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NatWest was formed in 1968 when three smaller banks merged to create National Westminster Bank (now known as NatWest). Today, it is part of the NatWest Group alongside brands such as Royal Bank of Scotland and Ulster Bank.
NatWest offers three accounts for businesses: an account for start ups, an account for more established businesses, and a community account for charities and societies. There is also a free mobile business account for sole traders and small businesses on NatWest’s Mettle app – read our review for full details.
NatWest Start Up Business Account
Free
Free for 24 months
Free for 24 months
24 months free banking
- Available to eligible customers over 18, who have the right to be self employed in the UK
- This ‘Startup business account’ is available for businesses that have been trading for less than 1 year and have a projected or existing annual turnover of less than £1m
NerdWallet's Review Summary
NatWest offers accounts for start ups and more established businesses, as well as its community account for charities and societies. For businesses that trade internationally, there is even a foreign currency account.
For more details, see NerdWallet’s NatWest business account review.
NatWest key features:
- In-person banking: Customers can enjoy face-to-face support in England and Wales.
- Fee-free period: NatWest accounts have no monthly maintenance charge and everyday transaction fees do not apply for the first two years.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
NerdWallet's Pros & Cons
Pros:
- NatWest does not charge a monthly fee for business accounts on the standard tariff.
- Accounts can be accessed online, via its app, in a branch or Post Office or over the phone.
- NatWest’s call centres are open 24/7 via its digital assistant for basic banking queries.
- Accounts come with free access to integrated accounting software from FreeAgent.
- Accounts can potentially be opened on the same day.
Cons:
- There are no NatWest branches in Scotland or Northern Ireland.
- NatWest’s start-up account is only available to businesses that have been trading for less than a year and have a turnover of less than £1 million.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Learn more about how we bring you our review.
Key features
- Fact-to-face supportThere are branches throughout England and Wales for customer service in person.
- No monthly feeNatWest doesn’t charge a monthly fee for its business accounts.
- Customer supportSupport can be accessed in a number of ways 24/7.
- FSCS protectionEligible deposits are protected by the Financial Services Compensation Scheme (FSCS).
NatWest business accounts full review
NatWest is a UK high street bank that provides banking services across England and Wales. Customers in Scotland and Northern Ireland can access NatWest Group services through Royal Bank of Scotland and Ulster Bank respectively.
The NatWest Group claims to have 19 million customers across the personal, private and business banking sector, offering financial services to businesses across England and Wales.
NatWest offers three business accounts with one standard tariff. Each comes with free access to accounting software FreeAgent.
- Start-up account: An account for businesses trading for less than a year, with an annual turnover under £1 million. New customers to this account can get free banking on everyday transactions for 24 months.
- Business account: An account for more established businesses – those that have been trading for more than a year regardless of annual turnover or those with an annual turnover of over £1 million who have been trading for under a year. This account also comes with a dedicated relationship manager (turnover and eligibility criteria apply).
- Community account: An account for community groups, such as charities or clubs, it can offer free banking if you’re already a NatWest customer and your account’s annual credit turnover is less than £100,000.
Additionally, NatWest offers a mobile business account via its Mettle app. This is for sole traders or limited companies with up to two owners with a balance of less than £100,000 (£50,000 for sole traders). There are no monthly charges or transaction fees, however the account doesn’t offer access to credit, and you must have at least one monthly transaction for free access to FreeAgent software.
NatWest Start-up business account features: at a glance
| Monthly fee | £0 |
| Transaction fees | Yes, after 24-month introductory offer |
| Account management | Online Via app In a branch or Post Office Over the phone |
| FSCS protection | Yes |
| Set-up time | 1 day |
| Cash deposits | Yes |
| Cheque deposits | Yes |
| Access to other banking services | Yes |
| International payments | Yes |
| Customer service | Via its digital assistant Secure messaging online or via the app In a branch X (formerly Twitter) @NatWestBusiness Over the phone 0345 711 4477 – open 24/7 for basic banking enquiries. For lending and other specialist business banking enquiries, open 9am to 5pm, Monday to Friday. |
| Multiple user access/Joint account capabilities | Yes |
| Create and send invoices | Yes |
| Integration with accounting software tools | Yes |
Where NatWest business account stands out
24/7 customer support: NatWest’s call centre is open 24/7 via a digital assistant for basic banking enquiries.
No monthly fees: All of NatWest’s business accounts are free to open and maintain.
Access to overdraft and credit facilities: If you’re eligible, you can apply for a business overdraft, credit card and loan through your NatWest business account.
Quick set-up: It’s possible to apply for a NatWest business account and have it opened the same day.
Where NatWest business account falls short
Regional access: NatWest only has branches in England and Wales. If your business is based in Scotland or Northern Ireland, you may be directed to the closest regional brand (Ulster Bank for Northern Ireland and Royal Bank of Scotland for Scotland).
Customer reviews: NatWest has a ‘bad’ Trustpilot rating, however these are based on NatWest’s general offering, not specifically its business accounts.
Transaction fees: After the end of the 24-month introductory offer (which applies to new customers and those who have switched accounts to NatWest), there is a charge for every type of transaction.
NatWest business account customer reviews
NatWest has a ‘bad’ rating of 1.4 out of 5 based on over 6,600 reviews on Trustpilot. However, it’s important to note that these reviews are for NatWest in general, not specifically its business services. Its mobile apps score much more highly though, again, this is for both personal and business banking.
The NatWest mobile app has a rating of:
- 4.8 out of 5 based on over 743,000 reviews on the App Store
- 4.8 out of 5 based on 400,000 reviews on Google Play
This information is correct as of 2 October 2024.
NatWest business account eligibility
To be eligible to open a business account with NatWest, you must:
- be at least 18 years old
- have the right to be self-employed in the UK
- not have been declared bankrupt or had a County Court Judgment (CCJ)
- be willing to undergo a credit check as part of your application
Your company must also meet the requirements of the specific account:
- Start up account: Your business must have been trading for less than a year with a turnover under £1 million.
- Business account: Your business must have been trading for a year or more with a turnover of below £1 million, or any business with a turnover of over £1 million.
- Community account: It must be a not-for-profit limited company registered at Companies House, club or society, place of worship, charity or charitable incorporated organisation or non-personal trust. You must have an annual turnover of less than £100,000 and at least one of the applicants must already be a NatWest banking customer to qualify for free banking.
How to apply for a NatWest business account
To apply to open a Natwest business account, you’ll need to follow these steps:
- Choose which account you’d like to apply for
- Apply online or in a branch
- Provide business and personal details.
- Submit proof of ID and address.
- Wait for approval.
Review methodology
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Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
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