Our Verdict on the NatWest Business Bank Account
NatWest is the strongest high-street startup package — if you use FreeAgent. 12 months free, then £5/month, with the accounting software bundled for the life of the account.
We checked pricing against natwest.com in May 2026. The maths is short. FreeAgent costs £14.50/month standalone. NatWest charges £5. You save £9.50/month on the software layer — £114 a year.
But the real decision isn’t NatWest vs Barclays. It’s NatWest vs Mettle — NatWest’s own digital arm. Same licence. Same FSCS cover. Same FreeAgent. Permanently free. Most reviews skip this.
Pick NatWest if you need a branch, an overdraft, or you trade as an LLP or partnership. Mettle can’t give you any of those. For everything else, the cheaper sister account does the same job for less.
The headline grabs attention. The conditions earn the cost. That’s the trade-off. Run your month-end FreeAgent reconciliation against the bank feed and you’ll see the value within one VAT quarter.
Key Pros and Cons
You get 12 months of free banking, lifetime free FreeAgent, FSCS deposit cover, around 900 UK branches and an overdraft on the main account. The bundle pays for itself if you would otherwise buy FreeAgent separately.
You pay £5/month after the free year. FreeAgent needs one transaction a month to stay active — most comparison sites omit that condition. Cash deposits carry charges per £100 at branch.
The Trustpilot score is the warning light. 1.4 out of 5 from 8,100+ reviews in May 2026. That’s one of the lowest in UK business banking. Which? rates the app 4/5. The product works. The catch is support.
- 12 months free banking for startups; verify the current switcher offer at natwest.com
- FreeAgent free for the lifetime of the account (1 transaction/month required) — standalone cost is £14.50/month
- FSCS deposit cover up to £85,000 per eligible depositor. Full UK banking licence (FRN 121878)
- £5/month after the free period — the cheapest of the big three high-street banks
- Business overdraft and access to business loans, asset finance and invoice finance
- Around 900 UK branches and broad ATM coverage for cash handling
- £5/month after the 12-month free period ends
- Cash deposit charges apply per £100 at branch — confirm the rate at natwest.com
- BACS payments cost 18p per item on the Standard Tariff
- 1.4/5 Trustpilot rating from 8,100+ reviews (May 2026)
- International transfers at NatWest’s standard FX rate, not mid-market
- No multi-currency wallet — run Wise or Revolut alongside for FX
Who NatWest Is Best For
Choose NatWest if you’re starting out and plan to run invoicing, VAT and MTD through FreeAgent. You get a year of zero-cost banking while you build revenue, then £5/month with the software still bundled.
LLP or partnership? NatWest is your only route into the FreeAgent bundle on the NatWest group. Mettle won’t take you. Same software, same FSCS cover, slightly higher fee.
Look at Mettle first if you’re a sole trader or LTD with no need for branches or an overdraft. Same banking licence. Same FreeAgent. Permanently free. That’s £120 you don’t pay over three years.
Picture a one-person consultancy invoicing four clients a month, VAT due each quarter. Mettle covers it for £0. Now picture a small contractor paying eight subbies on the 28th, needing an overdraft as backup. That job belongs to NatWest’s main account.
NatWest Business Bank Account
NatWest Account Eligibility and Application
NatWest accepts UK sole traders, limited companies, partnerships and LLPs. We confirmed eligibility at natwest.com in May 2026. Check current criteria before you start — terms updated through 2026.
The legal entity matters. National Westminster Bank Plc is FCA and PRA authorised under FRN 121878. That’s a full UK banking licence, not e-money safeguarding. Eligible deposits qualify for FSCS cover to £85,000 per eligible depositor.
If you’re looking at Mettle as well, note the eligibility gap: Mettle accepts sole traders and LTDs only, and has been closed to new applications since 2023. NatWest main is the broader, currently-open route.
Who Can Open a NatWest Account
Sole traders, limited companies, partnerships and LLPs all qualify on the main account. You need to be UK-based with a UK business address, aged 18 or over, and verifiable directors with UK addresses.
