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- What is a Money Market Account
Account Access and Services
What is a Money Market Account?
If you’ve asked the question, “What is a money market account?” We have the answer.
At Nationwide Bank®, we’re here to answer your questions about money market accounts. From figuring out if it’s the right savings vehicle for you, to understanding all of the advantages and terms, we want to help you make smarter choices with your money.
Frequently asked money market account questions
Before you open a money market account with Nationwide Bank, it is important to understand all of the benefits and guidelines that accompany your account so you are able to maximize your savings and access your money when you need it. Whether you’ve just started your research to answer the question, “What is a money market account?” or want to understand FDIC protection and associated terms, we want you to have all the information you need to make an informed decision with your money. Then you can enjoy watching your savings grow.
And because our goal is to help you earn more on your savings, we’ll also give you the tools you need to compare money market options with other interest-bearing savings accounts. If you decide that a money market account is not what you had in mind, we’ll help you find the right savings solution for your situation.
What is a money market account? Your questions answered:
A money market account is an interest-bearing savings account that offers a higher-yield interest rate, allowing you to earn faster than a traditional savings account. Although it has many similar account features, like an ATM card, a money market account requires a higher opening deposit than a regular savings account.
Is a money market account FDIC-insured2?
Yes, all money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC). Money market accounts are FDIC-insured and protected, which means that if the bank ever closes its doors, your money will be insured for the value, up to a specified limit.
What do I receive with a money market account?
When you open an account at Nationwide Bank you will not only receive attractive money market interest rates, but also:
- Free first order of checks
- Online bank account services
- Online statements detailing your monthly activity
- ATM card upon request
Will I have access to my money?
Yes, you will enjoy convenient access to your money. Although there are a limited number of transactions allowed on a monthly basis, you will enjoy the flexibility of depositing and withdrawing from your account, like a regular checking account.
You will also be able to deposit or withdraw money at more than 37,000 Allpoint surcharge-free ATMs and 400,000 Visa®/PLUS ATMs across the country, as well as two free non-Nationwide Bank ATM transactions per month.1
You are permitted up to six preauthorized withdrawals per monthly statement cycle, including telephone or electronic transfers, check or point-of-sale transactions. This limit does not apply to the number of withdrawals you can make at an ATM or by mail.
Free money transfers are also available between your Nationwide Bank accounts and your accounts with other banks. You may also complete transactions online, over the phone, at an ATM and by mail.
Unlike other savings account options, a money market account offers the easy accessibility that you want, while still offering higher interest rates, making it a smart choice for your money.
Is there a minimum balance requirement?
Yes, there is a minimum balance requirement for a money market account. To open a money market account at Nationwide Bank you must deposit at least $1,000. You must also keep a minimum daily balance of $1,000 in order to enjoy waived monthly maintenance fees.
While this minimum balance requirement is typically higher than a traditional savings account or a CD, what a money market account traditionally offers is a higher rate of interest, helping you earn more on what you save.
Are there any fees associated with my account?
If your daily balance remains at or above $1,000, then you won’t be charged a fee. If not, you will be charged $8 per month.
Also, you are allowed two free non-Nationwide Bank ATM transactions each month. If you exceed the limit, you will be charged $1.50 for each additional transaction.
Please refer to our account terms and conditions for more information.
When you’re ready, open a money market account at Nationwide Bank today!
You know what a money market account is, and want to learn about other savings options
If you are looking for a longer-term savings option with higher rates based on the maturity timeline and don’t need to access your money, a Nationwide Bank CD might be the right choice for you. While your money does not have the same accessibility, a CD is a great option for those looking to watch their money safely grow with higher-yield interest rates at a fixed rate. And if you are looking for an account with accessibility, a Nationwide Bank savings account will offer you the complete liquidity you want with steady yields no matter what your balance.
1 First two non-Nationwide Bank ATM transactions per month are free, but surcharges from ATM owner may apply.
2 FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013.
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