NatWest Business Account Review: FreeAgent and Free Period
NatWest: 12 months free banking, lifetime FreeAgent, FSCS-protected to £125,000, 526+ branches. £5/month after the free period, the cheapest of the big three high-street banks.
High-street banking with free FreeAgent and the lowest ongoing cost of the big three banks
- 12 months free banking for startups
- Free FreeAgent accounting software included
If you want a high-street bank with 12 months free banking, lifetime free FreeAgent, and overdraft access, NatWest offers that at £5/month after the free period. That’s the lowest ongoing cost of the big three high-street banks.
You’ll find every claim verified against natwest.com, published product documentation, and the FCA Financial Services Register (April 2026).
Before you choose, ask: do you need branches? NatWest’s own digital arm, Mettle, is permanently free and includes FreeAgent. If branches and lending don’t matter, Mettle solves the same problem at no cost.
Our Verdict on the NatWest Business Bank Account
Choose NatWest if you want a high-street bank with FreeAgent bundled in. The lifetime free accounting software (no subscription, no renewal) is the draw.
You should evaluate Mettle first: NatWest’s permanently free digital account that also includes FreeAgent. Mettle carries the same FSCS protection via the same banking group. It’s NatWest without branch costs. Most reviews skip this.
Answer this before choosing: do you actually need branches and lending relationships, or will permanent free banking serve you just as well? If you run payroll, file VAT quarterly, and want your accountant to access your bank feed directly, both NatWest and Mettle connect to FreeAgent at no extra cost.
Choose NatWest if you need 526+ branches, overdraft access up to £50,000, or business lending. If your business will eventually sit across a table from a relationship manager, NatWest opens that door from day one. Mettle doesn’t.
At £5/month ongoing, NatWest is cheaper than Barclays (£8/month) and gives you full-service banking, FSCS protection, and an accounting workflow that needs no additional cost.
Key Pros and Cons
- 12 months free banking for startups; 2 years for switchers
- FreeAgent accounting software free for the lifetime of the account. Invoicing, VAT, MTD, and expense tracking included (1 transaction/month required).
- FSCS deposit protection up to £125,000. Full UK banking licence (PRA/FCA, FRN 121878).
- £5/month after free period. Cheapest of the big three high-street banks.
- Business overdraft £500–£50,000; business loans, asset finance, and invoice finance also available
- 526+ branches and 3,400 ATMs across Great Britain
- £5/month after the 12-month free period ends
- Cash at branch costs £0.95 per £100 deposited or withdrawn. Relevant for businesses handling cash.
- BACS payments cost 18p per item on the Standard Tariff
- 1.4/5 Trustpilot rating from 8,100 reviews. One of the lowest scores in UK business banking.
- International transfer fees from £4 per transaction; no built-in multi-currency account
- Account opening slower than app-based challengers
Who NatWest Is Best For
Choose NatWest if you’re starting a business and plan to use FreeAgent for accounting. The 12-month free period gives you time to build revenue before the £5/month fee applies.
The bundle (known bank, free year, free accounting software) beats Barclays or Lloyds at the startup stage.
If you’re an LLP or partnership, you get access here that Mettle won’t accept. If Mettle rejects your structure, NatWest is the next step: same banking group, same FreeAgent bundle, FSCS-protected.
Expect to need overdraft or business lending down the line? Having it already in place beats applying under pressure. NatWest already knows your trading history.
Skip NatWest if you want permanent free banking. Mettle is free forever; NatWest is £5/month after year one. Over three years, that’s £120 Mettle doesn’t charge. If you never use branches or need lending, Mettle is the better value.
NatWest Business Bank Account
NatWest Account Eligibility and Application
Who Can Open a NatWest Account
If you’re a sole trader, limited company, partnership, or LLP aged 18+, you can apply. You’ll need UK residency, a UK business address, and tax registration. We confirmed eligibility at natwest.com (April 2026).
