Nationwide Business Banking Review

An in-depth review of Nationwide Business Banking.

Updated: May 21, 2024
Matt Crabtree

Written By

Matt Crabtree

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Nationwide Bank provides corporate savings accounts in addition to its consumer checking, savings, and mortgage products. Is it everything you need from a UK-based business account?

Read on for our guide to Nationwide accounts, or take a look at our ‘at a glance’ guide to discover the most important details.

At a Glance — Pros and Cons

Pros

✔️ Various options for business, credit, and business savings accounts.

✔️ Up to £85,000 in FSCS protection.

✔️ Online account-creation.

✔️ No fees for opening an account. 

Cons

❌ Minimum of £5,000 to participate.

❌ Online account management is not available.

❌ With a fixed-term account, you can't add money or take it out.

❌ Business checking accounts are not available from Nationwide, only savings.

Nationwide Business Banking Review — Overview

What is Nationwide business banking?

As a reputable building society, Nationwide is a go-to for commercial financing and savings needs.

With more than 15 million customers, they are the largest building society in the world and the number two lender of home equity loans and savings accounts. 

The Northampton Town & Country Freehold Land Society was established in 1848; it underwent a series of mergers and rebranded as the present-day Nationwide Building Society in 1970.

Introducing Nationwide business bank accounts

The Nationwide Building Society is a well-known institution in the United Kingdom. 

You can easily locate a Nationwide office since they have locations in almost every sizeable community or metropolitan area. The challenge, though, is explaining why you'd choose Nationwide Building Society over other financial organisations.

Despite the building society's admirably moral ownership structure (it is run by its members, not an executive board), its offerings are geared mostly towards consumers rather than commercial enterprises.

Who is Nationwide business banking for?

Ask yourself what you need. Instant Access, Notice, and Fixed Deposit Accounts are just some of the options for corporate savings offered by Nationwide:

  • Open an Instant Saver account with at least £5,000 and make deposits or withdrawals without penalty at any time. You will earn an annual percentage rate of 0.35%.
  • Or you can choose between a 95-day and 125-day Notice Savers account, each of which earns an annual percentage rate (AER) of 1.60% and 1.70%, respectively. Both options call for an opening investment of £5,000 in addition to the aforementioned notice time before any withdrawals may be made.
  • Open a Fixed Saver account with £5,000 and lock in competitive interest rates for 18 months. A fixed interest rate of 3.00% AER is earned if no withdrawals are made throughout the term.

For companies with annual revenue exceeding £10 million, Nationwide also provides a Corporate Savings account. You may put away anything from £100,000 to £25,000,000 in one of our rapid access, notice, or fixed-term accounts.

How to open an account 📁

To open a business account with Nationwide, you can either fill out an online application form or contact Nationwide to have an application form sent to you.

The following information is required:

  • Name of the company.
  • The physical location, electronic mail, and phone number of the enterprise.
  • Your company's characteristics.
  • Organisational legitimacy.
  • Number of registrations (if any).
  • Profit during the year.
  • Assets in total.

The names, addresses, dates of birth, nationalities, and tax residences of any individuals who possess 25% or more of the company are also required. Information about two company executives and any permitted signatories may also be required.

Fill out the online form for a call back to discuss your business's savings requirements and start a corporate savings account.

How to sign up for a Nationwide business checking account 📖 

  1. ✔️ To apply, go for their electronic form on their website.
  2. ✔️ Go to the location of your local Nationwide and have a look around!
  3. ✔️ Just fill out their application and see whether you qualify for Nationwide.
  4. ✔️ Use a picture ID, such a passport or driver's licence, to prove who you are.

You may begin putting money away as soon as you're authorised, generally within 10 business days.

Nationwide Business Banking Review — What features do you get?

What features does Nationwide business banking offer you as a business?

We explore their key features in this section… 

1. Dedicated business savings accounts (no current accounts!)

The company is dedicated to doing the right thing on behalf of its customers, whether it's through the products and services they provide, the charities and causes they support, or the communities they serve. 

They are constantly striving to make a positive impact and uphold their commitment to their customers. If the user decides to save with the company, they could benefit from a variety of perks. These include: 

☑️ A variety of savings accounts are offered to a diverse group of businesses and organisations, such as those in the charitable and educational sectors. 

☑️ The company offers dedicated support for businesses, providing tailored services through their UK-based telephone Business Savings team and Regional Relationship Managers. 

☑️ This well-known British financial institution also boasts one of the strongest credit ratings on the UK high street. 

