NatWest Business Banking || Know All About Business Banking with NatWest Banking

National Westminister Bank, commonly known as NatWest, is one of the UK’s leading banks. NatWest offers a range of products for businesses including bank accounts, credit cards, loans, and insurance. NatWest’s website will guide you on how to run your business whether you’re just starting up or have been dealing for a few years.

NatWest is considered one of the present big four clearing banks in the UK, it has a large network of over 960branches over Great Britain. It has more than 7.5 million personal customer accounts along with 850000 small business accounts. NatWest offers to UK businesses and organizations, and which of their version might be accurate for you?

Business bank account at NatWest

There are lots of UK banks that offer business accounts; NatWest offers different types of business accounts depending on the size and the type of a business.

NatWest has four main types of business accounts:

1. Startup account: this type of account is designed by the organization for businesses that have been running trade for less than a year, with an annual turnover of less than £1 million.
2. Business Account: this sort of account is for the businesses that have been trading for over 1 year with up to £2 million in annual turnover – that are small to medium-sized businesses.  Commercial Account: If you have a business with more than £2 million turnover annually, for which NatWest offers a more personalized service with a commercial account.
3. Community Account: If you are in a not-for-profit like charity, society, or club then a community account might be the best way for you to forward.

Is Natwest a good business bank?

NatWest helps businesses of all sizes develop with confidence and provides the support to next generation of businesses to get started. NatWest offers traditional loans, payment solutions, asset finance, and more complex financial solutions. 

NatWest helps you to manage financial risks safely and achieve your short and long-term financial goals by providing, net banking, online banking, transaction banking services, global market access, risk management, trading, and financing.

NatWest’s business accounts offer a flexible way to perform business banking, it is good to support start-ups and more established businesses as well.

How does Natwest online business banking work?

You have to log in to your business bank account through NatWest’s website. If you are using online banking for the first time you need to register.

To login:

• Step1. Go to online banking
• Step2: you have to enter your customer number or card number and select log in
• Step3: Then you will be asked for three random characters from your PIN and PASSWORD
• Step4: Type these and press next
• Step5: You might be asked for a one-time passcode, keep your mobile phone with you.

Once you have logged in, you can carry out transactions online and get customer support.

Does Natwest charges for a business account? Charge table:

You might be eligible to open a startup business account in NatWest, at least free for 18 months. If you open a community establishment, you can get everyday banking free as long as the annual turnover is less than £100,000. But otherwise, for a standard business account NatWest will charge you as follows:

 There are charges for specialist services such as payments in a foreign currency, Non-Sterling Transaction fee is 2.75% of the transaction value. This includes

• Purchase of currency
• Purchase of traveler’s cheques (outside the UK)
• Payments made in a foreign currency

There is a monthly fee if you use the banking platform for various businesses.

What are the criteria for a Natwest business account?

For the startup or business account you should have the following criteria:

• You must be above 18
• Your business must have registered at an address in the UK
• You hadn’t been stated a bankrupt
• You haven’t received the country court judgment
• You must own or direct to the business

You must keep the documents as follows:

Personal details: Your name, address, contact number, and date of birth certificate, you need to submit these documents to all directors, members, partners, and other participants.

Registration details: you will need to give the information about your registration such as the details of your company’s registration number and the details of any country that either your business is registered in.

Business details: you also have to provide detailed information about your business including address, contact details, number of employees working in, type of the business, course your end-of-year accounts.

How to open a Natwest business account?

You can apply online with NatWest for a business account. The process will depend upon which sort of business account you’re opening. To be eligible to open a business account 

• You must be above 18
• You must have own the rights to be self-employed in the UK
• Your company’s owner must be a resident of the UK
• Your establishment must be based in the UK

  Here is a guideline on how to get set up in most cases:

1. Generate knowledge about which type of account you need: startup account, business account, community account, or commercial account.
2. Get the essential documents ready and all the information you need from the stakeholder such as your details, business details, and registration details.
3. Start the process online- NatWest lets you do this for all their business account. It may take some time and then NatWest will check your details and later get in touch with you.
4. Once NatWest confirms everything, they will set up your business account.

What features does the Natwest business account offer customers?

NatWest business account offers the following benefits to their customers

• Free accounting software
• A dedicated relationship manager
• Access to mobile banking, online banking, and a 24/7 UK-based telephone banking line
• No minimum monthly charge-you have to pay for what you use
• Startup accounts offer 18 months of free transaction fee business banking
• Not-for-profit establishments can open community account that comes with free banking if turnover is less than £100,000) 
• Digital accounting tools for payroll, invoicing, and cash flow management

Pros and cons of Natwest business banking

Pros of NatWest business banking:

• Extensive branch network
• Accounting software is included without any extra cost
• Dedicated business support
• Free everyday banking for new start-ups for the first 18 months
• There are options for business borrowing such as overdraft or loan
• Account switching service available
• Different account periods for start-ups, business accounts, and non-for-profit accounts

Cons of NatWest business banking:

• International banking is there so if you need to access this facility you can compare it with others
• Mixed customers review

FAQ:

How quickly can I open a business bank account with Natwest business bank account?

Ans: It generally takes 5 to 10 working days to open a business account in NatWest. It may take longer if the business has two owners, if you take cash payments or if you are a not-for-profit organization. You need to answer all the related questions accurately to speed the process up.

Can I open a business account online without going to the bank?

Ans: yes, you can open a business bank account entirely online, no need to go to the branch of the bank. Besides, you can manage your accounts online as well.

How long does it take to open a Natwest business account?

Ans: It generally takes 5 to 10 working days to open a business account in NatWest. It may take longer if the business has two owners, if you take cash payments or if you are a not-for-profit organization. You need to answer all the related questions accurately to speed the process up.

Who can apply for a Natwest business account?

Ans: If you are above 18 and you have the right to be self-employed in the UK, you can apply for a business account. A startup accounts for a business that has been trading for below one year and the standard business account for a business trading for more than one year.

Does Natwest have a mobile app?

Ans: NatWest provides a business banking app for mobiles and tablets that is compatible with iOS and Android devices. Using this app you can check your balance, manage direct debts, transfer money, standing orders, and contact customer care.

Conclusion:

NatWest’s business account provides you a flexible way to do business banking may be online, via its app, over the phone, or at the branch. It is very important to find a better banking option for your business so that you can concentrate on making your business effective.

NatWest offers a variety of account options and benefits that may fulfill your business needs. Cloud-based accounting software for invoicing, payroll, and cash flow management is comprised for free if you need that.

But if you expect to send and receive international payments frequently, it’s worth checking and comparing the products available against a specialist, to see which will work best for you.