Important
We currently need about 12 weeks to open your account. If we need more information, it may take a little longer.
Please bear with us and avoid calling in for an update.
Important
We currently need about 12 weeks to open your account. If we need more information, it may take a little longer.
Please bear with us and avoid calling in for an update.
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. You can find these published on nationwide.co.uk.
You can access our Review of the Year by navigating to our 'Summary Financial Statement' page where we show a summary of our accounts. By navigating to our 'Results and Accounts' page and selecting the relevant year, you can view our review of the Year and latest full annual report and accounts, which contains our auditors' report.
You can also find out what sort of personal information we'll ask you for on our 'How we use your information' page.
Account name | Business Instant Saver - Issue 10 | ||
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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) | ||
2.25% | 2.22%/2.20% | ||
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. |
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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. |
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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 | ||
Annual 2.25% |
£10,225.00 | ||
Monthly 2.22%/2.20% | £10,222.23 | ||
This projection is provided for illustrative purposes only, it assumes that:
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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. 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. You can open this account:
You can manage your account:
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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. |
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Additional information |
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 30 August 2023. The other information in the summary box is effective from 24 November 2022. |
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This summary box sets out the key features of the savings account. For full details, please read the account terms and conditions. |
Nationwide Business Savings accounts aren't current accounts. You can't use these for everyday transactions.
Our Instant Access Saver could be right for you if you think you’ll need instant access to your savings.
Before you apply you need to read our:
We recommend you print or save a copy for future reference.
See our Opening an account page to find out how to apply. You can also print our handy checklist.
Important
Before applying, you must carefully read our eligibility criteria. We won't accept your application if you don't meet our criteria.
If you have an existing Business Savings account, please go to our 'Additional and change of account' page.
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
You can check out the historic interest rates for your business savings account.
See our business savings ratesYou can check out the historic summary boxes for your business savings account.
See our business savings summary boxes