The purpose of these FAQs is to provide easy to understand answers to the questions we are most asked by customers.
No information contained in these FAQs constitutes investment, legal, tax or other advice and is not to be relied upon when making an investment decision.
How can I use the accounts?
The deposit accounts currently on offer are for the sole purpose of receiving enhanced interest on business savings and are not to be used for the day to day transactional banking activities of running a business.
Withdrawals from the account can take up to 3-5 working days (depending on your requested method of transfer) during which no interest will be earned on the amount being withdrawn. Nationwide reserve the right to withdraw a customer account if we deem the account is being run in any manner contrary to the above.
Who is Nationwide International Limited?
Nationwide International is a wholly own subsidiary of Nationwide Building society and have been based on the Isle of Man for over 20 years. Nationwide international specialise in both retail and corporate deposit accounts and are licensed to take deposits by the Isle of Man Financial Supervision Commission
Isle of Man and offshore financial regulations.
The Isle of Man is a crown dependency of the UK and has a Triple 'A' sovereign rating from Moody's, AA+ from Standard & Poor's and has been recognised by the IMF as a well-regulated offshore Finance Centre of excellence. The banking sector is regulated by the Isle of Man Financial Supervision Commission under the terms of the Financial Services Act 2008.
Am I covered by the UK Depositors compensation scheme?
Nationwide International is not a participant in the UK FSA Depositors compensation scheme but is a participant in the Isle of Man Depositors Compensation Scheme Regulations 2010. Nationwide International places its funds with its parent company and thus its financial standing is linked to that of the Nationwide Group. Depositors may wish to form their own view on the financial standing of Nationwide International and the Nationwide Group based on publicly available information. The latest report and accounts are available at nationwideinternational.com and nationwide.co.uk.
Opening an Account
By opening a business / corporate savings account do I become a member of Nationwide Building Society?
Nationwide International Limited are depositors and not members, therefore, by opening an account with Nationwide International you do not obtain membership rights in Nationwide Building Society.
How do I apply for an account to be opened?
- Download an application form from our website and return to the Commercial Deposits team in any of the following ways:
Nationwide Building Society
Fax: 01604 852810
- Call the Commercial Deposits team on 0800 66 55 11 9am – 5pm Monday to Friday and an application form will be sent out to you – post, fax or email the form back to the Commercial Deposits team.
The original documents must be received before the account can be fully operational.
Do I need to provide any identification or proof of address?
Yes, there are different and additional requirements depending on the type of business entity you represent. For more information contact the Commercial Deposits team on 0800 66 55 11 9am – 5pm Monday to Friday for specific requirements.
Can I open an account without an initial deposit.
Yes, you can open a Nationwide International without an initial deposit. An account can remain with a zero balance for a period of three months at which stage the account may be closed.
How soon can an account be opened?
Upon receipt of satisfactory original or suitably certified copy documentation the account will be opened within two working days. You will be kept fully up to date of the progress of your application.
Can I have more than one account?
Once you have established the account type you are eligible for you can have more than one account, including an instant access account and 95 day notice account.
What accounts do you have available if my business is too large to qualify for these accounts?
Should your business not qualify for these deposit products please visit our Treasury department
for details of additional services that may be suitable.
How do I...
Pay in to my account?
You can make by electronic/telegraphic transfer or BACs. (charges may apply)
Withdraw funds from my account?
You can withdraw funds by electronic/telegraphic* transfer or BACs.
Nationwide International Limited will mange all withdrawals and requires written confirmation for all transactions. If a fax agreement has been put in place this notification can be faxed.
Check my account balance?
All balance checks should be undertaken by contacting Nationwide International Limited on 01624 696010.
In addition a statement will be issued upon opening the account and following any deposit of £5,000.00 or more or any withdrawal regardless of amount. If a deposit of less than £5,000.00 is made a statement will be sent on the 15th of the following month.
Annual statements are sent in April each year. Additional statements can be requested at any time directly from Nationwide International Limited.
Fund Withdrawals and Levels
Can I withdraw my funds early from the 95 day notice accounts?
No, the 95 day notice period must be served in full before funds can be withdrawn.
What if the account balance falls below the minimum balance requirement?
The balance will no longer earn any interest for the period it is below the minimum balance.
What happens if the full balance of the account is withdrawn?
If the entire balance of the account is withdrawn the account will automatically be closed. However, the account can be kept open with a balance of £1.00 in the account. Once the account has been closed further deposits would require a new account to be opened.
How is interest calculated?
Interest is calculated on a daily basis on cleared funds in your account.
When is interest paid?
You can choose to have your interest paid annually, monthly or on closure. Annual interest is paid on 31 March and monthly interest is paid on the first working day of each calendar month.
Can I change the frequency that interest is paid?
No, the frequency will be set as specified in the application form.
When will you notify me of interest rate changes?
For instant access Saver accounts you will be informed within 30 days of the rate change.
For 95 Day Saver accounts you will be informed 45 days prior to the rate change.
(Please see Terms & Conditions for full details).