Remember: NatWest operates two service tiers based on your annual turnover (under and over £2 million). Your tier determines your relationship management level, not just your account type.
You need to verify NatWest’s status: PRA-authorised and FCA/PRA-regulated (FRN 121878). We confirmed this at the FCA Financial Services Register (April 2026).
Your deposits are FSCS-protected up to £125,000: a statutory guarantee, not e-money safeguarding.
Before applying, you must check natwest.com: NatWest updated its Business Account Terms effective 20 April 2026. Review the updated terms before you proceed.
What You Need to Apply
If you apply online or in branch, expect longer processing than app-based challengers like Starling or Mettle. We found that NatWest’s onboarding typically takes several working days compared to same-day at digital banks.
When preparing your application, have company formation documents, director identity verification, and business address confirmation ready. For complex structures, branch application may be simpler.
Check natwest.com for current requirements before you start. Onboarding varies by business type, turnover tier, and application method. Don’t rely on third-party summaries.
NatWest Account Fees and Pricing
Monthly Fees and Plan Options
You get 12 months free banking as a new business, or two years if switching from another bank. After the free period, you pay £5/month. Confirm current offer terms at natwest.com.
If you need a high-street name at the lowest ongoing cost, choose NatWest at £5/month, cheaper than Barclays (£8/month) among the big three. We compared post-introductory fees across all major high-street banks in April 2026 to confirm this ranking.
When month 13 arrives, the £5 fee is manageable, but transaction charges below it shift the real cost, especially if you handle cash or run BACS batches.
| Fee Type | NatWest | Barclays | Starling (digital) |
|---|---|---|---|
| Monthly account fee | £5/month (after free period) | £8/month (after free period) | Free |
| Free banking period | 12 months (startups); 2 years (switchers) | 12 months (startups) | No free period needed |
| FreeAgent included | Yes, free for life of account | No | No |
| FSCS protection | £125,000 | £125,000 | £125,000 |
Transaction Fees and Charges
Use Faster Payments and you pay nothing. BACS payments cost 18p per item. Cash deposits or withdrawals at a branch counter cost £0.95 per £100. We confirmed these from NatWest’s Standard Tariff in April 2026.
If you handle cash, that’s where the real cost emerges. A £3,000 cash deposit on Monday morning costs £28.50 in handling fees, before your monthly account fee. Headlines don’t capture this.
If you’re purely digital (no cash, no cheques, only Faster Payments), these charges are invisible. But if you run 50 BACS payments monthly at 18p, that adds £9 on top of the £5 fee.
| Transaction Type | Fee |
|---|---|
| Faster Payments (electronic transfers) | Free |
| BACS payments | 18p per item |
| Cash deposited or withdrawn at branch | £0.95 per £100 |
| Manual transactions (over-the-counter cheque deposit) | £0.95 per item + 15p per cheque |
NatWest Features and Business Banking Tools
Invoicing and Expense Management
The FreeAgent subscription is the headline feature and the main reason to choose NatWest over Barclays or Lloyds. FreeAgent covers invoicing, expense tracking, VAT returns, Making Tax Digital (MTD) submissions, and payroll, at no additional cost for the lifetime of your NatWest account.
Note: FreeAgent requires at least one transaction per month to stay active. Most reviews miss this. We confirmed this from NatWest’s published FreeAgent terms in April 2026.
If you go a month without activity (long project, no payments), FreeAgent suspends. If your VAT quarter-end falls in that gap, you’re filing manually until you reinstate it.
If you bought FreeAgent separately, it costs £10–£19/month. Combined with £5/month NatWest, you’re getting both for roughly what the software alone costs. Compare that to your current setup.
Integrations and Accounting Software
You get automatic FreeAgent integration: transactions flow from NatWest to FreeAgent without manual CSV exports or re-uploads. FreeAgent is the centre of NatWest’s accounting offer.
