Business Savings FAQs


We want you to be able to use our services quickly and easily, so that’s why we regularly update our FAQs to answer any questions that may arise.

Saving with Nationwide

Why should I choose Nationwide for my business savings?

Here’s a few facts to help you decide if Nationwide is the right place for your business savings.

  • Competitive rates, proven to pay over twice as much as some high street banks
  • Choice of instant access, notice period and fixed term business savings accounts
  • UK based telephone team dedicated to the needs of Nationwide Business Savers
  • Security - we have strong credit rating grades to give you the reassurance that your business savings are safe and secure.

You can also find out more by downloading our About our Business Savings accounts guide which tells you more about the different accounts we offer.

What are your current business savings rates?

You’ll find our latest rates on our business savings accounts page or you can download them in our business savings rates guide.

If you’re already a Business Savings customer, please visit our Historic rates page.

Are my business savings covered by the FSCS guarantee?

If you open a new Business Savings account or you have existing account(s) these Business Savings account(s) will be covered by the Financial Services Compensation Scheme (FSCS) providing you meet the eligibility criteria.

Choosing an account

How can I decide if I need a Business Savings account or a Corporate Savings account?

Our Business Savings accounts are for businesses and organisations that:

  • employ up to 250 people
  • have an annual turnover or assets of up to £45 million

Our Corporate Savings accounts are for businesses and organisations that:

You can find out more in our About our Business Savings accounts guide. Or if you need further support please call our Business Savings team on 0800 66 55 11. We’re here to help Monday to Friday from 9am to 5pm, except bank holidays.

What help can you give me in selecting the right account(s) for me?

We don't give advice on which account best suits your financial needs however we are available to help you open and manage your accounts.

If you’re a Business Saver, you can speak to our Business Savings team on 0800 66 55 11 (option 1). We’re here to help you open and manage your Business Savings accounts. Lines are open Monday to Friday from 9am to 5pm except bank holidays.

If you’re a Corporate Saver, you can contact us to speak to one of our Relationship Managers. As well as helping you open and manage your Corporate Savings account, they can also tell you about our interest rates for Corporate Savings.

You can also download our guide About our Business Savings accounts to find out more.

Does Nationwide offer Business Current Accounts?

We don't currently offer Business Current Accounts, our Business Savings accounts aren't suitable for everyday business banking purposes.

Opening an account

Who can open a Business Savings account?

Nationwide Business Savings accounts are for businesses and organisations established and operating in the UK. E.g.

  • Limited companies
  • Charities
  • Partnerships
  • Sole Traders
  • Housing Associations
  • Clubs & Societies
  • Parish Councils

In addition to qualify for a Business Savings account, your business or organisation must:

  • employ up to 250 people
  • have annual turnover or assets of up to £45 million.

Larger organisations may be eligible to benefit from our Corporate Savings accounts.

We don't offer accounts to Insurance Companies, Life Assurance Companies, Venture Capital Trusts, Personal and Corporate Trustee of Express Trusts and Wealth Management or other financial service investment firms.

All of our accounts are for your short and long term business savings needs. They're not suitable for use as a business current account or the day to day transactions of running a business.

Choose from one of our business savings accounts and then apply online today.

Who can open a Corporate Savings account?

Nationwide Business Savings accounts are for businesses and organisations established and operating in the UK. E.g.

  • Limited companies
  • Charities
  • Partnerships
  • Sole Traders
  • Housing Associations
  • Clubs & Societies
  • Parish Councils

In addition to qualify for a Corporate savings account, your business or organisation must exceed the following criteria:

  • employ up to 250 people
  • have annual turnover or assets of up to £45 million.

Smaller organisations may be eligible to benefit from our business savings accounts.

We don't offer accounts to Insurance Companies, Life Assurance Companies, Venture Capital Trusts, Personal and Corporate Trustee of Express Trusts and Wealth Management or other financial service investment firms.

All of our accounts are for your short and long term business savings needs. They're not suitable for use as a business current account or the day to day transactions of running a business.

Contact us through one of our Relationship Managers in your area to find out more.

How can I open a Business Savings account?

You need to choose from one of our business savings accounts and fill in our online Business Savings Application Form.

Or if you need help to choose your account or to complete the application form please call our Business Savings team on 0800 66 55 11, then press option 1. We’re here to help Monday to Friday from 9am to 5pm except bank holidays.

Once we’ve received your ID documentation, we’ll aim to open your account within five working days. We’ll keep you fully updated of the progress of your application.

How can I open a Corporate Savings account?

Please contact us through one of our Relationship Managers who can tell you about rates and accounts for our Corporate Savings accounts. They can also help you to choose and open an account or combination of accounts to meet your needs.

Find out more about our Corporate Savings accounts here.

Once we’ve received your ID documentation, we’ll aim to open your account within five working days. We’ll keep you fully updated of the progress of your application.

Can I open a Business Savings account in a Nationwide branch?

Our Business Savings accounts can only be opened by applying online or you can contact us.

Nationwide branches can’t open a Business Savings account for you, however, if we’ve asked to see copies of ID after you’ve applied for a Business Savings account, you can take your ID in to your local branch to get it checked.

What information do I need to open a Business Savings account?

Please visit our Opening an account page to find all information you'll need to open a Business Savings account.

Do you carry out any checks on me when I open a new account?

We may carry out electronic searches through credit agencies in line with UK Money Laundering Regulations, to help us identify you and confirm that the information you’ve provided is correct. These searches won’t affect your credit score and won’t be used by lenders to assess any credit applications.

