Instant access account
An instant access business savings account with the flexibility to pay money in or take money out when you need to
Earn up to 0.50% gross p.a./AER (variable)
Choose your interest to be paid monthly or annually.
Pay in and take money out when you like
Minimum initial deposit of £5,000, up to a maximum balance of £10 million. Minimum withdrawal of £500.
Manage by email, post or fax
To take out money, complete a withdrawal form and send to us.
No fees and charges
There are no fees and charges for any of our business savings accounts.
|Account name||Business Instant Saver - Issue 7|
|What is the interest rate?||You can choose to have interest paid monthly or annually.|
|Annual Interest gross p.a./AER (variable)||Monthly Interest gross p.a./AER (variable)|
|Interest is calculated daily, and paid either annually on 31 March or monthly on the first working day of each calendar month.
Interest can be paid into the account, into your Nominated Account or any other Business Saver Account that you have with us. Please see the Business Instant Saver Account Specific Terms. Please see Additional Information below for further information on Nominated Accounts. We also pay interest when you close your account and we add this to the capital value of the account.
|Can Nationwide change the interest rate?||Yes, the interest rate is variable. We can increase or decrease the interest rate for any of the reasons set out in the Business Savings general terms and conditions.
Please see section C of the Business Savings General Terms and Conditions for details about why we may change the interest rates and how we will tell you about any rate changes.
|What would the estimated balance be after 12 months based on a £10,000 deposit?||This shows the balance on an initial deposit of £10,000 over 12 months where interest is either paid annually or monthly into the account.|
gross p.a./AER (variable)
|Balance at end of 12 months with interest|
|This projection is provided for illustrative purposes only, it assumes that:
|How do I open and manage my account?||To open this account you must be a:|
a) Privately or publicly owned limited company incorporated in the UK;
b) Charity registered in the UK;
c) Unincorporated body (e.g. Club, Parish Council) based in the UK;
d) UK sole trader/partnership.
You can open this account:
|Can I withdraw money?||Yes, you can withdraw money from your account by post, fax or a signed PDF instruction attached to an email.
The minimum amount you can withdraw is £500.
If we receive your payment instruction by 3pm (working days only) you will receive your funds back into your nominated account that same working day. If we receive your payment instruction after 3pm or when our office is closed, then we'll process it on the next working day.
Please note that if the account balance falls below £5,000, then you won't earn interest until the account returns to the minimum balance of £5,000.
|Additional information||If there has been a transaction on your account you will receive a full statement on the first working day of the next calendar month.|
Your Nominated Account
Your nominated account is where we'll send your money to when you make a withdrawal request. Your nominated account must be an existing UK based business account in the name of your business and be able to receive CHAPS payments. Please see sections B of the Business Instant Saver Account Specific Terms for further details.
Interest rate definitions explained
The interest rate(s) is/are effective from 12 April 2018 and the other information in the summary box is effective from 21 June 2018.
This summary box sets out the key features of the savings account. For full details, please read the account terms and conditions.
Before you apply, please make sure you read the summary box and the Business Savings General Terms and Conditions and Business Instant Saver Account Specific Terms in full and print or save a copy of the PDFs below for future reference.
Other important information
Business Savings General Terms and Conditions
FSCS - Protecting your money
Your eligible deposits with Nationwide Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.