Business 1 Year Saver
Please note: Nationwide Business Savings accounts aren't current accounts and can't be used for everyday transactions.
If you don’t need to access your money for 12 months, our 1 Year Saver Account rewards your longer-term commitment with a fixed rate of interest.
Why choose this account?
- Earn 0.80% AER/gross p.a. (fixed)
We’ll add your interest when the fixed 1 year term is over.
- Make a single opening deposit
Pay in between £5,000 and £10 million at the start – and that’s it for a year. No withdrawals can be made for 12 months.
- No fees or charges
We won’t charge you a penny for any of our Business Savings accounts.
If you become a member of the Society when you open a Business Savings account with us, we need to let you know about our most recent summary financial statement and auditors' reports. These are published on nationwide.co.uk. The summary financial statement shows a summary of our accounts, you can access it by navigating to the 'Summary Financial Statement' page in our Review of the Year. You can also view our Review of the Year and latest full annual report and accounts, which contains our auditors' report, by navigating to our 'Results and Accounts' page and selecting the relevant year.
|Account name||Business 1 Year Saver - Issue 20|
|What is the interest rate?||Term||Interest rate AER/gross p.a. (fixed)|
|Interest is calculated daily and will be added to the balance and paid upon maturity of the account.|
|Can Nationwide change the interest rate?||No, the interest rate on this account is fixed for the term and cannot be changed.|
|What would the estimated balance be at the end of the fixed term based on a £10,000 deposit?||This shows the balance on an initial deposit of £10,000 for the fixed term of the product.|
|Term||Interest rate AER/gross p.a. (fixed)||Balance at end of term 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.
NB. You will need to set up an existing UK based business account as your nominated account. Your nominated account can't be a Nationwide current account. This account must be in the name of your business and able to receive CHAPS payments. Please see section B of the Business Savings General Terms and Conditions for further details.
You can open this account:
Please note: This is a lump sum account so you can’t add more money to the account once your initial deposit has been received and the term has started.
You can manage your account:
|Can I withdraw money?||
No, withdrawals and further deposits are not allowed for the duration of the term of the account.
What happens on maturity of the account?
If we don’t hear from you when your Business Saver Fixed Rate account matures your account will be moved into a Maturity Reserve Account until we receive your instruction. We will contact you with more information before your account matures.
|Additional information||Interest rate definitions explained
The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.
The interest rate(s) is/are effective from 04 May 2022 and the other information in the Summary Box is effective from 28 July 2020.
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 for a Business 1 Year Saver
Before you apply you need to read our:
We recommend you print or save a copy for future reference.
Ready to apply?
Important: Before applying, you must read our eligibility criteria carefully. Your application won't be accepted if you don't meet our criteria.
Other important information
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. See the FSCS guide to how your money is protected for further information or visit www.fscs.org.uk