☑️ You as a user can keep track of your savings with regular statements, providing you with the flexibility to modify and accommodate changes in your business objectives. As a building society, they have the freedom to reinvest more of their profits towards enhancing their products and services, which ultimately benefits their customers. In fact, the company is already reinvesting 1% of its pre-tax profits for the benefit of its customers.

2. Instant access accounts

Instant access accounts are a popular choice for those who want to have quick and easy access to their money. These accounts allow users to withdraw their funds at

The account offers a competitive rate of interest that varies over time. Business Savers offers its customers the flexibility to make deposits as frequently as they desire, with a minimum initial deposit of £5,000 and a maximum balance cap of £10 million.

Corporate Savers allows individuals to make deposits as frequently as they desire, with a minimum initial deposit of £100,000 to start earning interest. The account has a maximum balance limit of £25 million.

The user can opt to receive their interest payments either on a monthly or annual basis, and they have the flexibility to choose whether to deposit the funds into the same account or a different one. Users can withdraw money as needed, with a minimum withdrawal amount of £500.

3. Notice accounts

Notice accounts are a type of account where the account holder is required to give a certain amount of notice before making a withdrawal. With the Notice accounts, customers can earn a competitive variable interest rate.

Business Savers are able to make deposits at their convenience, with a minimum initial deposit of £5,000 and a maximum balance of £10 million. Corporate Savers allows individuals to make deposits at their convenience, with a minimum initial deposit of £100,000 to start earning interest. The account has a maximum balance of £25 million.

Users can choose to have their interest paid either monthly or annually to their current account or to another account of their choice. Users can withdraw money from the account as needed, with a minimum withdrawal of £500. Alternatively, they can choose to close the account once the notice period has ended.

4. Fixed-rate accounts

Fixed-rate accounts are a popular choice among savers who want to earn a guaranteed return on their investment. These accounts offer a fixed interest rate.

Customers can lock their money away for a fixed rate by choosing one of the Fixed Rate Saver accounts offered by the company. Business Savers have the option to make a single deposit ranging from £5,000 to £10 million. During the fixed rate period, the user will not be able to make a withdrawal.

A single deposit ranging from £100,000 to £25 million can be made by Corporate Savers. During the fixed rate period, the user will not be able to make a withdrawal. If an account has a term of 1 year or less, the bank calculates the interest daily and pays it out upon maturity.

If an account has a term greater than one year, the financial institution calculates interest on a daily basis. Once a year, the interest is then added to the account on its anniversary date after being compounded.

Nationwide Business Banking Review — Buying Guide

Let’s explore choosing a Nationwide business account practically speaking.  

What packages does Nationwide offer?

In what ways does Nationwide help with business savings?

If your company's annual revenue is less than £10 million, you may open a business savings account with Nationwide. Companies with annual revenues exceeding £10 million are eligible for a Nationwide Business Current Account. To help you choose the one that's right for your company, there are 7 distinct business savings accounts with varying levels of accessibility.

  • 📖  Rapid time-saver. You may deposit and withdraw money from this account anytime you please, making it ideal for savings. Deposit any amount between £5,000 and £10,000,000 and take out a minimum of £500. The account's variable interest rate is paid monthly or yearly and it may be maintained through email, regular mail, or fax.
  • 📖 35-day. Because this is a notice account, withdrawals must be requested at least 35 days in advance. The price range is from £5,000 to £10,000,000. Email, regular mail, or fax may all be used to access and manage your account. Monthly or yearly payments are made at a variable interest rate.
  • 📖 95 days. You may make withdrawals from this account after giving 95 days' notice. The price range is £5,000 to £10,000,000. The account's interest rate is subject to change and it may be monitored electronically, by regular mail, or via fax.
  • 📖 12 months. This account has a set rate of interest and a fixed period of one year. Deposit between £5,000 and £10,000,000 at the time of account establishment; after that, no more deposits or withdrawals are permitted for a period of 12 months.
  • 📖 18 months. This is an 18-month time deposit with a set interest rate. When creating an account, a single payment between £5,000 and £10 million is required. For the first 18 months, you won't be able to cash out.
  • 📖 3-year. This is a three-year fixed-term account. There is a set interest rate and no access to the funds throughout the period of the account. When creating an account, a single payment between £5,000 and £10 million is required.
  • 📖 5 years. This is a 5-year time-limited account. No money may be taken out until the end of the term, although interest is guaranteed at a certain rate. When creating an account, a single payment between £5,000 and £10 million is required.

