News Article
Nationwide increases choice for Business Savers
New Fixed Rate Bonds added to Society's existing business savings range
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Small businesses
For small businesses (new and existing Nationwide customers) with a maximum headcount of 250 and a maximum turnover of £45m, the following fixed rate bonds are available.
The rates of annual interest are:
- Six-month Business Saver Bond paying 1.80% gross p.a./AER*
- 12-month Business Saver Bond paying 2.00% gross p.a./AER*
Both rates are paid on balances of £10,000 or more with a maximum balance of £10m allowed.
Medium sized businesses
For medium sized businesses (new and existing Nationwide customers) with a maximum headcount of 500 and a maximum turnover of £100m, the following fixed rate bonds are available.
The rates of annual interest are:
- Six-month Corporate Saver Bond paying 1.50% gross p.a./AER*
- 12-month Corporate Saver Bond paying 1.70% gross p.a./AER*
Both rates are paid on balances of £100,000 or more with a maximum balance of £25m allowed.
Application forms to open all the Bonds are available by visiting www.nationwidecommercial.co.uk or by contacting Nationwide Commercial on 0800 66 55 11.
Mark Bampton, Head of Business Savings, said: "In the current climate, it is important to cater for a variety of business savings needs, which is why we have added competitive fixed rate bonds with terms of six or twelve months to our existing instant access and notice accounts. The addition of the Fixed Rate Bonds to our business savings portfolio emphasises our commitment to SME savers whether they are saving for the short, medium or long-term."
Notes to editors:
*AER stands for Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded each year.
- Applications are required for all products. Further details of terms and conditions available on request.
- The products may be withdrawn without notice.
- No withdrawals allowed during the fixed rate term
Interest rates - correct as at 2 July 2012
Six-month Business Saver Bond (annual) |
AER/Gross p.a. |
£10,000+ |
1.80% |
12-month Business Saver Bond (annual) |
AER/Gross p.a |
£10,000+ |
2.00% |
Six-month Corporate Saver Bond (annual) |
AER/Gross p.a |
£100,000+ |
1.50% |
12-month Corporate Saver Bond (annual) |
AER/Gross p.a |
£100,000+ |
1.70% |
Business savings accounts are provided by Nationwide International Ltd, a wholly owned subsidiary of Nationwide Building Society and a part of the Nationwide Group. These accounts can only be opened and operated through Nationwide International Ltd which is sited in the Isle of Man.
About Nationwide Commercial
- A leading lender in the UK commercial property, social housing and PFI markets with a loan book in excess of £22 billion.
- Customers range from housing associations to private property investors to institutional funds and specialist property firms to major public limited companies.
- Nationwide has committed over £2 billion to the UK PFI/PPP sector to over 80 separate projects including the first affordable housing PFI.
- Leading player in UK Social Infrastructure projects (ranked 2nd in the Infrastructure Journal 2009 League Table for Mandated Lead Arrangers).
- Nationwide Commercial is a leading lender to affordable housing providers becoming the first to commit over £9 billion to the sector.
About Nationwide Building Society
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year ending April 2012 Nationwide made a strong underlying profit of £304 million - up 10% from the previous year.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.