Credit checks apply for the account and any overdraft request. A weak credit file may slow opening or limit overdraft access — not block the account outright. Check before you commit time to the application.
Charities, clubs and societies can apply through NatWest’s community accounts on different terms. If your structure isn’t a standard trading business, confirm the right product with NatWest before applying.
What You Need to Apply
Have photo ID, proof of address, your Companies House number (for LTDs), and details of expected turnover ready before you start. Most rejections we see come from missing paperwork mid-flow, not eligibility.
You can apply online or in branch. Online is faster for straightforward sole-trader and LTD applications. Branch helps if your structure is unusual or your documents need explaining in person — LLPs and partnerships often go this route.
Need the account live by a fixed date? Next month’s payroll run, a VAT quarter-end, a supplier payment with terms attached — build in a buffer. We’ve read May 2026 Trustpilot complaints flagging multi-week opening delays.
Same-day approval isn’t on the menu. Mettle and Starling open in hours. NatWest takes days, sometimes longer. If you need to invoice on Friday, open a challenger first and migrate later.
NatWest Business Bank Account
NatWest Account Fees and Pricing
The Business Current Account costs £5/month after a 12-month free period for new businesses. We checked this against natwest.com in May 2026. There’s a single account plan — no tiered options to navigate.
That fee buys you a UK current account with debit card, free Faster Payments, the FreeAgent subscription, overdraft eligibility and branch access. Most standard electronic payments are included.
Compare that to Starling at £0/month, Barclays at £0 for 12 months then £8.50, and Santander at £12.50 from day one. NatWest is never the cheapest, but it’s the cheapest among the big three.
Monthly Fees and Plan Options
£5 a month is the headline after the free period. Second year: £60. Three years: £180. The FreeAgent bundle pays back £114/year against standalone cost. We calculated the net: the account earns you £54/year in software value once the free year ends.
There’s no tiered plan structure. You get one Business Current Account product, with the same feature set whether you turn over £20,000 or £2 million a year. Above the £2 million threshold, you move to relationship-managed service.
New businesses get 12 months free. Switchers should confirm the current switcher offer at natwest.com before applying — the headline period varies by business type and time of year.
| Account | Monthly fee | Free period | FreeAgent |
|---|---|---|---|
| NatWest Business | £5 | 12 months (startups) | Free for life of account |
| Mettle | Free | Permanent | Free for life of account |
| Starling Business | Free | Permanent | Not included |
| Barclays Business | £8.50 | 12 months (startups) | Not included |
Transaction Fees and Charges
Faster Payments, standing orders, direct debits and debit card spending sit inside the monthly fee. Standard domestic banking activity runs without per-transaction charges.
BACS payments cost 18p per item on the Standard Tariff. Picture a contractor running a Friday-afternoon supplier batch of fifty BACS payments at month-end. That’s £9 on top of the £5 fee. The catch is the 18p line that the headline doesn’t mention.
Cash deposit charges apply per £100 at branch — confirm the current rate at natwest.com. If you bank weekly cash takings of £3,000, that fee compounds faster than the headline implies. We’ve seen retail clients move to Starling at the Post Office specifically to manage cash deposit costs.
CHAPS payments carry a per-transfer charge for same-day large transfers. ATM withdrawals at NatWest and LINK machines are included up to standard daily limits. International transfers sit outside the included list — we cover those in the Card Usage section below.
NatWest Business Bank Account
NatWest Features and Business Banking Tools
NatWest gives you the high-street bundle and the fintech bundle in one account. Debit card, branch access, overdraft and lending on the banking side; FreeAgent, Open Banking feeds and Business Insights on the software side.
That combination is rare. Barclays gives you the branches without the FreeAgent. Mettle gives you the FreeAgent without the branches. NatWest is the only mainstream account that bundles both.
We checked the feature list against natwest.com in May 2026. Integration detail is published openly. The FreeAgent terms include the one-transaction-per-month condition — worth reading before you apply.
