Best Nationwide Business Banking
About Nationwide
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How it worksNationwide are a well-known building society that offer businesses lending and savings solutions. They are the biggest building society in the world with over 15 million members and are the second largest provider of personal mortgages and savings accounts. They've had a presence in the UK that dates back to 1848 as the Northampton Town & Country Freehold Land Society, changing their name to Nationwide Building Society in 1970 after many mergers over the years.
See our full Nationwide business savings review of features, fees and how they compare against other banks that offer saving solutions.
Nationwide pros & cons
Pros of Nationwide
- High interest rate accounts
- Multiple ways of saving
- No fees or hidden charges
- High maximum balance limits
Cons of Nationwide
- Do not offer a business current account
- Poor customer reviews
- No business banking app
Nationwide business savings
There are five Nationwide business savings accounts available, including instant access, notice and fixed deposit accounts:
- Instant Saver - an instant access account that can be opened with at least £5,000 and allows you to add or remove money whenever you want to, free of any fees. You'll receive a 2.25% AER variable interest rate.
- Notice Savers - there is a 35 and 95 day account available, earning up to 3.10% or 3.80% AER variable. Both require an initial investment of £5,000 to open and the given notice period to withdraw any funds.
- Fixed Savers - offer a six month and one year fixed term account, both can be opened with £5,000. No withdrawals can be made for the period, yielding fixed interest rates of 4.50% or 4.90% AER.
Nationwide also offer Corporate Savings accounts for businesses that turnover more than £10 million a year. There is a choice of instant access, notice or fixed term accounts, where you can save from £100,000 to £25 million.
Here's a summary of interest rates for Nationwide's business savings accounts:
| Account name | Instant Saver | 35 Day Notice Saver | 95 Day Notice Saver | 6 Month Fixed Saver |
| Account type | Instant access | Notice | Notice | Fixed term |
| Interest rate (AER) | 2.25% variable | 3.10% variable | 3.80% variable | 4.50% fixed |
| Minimum deposit | £5,000 | £5,000 | £5,000 | £5,000 |
| Maximum balance | £10,000,000 | £10,000,000 | £10,000,000 | £10,000,000 |
Eligibility
To be eligible for a Nationwide account you must:
- Be a sole trader, partnership, private/public limited company or charity
- Be registered & a resident in the UK
- Not intend to use the account for day-to-day transactions
- Nominate a current account for paying in/withdrawals - must be in the same name
Opening an account
Here's how to open a Nationwide business account:
- To open online complete their online application form or download their app from Google Play or the App Store
- To open in store find your nearest Nationwide and head on in
- Complete their application - Nationwide will confirm your eligibility
- Verify your ID - with photo ID such as a passport or driving licence
- Once approved - usually within 10 working days - you can start saving
Nationwide reviews
Nationwide score a bad 1.7 stars on Trustpilot, from over 5,400 reviews. With only 14% of customers rating them 5-star and 76% giving them 1 star.
Contrastingly, App Store users give them 4.8 out of 5 stars, from over 588,300 ratings.
And they score 4.5 stars on Google Play, from over 105,000 reviews
Information correct as of 6th January 2024.