NatWest business bank account comparison and review
NatWest offers a range of business banking options, including specialised accounts for startups and charities. Find out what's on offer and whether it's right for your business.
NatWest has a range of bank accounts designed for business owners and self-employed people. It offers free business support and accounting software too. The banking group also owns Mettle, offering a free mobile bank account for sole traders and limited companies. Read our review of Mettle here. This guide outlines the different business accounts and how they compare.
One of the UK’s leading banks, NatWest offers a range of products for businesses of varying sizes, including bank accounts, credit cards, loans and insurance.
The NatWest website also provides resources and advice on how to run your business, whether you’re just starting out, or have been trading for a few years.
What type of business accounts does NatWest offer?
NatWest has 4 main types of business account:
Startup account. For businesses that have been trading less than a year with less than £1 million of turnover.
Business account. For businesses that have been trading over a year.
Community account. For not-for-profit organisations.
Free ‘Mettle‘ mobile account. For self-employed people.
You can use NatWest’s current account switching service to open a new business account. This means the bank will take care of transferring your direct debits and standing orders from your old account into your new one.
NatWest business banking features and charges
NatWest’s startup account offers 24 months of transaction fee-free business banking. This is available to businesses in their first year of trading with a turnover of less than £1 million. At the end of the 24-month period, the account reverts to a standard business account and starts charging transaction fees.
You might be able to take advantage of this fee-free offer if you have an existing business with a turnover of up to £2 million. Provided you switch your business account using the full Current Account Switch Service, NatWest is offering 24 months of free banking.
Here’s what you can expect from NatWest’s standard business account:
No minimum monthly charge – only pay for what you use.
Free accounting software with FreeAgent.
Contactless VISA debit card (by application).
The option to apply for NatWest’s free Entrepreneur Accelerator programme.
A dedicated Relationship Manager.
Access to online banking, mobile banking and a 24/7 UK based telephone banking line.
NatWest international business banking
If you sign up to NatWest’s online banking service, customers with business accounts can make international payments of up to £20,000 a day.
For larger amounts or if you’d rather not use online banking, you need to come into a branch to complete the transaction. You will need to have your debit card and a form of ID (such as a driving licence or passport) with you.
For a same day payment, you have until 2:00pm to arrange the payment (1:30pm for urgent transfers in euros to Europe).
You can also send international payments via mobile banking, if you already have an international mandate set up.
Cost of international bank transfers The cost for these types of transactions varies from £0-£40, depending on the type of international payment requested and its destination. Note that overseas bank charges may also be payable.
NatWest business banking customer reviews
In our independent 2024 customer satisfaction survey, 97% of NatWest’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s excellet customer service and easy online banking. Here’s what some of those NatWest customers had to say:
“It is a great bank. Always quick, helpful, and the best rates.”
“Very competitive business rates, easy and professional to deal with and provide accurate information for my business needs”
The NatWest Bankline app has a rating of 4.8 out of 5 from almost 3,000 reviews on the App Store (February 2024).
Pros and cons of NatWest business banking
Pros
Different account options for startups, established businesses and not-for-profits.
Extensive branch network.
Other financial products available, such as overdrafts, credit cards and loans.
Initial free banking period on offer (for startups), then “pay as you go” fees as standard.
Dedicated business support.
Account switching service available.
Free accounting software, making it easier to invoice and manage your cash flow.
Cons
International banking fees could be cheaper elsewhere.
Mixed customer reviews.
The standard business account charges transaction fees.
Customer service information for NatWest
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is a NatWest business bank account worth it?
Whether you have a young business or an established one, NatWest has a range of accounts which come with extra perks such as a relationship manager and free accounting software.
Its startup account is free at first and after the introductory period, fees are charged per transaction, which sets it apart from the business accounts that charge monthly fees. But you need to weigh up if the “pay as you go” banking fees still work out as cost-effective compared to accounts that charge each month.
If you have read this review and decided that a NatWest business account is not for you, you can also compare other business bank accounts on the market.
Banking scores
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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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