1. Home
  2. Business Bank Accounts in the UK
  3. NatWest Business Banking Review
Published 15 May 2023

NatWest Business Account Review: Pros, Cons & Features

Read our review of NatWest’s business account, including pros, cons and key features

Many or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.

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.


NatWest Start Up Business Account

  • Monthly Fee
  • Card Purchase Fees
    From free
  • Bank Transfer Fees
    From 35p
  • Offer
    18 months free banking
Learn More

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Learn more about how we bring you our review.

Key features

  • Regulated by the FCA
    NatWest is a UK bank regulated by the Financial Conduct Authority (FCA);
  • No monthly fee
    NatWest business accounts have no monthly fee; there are fees per transaction (after introductory period, if applicable)
  • Credit facilities available
    Credit facilities, such as business credit cards or business loans, may be available with this provider
  • Deposits protected by FSCS
    Deposits with NatWest may be protected by the Financial Services Compensation Scheme (FSCS)

NatWest business account pros & cons 


  • 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.


  • 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 feeNo
Transaction feesYes
Account managementOnlineVia mobile appIn a branchOver the phone
FSCS protectionYes 
Cash depositsYes
Cheque depositsYes
Access to other banking services, such as business loans and credit cardsYes
Integration with accounting software and toolsYes
International paymentsYes
Customer serviceChat botSecure messaging in-app or onlineSocial mediaOver the phone
Multiple user accessYes
Trustpilot rating1.4 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:

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 orders35p
ATM withdrawals35p
Debit card payments35p
Faster Payments35p
Transfers made through online, mobile or telephone banking35p
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 out70p per cheque
Transfers between NatWest business accountsFree (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 currency2.75% non-Sterling transaction fee
Payment made in a foreign currency2.75% 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:

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. 

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:

Your company must also meet the requirements of the specific account:

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:

How to apply for a NatWest business account

To apply to open a Natwest business account, you’ll need to follow these steps:

  1. Start an application online.
  2. Provide business and personal details.
  3. Submit proof of ID and address.
  4. 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: 

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:

You can show any of the following as proof of your UK residential address:

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.

About the Authors

Holly Bennett

Holly champions clear, jargon-free writing. She’s been creating finance content for leading organisations for over 10 years.

Read More
Kristina Fox

Kristina was a writer at NerdWallet who focused on writing finance content for small businesses, as well as young people and students. A recent graduate trading French for finance, she…

Read More
Back To Top