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.
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
Email support
Telephone support
In-app or live chat
Contact form
Branch support
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
To open an account, your business must have an annual turnover of up to £10 million and be one of the following:
Privately or publicly owned limited company incorporated in the UK
Charity registered in the UK
Unincorporated body based in the UK
UK sole trader/partnership
If your business has an annual turnover of £10 million or more, you'll need to open a corporate savings account.
Your identity will usually be verified via electronic checks that are carried out while your application is processed. If your identity cannot be verified, you'll need to provide original copies of your ID either in branch or by post.
Depending on the account and how you receive interest, you will be sent a monthly statement and/or an annual statement each April.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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