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NatWest business account: at a glance
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 banks such as Royal Bank of Scotland and Ulster Bank.
NatWest offers three business accounts; which one you open depends on the type of business you run. There is an account for start ups, an account for more established businesses, and a community account for charities and societies.
Find out more about NatWest business accounts, including the benefits and features that might suit you.
Promotion
NatWest Start Up Business Account
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Monthly FeeFree
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Card Purchase FeesFrom freeSterling transactions: Free | Non-Sterling transaction fee: 2.75%
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Bank Transfer FeesFrom 35pNo fees for first 18 months | Thereafter: Automated payments: 35p | Manual payments: 70p
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Offer18 months free bankingThis '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.
Learn more about how we bring you our review.
Key features
- Regulated by the FCANatWest is a UK bank regulated by the Financial Conduct Authority (FCA);
- No monthly feeNatWest business accounts have no monthly fee; there are fees per transaction (after introductory period, if applicable)
- Credit facilities availableCredit facilities, such as business credit cards or business loans, may be available with this provider
- Deposits protected by FSCSDeposits with NatWest may be protected by the Financial Services Compensation Scheme (FSCS)
NatWest business account pros & cons
Pros
- NatWest business accounts do not have a monthly fee.
- Accounts can be accessed online, via a mobile app, in a branch or over the phone.
- Deposits up to £85,000 may be protected by the Financial Services Compensation Scheme (FSCS).
- NatWest branches serve England and Wales.
Cons
- It can take up to nine days to open a NatWest business account.
- There are no NatWest branches in Scotland or Northern Ireland.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and Cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
NatWest business account full review
NatWest is a UK high street bank that provides banking services across England and Wales. Scottish and Northern Irish customers can access NatWest Group services through Royal Bank of Scotland and Ulster Bank respectively.
With 12.5 million customers across the personal, private and business banking sector, NatWest offers financial services to people and businesses across England and Wales. This includes specialist support for certain industries, such as technology and manufacture.
We’ve collated everything you might want to know about NatWest’s business account offering in the table below.
| Monthly fee | No |
| Transaction fees | Yes |
| Account management | OnlineVia mobile appIn a branchOver the phone |
| FSCS protection | Yes |
| Cash deposits | Yes |
| Cheque deposits | Yes |
| Access to other banking services, such as business loans and credit cards | Yes |
| Integration with accounting software and tools | Yes |
| International payments | Yes |
| Customer service | Chat botSecure messaging in-app or onlineSocial mediaOver the phone |
| Multiple user access | Yes |
| Trustpilot rating | 1.4 out of 5 (as of 10 May 2023) |
NatWest business account features
The following sections provide some important information about the key features of NatWest business accounts.
Business account fees
Half of the business owners NerdWallet surveyed chose monthly cost as one of their top three criteria when looking for a business account; it seems crucial for business owners.
NatWest offers three business accounts with one standard tariff:
- Start up account: An account for businesses under a year old, and with an annual turnover under £1 million.
- Business account: An account for more established businesses – those that have been trading for over a year, or under a year if annual turnover exceeds £1 million.
- Community account: An account for community groups, such as charities or clubs; free banking potentially available if you’re already a NatWest customer and open a community bank account.
Monthly fee
There are no minimum monthly fees with a NatWest business account. Businesses only pay for the transactions they carry out.
Day-to-day business banking transaction charges
Charities and community organisations get free everyday banking as long as annual turnover is less than £100,000, and start ups currently get free banking on everyday transactions for the first 18 months.
After that, and for standard business accounts, NatWest charges as follows:
| Direct debits and standing orders | 35p |
| ATM withdrawals | 35p |
| Debit card payments | 35p |
| Faster Payments | 35p |
| Transfers made through online, mobile or telephone banking | 35p |
| Cash paid in or out | 70p per £100, plus a 70p manual transaction fee |
| Cheques paid in (at branch counter) | 70p per cheque, plus a 70p manual transaction fee |
| Cheques paid in (at automated machine or via mobile app) | 70p per cheque |
| Cheques paid out | 70p per cheque |
| Transfers between NatWest business accounts | Free (if made online, via mobile app or over the phone) |
More detailed information can be found online in NatWest’s business account charges brochure.
Information correct as of 29 March 2023.
Other fees
There are charges for specialist services, such as payments in a foreign currency.
| ATM withdrawal in a foreign currency | 2.75% non-Sterling transaction fee |
| Payment made in a foreign currency | 2.75% non-Sterling transaction fee |
It’s worth noting that international payments are not covered by any free banking offer. Check NatWest’s business account charges brochure for more details.
There is no charge for the digital accounting tool, FreeAgent, which is included with every account. You can use it to manage your cash flow, invoices, and create and file VAT, and self-assessment tax returns.
Easy account access
The second most important criteria for a business account, according to our survey of business owners, is easy account access.
You can access a NatWest business account online or via the provider’s mobile banking app. These services are available 24 hours a day, seven days a week.
There are also NatWest branches across England and Wales, if you would rather speak to someone face to face about your account. Customers in Scotland can use Royal Bank of Scotland branches, while those in Northern Ireland can go into Ulster Bank branches to manage their account.
