 1.15%
24 Month Term – 1.25%
36 Month Term – 1.45%
48 Month Term – 1.70%
60 Month Term – 1.80%

Based on the national average of 0.72% for a 1-year term, Nationwide Bank’s offering definitely looks good. It even proves itself to be better than Discover Bank’s 0.90% APY, as with a number of equally big and credible companies.

These rates hold true whilst during the maturity period, and any withdrawals made earlier than the fixed date is subject to penalty. For accounts with maturity period of more than three months but less than six, the fee is calculated as 30 days interest of the withdrawn amount. For a less than 24 month-maturity term but more than six months, 90 days interest is incurred as the fee. Lastly, a two-year or higher maturity period yields an interest equal to 180 days on the same withdrawn amount.

Applying For A CD Account

In order to open a CD account, a secure online application must be done. Personal, contact, and financial information will be asked from you. In addition, the initial deposit to open an account must not be lower than $500. If you have met the figures in the investment bracket, your APY rate can go higher.

You may then choose to roll over a new account with a different term upon maturity or withdraw the whole sum.

Each CD account is federally insured up to $25,000

Overall, Nationwide Bank is a great place to lock in your CD investment. With their ladderized program and variable APYs, you can enjoy the rewards that come with such flexibility.