If you use Xero or QuickBooks, you can connect via Open Banking for live bank feeds. Your existing workflow stays alongside NatWest without forcing a FreeAgent switch.
If FreeAgent works for your workflow, NatWest’s bundle is the most cost-efficient in high-street banking. FreeAgent is free and fully integrated, but other tools aren’t bundled. If you need a different tool, the pricing advantage shrinks.
NatWest Card Usage and Payments
Spending, Transfers and Limits
You get free Faster Payments and free card purchases on the Visa debit card. No per-transaction fee on day-to-day business spending.
If you need overdraft access, NatWest offers £500–£50,000 limits (above that requires a relationship manager). The facility runs for up to 12 months before review. We confirmed this at natwest.com in April 2026.
Beyond overdrafts, you can access business loans, asset finance, and invoice finance. If a supplier asks for faster payment terms, your relationship manager already has your transaction history. You’re not starting the lending conversation from zero.
Overseas Payments and FX Fees
If you send international payments, expect fees from £4 per transaction plus NatWest’s standard exchange rate. Occasional payments you can absorb; regular transfers cost more.
When you send regular overseas supplier payments or receive foreign currency, you’ll find Wise Business (mid-market, 0.43%) or Airwallex cheaper. Both work with NatWest as your main account.
Before you sign up, verify current fees and exchange margins at natwest.com. The £4 is a floor, not typical for larger transfers.
NatWest Customer Reviews and Ratings
If you value online reviews, NatWest’s 1.4/5 Trustpilot rating from 8,100+ reviews matters. That’s one of the lowest scores in UK business banking at this scale.
The pattern you’ll see in reviews: account restriction delays, slow KYC resolution, frustrating support. High-street banks attract complaints generally, but this score stands out.
If your account is flagged during KYC review, you could lose access to business funds for several days. That pressure is what the low reviews capture.
When you compare with Mettle, NatWest’s own digital account from the same banking group that holds 4 stars from 6,313 reviews, you see product-specific friction, not group-wide reputation damage.
Most of your peers operate with NatWest straightforwardly without hitting worst-case scenarios. But if your account is flagged, how prepared are you for that pressure and delay? If a supplier payment or payroll run falls in the same week as an account restriction, the operational consequence is immediate.
FAQs
Is the NatWest business account FSCS-protected?
Yes. National Westminster Bank Plc holds a full UK banking licence, authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and PRA under Firm Reference Number 121878. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £125,000 per eligible depositor per banking licence. We verified this from the FCA Financial Services Register in April 2026.
Is FreeAgent free forever with NatWest?
The FreeAgent subscription is free for the lifetime of your NatWest business current account, not just for 12 months. The condition: you must make at least one transaction per month from your NatWest account to keep the subscription active. We confirmed this from NatWest’s published FreeAgent terms in April 2026. An account that goes dormant loses access.
What is the difference between NatWest and Mettle?
Mettle is NatWest’s digital business account: permanently free, no transaction fees on UK Faster Payments, FreeAgent included at no cost. NatWest offers branches, overdrafts up to £50,000, and lending products. Mettle accepts sole traders and limited companies only; NatWest also accepts LLPs and partnerships. If you need branches or business lending, choose NatWest. If you don’t, Mettle is the cheaper route to the same FreeAgent bundle.
How long does it take to open a NatWest business account?
NatWest’s business account opening is typically slower than app-based challengers such as Starling or Mettle. If you need an account open quickly, apply online and allow several business days for processing. More complex structures may take longer. Verify current timelines at natwest.com.
Can I get a business overdraft with NatWest?
Yes. NatWest offers business overdrafts from £500 to £50,000 (amounts above £50,000 require a relationship manager). Overdrafts are granted for up to 12 months before review. Interest is calculated daily and charged quarterly. Eligibility is subject to NatWest’s credit assessment. We confirmed the overdraft range from natwest.com in April 2026.