Nationwide Building Society – business banking analysis and reviews

Last updated on 10 August 2023

Nationwide Building Society is one of the most famous names on the British high street. With a branch found in most small towns and major cities alike, you will never struggle to find a Nationwide site. What you may struggle with is why you would select Nationwide Building Society for your financial needs.

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This building society is owned and operated by members rather than an executive board, which is pleasingly ethical, but the products provided are very much tailored toward the personal market, not business customers. 

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Nationwide Building Society business banking services

Pros and cons of Nationwide Building Society for business services

ProsCons
Stable and long-established name No business current account available
Ethical business practices Mixed online reviews
FSCS protected Long waits to open a savings account
Lending streams designed for personal customers, not businesses
Pros and cons of Nationwide Building Society business banking
Nationwide business account

Nationwide business current accounts

Nationwide Building Society does not offer current accounts to business customers. See best business bank accounts.

Nationwide business overdrafts

Not offered by Nationwide Building Society. See best business overdrafts.

Nationwide business savings accounts

Nationwide Building Society offers two savings accounts to business customers:

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Instant Savings Account

Open a savings account with a minimum deposit of £5,000 (this account is capped at £10,000,000) and access your money at any time. Interest is paid monthly at an AER of 0.30%

Business Fixed Term Deposit Account

Designed for businesses with a turnover in excess of £10,00,000, this savings account requires a minimum deposit of £100,000 and can hold up to £25,000,000. You will be assigned a dedicated Relationship Manager and terms and conditions, including interest rates, will be discussed upon application.

Nationwide Building Society at a glance

Phone number0345 730 2011
App downloadsiOS; Android
Websitewww.nationwide.co.uk
Number of branches625
FSCS protected?Yes
Founded1884
Key information

Nationwide business loans and finance

Video: Business loans and finance explained

Nationwide Building Society also a range of finance products to business customers that have opened a savings account, and thus become Nationwide members.

Credit card

0% interest on balance transfers or purchases for 15 months, and a representative APR of 19.9%. This will be a personal credit card, so apply as an individual rather than a business.

Business loans

Nationwide offers loans, but these are designed for personal customers and may not suit business needs. See business loans, or asset finance, or merchant cash advance for more options.

Income Protection Benefit

A helpful insurance policy for sole traders or business owners that wish to protect their income if unable to work due to injury or illness.

Mortgages

Nationwide is a major mortgage provider, but you will need to make a personal application rather than using your business identity.

Investments

If you wish to invest your business income, you can do so through the Nationwide Building Society.

Nationwide Building Society reviews

What are other business banking customers saying about Nationwide Building Society?

Review platformScoreNumber of votes
TrustPilot1.8/53,670
FeefoNot reviewedN/A
Reviews.co.ukNot reviewedN/A
Smart Money People4.24/51,778
Which?Not reviewedN/A
Average score3.4/55,448
Nationwide Building Society business banking reviews and ratings

Nationwide business eligibility criteria

As we have pointed out throughout this guide, Nationwide Building Society is not really geared up to business interests. Any sole trader or SME with sufficient funds can open a business savings account, but all other features will need to be applied for as a personal customer.

Nationwide business finance alternatives

A good point merits repeating – most perks and lending streams provided to Nationwide Building Society members are designed for individuals, not businesses. Consider how comfortable you are with mixing your professional finances with your personal affairs.

As Nationwide Building Society is more interested in personal banking than business, you may prefer to place your savings with a specialist that places greater emphasis on SME finance. Aldermore is a great example of this, as is Allica Bank.

Nationwide additional considerations

There are currently lengthy waiting times – possibly as long as 18 weeks – to open a savings account with Nationwide Building Society.

FAQ

Is Nationwide Building Society a proper bank?

No, Nationwide Building Society is a building society rather than a bank. It’s the world’s largest building society and one of the leading providers of financial services in the UK. As such, it offers many of the same products and services as traditional banks, including current accounts, savings accounts, mortgages, investments, and insurance.

Does Nationwide Building Society offer a business current account?

No, Nationwide Building Society does not offer a business current account. But it does offer a business savings account.

How to open a Nationwide Building Society business savings account?

You can open a Nationwide Building Society business savings account online, by phone, or in person at any of its branches. You will need to provide your contact details and the information relevant to your business before you can open an account. Once your application has been approved, you will then have access to a range of interest rates and other benefits.

What fees does Nationwide charge business customers?

Nationwide Building Society charges a range of fees and charges for its business customers. These include account maintenance fees, transaction fees, overdraft fees, and interest on loans. It’s important to research the various fee structures before opening an account to make sure you understand what you’ll be charged.

What services does Nationwide Building Society offer to businesses?

Nationwide Building Society offers a range of services to businesses, including savings accounts, mortgages, investments and insurance. It also provides access to cash machines and payment cards, plus financial advice services to help businesses manage their finances more effectively.

What types of payments does Nationwide Building Society accept?

Nationwide Building Society accepts payments in a variety of forms, including direct debits and standing orders. It also accepts debit cards, credit cards, bank transfers, and cheques. Additionally, it can accept payments made via PayPal or other e-money services. You may also be able to pay by cash at Nationwide’s branches.

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