Nationwide Business Account Review UK: Current Accounts & Savings
Looking for a Nationwide business current account? The answer changed in 2026. Virgin Money is now part of Nationwide, and Nationwide directs business-current-account customers to Virgin Money’s business accounts. Nationwide’s own branded business products are savings accounts, not everyday current accounts.
Does Nationwide have a business current account?
Not under the Nationwide brand itself. Nationwide’s business website now points customers looking for a day-to-day business current account towards Virgin Money, which became part of Nationwide in 2026.
Virgin Money’s business formally transferred to Nationwide on 2 April 2026. For now, the accounts and products continue to use the Virgin Money name.
That means a search for “Nationwide business account” now leads to two different types of product:
- Business current accounts: provided under the Virgin Money brand, now part of Nationwide.
- Nationwide Business Savings: Nationwide-branded savings accounts for businesses and organisations, not accounts for everyday payments.
Why the distinction matters
You cannot use a Nationwide Business Savings account like a current account for payroll, supplier payments and day-to-day banking. If that is what you need, the relevant Nationwide-group products are currently Virgin Money business current accounts.
Virgin Money business accounts available through Nationwide
| Account | Who it suits | Monthly fee | Key features |
|---|---|---|---|
| M Account for Business | Startups, sole traders, partnerships and small businesses under £1m turnover | £0 | Free day-to-day app and online banking, 0.25% debit-card cashback, Xero free for 6 months |
| Business Current Account | Startups and SMEs under £6.5m turnover | 25 months fee-free for eligible customers, then £6.50/month | 0.35% debit-card cashback, free UK bank transfers, Xero free for 6 months |
| Business Choice Account | Medium and larger businesses, including those above £6.5m turnover | Tariff-based | Broader business-banking support and cashback on eligible debit-card spending |
| Professional Firms Client Account | Businesses holding client money, such as solicitors and accountants | Specialist account | Designed for managing client funds separately |
M Account for Business
The M Account for Business is the most obvious fit for many sole traders, startups and small companies.
It currently has no monthly account fee, with free day-to-day app and online banking, free UK debit-card payments, Direct Debits and standing orders.
It also pays 0.25% cashback on eligible business debit-card spending with no annual cashback cap.
The account is aimed at businesses with annual turnover below £1 million.
An interesting extra
Virgin Money currently offers six months of Xero with its business current accounts. If you were going to pay for accounting software anyway, include that saving in your first-year cost comparison rather than looking only at the bank fee.
For very small businesses, compare it with our free business bank accounts, Tide Business Account review and Monzo Business review.
Virgin Money Business Current Account
The standard Business Current Account is designed for businesses with turnover below £6.5 million.
Eligible new customers can currently get 25 months of fee-free day-to-day banking. After that introductory period, the account moves to a £6.50 monthly fee.
The account also currently offers 0.35% cashback on eligible business debit-card purchases, capped at £500 per calendar year per debit card.
Free UK bank transfers are included, with Faster Payments of up to £30,000 per transaction through the app or Business Internet Banking.
The 25-month offer is not “everything free”
International payments, CHAPS, borrowing and some additional services sit outside the free day-to-day banking offer. There is also an annual £250,000 cash limit for money paid in, paid out or exchanged.
What does “Virgin Money is part of Nationwide” mean?
Nationwide acquired Virgin Money and, following court approval, Virgin Money’s business transferred into Nationwide on 2 April 2026.
The brands have not simply disappeared into one app overnight. Virgin Money products are still called Virgin Money products and customers continue to manage them through the existing Virgin Money channels for now.
So if you open a business current account from Nationwide’s website today, you are effectively being directed into a Virgin Money-branded product within the wider Nationwide group.
That may change over time, which is one reason this page needs to be kept under review rather than treating the old Nationwide/Virgin Money split as permanent.
This is an important consequence of the 2026 transfer.
Eligible deposits held across Nationwide and Virgin Money are now protected by the Financial Services Compensation Scheme up to £120,000 in total per eligible depositor, subject to FSCS rules.
In other words, you should not assume that £120,000 with Nationwide plus another £120,000 with Virgin Money gives you two separate £120,000 protection limits.
Example
If an eligible business had £80,000 with Nationwide and £70,000 with Virgin Money, the combined £150,000 balance would sit above the standard £120,000 FSCS limit for that authorised institution structure.
If your business regularly holds large cash reserves, see our business savings accounts guide.
What about Nationwide Business Savings?
Nationwide still has a range of business savings accounts for UK businesses and organisations with annual turnover below £10 million.
However, Nationwide currently states that it is not accepting new applications for its Business Savings range.
The currently published rates for existing products include:
| Nationwide business savings account | Current published rate | Access |
|---|---|---|
| Business Instant Saver | Up to 1.50% AER variable | Instant-access structure, subject to account withdrawal process |
| Business 35 Day Saver | Up to 2.45% AER variable | 35 days’ notice |
| Business 95 Day Saver | Up to 3.25% AER variable | 95 days’ notice |
These accounts are specifically not suitable for day-to-day business banking.
