Setting up a business account is a crucial step for any entrepreneur, separating your personal finances from your business and streamlining your financial operations. If you're considering Nationwide for your business banking needs in the UK, you're in the right place! This comprehensive guide will walk you through every step of the process, ensuring you're well-prepared and confident.
Ready to elevate your business's financial game?
Let's dive into the world of Nationwide business accounts! By the end of this guide, you'll have a clear roadmap to successfully opening your account.
Step 1: Understand Nationwide's Business Account Offerings and Eligibility
Before you even think about forms, it's vital to know what Nationwide offers and if your business fits their criteria. Nationwide primarily focuses on Business Savings accounts, and it's crucial to understand they generally don't offer standard business current accounts for day-to-day transactions. Their savings accounts are designed for short and long-term savings needs.
What kind of businesses does Nationwide serve?
Nationwide's Business Savings accounts are typically for businesses and organizations with an annual turnover of less than £10 million. They must be established and operated in the UK.
Eligible business and organization types often include:
- Limited companies
- Charities
- Partnerships
- Sole Traders
- Housing Associations
- Clubs & Societies
- Parish Councils
However, some types of businesses are generally ineligible:
- Banks/Building Societies
- Insurance Companies
- Corporate Trusts
- Borough Councils
- Cash/Liquidity Funds
- Company Pensions
- Friendly Societies
- Life Policies
- Investment and Unit Trusts
- Government/Political Parties
It's always best to double-check their official website or contact them directly if your business type isn't listed or you're unsure.
Crucial Note: The Nominated Account
Nationwide will require you to have a UK-based business current account (from another bank) to act as your "Nominated Account." This is where all withdrawals from your Nationwide Business Savings account will be sent. This nominated account must be in the name of your business and be capable of receiving CHAPS payments. You cannot use a Nationwide current account as your nominated account. If you don't already have one, you'll need to set one up before submitting your Nationwide Business Savings application.
Step 2: Gather Your Essential Information and Documents
Preparation is key to a smooth application process. Having all your necessary information and documents ready will save you time and prevent delays. The requirements can vary slightly depending on your business structure (sole trader, limited company, charity, etc.), but here's a comprehensive list of what you'll generally need:
Information about your Business:
- Business Name: Your full registered business name.
- Business Trading Address: The primary physical address where your business operates.
- Business Contact Number & Email Address: Direct contact details for your business.
- Nature of Business: A clear description of your business activities.
- Legal Status of Business: (e.g., Sole Trader, Limited Company, Partnership, Charity).
- Registration Number (if applicable): For limited companies, this is your company registration number.
- Annual Turnover: Your business's annual revenue.
- Headcount: The number of employees.
- Total Assets: The total value of your business's assets.
- Intended Use of Account: How you plan to use the Nationwide Business Savings account (e.g., for surplus funds, long-term savings).
- Initial Deposit Amount: The amount you intend to initially deposit. Nationwide's business savings accounts typically require a minimum initial deposit, often starting from £5,000.
- Where Funds Will Come From: The source of your business's funds.
- How Frequently the Account Will Be Used: An estimate of transaction frequency.
- How Much Money Will Go Through the Account Annually: An estimated annual flow of funds.
- Where You'd Like Interest Paid: Your preference for interest payment.
- Nominated Bank Account Details: Account name, sort code, and account number of your existing UK-based business current account for withdrawals.
- Proof of Nominated Account: A recent bank statement for your nominated account (showing your business name, sort code, and account number).
Details of Beneficial Owners (if applicable):
A Beneficial Owner is anyone with a controlling interest or shareholding of 10% or more in the business. If no one person owns more than 10%, you may be asked for details of those who effectively control the business. For each beneficial owner, you'll need:
- Full Name
- Date of Birth
- Country of Birth
- Nationality
- Tax Residence
- Residential Address
- Time Lived There
Details of Business Officials:
Business Officials are anyone with the authority to act on behalf of the company (e.g., directors, partners, members, or trustees). If you're a sole trader or there's only one official who is also the Beneficial Owner, you might not need to provide separate details here. For each business official, you'll need:
- Full Name
- Date of Birth
- Nationality
- Residential Address
- Time Lived There
Details of Authorised Signatories:
Authorised Signatories are anyone who will be able to authorise transactions and operate the account. For each authorised signatory, you'll need:
- Full Name
- Date of Birth
- Nationality
- Residential Address
Identity and Address Verification Documents:
Nationwide will need to verify the identity and address of all beneficial owners, business officials, and authorised signatories. They will primarily try to do this electronically, but may request original documents.
