RBS Business Banking Review

The Royal Bank of Scotland (RBS) offers various types of business bank account:

• Start-up bank account: for businesses that have been trading for less than a year, with a turnover under £1 million.

Also:

• Business account: for businesses that have been trading for more than a year.
• Community account: for not-for-profit groups, such as charities or clubs.

You can sign up for an RBS business bank account either online or at one of its branches (though you will need a smartphone or other device to do this). Once you have opened it, your business account works in the same way as a regular current account.

Everyday banking tasks (such as sending and receiving payments) can be completed online or via the RBS app. You can go into a branch or the Post Office for other tasks, such as depositing or withdrawing cash.

If you do not already have a bank account with RBS, it can take up to 10 days to open your new account. It can be faster for existing RBS customers. If you don’t provide all the required information, it could slow the process down.

However, it can take longer to open an account during busy periods.

On the other hand, if you’re switching to an RBS business account through the Current Account Switch Service, your new account should be opened within seven working days.

You may be able to switch to RBS using the Current Account Switch Service. This is a free scheme designed to make moving banks hassle-free.

When you make an application to RBS, you will need to let the bank know that you want to make a full switch from another provider. They will ask for details of your old account and ask you to choose a switch date.

Your new bank will manage the switch, moving your balance, any standing orders or direct debits and any incoming payments over to your new account.

If you choose to switch this way, you will be covered by the Current Account Switch Guarantee. This means that if you are wrongly charged a fee or interest while switching, your new bank will refund you. Only full switches are covered – if you do not want to close your old account and choose a Partial Switch instead, you will not be covered by the guarantee.

Some eligibility criteria apply, and both your old bank and your new bank must be signed up to the scheme. You can find a list of participating banks on the Current Account Switch Service website.

» COMPARE: Switch business bank accounts

You must be 18 years or older and have the right to be self-employed in the UK to apply for any business bank account with RBS. Additionally, different eligibility criteria apply to each of the three RBS business accounts:

• Start-up business account: your business has been trading for less than a year, with a turnover of less than £1 million.
• Standard business account: your business must have been trading for over a year.
• Community bank account: at least one applicant must already have an account with RBS. You must run a not-for-profit incorporated company, a club or society, a charity or charitable incorporated organisation, a church or place of worship or a non-personal trust.

Additionally, if your business is located in England or Wales and you do not already have a Royal Bank of Scotland business account, you will be asked to apply for an account with NatWest or to contact RBS for advice. If your business is based in Northern Ireland, you should apply through Ulster Bank instead.

Alternatively, if you do have an existing business account with RBS but want to open another for a new business based in England or Wales, RBS request that you call them to talk through your options.

To apply for an RBS business bank account, you will need to provide proof of:

• personal details, such as your full name, date of birth, home address history and contact details
• details of directors, partners, members or signatories
• your trading address(es)
• proof of registration at Companies House if it’s for a limited company
• evidence of your business activity
• how many employees you have, if applicable
• any trading name(s) your business uses
• where your business is registered for tax purposes
• a cash-flow forecast or your year-end accounts
• your company registration number, if you run a limited company

Yes, RBS offers a range of online business banking services.

Business customers can use Mobile Banking, accessed via the RBS mobile app. The app lets you manage your finances on the go, offering:

• electronic cheque deposits
• 24/7 assistance from a virtual assistant or chat via the app
• transaction history
• payments to others

» MORE: How to open a business account online

RBS does not offer a business bank account specifically designed for sole traders.

However, if you’re a sole trader, you can still apply for a business account with RBS. You are eligible for the start-up account (if you’ve been trading less than a year and have a turnover of less than £1 million) or the standard business account (if you’ve been trading for more than a year).

Yes, RBS offers business credit cards. You can find more detailed information on the RBS website.

Yes, RBS has a mobile app where you can manage your business banking. You can download the app from the Google Play store or the App Store.

RBS has members of staff to support customers in high street branches and through its mobile branch service (Scotland only). You can also access digital face-to-face support by booking a video banking appointment.

Additionally, RBS offers support via:

• telephone banking appointments
• a 24/7 virtual assistant accessed online or via the app

You can log in to RBS Digital Banking by following links to ‘Digital Banking’ on the RBS website. You may need to register to do this if you have not set up online banking before. Alternatively, you can log into your account using the RBS mobile app.

To get in touch with RBS, you can use the webchat service on its website.

Alternatively, you can call the business banking support helpline. Call centres are open 24/7 for everyday enquiries, though you may have to call between 9am and 5pm for specialist help and advice.