NatWest business banking 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.

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What is NatWest business banking?

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 three 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.

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 standard business account includes the following benefits:

  • 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 Entrepreneur Accelerator programme.
  • A dedicated Relationship Manager.
  • Access to online banking, mobile banking and a 24/7 UK based telephone banking line.

NatWest’s startup account offers 18 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 18-month period, the account becomes a standard business account.

You also get access to the bank’s Business Builder learning platform and Business Growth events.

Not-for-profit organisations can open a community account, which comes with free banking (if your turnover is less than £100,000), as well as a cheque book and paying in book.

NatWest international business banking

If you sign up to NatWest’s online banking service, you can use it to make international payments of up to £10,000 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-£30, depending on the type of international payment requested and its destination. Note that overseas bank charges may also be payable.

NatWest business banking contact details

NatWest can be contacted using the following numbers:

UK: 0345 300 4350 (24 hours)

Overseas: +44 1268 508 020

Relay UK Service: 18001 0345 300 4350 (24 hours)

If your card or cheque book has been lost, damaged or stolen, call:

UK: 0370 600 0459

Overseas: +44 1268 500 813

Relay UK Service: 18001 0370 600 0459

You can also contact NatWest via the 24/7 service through your online banking account or by using the bank’s app.

NatWest business banking reviews

Online customer reviews are for NatWest as a bank.

On Trustpilot, NatWest has 1.4 out of 5 stars and a rating of “Bad”, based on more than 2,000 reviews. On similar platform Reviews.io, the bank has 1.6 out of 5 stars based on more than 200 reviews.

Some customers praised the bank’s helpful and efficient staff, particularly in branch. Others reported difficulties in accessing certain services and reaching the customer service team over the phone.

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.

Cons

  • International banking fees could be cheaper elsewhere.
  • Mixed customer reviews.

Our verdict

NatWest is a well-established name on the UK high street, and it has a large branch network if you like to be able to bank in person. It has business accounts for both startups and more established businesses available, and a free introductory period for startups. After that there are still no monthly fees, although you’ll need to weigh up if the “pay as you go” banking fees still work out at a reasonable charge, depending on your business needs.

Compare NatWest against its competitors

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Starling Business Account
Free
Free
Xero, FreeAgent
Free

Min. 18 months trading to apply
App, Online
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free spending abroad and at home in any currency, instant payment alerts, automatic categorisation
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
Cashplus business
£69
First year's annual fee refunded.
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
First year's annual fee refunded.
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