Nationwide boosts interest rates across entire business savings range

Re-launched products perfect for businesses, charities and voluntary groups

02 July 2014

Nationwide Building Society has increased interest rates across its full range of savings accounts designed for small and medium sized businesses. The move marks a re-launch for the accounts which are now UK-based having previously been managed by Nationwide’s subsidiary in the Isle of Man. This now also means that eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).

With Nationwide’s pedigree as one of the UK’s largest providers of personal savings products, the business savings range has already proven popular with companies, charities and voluntary-sector groups alike. There are four accounts, each created to help these customers make the most of their cash, whether they need instant access to their funds or wish to maximise their interest via a fixed rate.

Business Instant Saver

  • Offers instant access to your money and now pays a variable rate of 1.00% gross p.a./AER*
  • The minimum investment is £10,000 and interest is paid on all balances as long as a minimum of £10,000 (max £10 million) is kept in the account**
  • Holders can choose from annual interest or monthly interest, which can be paid in to this or another account

Business 95 Day Saver

  • A 95 day notice account that pays a variable rate of 1.05% gross p.a./AER*
  • The minimum investment is £10,000 and interest is paid on all balances as long as a minimum of £10,000 (max £10 million) is kept in the account **
  • Choose from annual interest or monthly interest, which can be paid in to this or another account
  • Withdrawals are permitted subject to 95 days’ notice

Business 6 Month and 1 Year Fixed Saver***

  • The 6 month fixed rate product pays a fixed rate of 1.10% gross p.a./AER*, whilst the 1 year fixed saver now pays 1.40% gross p.a./AER*
  • Both products pay interest on maturity, which can be paid in to this or another account
  • The minimum investment is £10,000 on which interest is paid up to £10 million

Simon Reed, Nationwide’s Head of Business Savings, said: “With the economic recovery well and truly entrenched, many businesses are enjoying an improved cash-flow, so they need a safe place to put their cash that provides them with a competitive rate of return. Our range of business savings accounts give companies a choice of how they manage and access their money, whilst providing them with a good return on their investment.

“Nationwide has over 160 years’ experience of looking after British savers, as well as a strong track record in the commercial sector. So companies, groups and charities can be certain that not only will they get a good rate of return from our business savings accounts, their money will be looked after by a trusted provider that understands their business needs.”

All four accounts are available to SME businesses with fewer than 250 employees and a turnover or assets of less than £45 million. They can be operated by post or by fax. For bigger organisations Nationwide also has a range of Corporate Saver accounts.

For more information visit www.nationwidecommercial.co.uk/savings, call 0800 66 55 11 or email commercial.deposits@nationwide.co.uk

Notes to editors:

*AER stands for Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded each year. The gross rate of interest is the interest rate payable before any income tax is deducted (if a customer pays tax) and the net rate of interest is the interest payable after any income tax is deducted (if a customer pays tax).

**The rate will drop to 0% if the balance falls below £10,000 on each of the Business Saver accounts.

***On maturity, the Business 6 Month and 1 Year Fixed Saver products revert to Nationwide’s Business Reserve Account paying 0.5% gross p.a./AER* unless reinvested into one of our range of other business savings accounts available at that time.

Interest rates – correct on 1st July 2014

Business savings rate changes
Product Term Monthly interest rate gross p.a./AER* Annual interest rate gross p.a./AER* Minimum Investment Maximum Investment
Business Instant Saver Instant Access 0.95% 1.00% £10,000 £10m
Business 95 Day Saver 95 days’ notice 1.00% 1.05% £10,000 £10m
Business 6 Month Fixed Rate Saver 6 Month Fixed Rate   1.10% £10,000 £10m
BS 1 Year Fixed Rate Saver 1 Year Fixed Rate   1.40% £10,000 £10m

About Nationwide Commercial

A leading lender in the UK commercial property, social housing and PFI markets with a loan book in excess of circa £17 billion.

  • Lending Customers range from housing associations to private property investors to institutional funds and specialist property firms to major public limited companies.
  • Savings customers range from clubs to charities to limited companies and partnerships to sole traders and housing associations.

Nationwide is the world's largest building society as well as the second largest savings and mortgage provider in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Please note: If you are a customer looking for information on our products and services, please visit the main website.