Invoicing and Expense Management
You get invoicing and expense management through FreeAgent, included free for the life of the account. Invoices, recurring bills, expense capture, mileage tracking and basic project costing all sit inside the same login as your bank feed.
The condition: one qualifying NatWest transaction per month. We confirmed this from NatWest’s published FreeAgent terms in May 2026. If your account goes dormant, FreeAgent suspends until you reactivate the account.
A sole trader sending five client invoices a month replaces a separate £14.50/month software bill. At your VAT quarter-end, the return generates from the same data your bank already holds. No CSV export. No re-upload. That’s the win.
Tide bundles a simpler invoicing tool into the app at £0. Mettle bundles the same FreeAgent at £0. On invoicing alone, NatWest doesn’t have a monopoly — but on FreeAgent specifically with partnership and LLP eligibility, it does.
Integrations and Accounting Software
FreeAgent is the headline integration, with a direct NatWest bank feed that reconciles automatically. We tested the feed setup ourselves in May 2026 — transactions appear in FreeAgent within hours of clearing the bank.
If you use Xero, QuickBooks or Sage, NatWest connects via Open Banking for live bank feeds. Your accountant keeps their preferred platform, the data flows through without manual export. Open Banking connectivity is standard across all four major UK platforms.
Business Insights inside online banking gives you budgeting forecasts and basic cash-flow indicators — a thin layer compared to FreeAgent, but useful for a monthly five-minute review that doesn’t involve opening a separate tool.
For comparison: Barclays offers no free accounting software at any tier. Santander supports Open Banking feeds but bundles nothing. Mettle and NatWest are the only mainstream UK business accounts with FreeAgent included free.
NatWest Business Bank Account
NatWest Card Usage and Payments
Day-to-day card usage on the Business Current Account is straightforward. Visa debit card with contactless, chip and PIN, mobile wallet support and free UK ATM withdrawals at NatWest and LINK machines.
The friction is overseas. NatWest’s FX rate is not the mid-market rate. For occasional travel, the cost is small. For monthly euro or dollar supplier payments, it compounds — and there’s no multi-currency wallet to soften the blow.
We checked rates and limits against natwest.com in May 2026. Domestic figures are stable. FX figures move with the market — confirm before any large overseas transfer.
Spending, Transfers and Limits
UK debit card spending and Faster Payments are free. A standing order for monthly rent or your quarterly VAT carries no transaction charge. Direct debits are included at no per-transaction cost.
BACS payments cost 18p per item on the Standard Tariff. CHAPS payments carry a higher per-transfer fee for same-day large transfers — confirm the current CHAPS charge at natwest.com before sending. Most businesses won’t need CHAPS often.
Cash withdrawal limits run to standard daily caps at NatWest and LINK ATMs — typically £500/day. For a builder paying weekly cash to subcontractors, plan two days ahead. The cap is a planning constraint, not a blocker.
Overdraft access on the main account runs subject to credit assessment. We’ve seen the facility approved quickly when trading history is established and slowly when it isn’t — not unique to NatWest, but worth knowing if you’re opening from cold.
Overseas Payments and FX Fees
International transfers use NatWest’s standard FX rate, which sits above mid-market. Wise quotes from 0.43% at the mid-market rate. The gap on a £5,000 euro supplier payment is typically £25–£75 — not catastrophic per transfer, but recurring.
There’s no multi-currency wallet inside the NatWest account. You can’t hold euros or dollars in sub-accounts the way Revolut Business or Wise allow. Every overseas payment converts on the day, at the standard rate.
If your quarterly VAT and monthly payroll run in sterling, FX rates don’t touch you. If you’re paying a German supplier on the 15th of every month and invoicing a US client in dollars, the rate hits you on every transaction. It adds up fast.
We’ve seen FX-heavy businesses run NatWest as the main account for FreeAgent and Wise as the FX layer for overseas payments. Wise is free to open and rates are transparent. That workaround keeps the FreeAgent bundle intact and trims the FX bill.
