Business Instant Access Saver
If you think you’ll need instant access to your savings. Our Instant Access Account gives you an attractive interest rate.
The interest rate for this account is changing on the 8 April 2020 following the Bank of England announcement to change the base rate from 0.75% to 0.25%. Please read the summary box below for more details as by applying for this account you're agreeing to the rate reduction on 8 April 2020.
On 19 March, the Bank of England also announced a further change to the base rate from 0.25% to 0.10%. We’re working through what this may mean for our business savings accounts.
Why choose this account?
- Earn up to 0.65% AER/gross p.a. (variable)
You can have your interest paid monthly or annually.
- Pay in and withdraw whenever you like
Start with at least £5,000 (up to £10 million, maximum), and make minimum withdrawals of £500.
- Manage your account by email, post or fax
Making it easy to operate your account and make withdrawals.
- No fees or charges
We won’t charge you a penny for any of our business savings accounts.
Ready to apply?
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.
|Account name||Business Instant Saver - Issue 7|
|What is the interest rate?||You can choose to have interest paid monthly or annually.|
|Annual Interest AER/gross p.a. (variable)||Monthly Interest AER/gross p.a. (variable)|
|Rate applicable until 7 April 2020||0.65%||0.60%|
|Rate applicable from 8 April 2020||0.10%||0.05%|
Interest is calculated daily, and paid either annually on 31 March or monthly on the first working day of each calendar month.
Interest can be paid into the account, into your Nominated Account or any other Business Saver Account that you have with us. Please see the Business Instant Saver Account Specific Terms. Please see Additional Information below for further information on Nominated Accounts. We also pay interest when you close your account and we add this to the capital value of the account.
Can Nationwide change the interest rate?
Yes, the interest rate is variable. We can increase or decrease the interest rate for any of the reasons set out in the Business Savings general terms and conditions.
Please see section C of the Business Savings General Terms and Conditions for details about why we may change the interest rates and how we will tell you about any rate changes.
|What would the estimated balance be after 12 months based on a £10,000 deposit?||This shows the balance on an initial deposit of £10,000 over 12 months where interest is either paid annually or monthly into the account.|
|Interest rate AER/gross p.a. (variable)||Balance at end of 12 months with interest|
Rate applicable until 7 April 2020
|Rate applicable from 8 April 2020
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:
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.
You can open this account:
You can manage your account:
|Can I withdraw money?||
Yes, you can withdraw money from your account by post, fax or a signed PDF instruction attached to an email.
The minimum amount you can withdraw is £500.
If we receive your payment instruction by 3pm (working days only) you will receive your funds back into your nominated account that same working day. If we receive your payment instruction after 3pm or when our office is closed, then we'll process it on the next working day.
Please note that if the account balance falls below £5,000, then you won't earn interest until the account returns to the minimum balance of £5,000.
If there has been a transaction on your account, you will receive a full statement on the first working day of the next calendar month.
Your Nominated Account
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 correct as at 23 March 2020 and the other information in the summary box is effective from 23 March 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, please make sure you read the summary box and the Business Savings General Terms and Conditions and Business Instant Saver Account Specific Terms in full and print or save a copy of the PDFs below for future reference.
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