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RBS is a traditional high-street bank offering three types of business bank account. All three accounts follow a ‘pay as you go’ system rather than charging a fixed monthly fee. This may suit your business if you do not make payments frequently.
The Start-Up Account is also transaction fee-free for the first 24 months, meaning it could be a good entry point to business banking as a new organisation.
However, unless you are an existing RBS personal or business customer, you won’t be able to open an RBS account in England, Wales or Northern Ireland, but instead be directed to NatWest (for customers in England and Wales) and Ulster Bank (for customers in Northern Ireland).
» MORE: Compare business bank accounts
RBS Start Up Business Account
- Available to eligible customers over 18, who have the right to be self employed in the UK
- This ‘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
NerdWallet's Review Summary
With an RBS business account, you only pay for what you use instead of facing a flat monthly fee. An account for start ups is available, which charges no fees on everyday transactions for the first 24 months. It gives free access to FreeAgent accounting software as well as borrowing options.
For more details, see NerdWallet’s RBS business account review.
RBS key features:
- Introductory offer: Start ups can enjoy two years of no transaction fees.
- Borrowing: Business overdrafts, credit cards or loans are available to RBS business customers.
- Perks: Extras include free access to FreeAgent accounting software and you may be eligible for help from a dedicated relationship manager.
- FSCS protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
NerdWallet's Pros & Cons
Pros:
- All three RBS business accounts are free – there is no minimum monthly charge for keeping an account open.
- There are no transaction fees for the first 24 months when using a Start-Up Account.
- RBS call centres are open 24/7 for basic banking enquiries.
- Eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- You can manage your account in a branch, over the phone, online and via the app.
Cons:
- RBS is less well-suited to a business based in England or Wales, as unless you have an existing RBS business or personal account, you will be directed to open a NatWest account instead. Businesses in Northern Ireland, meanwhile, are directed to open an account with Ulster Bank.
- The RBS Start-Up Account – which offers 24 months’ fee-free banking – is only available to businesses that have been trading for less than a year, and have a turnover of less than £1 million.
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
- No monthly feesYou are not charged a monthly fee to keep your RBS business account open.
- FSCS protectionYour eligible deposits, up to £85,000, are protected by the Financial Services Compensation Scheme (FSCS).
- 24/7 customer serviceYou can contact RBS via web chat or ring the RBS call centre at any time to make basic business banking enquiries.
- Overdraft and credit facilitiesRBS offers business overdrafts, credit cards and loans.
RBS business account full review
The Royal Bank of Scotland (RBS) was originally founded in Edinburgh in 1727, and now forms part of the NatWest Group PLC, which also includes NatWest and Ulster Bank. It offers a service online, via its app and at its branches to personal and business customers.
Looking at business banking in particular, RBS offers three different types of business bank accounts to suit start ups, established businesses, and charities and other not-for-profit organisations.
Start-Up Account
Royal Bank of Scotland’s Start-Up Account is for businesses that have been trading for less than a year, and have turnover of less than £1 million.
It comes with no monthly fee and no transaction fees for the first 24 months. Once that period has elapsed, you will be charged per transaction.
You can also apply for an arranged overdraft, use FreeAgent accounting software at no cost, and access Tyl to take payments online.
Business Account
The standard RBS Business Account is available for businesses who have a turnover over £1 million and have been trading for under or over a year, alongside businesses who have turnover of less than £1 million but have been trading for over a year.
It is a pay-as-you-go account – this means that, while you will not pay a monthly fee to keep the account open, you will pay for each transaction you make.
It also comes with free accounting software FreeAgent, the option to subscribe to Tyl for online payments, the support of a dedicated relationship manager (if eligible), and the ability to apply for an overdraft.
Community Account
If you are a charity or not-for-profit organisation, and someone on your application already has an RBS business or personal account, you can apply for a Community Account.
If your organisation’s annual credit turnover is less than £100,000, you can apply for free banking. If it is over £100,000, then you will pay per transaction at RBS’s standard tariff rates.
The Community Account also comes with free access to FreeAgent accounting software.
