Should you choose Natwest for your business bank account? Let’s assess the pros and cons of Natwest’s offerings and determine whether it’s the right choice for your company.
Natwest Business Account: Overview
Current Accounts
Natwest offers several current account choices:
- Start-up Business Bank Account for businesses in their first year.
- Business Bank Account for established businesses.
- Community Bank Account for not-for-profit businesses.
They also offer a digital-only Sel-Employed Business Account through Mettle.
None of these have a monthly fixed charge: Startups get free banking for 18 months, and for older businesses, there’s a charge per transaction.
As you would expect from a bigger bank, overdrafts, credit cards, and dedicated relationship managers are possible, and eligible businesses can also get one.
Savings
Natwest offers 3 business savings account options, including variable—and fixed-rate accounts with interest advertised at between 1.46% AER and 3.55% AER.
These accounts include:
- Business Reserve Instant Access Account
- Liquidity Manager 35 and 95-Day Notice Accounts
- Treasury Reserve Account
Pros and Cons
Pros
- A range of options for different types and stages of business
- Access to 960 branches in the UK
- Dedicated Relationship Manager
- Overdraft and Credit Card Options
- No Minimum monthly charge
- Free Access to ‘Free Agent’ Accounting Software
Cons
- International banking comes with fees
- Customer Reviews are fairly mixed
About Natwest Business Banking
Established in 1968, Natwest is one of the 4 biggest UK banks and reputedly has 850,000 business customers and 7.5 million personal account holders.
It’s part of the NatWest Group, which also owns Royal Bank of Scotland and Ireland’s Ulster Bank. After a bailout in 2008, the British government owned 48% of the group.
Rates and Fees
| Account Name | Natwest Business Bank Account |
|---|---|
| Account Application Fee | Free |
| Account Charges | No Monthly Fee, but almost everything comes with charges. Automated payments – £0.35 per item Cash payments – £0.70 per £100 Manual payments – £0.70 per item |
| BACS Usage | £0.18 per item |
| Overseas card transaction fees | 2.75% of the transaction |
| FSCS protected | Yes |
| ATM Use (UK) | £0.35 |
| Requires credit check | Yes |
| Overdraft | Yes |
| Interest (AER) | 0% AER, but savings accounts available |
Contact Number
You can contact Natwest Business Banking on:
0345 711 4477
Call centres are open 24/7 and you can also use live chat from their website.
Natwest Business Bank Account Reviews and Ratings
Natwest has an average of 1.4 stars out of 5 on Trustpilot, with a rating of ‘Bad’.
Smart Money People rates them 2.52 out of 5 with a rating of ‘Good,’ based on 94 reviews.
They have a 1.6-star rating out of 5 on Reviews.Io, based on 376 reviews. That means only 13% of reviewers recommend them.
FAQ’s
How Long does NatWest take to Approve a Business Account?
Natwest claim the process of opening a business account takes 10-12 works days
Do you Have to Pay for a Business Account with NatWest?
While Natwest business accounts don’t come with monthly fees, the standard business current acccount carries charges for deposits, transfers, paying in cheques, automated or manual payments etc. You can find their list of charges here.
