NatWest Business Banking

About NatWest

NatWest are one of the Big Four high street banks and are the largest bank for business, providing bank accounts to one in four businesses across the UK. They were established in 1968, as National Westminster Bank, and are part of the much larger NatWest Banking Group, which is also the holding company for the Royal Bank of Scotland and Ulster Bank, who operate in Scotland and Northern Ireland, respectively.

See our full NatWest business bank account review of features, fees and how they compare against other online and high street bank accounts.

NatWest pros & cons

Pros of NatWest

• Extensive branch network
• Multiple business accounts to choose from
• No monthly account fee
• Free banking for startups & new businesses
• Highly rated mobile banking app

Cons of NatWest

• Poor Trustpilot reviews

NatWest business current accounts

NatWest offer three current accounts, each of which provide a bespoke banking experience depending on your business age:

• Free Mobile Account - their free banking app, Mettle, which allows sole traders (with less than £50,000) and Limited Companies with no more than two owners (and less than £100,000) to bank completely free with no hassle.
• Start-up Account - a specific startup bank account for businesses that have been trading for less than 12 months and have a projected annual turnover of less than £1 million. The first 18 months are fee-free.
• Business Account - NatWest's standard tariff, this is for businesses that have been running for longer than a year. If your turnover is over £2 million you'll get access to specialist business support with a dedicated account manager.

New businesses that open a NatWest startup bank account will get 18 months of free banking, meaning they pay nothing for standard business services - such as bank transfers, withdrawals and deposits etc.

After the 18 months is up they will be subject to NatWest's standard business tariff, which is pay-as-you-go and has no monthly fee.

These are the transaction fees you can expect to pay:

Overdrafts

NatWest offer business overdrafts from £500 up to £25,000, available to businesses that turnover less than £2 million, for 12 months.

Interest fees vary from 11.73% to 11.62% and arrangement fees start from £50 up to £375.

Businesses can borrow more than £25,000 - up to £50,000 - if their turnover exceeds £2 million or they have access to a Relationship Manager, amongst other things.

Eligibility

To be eligible for a NatWest business account you must:

• Be a sole trader, partner or director
• Have the right to live in the UK
• Provide proof of address
• Be at least 18 years old

There is more specific eligibility criteria that is dependant on which account you choose - based on annual turnover and business age.

During your application you will also need the following:

• Personal details for each business owner (including address, date of birth and contact details)
• Business details (including business address and contact details)
• Your Companies House registration number (if your business is a Limited Company)

Opening an account

Here's how to open a NatWest business account:

1. To open online download NatWest's app from the App Store or Google Play, or sign up from their website
2. To open in store find your nearest NatWest and head on in
3. Complete their application - NatWest will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Approvals can usually take up to 10 days if new or within 24 hours for existing customers

NatWest business savings accounts

NatWest also have three businesses savings accounts, these include an instant access, fixed term and notice account:

• Business Reserve - no minimum deposit needed and you'll be able to access your savings whenever you want and you won't be charged for making any withdrawals. The interest rate for this savings account varies from 1.46% to 1.92% AER, depending on how much you save.
• Liquidity Manager Notice Account - this is a 35 or 95-day notice account, meaning you won't be able to make any withdrawals for the required notice period. You'll receive an interest rate of 3.25% or 3.75% AER and you can open the account with just £1.
• Treasury Reserve - this is a fixed term savings account, with terms up to 12 months. There are minimum balance requirements when locking away your money for one to six days, seven to 27 days and then 28 days plus, but no maximum balance limits. The interest rate is agreed with NatWest when applying.

Here's a summary of NatWest's business savings accounts:

NatWest reviews

NatWest score incredibly well on their mobile app, with 4.8 stars on both Google Play and the App Store, from over a million ratings combined.

While on Trustpilot they only get 1.4 out of 5 stars, with 86% giving them 1-star. This does include personal account reviews however.

Information correct as of 12th September 2024.