Find answers to the top Nationwide Bank CD account questions
Q. What is a certificate of deposit account?
A. A certificate of deposit is an FDIC*-insured interest-bearing account
that is typically associated with longer-term savings. A bank CD gives
you the flexibility of choosing how long you’d like to hold the CD,
anywhere from 3 months to 60 months. At the end of this term, the CD
matures, meaning you get your initial deposit plus the interest you have
accrued. This makes a Nationwide Bank CD a great alternative to a
traditional savings account when you are looking for higher yields and
may not need access to your funds for awhile.
Q. What CD terms do you offer?
A. Nationwide Bank CDs are available in the following terms: 3, 6,
9, 12,18, 24, 36, 48 and 60 months.
Q.How do I redeem my Nationwide Bank CD when it
matures?
A. Your Nationwide Bank CD will be automatically renewed at maturity, or
you can roll your funds over to a different term. You will receive a
notification of your CD maturity 30 days prior to renewal. If you don’t
want to renew, you can withdraw your funds on the maturity date (or
within the 10-calendar-day grace period) by calling 877-422-6569 Monday
through Friday from 8 a.m. to 8 p.m. You can also withdraw your
funds by sending a written request to us at:
Nationwide
Bank
P.O. BOX 182049
Columbus, OH 43218-2049
Q. Is there a minimum amount to open a Nationwide Bank CD?
A. Yes, there is a minimum opening deposit requirement of $500 to open a
Nationwide Bank certificate of deposit.
Q. Is there a penalty for early withdrawal?
Yes, a penalty may be charged for closing a CD before its maturity
date. The penalty amount depends on the term of the CD:
-
If your account has an original maturity of at least three months, but
less than six months, the fee will equal 30 days interest on the amount
withdrawn
-
If your account has an original maturity of at least six months, but
less than 24 months, the fee will equal 90 days interest on the amount
withdrawn
-
If your account has an original maturity of at least 24 months, but
less than 48 months, the fee will equal 180 days interest on the amount
withdrawn
-
If your account has an original maturity of 48 months or greater, the
fee will equal 360** days interest on the amount withdrawn
In certain circumstances, such as the death or incompetence of an owner
of an account, the law permits, or in some cases requires, the waiver of
the early withdrawal penalty. Other exceptions may also apply, for
example, if the account is part of an IRA or other tax-deferred savings
plan.
*A CD account from Nationwide Bank is FDIC insured to at least $250,000
per depositor.
**Applies to accounts opened on or after June 9, 2012. Accounts opened
before this date with an original maturity of 48 months or greater are
subject to an early withdrawal fee equal to 180 days interest on the
amount withdrawn.