Commonly accepted documents for Proof of Identity (photo ID):
- Valid UK Passport
- Full UK Driving Licence
Commonly accepted documents for Proof of Address (dated within the last 3 months):
- Utility bill (gas, electricity, water, landline phone – not mobile phone)
- Bank statement (from another bank, not Nationwide)
- Council Tax bill
Tip: Keep scanned copies of all these documents readily accessible on your computer. You might need to upload them during an online application or send them via email or post if requested.
Step 3: Choose Your Nationwide Business Savings Account
Nationwide offers different types of business savings accounts, such as Instant Access Savers, Notice Accounts, and Fixed Rate Savers. Each has different features, interest rates, and access conditions.
- Instant Access Saver: Offers flexibility with access to your funds, though there might be a minimum withdrawal amount.
- Notice Accounts: Requires a notice period (e.g., 35, 95, 125 days) before you can withdraw funds, often offering slightly higher interest rates in return for less immediate access.
- Fixed Rate Savers: Locks your money away for a set period (e.g., 6 months, 1 year, 18 months) for a fixed interest rate. You generally cannot access your money until maturity without penalties.
Carefully review the terms and conditions and interest rates for each account type on the Nationwide Business website. Consider your business's financial goals and liquidity needs before making a decision. As of current information, Nationwide may not be accepting new applications for all their Business Savings accounts due to demand, so always check their website for the most up-to-date availability.
Step 4: Submit Your Application (Online or via Post)
Nationwide typically offers online applications for their Business Savings accounts. In-branch applications for business savings accounts are generally not available, but branches can assist with identity verification if required after an online application.
Sub-heading: Online Application Process
- Visit the Nationwide Business Website: Navigate to the "Business Savings" section on the official Nationwide website.
- Select Your Chosen Account: Click on the account type you wish to open.
- Start the Application: Look for a prominent "Apply Online" or "Open Account" button.
- Complete the Application Form: You will be guided through a series of sections where you'll input all the business and personal information you gathered in Step 2.
- Be meticulous: Ensure all information is accurate and consistent with your official documents. Any discrepancies can lead to delays.
- Upload Documents (if prompted): Some online applications allow you to upload scanned copies of your identity and address proof immediately.
- Review and Submit: Before final submission, carefully review all the entered details.
- Application Confirmation: After submission, you should receive an email confirming receipt of your application. This email will often outline the next steps.
Sub-heading: What Happens After Online Submission?
- Electronic Verification: Nationwide will first attempt to verify your identity and the nominated account details electronically.
- Request for Additional Information/Documents: If electronic verification isn't possible, or if they require further clarification, they will contact you. This might be via email or post. They may ask you to:
- Send a Signature Mandate Form: You'll need to print, complete, and post this form to them. Ensure the signatory details match your application.
- Email a Nominated Account Bank Statement: If they couldn't verify your nominated account electronically, they'll ask you to email a PDF of a recent statement showing your business name, sort code, and account number.
- Visit a Branch for ID Check: In some cases, you might be asked to visit a Nationwide branch to have your original ID documents checked in person.
Step 5: Activate Your Account
Once Nationwide has successfully verified all your information and documents, they will proceed with opening your business savings account.
- Confirmation of Account Opening: You will receive confirmation that your account has been opened. This will typically include your new account number.
- Welcome Pack: Nationwide will usually send you a welcome pack, which will contain important information about your new account, including how to manage it, interest payment details, and how to make deposits and withdrawals.
- Making Your Initial Deposit: Follow the instructions provided to make your initial deposit into the account. Remember, their business savings accounts often have a minimum initial deposit requirement.
Step 6: Managing Your Nationwide Business Savings Account
Congratulations! Your Nationwide business savings account is now open. Here's how you'll typically manage it:
Sub-heading: Paying Money In
- Nationwide Business Savings accounts usually start with a single initial deposit.
- For Instant Access Saver or Notice accounts, you may be able to make further deposits up to a maximum limit (e.g., £10 million).