RBS business account features: at a glance
| Start-up Account | Business account | Community Account | |
|---|---|---|---|
| Monthly fee | Free | Free | Free |
| Transaction fees | No, for the first 24 months. Yes, once the opening offer has elapsed. | Yes | No, if your turnover across accounts doesn’t go over £100,000. Yes, if turnover crosses £100,000. |
| Account management | Online, via an app, in a branch and over the phone | Online, via an app, in a branch and over the phone | Online, via an app, in a branch and over the phone |
| FSCS protection | Yes | Yes | Yes |
| Set-up time | 1 day | 1 day | 1 day |
| Cash deposits | Yes (70p per £100 outside free period) | Yes (70p per £100) | Yes (70p per £100 if not eligible for free banking) |
| Cheques | Yes (70p per item outside free period) | Yes (70p per item) | Yes (70p per item if not eligible for free banking) |
| Access to other banking services | Yes | Yes | Yes |
| International payments | Yes | Yes | Yes |
| Customer services | 0345 600 2230 (24/7) 24/7 secure messaging (digital banking and mobile app) RBS business WhatsApp | 0345 600 2230 (24/7) 24/7 secure messaging (digital banking and mobile app) RBS business WhatsApp | 0345 600 2230 (24/7) 24/7 secure messaging (digital banking and mobile app) RBS business WhatsApp |
| Multiple user access | Yes | Yes | Yes |
| Create and send invoices | Yes | Yes | Yes |
| Integration with accounting software tools | Yes (FreeAgent) | Yes (FreeAgent) | Yes (FreeAgent) |
Where RBS business account stands out
Account perks: RBS accounts come with a variety of benefits, including free access to FreeAgent accounting software, the option to take online payments via Tyl, and the possibility for a dedicated relationship manager.
No monthly fees: Regardless of whether you open an RBS Start-Up Account, Business Account or Community, you will not pay a monthly fee to keep it open.
FSCS protection: Eligible deposits, worth up to £85,000 across all your business banking accounts, will be protected by the Financial Services Compensation Scheme (FSCS). This is in addition to the £85,000 that you may hold in any personal accounts with RBS. However, if you are a sole trader, this £85,000 limit is the total sum across all of your RBS current and savings accounts, not just your business account. This includes brands owned by RBS, such as the Virgin One and NatWest One accounts.
24/7 customer support: You can contact RBS via web chat or ring an RBS call centre to make basic banking enquiries 24 hours a day, seven days a week.
Access to overdraft and credit facilities: If eligible, you can apply for a business overdraft, credit card and loan through your RBS business account.
Sole traders, limited companies, LLPs and charities: Not only are RBS business accounts available to sole traders, limited companies, and limited liability partnerships, they are also available to a range of charities and not-for-profit organisations. This includes clubs, societies, places of worship, and non-personal trusts.
Where RBS business account falls short
Access in England, Wales and Northern Ireland: Unless you have an existing RBS personal or business account, if you are based in England or Wales, RBS will direct you to open a NatWest account instead.
If you are based in Northern Ireland, meanwhile, you will be prompted to open an account with Ulster Bank.
Transactions: Unless you are within the 24-month free banking period with your Start-Up Account, or are a business with a Community Account and turnover of less than £100,000, you will pay for every transaction you make with RBS. This means it might not be suitable if you make a high volume of transactions.
Customer reviews: While RBS has strong reviews for its mobile app, it has a ‘Bad’ overall rating on Trustpilot. These reviews are for RBS as a whole, not just its business services.
Take a look at some of the other business banking providers we review.
RBS business account customer reviews
RBS business customers have left reviews on a number of different platforms. These reviews vary greatly, from bad to very good.
It is important to note that the following reviews are from RBS customers overall, not just the bank’s business customers:
- App Store: 4.8 out of 5, based on over 182,100 reviews
- Google Play: 4.5 out of 5, based on over 99,500 reviews
- Trustpilot: 1.3 out of 5, based on over 900 reviews
This information is correct as of 26 February 2025.
RBS business account eligibility
To be eligible for an RBS business account, you will need to:
- be over the age of 18
- have the right to be self-employed in the UK
- be based in Scotland, England or Wales
- have an existing RBS account (if based in England or Wales)
- have not declared bankruptcy, or received a county court judgment (CCJ) or court decree
There are then specific requirements for each business account type:
- Start-Up Account: You must have been trading for less than one year, and have a turnover of less than £1 million.
- Business Account: You must have a turnover greater than £1 million and have been trading for under or over a year; or have a turnover of less than £1 million, and have been trading over a year.
- Community Account: One of the named applicants will need to be an existing RBS business or personal account customer. You will only be eligible for free banking if your annual credit turnover is less than £100,000.
How to apply for an RBS business account
To apply for an RBS business account, you will need to take the following steps:
- Select the RBS business account you want to apply for.
- Submit an application form online or in a branch.
- Provide RBS with the documents and information it requires, including your trading name, personal and business addresses, cash-flow forecasts, and countries you are registered in for tax purposes.
- Wait to hear back from RBS.
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