This review is for: Money Market
I'm always reluctant to try the services of an established company that tries to jump into a new business area. Nationwide is car insurance - that's what years of advertising has told me. But now, they do banking too! So give us all of that money also!
However, once I got over my initial gut reaction, my rational thought process kicked in and I realized there's a potential upside here. Nationwide is gonna need to work to establish themselves in this space. For instance, I used to have Merrill Lynch as my bank - for both savings and checking. A lot of friends didn't realize Merrill was actually in the space, and I suppose never really thought about it at the time - but looking back - I got some great service there - they were really working for my money, and I told my friends about it....
So my thinking is that Nationwide might be in the same situation. Their rate is a respectable 2.29% right now, and they can offer some big company perks that you don't get with a smaller newcomer - no ach transfer limits, no max account balance, and no maximum beneficiaries. They're still a big company - but I like knowing that Nationwide feels like they need to work for my money to establish themselves - that can make a big difference in customer service, rates, and perks.
Posted by envestor -- March 18, 2009
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