What is a certificate of deposit account?
A certificate of deposit is an FDIC-insured2 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.
What CD terms does Nationwide Bank offer?
Nationwide Bank certificates of deposit are available in the following terms: 3, 6, 9, 12, 18, 24, 36, 48 and 60 months.
How do I redeem my Nationwide Bank CD when it matures?
Your Nationwide Bank CD will be automatically renewed at maturity, or you can roll your funds over into a new CD. 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-day grace period) by calling 1-877-422-6569 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:
P.O. BOX 182049
Columbus, OH 43218-2049
Is there a minimum amount required to open a Nationwide Bank CD?
Yes, there is a minimum opening deposit requirement of $500 to open a Nationwide Bank certificate of deposit.
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:
- 3 months, but less than 6 months, the fee will equal 30 days of interest on the amount withdrawn
- 6 months, but less than 24 months, the fee will equal 90 days of interest on the amount withdrawn
- 24 months, but less than 48 months, the fee will equal 180 days of interest on the amount withdrawn
- 48 months or greater, the fee will equal 3603 days of interest on the amount withdrawn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.