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 0.40% 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.

Ready to apply?

From 19 August 2020, the Business Savings General Terms and Conditions will be updated. By completing your application, you agree to both the current and the updated Terms and Conditions below.

Details of the changes can be found here

Great. Start by checking our FAQs to see if you’re eligible for this account. If you're eligible, continue to read the Summary Box and Terms and Conditions, then apply online by clicking the button below.

For more on how to apply, see our ‘Opening an account’ page. You can also use our handy printable checklist.

Apply now

Summary box

Account name Business 1 Year Saver - Issue 16
What is the interest rate? Term Interest rate AER/gross p.a. (fixed)
1 year 0.40%
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
1 Year 0.40% £10,040.00
This projection is provided for illustrative purposes only, it assumes that:
  • Interest is paid into the account, and
  • The account is not closed during the fixed term.
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.
AND
  • Have an annual turnover of up to £10 million.
  • Are not listed under our ineligible companies found on our FAQs.

NB. You will need to set up an existing UK based business account as your nominated 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:

  • Online by visiting our Business Savings accounts page.
  • By requesting an application to be sent via post or email using the contact details via the above website.
  • You'll need at least £5,000 to open your account.
  • You can open several Business Saver Fixed Rate Accounts as long as the balance in this account does not exceed £10,000,000.

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:

  • By Post, Fax or signed PDF instruction attached to an email.
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?
You will receive a Fixed Rate Saver Maturity Instruction form to provide instruction of what you wish to do upon maturity (withdraw to your nominated account or save in another Business Saver 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
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Gross p.a. is the interest rate without tax deducted.

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 07 April 2020 and the other information in the Summary Box is effective from 07 April 2020.
Download PDF

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 1 Year Saver Account Specific Terms in full and print or save a copy of the PDFs below for future reference.

Apply now

Important documents

Other important information

See the FSCS guide to how your money is protected for further 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