It’s also possible to do your business banking over the phone. You can find the number to call in the NatWest mobile banking app.
Account set-up
Quick account set-up is an important factor when looking for a business account, according to a quarter of business owners who chose it as one of their top three criteria in our survey.
NatWest says it usually takes between five and 10 days to open a business account, though it can take longer if your business is more complex (for example, if it trades internationally, handles a lot of cash or has more than two owners).
FSCS protection
According to our survey, deposit protection through the Financial Services Compensation Scheme (FSCS) is the third most important criteria for business owners when searching for a business account.
NatWest is a UK-authorised bank, so your deposits may be protected (up to £85,000) through the FSCS. This means that if NatWest were to go bust, you would automatically be compensated up to this limit for the deposits you hold with the bank.
It’s worth noting that the limit applies across all accounts you hold with a bank or building society. If you were a sole trader and had a personal and business account with NatWest, you would get one combined limit of £85,000 for these accounts as they are both held in your name. However, if you run a limited company, then its business account would be held in its own name, not yours, as it is legally a separate entity. In this case, your personal account and business account with NatWest would each have an £85,000 protection limit.
Part of the NatWest Group, NatWest in England and Wales and Ulster Bank in Northern Ireland are both protected by the same FSCS limit. This means that if you were to have an account with both banks, the £85,000 protection threshold would apply to both combined.
However, although Royal Bank of Scotland (RBS) is also part of the NatWest Group, it is separate in terms of FSCS coverage. So if you held an RBS account and a NatWest or Ulster Bank account, they would have their own £85,000 limit.
Mobile phone app
Managing money via a mobile app was ranked fourth most important when looking for a business account, according to NerdWallet’s survey of business owners.
NatWest has a mobile banking app which is available on Android and Apple devices.
Customer service
You can contact NatWest’s customer service team in the following ways:
- By telephone
- Via Cora, a virtual assistant – you can be referred to an adviser during working hours
- Via online messaging, during opening hours
- Via mobile app, 24/7
- Via WhatsApp
The need to have 24/7 customer support was not a major consideration when choosing a business account according to our survey, ranking joint ninth alongside international banking facilities. However, if you do want the option of contacting your bank whenever you want, NatWest currently offers 24/7 customer service via its app and over the phone (for basic enquiries).
Customer reviews
Reviews for NatWest’s banking service on Trustpilot were poor; these include its personal banking services as well as its business accounts. Its mobile app reviews were more positive. These also included reviews from both personal and business banking customers.
- Trustpilot: 1.4 out of 5, based on over 4,800 reviews
- Apple App Store: 4.6 out of 5, based on over 90,000 reviews
- Google Play: 4.1 out of 5, based on over 271,000 reviews
This information is correct as of 10 May 2023.
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
- 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 trading for under or over a year 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.
- Mobile account: You must be a sole trader or limited company with up to two owners, with a balance of less than £100,000 (£50,000 for sole traders).
How to choose a NatWest business account
There are a number of questions that you may want to ask yourself when choosing whether to open a NatWest business account or when comparing other providers:
- Do you want to pay a monthly fee or pay per transaction?
- How would you prefer to manage your account (for example, online, via an app, in a branch)?
- Do you like to bank digitally or would you prefer the option of face-to-face banking?
- Are you willing for you and your business to undergo a credit check as part of your business banking application?
- Do you want your deposits to be protected by the Financial Services Compensation Scheme (FSCS)?
How to apply for a NatWest business account
To apply to open a Natwest business account, you’ll need to follow these steps:
- Start an application online.
- Provide business and personal details.
- Submit proof of ID and address.
- Wait for approval.
Start an application online
To set up an account with NatWest, you can submit an online application.
You’ll be asked whether you’re a new or existing customer and, if you already hold an account with NatWest, whether your new account is for a new or existing business. You’ll also be asked about turnover, to help ensure the account you’re applying for is suitable for your business.
You should have certain information and documents to hand so you can complete your application, including:
- Personal details, such as your name, date of birth, residential address and contact information
- Business details, such as your business address, trading activity and Companies House registration number (if applicable)
NatWest is one of the business banking providers that has worked to compile a basic list of documents and information you may need to provide when applying for a business account. The full list can be found on the UK Finance website.
Submit proof of your identity and address
NatWest will need to see a piece of photo ID, as well as proof of your address.
To prove your identity, you may be able to use one of the following documents:
- full and valid UK or foreign passport
- national identity card (issued in EEA or equivalent)
- full UK paper driving licence
- full UK, EU or EEA photocard driving licence
You can show any of the following as proof of your UK residential address:
- full UK paper driving licence
- bank statement (dated within the last three months)
- UK mortgage statement (dated within the last 12 months)
- council tax bill (dated within the last 12 months)
- utility bill (dated within the last six months)
Wait for approval
After you’ve applied, NatWest will be in touch if you need to supply more information to support your application, or if there’s any paperwork you need to sign online.
According to the NatWest website, it usually takes five to 10 days to open a business account, though it could take longer if your business has more than two owners, takes cash payments or trades overseas.
It may be possible to get an account on the same day you apply, according to reporting data published on 15 February 2023. NatWest reported that almost three-quarters (73%) of customers get an account on the same day.
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
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 it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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