Dec 30, 2022
You can use your NatWest business current account for convenient banking services, including mobile and online banking, in-branch assistance, and phone support.
With the free accounting software in your account, you can keep tabs on your finances, complete tax forms, and manage your invoicing all in one convenient place. Local enterprise managers also host networking and business events and offer coaching and expansion-focused programmes to help businesses succeed.
The benefits and drawbacks of a NatWest business account must be weighed against one another. Your priorities should be established before you decide whether or not to open an account with them.
If you need this service for your company, be sure to shop and find the best rate possible.
In 2022, NatWest plans to close some of its branches, which might make in-person banking more difficult for some customers.
Depending on the nature of your company and its annual revenue, NatWest provides several distinct business checking account options.
Account for new enterprises with annual revenue of under £1 million. Additionally, you can enjoy free banking for the first 18 months.
Business accounts are available to companies that have been in operation for a year or more and have annual sales of less than or equal to £1 million. All the perks of the fundamental business account, plus the assistance of a personal relationship manager, are yours with this upgrade.
A community bank account is where nonprofit organizations, clubs, and societies can manage their finances and pay their regular bills. There can be up to four authorized signatories on the account, and a chequebook and paying-in book are provided. You are eligible for free banking services if your business's yearly revenue is less than £100,000.
Mettle, a subsidiary of the NatWest Group, offers lone proprietors and those who run small businesses with up to two partners a free e-money mobile account. Spirit allows users to produce invoices, make Faster Payments, and synchronize with other accounting software.
A NatWest business account doesn't charge any minimum monthly fee. Everyday banking is free for nonprofits and community groups with an annual revenue of less than £100,000; for new businesses, it is free for the first 18 months.
A few requirements must be met before you can open a business account with NatWest: you must be over the age of 18, and you must be legally allowed to work as a self-employed individual in the UK.
In addition, you'll need to make sure your business has the qualifications for that account.
To qualify for a startup account, your company's revenue must be less than £1 million, and it must have been operating for less than a year.
To be eligible for a business checking account, your company's annual revenue must be at least a million pounds, or it must have been in operation for at least a year and have a total of more than a million pounds.
For a joint account with NatWest, one of the account holders must be a current client. There must be less annual revenue for the business to qualify as a not-for-profit limited company at Companies House, club or society. It would be best if you were a sole proprietor or a limited liability company with no more than two owners to qualify for a mobile banking account. In the case of sole proprietors, your total assets can't be more than £100,000 (or £50,000).
The Trustpilot reviews of NatWest's banking service were negative overall, which applied to personal and commercial accounts. The reviews for its mobile app were more enthusiastic. There were both individual and commercial banking client testimonials presented.
Business banking with NatWest can be done in various convenient ways, including online, through the bank's mobile app, by phone, or in person at a branch.
You might choose to work with one of the four central banks in the United Kingdom, one of which has been in operation on the high street since 1968.