nationwide business account

Nationwide Business Account Comparison And Review

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As a business owner, it is essential to find the right savings account that meets your company’s financial needs. With numerous options available, it can be overwhelming to choose the best one. 

In this article, we will provide a comprehensive review of Nationwide business accounts, comparing them to other banks and building societies that haves similar services.

About Nationwide

Nationwide is a well-known building society that has businesses lending and savings solutions. With over 15 million members and a presence in the UK dating back to 1848, Nationwide is the second-largest provider of personal mortgages and savings accounts. 

The society has undergone several mergers over the years, changing its name to the Nationwide Building Society in 1970.

Nationwide Business Accounts

Nationwide has a number of business savings accounts, including instant access, notice, and fixed-term accounts. These accounts are designed for businesses that turnover more than £10 million a year, with a minimum deposit requirement of £100,000 to £25 million. 

The accounts has competitive interest rates and flexible savings options, making them an attractive choice for businesses looking to grow their savings.

What types of business savings accounts does Nationwide offer?

Nationwide has a number of business savings accounts designed to help businesses and charities with a turnover of less than £10m manage their finances effectively. Here are some of the business savings accounts offered by Nationwide:

  • Instant Saver: An instant access account that can be opened with at least £5,000 and allows you to add or remove money whenever you want, free of any fees.
  • Fixed-rate savings accounts: A way to save a lump sum for a fixed amount of time, with a fixed interest rate that will not go up or down.
  • Notice accounts: Accounts that require you to give notice before withdrawing your money, often offering higher interest rates than instant access accounts.

Features and Benefits

Here are some of the key features and benefits of Nationwide savings accounts:

  • This account allows businesses to access their funds at any time, with no notice period required. The account has a competitive interest rate and is ideal for businesses that need quick access to their savings.
  • This account requires a notice period of 30, 60, or 90 days before withdrawals can be made. The account has a higher interest rate than the instant access account and is suitable for businesses that can afford to keep their savings locked away for a short period.
  • This account has a fixed interest rate for a set period, typically 30 days to 5 years. The account is ideal for businesses that can commit to keeping their savings locked away for a longer period and want to earn a higher interest rate.

Comparison to Other Banks and Building Societies

Nationwide business accounts are competitive with other banks and building societies that has similar services. Here is a comparison of Nationwide’s accounts with those of other major banks and building societies:

  • HSBC: HSBC has a number of business savings accounts, including instant access and fixed-term accounts. Their accounts have a minimum deposit requirement of £1,000 and has competitive interest rates.
  • Barclays: Barclays has a number of business savings accounts, including instant access and fixed-term accounts. Their accounts have a minimum deposit requirement of £1,000 and has competitive interest rates.
  • Coventry Building Society: Coventry Building Society has a number of business savings accounts, including instant access and fixed-term accounts. Their accounts have a minimum deposit requirement of £1,000 and has competitive interest rates.

Reviews

Nationwide business accounts have received mixed reviews from customers. On Trustpilot, Nationwide scores a bad 1.7 stars from over 5,400 reviews. Only 14% of customers have rated the society 5-star, while 76% have given them 1-star. This suggests that Nationwide business accounts may not be meeting the expectations of some customers.

Conclusion

Nationwide business accounts has competitive interest rates and flexible savings options, making them an attractive choice for businesses looking to grow their savings. However, the society’s reviews and ratings suggest that there may be room for improvement. Businesses should carefully consider their options and choose the account that best meets their financial needs.

FAQs

What types of business accounts does Nationwide offer? 

Nationwide does not has a business current account. However, it provides finance products to business customers who have opened a savings account and become Nationwide members.

Can I get a business loan from Nationwide? 

Nationwide has loans, but these are designed for personal customers and may not suit business needs. You may want to consider other options such as business loans, asset finance, or merchant cash advance.

How do I access my Nationwide business account online? 

You can log in to your business, agribusiness, or Nationwide partner account online to manage policies and look up account information.

What are the benefits of becoming a Nationwide member?

By becoming a Nationwide member, you will unlock access to all the products available through the building society, at least some of which might be of benefit to a business. You will need to open a personal current or savings account to become a member.

Can I get a corporate savings account with Nationwide? 

Yes, if your company has a large enough turnover, you can contact Nationwide to discuss your options. You will be offered a bespoke interest rate based on your circumstances and assigned a dedicated Relationship Manager. The minimum deposit to open this account is £100,000.

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