Nationwide says business savings accounts normally start with a deposit between £5,000 and £10 million, depending on product and eligibility.
Because applications are currently paused and other banks may offer higher live rates, compare the wider business savings market rather than waiting on Nationwide purely because you already know the brand.
How do the Virgin Money business accounts stack up?
Virgin Money’s M Account for Business and Business Current Account both received Five-Star Moneyfacts ratings in 2026.
Virgin Money also says it won Best Service from a Business Bank for the second consecutive year and Best Business Current Account Provider at the 2026 Business Moneyfacts Awards.
Award logos should never make the decision for you, but they are useful context when comparing a traditional business bank with app-first alternatives.
Which businesses should consider the Nationwide / Virgin Money setup?
Sole traders and startups
The £0 M Account is competitive if turnover is below £1m and you want a proper business current account without a monthly subscription.
Growing SMEs
The Business Current Account becomes more relevant where turnover is higher and 25 months of fee-free banking could create a meaningful saving.
Businesses that spend heavily on debit cards
0.25% or 0.35% cashback can add up if a meaningful share of supplier and operating spend goes through the business debit card.
Businesses wanting Xero
The current six-month Xero offer can make the first-year economics more attractive if you already need accounting software.
When would we choose another account?
- International companies: Revolut Business or Wise may be stronger if currency exchange is central to the business.
- Businesses wanting deep built-in admin tools: Tide or ANNA may offer a more integrated micro-business workflow.
- Businesses that want the simplest app-first experience: Starling and Monzo deserve comparison.
- Businesses seeking Nationwide Business Savings today: new applications are currently paused, so another savings provider may be necessary.
Nationwide business banking pros and cons
Pros
- Virgin Money business current accounts now sit within the Nationwide group.
- M Account has no monthly fee.
- Business Current Account offers 25 months’ fee-free day-to-day banking for eligible customers.
- Cashback on eligible debit-card spending.
- Xero free for six months on current business-account offers.
- Eligible deposits covered up to £120,000 under FSCS rules.
Cons
- No Nationwide-branded business current account to open directly.
- Brand structure can be confusing while Virgin Money remains separately branded.
- Business Current Account moves to £6.50/month after the 25-month offer.
- International and CHAPS payments are outside the fee-free offer.
- Nationwide Business Savings is currently closed to new applications.
- Combined Nationwide and Virgin Money deposits share the £120,000 FSCS limit.
What should a small business check?
- Turnover: below £1m points towards M Account; below £6.5m can qualify for the Business Current Account.
- Monthly cost after any offer: 25 free months is valuable, but compare the ongoing £6.50 fee as well.
- Debit-card spend: estimate whether the cashback will be meaningful.
- International activity: compare FX and overseas payment costs separately.
- Accounting: decide whether six months of Xero saves you money you would otherwise spend.
- Cash balances: remember Nationwide and Virgin Money now share the relevant £120,000 FSCS protection limit.
- Savings: Nationwide Business Savings is not currently accepting new applications.
Nationwide Business Account FAQs
Can I open a Nationwide business current account?
Nationwide currently directs business-current-account customers to Virgin Money, which is now part of Nationwide. The current accounts remain Virgin Money-branded for now.
Is Virgin Money part of Nationwide?
Yes. Virgin Money’s business transferred to Nationwide on 2 April 2026, although Virgin Money accounts and products continue to use the Virgin Money brand for now.
How much is the M Account for Business?
The M Account for Business currently has no monthly account fee and provides free day-to-day app and online banking for eligible businesses with turnover under £1m.
How much is the Virgin Money Business Current Account?
Eligible businesses can currently receive 25 months of fee-free day-to-day banking. After that, the standard monthly fee is £6.50.
Does Nationwide offer business savings accounts?
Yes, but Nationwide currently says it is not accepting new applications for its Business Savings range. Existing products include instant-access and notice accounts.
Are Nationwide and Virgin Money deposits separately FSCS protected?
No. Following the transfer, eligible deposits across Nationwide and Virgin Money share a combined £120,000 FSCS protection limit, subject to scheme rules.
The old idea of a “Nationwide business account” needs updating
If you want day-to-day business banking through the Nationwide group, look at the Virgin Money current accounts.
The M Account is especially competitive for smaller businesses because it has no monthly fee, free everyday online banking and debit-card cashback. The Business Current Account becomes more attractive for larger SMEs because of the 25-month free-banking offer.
Nationwide’s own Business Savings range is a separate proposition and cannot be used as a current account. With new savings applications currently paused, it is also not the obvious place to start if your priority is putting spare cash to work today.
The ownership change has actually made Nationwide more relevant to business banking, but the branding is temporarily more confusing. The important thing is to compare the product you are actually opening, not the logo at the top of the group structure.
Compare UK business current accounts
Compare monthly costs, payment allowances, cashback, international fees, accounting tools and support before choosing where to run your day-to-day business banking.
Provider eligibility, pricing and offers can change. Check the latest terms before applying.
Other business account options
Use the comparison below to check current alternatives before choosing a business account.
