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Nationwide business savings comparison and review
Nationwide offers a range of different business savings accounts that can be used for different purposes.
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Nationwide was founded back in 1884. Because it is a building society, or mutual, it is owned by its members. Anyone who opens an account with Nationwide will become a member and can have their say in how the building society is run through regular talkback events and Annual General Meetings.
As well as offering a range of bank accounts, savings accounts and mortgages for consumers, Nationwide also offers savings accounts for businesses.
Compare Nationwide business savings accounts
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What types of business savings accounts does Nationwide offer?
Nationwide’s business savings accounts are available to businesses that have an annual turnover of less than £10 million. For businesses with a turnover of more than £10 million, Nationwide offers corporate savings accounts.
There are 7 business savings accounts to choose from, all with different access requirements, so you can decide which one best suits your business:
- Instant saver. This is an easy access savings account, letting you pay in and withdraw cash whenever you like. Pay in between £5,000 and £10 million and make minimum withdrawals of £500. The account can be managed by email, post or fax and pays a variable interest rate, either monthly or annually.
- 35 day saver. This is a notice account, allowing withdrawals subject to 35 days’ notice. You can pay in between £5,000 and £10 million. The account can be managed by email, post or fax. The interest rate is variable and paid monthly or annually.
- 95 day saver. This is a notice account that allows withdrawals subject to 95 days’ notice. Pay in between £5,000 and £10 million. The account pays a variable interest rate, either monthly or annually, and can be managed by email, post or fax.
- 1 year saver. This is a fixed term account for one year that pays a fixed rate of interest. Pay in between £5,000 and £10 million at account opening – no further deposits can be made and no withdrawals can be made for 12 months.
- 18 month saver. This is a fixed term account for 18 months, paying a fixed rate of interest. Pay in a single deposit of between £5,000 and £10 million at account opening. No withdrawals can be made for 18 months.
- 3 year saver. This is another fixed term account, lasting 3 years. The account pays a fixed rate of interest and no withdrawals can be made during the term. Pay in a single deposit of between £5,000 and £10 million at account opening.
- 5 year saver. This is a fixed term account running for 5 years. It pays a fixed rate of interest and no withdrawals can be made during the term. Pay in a single deposit of between £5,000 and £10 million at account opening.
Nationwide’s corporate savings accounts offer a dedicated relationship manager and you can choose from instant access, notice or fixed term deposit accounts. You’ll need a minimum deposit of £100,000, and a maximum balance of £25 million is permitted per account.
What types of fees are there?
There are no fees for opening or using a business savings account with Nationwide. However, if your balance falls below £5,000 at any point, you will not earn interest until your balance returns to £5,000 or more.
How to apply
You can apply for a Nationwide business savings account by filling in an online form or by contacting Nationwide and asking for an application form to be sent by post or email. You’ll need to provide the following details:
- The business name
- The business trading address, email address and contact number
- Nature of the business
- Legal status of the business
- Registration number (if applicable)
- Annual turnover
- Total assets
You will also need to provide details of any beneficial owners who own 25% or more of the business including their name, address, date of birth, nationality and tax residence. Additionally, you may be asked for details of 2 business officials and anyone who will be an authorised signatory on the account.
To open a corporate savings account, you’ll need to fill in an online form to request a call back so that your savings needs can be discussed in more detail.
Is Nationwide safe?
Yes. Nationwide is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Eligible deposits with Nationwide are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS), which means that should the building society collapse, your money will be safe.
Note that if you hold more than £85,000 in savings with Nationwide, any amount over this will not be covered.
Pros and cons of Nationwide
Pros
- Wide range of savings accounts to choose from
- No fees apply
- FSCS protection up to £85,000
- Accounts can be opened online
Cons
- Minimum investment of £5,000 required
- Accounts cannot be managed online
- No additional deposits or withdrawals permitted with fixed term accounts
- Nationwide does not offer business current accounts
Customer service information for Nationwide
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Our verdict
If you’re looking for somewhere to house your business savings, Nationwide offers a range of options to suit different business requirements. Whether you’re happy to leave your business savings untouched for a year or more, you need instant access or you’re looking for something in between with a notice account, Nationwide offers it all.
However, if you’re looking for a savings account that can be managed online or via an app, you’ll need to look elsewhere. Nationwide also won’t be an option if you want your business bank account and savings account with the same provider, as it doesn’t offer business current accounts. That said, having your business bank account and business savings with separate providers reduces the risk of you exceeding the FSCS limit of £85,000 per person, per banking institution. Visit Nationwide’s website to open an account or compare other business savings accounts here.
Frequently asked questions
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