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Compare Money Market Accounts with Savings and CD Accounts

If you've ever wondered what the best longer-term savings option is for your money, then our account comparison chart is the resource for you. Use the Nationwide savings comparison chart to help you make smarter decisions with your money. This chart is designed to help you understand everything from account interest rates to other features so you can be better informed when you open a new bank account from Nationwide.

Account consideration Nationwide money market account Nationwide CD account Nationwide savings account
Best for you if You already have money saved and want convenient access to your money when you need it. You can afford to save your money and not access it for a specified period of time. You want a place to grow your money without higher fees or balance requirements.1
Interest features Traditionally higher interest rates than a savings account Interest rates often higher for longer-term CDs Same Annual Percentage Yield (APY) for all balances
Monthly maintenance fee No monthly maintenance fee when you maintain a minimum daily balance of $1,000. Otherwise, $8. None No monthly maintenance fee when you maintain a minimum daily balance of $300, or a monthly direct deposit of $25 or more. Otherwise, $3.
Online and Mobile Banking Free Free Free
Transaction limitations2 Up to 6 preauthorized withdrawals per monthly statement cycle, including telephone or electronic transfers and check or point-of-sale transactions. $5 fee per transaction if you exceed 6 withdrawals. A penalty may apply for withdrawal of funds before CD matures. Up to 6 preauthorized withdrawals per monthly statement cycle, including telephone or electronic transfers and check or point-of-sale transactions. $5 fee per transaction if you exceed 6 withdrawals.
Account access Complete transactions online, by phone or at an ATM

Access to more than 77,000 surcharge-free ATMs

Free ATM card upon request

2 free non-Nationwide Bank ATM transactions per month. ATM owner surcharges may apply.

First 10 convenience checks are free. Additional checks can be ordered separately.
Complete transactions online or by phone. Complete transactions online, by phone or at an ATM

Access to more than 77,000 surcharge-free ATMs

Free ATM card upon request

2 free non-Nationwide Bank ATM transactions per month. ATM owner surcharges may apply.
Bank Overdraft Protection Can be used as an overdraft protection funding account when linked to a checking account No Can be used as an overdraft protection funding account when linked to a checking account
Each depositor FDIC insured to at least $250,000 Yes Yes Yes
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[1] There is a balance requirement of $300; otherwise a $3 fee will be charged.
[2] Transaction Limit does not apply to the number of withdrawals you can make by ATM, mail or at a Nationwide branch.


Money Market vs. Savings

Where should you put your money? Consider these factors:

Access: Money in both savings and money market accounts can be accessed through electronic fund transfers or ATMs. While neither will have access to the money through debit cards or online bill pays, money market accounts often add an additional layer of convenience by allowing you to tap funds using checks.

Limitations: Both savings and money market accounts have limits on the number of monthly withdrawals or transfers you can make. Under federal regulations, you’re permitted to make a maximum of six per statement cycle, but banks vary on the number of infractions allowed.

At Nationwide, we charge a $5 fee per transaction after you exceed the six-per-month limit. If this happens three times within a 12-month period, your money market is switched to a checking; for savings, we automatically close your account. You’ll be just fine though if you stick with your checking account for day-to-day purchases, paying bills, etc. and reserve your money market or savings account for its original purpose: to tuck away money for the future!

Minimum deposits: The minimum required to open a savings or money market account varies from bank to bank.  But because a money market account is considered a higher yield savings vehicle, it typically requires higher minimum deposits than the savings accounts.

Interest rates: Money market accounts may offer slightly higher interest rates than traditional savings accounts, but their rates may fluctuate more often. Still, rate increases or decreases are typically small.

Money Market vs. CD

If you are looking for an interest-bearing savings account with greater liquidity and convenient access to your money, you may want to consider a money market vs. a CD. We'll help you compare money market accounts with CDs to help you earn more on your money while giving you all the account features that you want.

Although money market accounts and CDs have many similar benefits, a money market account offers the advantages of a checking account. By providing a checkbook and ATM card to deposit and withdraw cash, a money market account gives you liquidity that CDs cannot provide due to the fixed term structure of CDs. (Some restrictions may apply.) 

In our chart, you will see that a fixed rate CD will lock in your rate while a money market rate can change based on market conditions. Also, you will find that a money market is an attractive option if you’re looking for higher-yield short-term gains. 

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