TL;DR
Nationwide Business Account offers free business banking with no monthly fee following the Virgin Money merger. FSCS protection to £85,000. FCA authorised 106078.
- No monthly fee - sourced from Nationwide editorial fallback - verify at nationwide.co.uk
- FCA authorised and PRA regulated - FSCS protection to £85,000 per legal entity
- Limited accounting software integration - check directly with provider
- Nationwide operates a UK branch network for cash handling and in-person support
- Overdraft available subject to separate credit application and assessment
How Nationwide compares to other UK business bank accounts
| Bank | Monthly fee | FSCS | Branch | FCA reg. |
|---|---|---|---|---|
| Barclays Business Account | £8.50 | Yes | Yes | 122702 |
| HSBC Business Banking | £8.00 | Yes | Yes | 114967 |
| NatWest Business Account | £7.50 | Yes | Yes | 121878 |
| Lloyds Business Account | £7.00 | Yes | Yes | 119278 |
| Santander Business Account | £7.50 | Yes | Yes | 106054 |
| Nationwide Business Account | Free | Yes | Yes | 106078 |
| Starling Business | Free | Yes | No | 730166 |
| Tide | Free | e-money | No | 900843 |
| Monzo Business | £5.00 | Yes | No | 730427 |
| Revolut Business | Free | e-money | No | 791001 |
Who is the Nationwide business account for
The Nationwide business account suits established limited companies and SMEs that need branch access, a relationship manager for larger facilities, and a full lending relationship. The monthly fee is mid-range among high street banks. For sole traders and startups with primarily digital needs and low transaction volumes, challenger banks offer comparable functionality at lower cost.
Nationwide business account fees in detail
The standard monthly account fee is £0.00 after the initial Permanent free banking period. Electronic payments cost 0p per transaction. Cash deposits are charged at £0.00 per £100 at a branch.
FSCS protection and regulatory status
Nationwide Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority under FCA registration number 106078. Business deposits are eligible for FSCS protection up to £85,000 per legal entity.
Open banking and accounting software integration
Nationwide supports open banking data sharing under the CMA Order. The account connects to Xero, QuickBooks, Sage and FreeAgent via live bank feeds.
Frequently asked questions
Is the Nationwide business account FSCS protected?
Yes. Nationwide Bank UK PLC is a UK-authorised bank and eligible business deposits are covered by the FSCS up to £85,000 per legal entity.
How long is the Nationwide free business banking period?
The Nationwide free banking period is Permanent for new business customers. After this the standard monthly fee of £0.00 applies.
Can I open a Nationwide business account online?
Nationwide offers online business account applications. Sole traders and simple limited companies can typically complete the process digitally.
What is the Nationwide business overdraft rate?
The arranged overdraft EAR is 14.9%. Subject to separate application and credit assessment.
Sources: Nationwide editorial fallback - verify at nationwide.co.uk (fetched 09 Jun 2026) - FCA Financial Services Register (fca.org.uk) - FSCS eligibility rules (fscs.org.uk) - Bank of England base rate (bankofengland.co.uk) - PRA register (bankofengland.co.uk/prudential-regulation)
