RBS business bank account comparison and review

Looking for a new business bank account? Find out what RBS has to offer and whether its accounts could be right for you.

Royal Bank of Scotland

By choosing a business bank account from RBS, you’ll be able to take advantage of free online accounting software and 24/7 digital banking and phone banking. New businesses and charities can also enjoy fee-free banking. Let’s find out more.

Compare RBS’s business accounts

Name Product Account fee Bank transfers Interest (AER) Accounting integrations Arranged overdraft Account management Key benefits Link
Community Account - Turnover up to £100K
Community Account - Turnover up to £100K
Free
Free
0% AER
N/A
Branch, online, app & phone
View details
Business Foundation Account - Foundation
Business Foundation Account - Foundation
Free
£0.35
0% AER
N/A
Branch, online, app & phone
View details
Business Current Account - Standard Tariff
Business Current Account - Standard Tariff
Free
£0.35
0% AER
N/A
Branch, online, app & phone
View details
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What types of business accounts are on offer?

Depending on the type of business you run and how long it has been operating you can choose from three different business accounts:

  • Startup account. For businesses that have been trading less than a year and have turnover of less than £1million. There are no transaction fees for the first 24 months and you’ll have access to business support and networking events.
  • Business account. For established businesses that have been trading for over a year. You’ll have access to a dedicated relationship manager and specialised programmes to grow your business. There’s no minimum monthly charge – you just pay for what you use.
  • Community account. For not for profit organisations such as charities or clubs. Free banking if your annual turnover is less than £100,000.

How to apply

It’s easy and straightforward to apply for a business account on the RBS website. You’ll need to be aged 18 or over, and be the owner or director of the business you’re applying on behalf of.

Information and documents required include:

  • Your personal details, proof of ID and proof of address.
  • Three years of address history.
  • Details of all the partners, members or directors of the business, including their home addresses for the past three years.
  • Business details, including your turnover and tax information and your company’s Registration Number if you’re a limited company.

Pros and cons of RBS business accounts

Pros

  • Fees are waived for the first two years if you’re a start-up, while charities can benefit from fee-free transactions if they earn less than £100,000 a year.
  • No monthly minimum fees – you’ll only be charged for what you use.
  • Access to free online accounting software.
  • Option to apply for an overdraft facility and business credit card.
  • Access to online and mobile banking.

    Cons

    • If you don’t qualify for fee-free transactions, everyday banking can become expensive.
    • Interest is not paid on in-credit balances.

    Our verdict

    If you’re after a well-known high street brand, with the option of banking online and by phone, an RBS business account could be right for you.

    If you’re a new business, the Start-up account offers some much-needed breathing space by waiving banking fees for the first two years. Charities can also benefit from fee-free banking, providing they don’t earn more than £100,000 a year.

    However, if you don’t qualify for free banking, fees can quickly rack up, so it’s worth comparing what other business bank accounts are available before making your decision.

    Frequently asked questions

    We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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