For more details, please read our Use of information statement.

What ID do I need to provide to open a Business Savings account?

In most cases we’ll be able to verify your identity via the electronic checks we perform whilst we’re processing your application. However, if we’re unable to verify your identity, we’ll need to see original copies of your ID before we can open your account. This is to help us to protect your money and for us to meet UK Money Laundering regulations.

There’s a list of the original identification we can accept in any Nationwide branch or by post in our Proof of ID guide.

How do I open a Business or Corporate Savings account if I live overseas?

To open an account with us, your company must be incorporated in the UK.

If you live overseas but your company is incorporated in the UK, then our usual opening requirements apply. Please refer to the Opening an account section of these FAQs to find out more about this process.

How do I check the progress of my application?

To find out the progress of a new Business Savings application please call us on 0800 66 55 11 (option 1) or email us at commercial.deposits@nationwide.co.uk.

For Corporate Savings applications please contact us to get in touch with one of our Relationship Managers, who can update you.

Putting money in

How can I pay money in to my Business or Corporate Savings account?

Depending on whether you’re a Business or Corporate Saver, you’ll find all the information you need to help you pay money in to your Business Savings account by downloading one of the following guides:

Using your Business Savings account
Using your Corporate Savings account

Why do I have to send my deposits to HSBC?

As Nationwide aren’t a direct member of the Clearing House Automated Payment System (CHAPS), we use HSBC as our bank to route your funds into your business savings account. The above details can also be viewed on Nationwide.co.uk

Taking money out

How can I take money out of my Business or Corporate Savings account?

Depending on whether you’re a Business or Corporate saver, you’ll find all the information you need to help you withdraw funds from your Business Savings account in the following guides:

Using your Business Savings account
Using your Corporate Savings account

Interest

How is interest calculated and paid on my account?

Interest is calculated on the amount of cleared funds in your Business Savings account on a daily basis.

Unless you’re on one of our Fixed Rate accounts, you can choose the frequency of when your interest is paid (either monthly or annually) when completing the application form to open your Business Savings account(s).

Monthly interest is paid on the first working day of each calendar month and annual interest is paid on 31 March. If you have one of our Fixed Rate accounts, your interest will be paid upon maturity, either after 6 months or 1 Year, depending on the period of your fixed term.

What happens if my interest rate changes?

If you have an Instant Access Business or Corporate Savings account and the interest rate decreases we’ll tell you about it personally either in writing or by email at least 14 days before we make the change.

If you have a Business or Corporate 95 Day Savings account and the interest rate decreases we’ll tell you about it personally either in writing or by email at least 14 days before we make the change. You'll have this period to contact us to close your account without any loss of interest.

If the interest rate change is favourable, we won't contact you.

If you have a Business or Corporate 6 Month Saver or 1 Year Saver account, your interest rate will stay the same for the period of your fixed term.

Am I affected by the Personal Savings Allowance?

With the exception of Sole Traders and Partnerships, we already pay interest without tax deduction to our business savings customers. Therefore, this change will only affect you if you are a Sole Trader or form part of a Partnership. Please visit our Personal Savings Allowance page for more information.

Will I receive interest on my account if the balance is below the minimum required balance of the account?

If your balance is below the advised minimum required balance, you won’t receive interest on your account.

Managing your account

What’s the best way to manage my account?

We’ve produced some helpful guides with hints and tips. Please click the link below to download the guide:

Using your Business Savings account
Using your Corporate Savings account

How can I keep track of my Business Savings?

We’ll keep you informed about how your savings are performing in the following ways:

Monthly statement
We’ll send you a statement when you open your account and after any deposit of £5,000+ or any withdrawal regardless of the amount. If a deposit of less than £5,000 is made, a statement will be sent on the 15th of the following month.

Annual statement
We’ll send you an annual statement every April.

If you want to receive any more regular statements, simply contact us.

What happens if I withdraw the full balance of my account?

If the entire balance of the account is withdrawn, the account will remain open. We'll contact you after a while to check if you want it to remain open or close it.

Once the account has been closed, further deposits would require a new account to be opened.

Managing your matured fund

Will you remind me when my fixed rate account is due to mature?

If you have one of our Business or Corporate Fixed Rate Savings accounts we’ll contact you before your account matures to help you arrange the next step for your savings.

What happens to my matured funds if I haven’t told you what I’d like to do next?

If you’re unable to decide what you’d like to do next by the time your account matures, we’ll transfer your closing balance in to a Maturity Reserve account which has a variable interest rate.

If something goes wrong

How can I make a complaint?

We know we don’t always get it right, so if something goes wrong, please let us know, and we’ll do all we can reasonably do to put it right.

Call us on:0800 66 55 11
Write to us at: Business Savings
Nationwide Building Society
Kings Park Road
Moulton Park
Northampton
NN3 6NW

If you’re not satisfied with the way we have dealt with your complaint and you employ less than 10 people and have a turnover or balance sheet of up to €2 million, you can ask the Financial Ombudsman Service (FOS) to get involved. It won’t affect your right to take legal action against Nationwide. You can also refer your complaint to FOS first without giving us the opportunity to resolve it, but if you do this, they will only consider your complaint with our consent. FOS provides a free, independent, complaint resolution service. Details about their service and how to refer a complaint to them can be found on their website at www.financial-ombudsman.org.uk

We hope we've covered most of the common questions, but if you’re still unsure about something, you can contact us to speak to our dedicated team.