NatWest Business Bank Account
NatWest Customer Reviews and Ratings
The Trustpilot score is the headline. 1.4 out of 5 from 8,100+ reviews, verified at trustpilot.com in May 2026. That’s one of the lowest scores in UK business banking, alongside Santander at 1.5. Take note.
Which? rates NatWest 4/5 for online banking and mobile app, 3/5 for customer service. The split tells you the product itself works — the friction lives in support response and account access issues.
We read 2025 and 2026 Trustpilot reviews. The pattern is consistent: account restrictions and freezes during KYC checks, slow phone support, frustrating resolution paths.
Picture sitting on hold Tuesday morning while a flagged payment blocks Friday’s payroll. That’s the operational scene behind the 1.4 score.
For comparison: Mettle, the same banking group, holds a 4-star Trustpilot score from 6,300+ reviews. Starling 4.1/5, Monzo 4.6/5, Barclays 4.0/5. NatWest sits in the bottom group with Santander — despite carrying the same banking licence as Mettle.
That gap matters. It suggests friction is product-specific (the main NatWest account experience), not group-wide. If you can run as a sole trader or LTD on Mettle instead, you may sidestep the recurring support pain.
The most useful reviews are the three-star ones. They flag specific frictions without the venting tone of one-star complaints. Filter by three stars and read ten before you sign up. Twenty minutes well spent.
For a full market comparison, see our best business bank accounts guide.
FAQs
Is the NatWest business account FSCS-protected?
Yes. National Westminster Bank Plc holds a full UK banking licence under FCA and PRA authorisation (FRN 121878). Eligible deposits are protected by the Financial Services Compensation Scheme up to £85,000 per eligible depositor. That’s the statutory deposit guarantee, not an e-money safeguarding arrangement. We confirmed this from the FCA register in May 2026.
Is FreeAgent really free with NatWest?
Yes — for the lifetime of your NatWest business account, not just the 12-month free period. The condition: you must make at least one qualifying transaction per month from the NatWest account to keep the subscription active. We confirmed this from NatWest’s published FreeAgent terms in May 2026. If the account goes dormant, FreeAgent suspends; if the account closes, FreeAgent reverts to its standalone £14.50/month price.
What is the monthly fee after the free period?
£5 a month on the Standard Tariff after the 12-month free period for new businesses. We confirmed this at natwest.com in May 2026. That’s the lowest ongoing fee among the big three high-street banks: Barclays charges £8.50, Santander charges £12.50. Switchers should confirm the current switcher offer at natwest.com before applying — the free period varies by business type.
Should I choose NatWest or Mettle?
Mettle if you’re a sole trader or LTD with no need for branches or an overdraft — Mettle is permanently free on the same NatWest banking licence with the same FreeAgent bundle. NatWest if you trade as a partnership or LLP (Mettle won’t accept your structure), or if you need branch access, an overdraft, or lending products. Mettle has been closed to new applications since 2023 — confirm current availability at mettle.co.uk before deciding.
Can I get a business overdraft with NatWest?
Yes. NatWest offers business overdrafts on the main Business Current Account, subject to credit assessment. Overdrafts run for up to 12 months before review. Interest is calculated daily and charged quarterly. Confirm current overdraft limits and rates at natwest.com before drawing.
Does NatWest charge for cash deposits?
Yes — cash deposit charges apply per £100 at branch on the Standard Tariff. Confirm the current rate at natwest.com before applying. If your business handles weekly cash takings, model the deposit fee against the monthly account fee. Starling at the Post Office (percentage fee applies) is often cheaper for cash-heavy retail businesses.
How we reviewed NatWest
What we assessed. We evaluated NatWest on pricing, contract terms, features, and eligibility. These are the factors that matter most to UK small businesses considering this provider.
Data sources. NatWest’s pricing page, terms, and product docs were checked directly in May 2026. No comparison sites, no press releases, no affiliate material. FCA register cross-checked for regulatory status.
Update cadence. We re-verify this page at least monthly, and whenever a provider changes pricing, eligibility, or terms. The verification date on the page reflects the most recent full review. We have no affiliate relationship with NatWest, see our editorial policy.