Nationwide Business Premium Savings Account: Earn 3.75% Interest With No Fees

Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain. This page may include information about American Express products currently unavailable on Slickdeals. American Express is not a partner of Slickdeals.

Nationwide Business Premium Savings Account

Open Account

at Nationwide

• Our Rating 4/5 How our ratings work
• APYUp to 3.75% More Info

  Maintain an account balance of at least $1,000,000 to earn 3.75% APY; balances of $500,000 - $999,999.99 earn 3.00% APY; balances of $250,000 - $499,999.99 earn 2.75% APY; balances of $24,000 - $249,999.99 earn 2.00% APY; balances below $24,000 do not earn APY.

• Minimum
  Deposit Required$25,000
• Intro Bonus Up to $210Expires June 30, 2023 More Info

  Eligible accountholders can earn up to $210 during the first four statement cycles using code BPS210: $70 for each statement cycle during which the average daily balance in your account is at least $20,000. A maximum of three payouts can be earned during four statement cycles.*

The Nationwide Business Premium Savings account is a great option for businesses that have a lot of cash on-hand. So long as you can maintain a minimum account balance of $24,000 or more, you'll earn a competitive APY, though this account really shines for customers who unlock the top APY with balances above $1,000,000. While it's a shame that lower balances do not earn APY at all, we appreciate that there's no average daily balance requirement tied to this account.

Strong Interest Rates for High Balances

Nationwide, a renowned insurance and financial services company, offers a Business Premium Savings account (in partnership with Axos Bank).

The Nationwide Business Premium Savings account is a tiered interest rate savings account designed for businesses with a goal of earning interest on their savings. This account offers competitive interest rates on balances of $24,000 and above and a host of features to support your business’s financial needs.

Bonus Offer

Right now, Axos Bank is offering up to $210 for opening a new Nationwide Business Premium Savings account by June 30, 2023, using the promotional code BPS210 and meeting other requirements.* Note that a maximum of three payouts can be earned during four statement cycles.

*Disclosure

^{To be eligible to earn all or a portion of the cash incentive as part of the “BPS210" $210 promotion, a Business Premium Savings (BPS) that includes the promotional code “BPS210" must be submitted between 05/15/2023 at 12:00am PT and 11:59pm PT on 06/30/2023. Axos Bank reserves the right to limit each primary account holder to one (1) business premium savings account promotional offer per year and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking or savings account at any time in the past 12 months may be disqualified from the “BPS210" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:}

^{Business Premium Savings bonus of $210: You must be approved for your new Business Savings account and fund it within 60 days of account opening. A cash bonus of up to $210 can be earned in the following manner during the first four (4) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. $70 will be earned for each statement cycle during which the average daily balance in your Business Premium Savings account must be at minimum $20,000 or greater. A maximum of three (3) payouts can be earned during the first four (4) statement cycles. A statement cycle is defined as a calendar month, starting on the first day of the month and ending on the last day of the same month. The bonus will be deposited into your Business Premium Savings account within 10 business days following the end of the statement cycle in which the balance requirement was met. Your Business Premium Savings account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus and your Business Premium Savings account must remain open for 120 days or an early closure fee of up to $210 may apply.}

APY Tiers

The Nationwide Business Premium Savings account offers a tiered annual percentage yield (APY) system, allowing account holders to earn higher interest rates as their balance increases. With tiers ranging from 0.00% APY on balances below $24,000 to an impressive 3.75% APY for balances at or above $1,000,000, there is a lot of variance in the amount of interest you can potentially earn with this account.

While some may find it frustrating that you need a high account balance to earn the maximum APY, a more positive way to look at it is that Nationwide gives you more interest for saving more. Many competing accounts offer a flat APY regardless of account balance.

If you know you'll be able to maintain a higher balance (or are confident that your balance will grow over time), this account is a good way to take your savings further.

Related Article

The 7 Best Business Bank Account Bonuses and Promotions

Read More

Features

Nationwide

Beyond the strong APY, this account offers and a suite of useful tools designed to help your business grow its savings with ease.