- For Fixed-Rate Deposit accounts, you can usually only make an initial deposit.
- You'll typically pay money in via bank transfer from your nominated business current account.
Sub-heading: Withdrawing Money
- Business Instant Saver accounts: You can usually withdraw as often as you like, but each withdrawal might have a minimum amount (e.g., £500). Withdrawals are typically made using a signed withdrawal form (which can be emailed, posted, or faxed) or a DocuSign withdrawal form. Funds are usually sent to your nominated account.
- Notice accounts: You need to provide the agreed notice period (e.g., 35, 95, 125 days) before you can withdraw.
- Fixed Rate accounts: Generally, no withdrawals are allowed until the account matures. You'll receive a maturity options form before the maturity date.
Sub-heading: Statements and Online Access
- You'll receive statements when you open your account and typically monthly if there have been any transactions for Instant or Notice accounts. Annual statements are also usually provided.
- You can also request one-off statements by contacting Nationwide.
- While Nationwide offers online account access for personal accounts, specific online management tools for business savings accounts might be limited or operate differently. Always check their business banking portal or contact their dedicated business savings team for online access information.
7. Ongoing Support and Contact
Should you have any questions or require assistance with your Nationwide Business Savings account, you can contact their dedicated Business Savings team.
- Phone: Check their website for the most up-to-date contact numbers for new and existing business customers.
- Email: They typically provide specific email addresses for new and existing business savings inquiries.
- Post: You can also send correspondence via post to their designated business savings team address.
Remember, their business savings teams are usually available during standard business hours, Monday to Friday, excluding bank holidays.
10 Related FAQ Questions:
How to check Nationwide business account eligibility?
To check Nationwide business account eligibility, visit the "Business Savings" section of their official website. They primarily serve UK-established businesses and organizations with an annual turnover of less than £10 million, including limited companies, charities, partnerships, sole traders, housing associations, clubs & societies, and parish councils.
How to find the right Nationwide business savings account for my needs?
To find the right Nationwide business savings account, review the details of their Instant Access Savers, Notice Accounts, and Fixed Rate Savers on their website. Consider your business's liquidity needs, desired access to funds, and the interest rates offered by each account type to determine the best fit.
How to prepare for the Nationwide business account application?
To prepare for the Nationwide business account application, gather all necessary information about your business (name, address, turnover, nature of business), details of beneficial owners, business officials, and authorised signatories, and prepare identity and address verification documents for all relevant individuals.
How to apply for a Nationwide business account online?
To apply for a Nationwide business account online, go to the Nationwide Business website, select the desired savings account, and click "Apply Online." Fill in all the requested business and personal details accurately, and upload any required documents if prompted.
How to provide identity and address proof for Nationwide business account?
To provide identity and address proof for a Nationwide business account, you will typically use a valid UK passport or full UK driving licence for ID, and a recent utility bill or bank statement (not Nationwide) for address proof. Nationwide will first attempt electronic verification and may request original documents or a branch visit if needed.
How to make the initial deposit into my new Nationwide business account?
To make the initial deposit into your new Nationwide business account, follow the instructions provided in your account opening confirmation. This will usually involve transferring funds from your nominated UK-based business current account to your new Nationwide Business Savings account.
How to withdraw money from my Nationwide business savings account?
To withdraw money from your Nationwide business savings account, you will typically use a signed withdrawal form (which can be emailed, posted, or faxed) or a DocuSign form. For Notice Accounts, you must provide the required notice period. All withdrawals are sent to your nominated business current account.
How to get statements for my Nationwide business account?
To get statements for your Nationwide business account, you will automatically receive them when you open the account, monthly if there are transactions (for Instant/Notice accounts), and annually. You can also request one-off statements by contacting the Nationwide Business Savings team.
How to contact Nationwide Business customer service?
To contact Nationwide Business customer service, refer to the "Contact Us" section on their official business website. They provide dedicated phone numbers and email addresses for new and existing business savings customers, typically available during standard business hours.
How to change my nominated account for Nationwide business savings?
To change your nominated account for Nationwide business savings, you will need to contact Nationwide directly. They will guide you through the process of updating your nominated account details, which will likely involve providing new proof of your updated nominated business current account.