Depending on your business's needs, you may open a corporate savings account with Nationwide with either rapid access, notice, or fixed-term deposit options and a personal relationship manager. The minimum opening deposit is £100,000, and the maximum amount per account is £25,000,000.

Nationwide business banking fees

Nationwide's corporate savings accounts are free to create and use. If at any time your account balance is less than £5,000, interest will not be accrued again until it is at least that amount again.

The fees and costs that Nationwide Building Society levies on its commercial clientele are varied. Overdraft charges, transaction fees, and interest on loans are all examples. Before creating an account, it's smart to familiarise yourself with the different pricing structures available.

How safe is Nationwide?

Both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority oversee Nationwide, however, the former grants Nationwide its licence to operate as a bank. Your savings of up to £85,000 with Nationwide are insured against the failure of the building society by the Financial Services Compensation Scheme (FSCS).

Keep in mind that any savings balances in excess of £85,000 that you may have with Nationwide will not be insured.

What about customer service?

73 per cent of reviewers on Trustpilot were critical enough to give the service a 1/5 rating. While some customers are pleased with the quick response time, others have voiced concerns about the quality of account maintenance, communications, and member benefits.  

Trustpilot gives a national average of 1.7 stars, based on more than 3,400 reviews. Only 15% of buyers gave them a perfect five-star rating, while 75% gave only one star.

Similar to Trustpilot, the ratings on ratings.co.uk are mixed, with 51% of reviewers saying they would recommend the service. Smart Money People, on the other hand, has overwhelmingly good feedback. The majority of clients are delighted with the low barriers to entry, high-interest rates, and competitive perks.

With a customer satisfaction rating of 74%, Nationwide ranks #6 on Which?'s Best & Worst Banks list. Online banking and the mobile app both received perfect scores of 5 out of 5, while customer service, communication, phone banking, in-branch service, fee transparency, and complaint management each received 4 out of 5 stars.

The Business Moneyfacts Awards 2018 named Nationwide the Best Business Variable Rate Deposit Account Provider.

In 2019, Nationwide was awarded a £50 million grant from a Royal Bank of Scotland-backed scheme. The money will go towards the building society's plans to create a business financing product and educate employees in business banking services targeted at small and medium-sized enterprises.

What other features set Nationwide business banking apart from the rest?

Keep in mind that Nationwide Building Society is not focused on commercial enterprises.

With the right amount of capital on hand, any sole trader or small to medium-sized enterprise (SME) can create a business savings account; nevertheless, the same requirements as those of a personal client apply.

Nationwide Building Society's member benefits and loan programmes are mostly geared towards private consumers rather than commercial enterprises. Think about how open you are to merging your business and personal financial lives.

If you're looking to save money for your company rather than yourself, you may want to look elsewhere than Nationwide Building Society. Both Aldermore and Allica Bank are excellent examples of this.

Nationwide Business Banking Review: The Verdict

Nationwide has many alternatives for saving your company money that may be tailored to your specific needs. Nationwide provides a variety of business savings accounts, including some that require you to wait a year or more before withdrawing funds and others that give you access to your money immediately.

A web-based or mobile app-accessible savings account, however, is not available here. If you'd want to keep both your company checking and savings accounts with the same institution, you'll be out of luck with Nationwide since it doesn't provide business current accounts.

You may lessen the likelihood of going over the £85,000 per person, per banking institution FSCS limit by keeping your business checking and savings accounts with several providers.

More about Nationwide

Over 250 separate credit unions make up Nationwide.

Significant mergers included 1987's joining with the Anglia Building Society and 2007's joining with the Portman Building Society. It has a 10.3 per cent share of the current account market in the UK in the fiscal year 2021/202, making it the number two supplier of savings and mortgages to British households.

Nationwide has assets of around £272.4 billion for the financial year 2021/2022, compared to £483 billion for the total building society sector]. This makes Nationwide bigger than the other 42 British building societies put together.

The Building Societies Association, the Council of Mortgage Lenders, and the Co-operatives UK are among the organisations it is affiliated with.

Nationwide contact details

Nationwide Commercial invites you to check out their latest rates and apply now at their website, nationwidecommercial.co.uk.

To get in touch with a Regional Relationship Manager, interested individuals can visit nationwidecommercial.co.uk/contact-us.

Alternatively, individuals have the option to speak with a knowledgeable member of the Business Savings team by calling 0800 66 55 11.

Email: BusinessSavings@nationwide.co.uk

Related Guides:

FAQs

How legitimate is Nationwide business banking?

Can I open a business checking account at Nationwide Building Society?

In what ways can I make use of Nationwide Building Society's services?

What about payment options?

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