 No Daily Balance Requirement

There is no average daily balance requirement for this account. This offers additional flexibility and cost savings for your business.

However, keep in mind that there is a $25,000 minimum deposit requirement to open an account, and any balance below $24,000 does not earn interest.

 Remote Deposit From Anywhere

With the Nationwide Business Premium Savings account, you can conveniently deposit checks remotely from anywhere with the Axos Bank for Nationwide app, streamlining your banking experience and saving time.

Other Benefits and Tools

The Nationwide Business Premium Savings account provides a range of useful benefits and tools designed to help businesses manage their finances effectively.:

• Free image statements: Account holders can access image statements online, which allows for easy organization and record-keeping. This feature eliminates the need for physical copies of your statements and deposited checks, saving both time and resources.
• Free online banking: With online banking, you can manage your account from anywhere, at any time. You can monitor your balance, transfer funds, and view transaction history, making it simple to keep track of your business's finances. Online banking also includes security features, ensuring that your financial information remains safe.
• Remote deposit from anywhere: The remote deposit feature enables you to deposit checks from your smartphone or tablet via the Axos Bank for Nationwide app.
• Tiered interest rate structure: The tiered interest rate system rewards businesses with higher balances, offering higher APYs for larger account balances. This encourages businesses to save more and allows them to earn more interest as their savings grow.

No Monthly Maintenance Fee or Average Daily Balance Requirement

The Nationwide Business Premium Savings account does not charge a monthly maintenance fee, allowing you to maximize your earnings. In fact, outside of some standard fees for uncommon actions – such as fees for returned checks, rush card replacements or stop payments – this account is virtually fee-free.

As previously mentioned, this account also doesn't charge a fee tied to an average daily balance requirement, despite requiring a $25,000 minimum opening deposit. This is a welcome perk, as it means you won't be penalized if your balance temporarily falls below a certain threshold (outside of not earning interest).

How to Access Your Money

Nationwide

Accessing your money in the Nationwide Business Premium Savings account is a simple and convenient process that can be done through the mobile app or online.

Mobile App:

• Download the Axos Bank for Nationwide app on your smartphone or tablet, available for iOS and Android
• Log in using your account credentials (username and password). If you haven't set up your online access yet, you'll need to register and create a username and password.
• Once logged in, you can view your account balance, transaction history, make deposits, and transfer funds between your accounts.

Online Banking:

• Visit the Nationwide online banking website (hosted by Axos).
• Log in using your account credentials (username and password). If you haven't set up your online access yet, you'll need to register and create a username and password.
• After logging in, you can view your account balance, transaction history, transfer funds, view statements, and more.

Related Article

Nationwide Interest Checking: Earn Interest With No Monthly Fees

Read More

Nationwide Business Premium Savings Drawbacks

While the Nationwide Business Premium Savings account offers many advantages, there are a few drawbacks to consider:

• High minimum opening deposit of $25,000: This minimum is a bit steep in comparison with other business savings accounts. Since not every business has that type of cash to stash away, this isn't ideal for everyone.
• Lower interest rates for smaller balances: Unless you're storing a large sum in this account ($1,000,000+,) then you are earning significantly less than the maximum APY.

Business savings simplified

Explore the Best Small Business Savings Accounts

Visit the Marketplace

About Nationwide

Nationwide is a well-established insurance and financial services company with a solid reputation. In partnership with Axos, an innovative online bank, Nationwide offers a suite of banking products, including the Nationwide Business Premium Savings account, to give businesses the financial tools they need to succeed.

The Bottom Line

The Nationwide Business Premium Savings account is an excellent choice for businesses with a substantial amount of savings, as it offers competitive interest rates, no fees, and convenient tools for managing your account.

Take Your Savings Farther

Ready to open a Nationwide Business Premium Savings account? Start here.

Open Account

at Nationwide

However, businesses with balances that regularly fall under $24,000 may want to explore other options, as they will not be able to access this account's interest rates.