Using your business savings account
Putting money in
Please note: Nationwide Business Savings accounts aren't current accounts and can't be used for everyday business banking purposes.
Each of our Business Savings accounts starts with you making a single deposit – anywhere between £5,000 and £10 million. If you choose an Instant Access Saver account or a Notice Account, you can continue making deposits up to the maximum of £10 million. If you opt for our Fixed-rate Deposit account, you can only make an initial deposit.
Taking money out
How and when you withdraw money depends on the type of account you’ve chosen:
Business Instant Saver Accounts
- Withdraw as often as you like – but each withdrawal must be at least £500
- Use our signed withdrawal form – you can email, post or fax this
- Get your money the same working day if we receive the instruction before 3pm*
- Only Authorised Signatories** can make withdrawals to your nominated account
Business Notice Accounts
- Give us 45 days notice (for 45 day notice accounts) or 95 days notice (for 95 day notice accounts) that you’d like to withdraw your money - but each withdrawal must be at least £500.
- Notice starts on the day we receive your instruction, so long as we get it before 4pm. If we receive a notice when our office is closed (or after 4pm on a working day), we’ll process it the next working day. If your notice expires on a day when our office isn’t open for business, we’ll action your withdrawal the next working day.
- Use our signed withdrawal form – you can email, post or fax this.
- Only Authorised Signatories** can make withdrawals to your nominated account.
*Excludes Bank Holidays
**Authorised Signatories are those able to sign off transactions or make decisions about the savings account
Business Fixed Rate Accounts
- No withdrawals allowed until the account matures
- You get a maturity options form 14 days prior to the maturity of your account
- As long as we’ve received your instruction, you’ll get your money on its maturity date
- If we don’t hear from you when your account matures, we’ll move your money into a Maturity Reserve Account*** until we receive further instruction
***Our instant access Maturity Reserve Account earns a variable rate of interest, paid annually. We’ll send you statements to let you know what this rate will be.
Business Instant Saver / Business Notice Accounts
You’ll get an annual statement every April showing the interest your savings have earned. We’ll also send you a monthly statement if there have been any transactions on your account during any given month. You can also contact us to request a one-off statement.
You’ll get a statement when your fixed term ends and your account matures.