NatWest Business Bank Accounts
What is a NatWest business bank account?
A NatWest business bank account is designed for companies that have been trading for over a year with a turnover of £1m or over.
NatWest also offer accounts for small businesses and start-ups, sole traders and freelancers, and charities and clubs, but these are separate from their business bank account.
Their business account offers a simple charging model where you only pay for certain banking transactions, and also provides additional services like a Relationship Manager and specialist programmes to help your business.
Why use a NatWest business bank account?
A business bank account is a legal requirement for limited companies as you need to keep your business’s finances separate from your own for tax purposes.
In addition to organising your company’s finances, a business bank account also makes your banking more streamlined, cost-effective and efficient.
The less time you spend administrating your company’s finances, the more time you have to focus on the things that really matter within your business.
What are the benefits of a NatWest business current account?
NatWest business current accounts provide your company with a multitude of banking features that organise and streamline your company’s finances.
There is a long list of banking features available, but we’ve created a shortlist of the most important ones:
- Company debit cards
- ATM cash withdrawals
- Set up automated payments including Direct Debits and Standing Orders
- BACS and CHAPS transfers for faster payments
- Business credit cards
- Business loans and overdrafts
- Manage your account 24/7 online and via the banking app
- International payments
- Events and programmes to help you grow your business
- A dedicated Relationship Manager to support your business banking (turnover over £2m required)
- Account switch service
- Integrated accounting software from FreeAgent
- UK Branches for a face-to-face service
- Access to Bankline, NatWest’s customisable online banking service
What are the charges for a NatWest business account?
NatWest’s business accounts have a charging structure that’s designed so you only pay for what you use.
This means that there is no ongoing monthly charge for owning a NatWest business current account.
Here are the key business account charges to be aware of:
- Automated payments in or out = £0.35 per item
- Cash payments in or out = £0.70 per £100
- CHAPS payments = £21 within NatWest, £23 to other banks
- BACS payments = £0.18 per item
- Overdraft Interest = £15 per annum
- Non-sterling transaction fee = 2.75% of the value of the transaction
There are other charges depending on how you use your account, but the above fees are the ones you’ll likely be paying the most.
For the full breakdown, you can visit NatWest’s business bank account online page and download their charges brochure.
Can I switch my current business bank account to a NatWest business account?
NatWest’s Current Account Switch Service takes the hassle out of switching your current business bank account.
Your business account switch guarantees the following:
- Covered by the Current Account Switch Guarantee
- Completed in 7 working days
- Automatic transfer of all existing Direct Debits and Standing Orders
- Automatic closure of your old account and transfer your balance
- All payments to and from your old account are forwarded and redirected
To ensure you can switch business accounts with all the above guarantees, you’ll need to meet the following requirements:
- You must have a NatWest account already open
- Your old bank must participate in the Current Account Switch Service
- You must meet the switch criteria with your old bank
To switch, you’ll just need to complete the Current Account Switch paperwork and NatWest will complete the rest for you and switch you over on a day of your choosing.
How do I open a NatWest business bank account?
You can open a NatWest business bank account online in minutes by following the online instructions.
Here’s a list of requirements you need to meet before you apply:
- You must be 18 or over
- You must be the owner or a director of the company
- Your business address must be registered in the UK, Channel Islands, Gibraltar or Isle of Man or you must be registered for tax purposes in one of these jurisdictions
- You must not have been declared bankrupt, received a County Court Judgement (CCJ), or a Court Decree
Here's a list of the personal information you’ll need to supply:
- Your full name, date of birth, and place of birth
- Your home address and the date you moved in
- Your preferred contact information
- The personal details for any directors or partners
Here’s a lift of the company details you’ll need to supply:
- Your trading addresses
- Your business contact information
- Some information about your business and the number of employees
- Any additional trading names your business has
- Information on your financial year-end
- Information on the countries you and your business are registered in
- Your year-end accounts
- Your business’s cash flow forecasts
- Your registered company number
Once you’ve applied for your business account, you will need to wait for your application to be approved by NatWest before you can start banking.