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Learn how to save for your future with an IRA or ESA from Nationwide Bank®

Nationwide Bank offers several ways to help you save for your retirement, and a way to save for education expenses.  The IRAs and ESA from Nationwide Bank are safe, tax-advantaged ways to maximize your savings, and they can be set up using a certificate of deposit (CD) or money market account. Check out the current rates below.  

What is an IRA?

The Individual Retirement Account (IRA) is a type of savings account that allows you to save for retirement in a tax-advantaged way. There are three types of IRAs:  Traditional, Roth and Simplified Employee Pension (SEP) plans. 

Traditional IRA – Your contributions to this retirement plan may be tax-deductible. You also have the potential for tax-free compounded growth, but you'll pay taxes when you take money out.

Roth IRA – Your contributions are not tax-deductible when you deposit in the account, and therefore contributions are not taxed when distributed. 

SEP IRA – A SEP plan allows employers to contribute to Traditional IRAs (SEP-IRAs) set up for employees. A business of any size, even self-employed, can establish a SEP.

What is a Coverdell ESA?

A Coverdell Educational Savings Account (ESA) is a way to save money for school expenses. Your contributions are invested for the purpose of funding a student’s elementary, secondary or college education. Earnings in the account grow tax-deferred and can be withdrawn tax-free for qualified educational expenses such as tuition, fees, books, supplies, computer equipment and room and board. Money withdrawn for any other purpose is taxed and is also subject to a 10% penalty.

Here are some of the features of a Coverdell ESA:

IRA and ESA interest rates – CD

$0 - $9,999.99 $10,000 - $99,999.99 $100,000+
Term Interest Rate APY* Interest Rate APY* Interest Rate APY*
3 Month 0.70% 0.70% 0.70% 0.70% 0.75% 0.75%
6 Month 1.49% 1.50% 1.49% 1.50% 1.54% 1.55%
12 Month 1.84% 1.86% 1.84% 1.86% 1.89% 1.91%
24 Month 2.32% 2.35% 2.32% 2.35% 2.37% 2.40%
36 Month 2.37% 2.40% 2.37% 2.40% 2.42% 2.45%
48 Month 1.64% 1.65% 1.64% 1.65% 1.69% 1.70%
60 Month 2.48% 2.51% 2.48% 2.51% 2.53% 2.56%
Annual Percentage Yield (APY) is effective and is subject to change. Penalty for early withdrawal may apply. Fees may reduce earnings on the account.

IRA and ESA interest rates – Money Market Account

Balance Interest Rate APY*
$0 - $999.99 0.50% 0.50%
$1,000 - $9,999.99 0.50% 0.50%
$10,000 - $24,999.99 0.50% 0.50%
$25,000 - $49,999.99 0.50% 0.50%
$50,000 - $99,999.99 0.50% 0.50%
$100,000+ 0.75% 0.75%

APY is effective for accounts opened after and is subject to change. Fees may reduce the earnings on the account.

How to Apply for an IRA or an ESA

Nationwide Bank has a quick and secure application process that makes it easy to open an IRA or Coverdell ESA.  Before beginning, gather the following information about yourself and then start your application here

Personal information Beneficiary information Funding your account
  • Current address and phone number
  • Social Security number
  • Email address
  • Name and address
  • Date of birth
  • Social Security number
  • Print the completed documents
  • If funding with a check, mail documents with a check to the address provided

Please consult your tax adviser for answers to your specific tax questions.

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