Taking care of business operations and finances is a major undertaking and a massive task, which comes with its own specific set of rules, principles, and responsibilities. This leaves no surprise that most top banks, including NatWest Bank, offer personalised business accounts, whether you are a sole trader or a multinational.
The NatWest online services are comprehensive bank services in the UK.
With The UK Time, let’s find out what commercial banking services NatWest UK offers to UK businesses and organisations and which one of their account plans might be the best for you.
NATWEST BUSINESS BANKING
Like most other banks, NatWest bank offers various business account types, depending on the type and size of the concerned business. Without a doubt, NatWest online banking UK is just one option out of many banks.
Let’s have a look over the variety of accounts with NatWest business banking to determine what suits you best is.
STARTUP ACCOUNT
The startup account is ideal for companies that have been trading for less than a financial year, with an expected or predicted annual turnover of less than £1 million.
NatWest online banking register for startup accounts might offer you 18 months of free NatWest business banking, in addition to a Visa debit card, along with many more perks like direct access to the accounting software – all free of charge.
Like with any other banking account, you get access to mobile banking through NatWest’s mobile application.
BUSINESS ACCOUNT
Up nest is the business account category which is suitable for businesses with a £2 million annual turnover – ideally for medium to small-sized businesses. The details for this account are the same as those of the startup account – with the business account, you still get a Visa debit card, Nat West online banking services, free accounting software, and more features, perks, and benefits at all NatWest branches.
Plus, there is no minimum money fee, so you can only pay for the services you want to use.
COMMERCIAL ACCOUNT
Things get a bit different if your business has more than £2 million annual turnovers; for such accounts, NatWest online banking register a commercial account – which offers more personalised banking services and perks.
With a commercial NatWest UK account, you will have your relationship manager and have access to multiple special products, including a commercial credit card, a different NatWest online banking UK service called the Bank line, and assistance with overseas trade via import/export management, to name a few.
COMMUNITY ACCOUNT
If you are running a nonprofit such as a charity, society, or a club, the NatWest Bank community account might be the best way for you.
With NatWest online banking register for a community account, you might be able to get free banking if your annual turnover is below £100,000, or – same as the startup account you can get 18 months for free if your organization is new.
This account also comes with a Visa debit card, same as the other accounts, and you will also receive a chequebook and a book for paying in – perfect for when you receive a lot of cash or cheques.
If you run a nonprofit with an annual turnover of more than £2 million, you will have to get a commercial account instead.
REQUIREMENTS FOR NATWEST UK BUSINESS ACCOUNT
For the basic startup or business account, you will be required to meet the under mentioned criteria:
- Your age should be over 18 years
- You own or direct the business for which you are seeking an account
- NatWest online banking UK requires a registered business address in the UK, Isle of Man, Channel Islands, or Gibraltar, or at least you must be registered there for tax.
- There should be no declaration of bankruptcy in your name, and you must not have received a county court judgement or a court decree.
Also, you need to tell certain information to NatWest for a Startup or a Business account, which is as follows:
PERSONAL INFORMATION
The bank will need your:
- Name
- Date of Birth
- Contact details
- Address
All this information is required to the bank and not just for the business owner but also for all directors, members, partners, and other signatories.
REGISTRATION INFORMATION
You will also have to offer information about your registration, your registered company number if you are a limited company and the complete information of any country that either you or your business is registered in.
As you know and might expect, registering a commercial account with Nat West Online Banking or with any other bank gets a bit more complex, and you would need to offer a bit more details, including financial information about your business.
Things also get a bit different for the community account opening too, where most NatWest branches will require different information depending on the sort and type of your organization – like a registered charity or a church, for example. These might also request you for some other documents, so it is better to be ready:
GOVERNING DOCUMENTS
- Overseas Payment Details
Overseas payment/transaction details will be required if your organization sends/receives money overseas.
- Bank Statements
Bank statements should be kept handing while visiting NatWest Branches if your organization or business is transferring from another bank.
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HOW CAN YOU OPEN A NATWEST BUSINESS ACCOUNT?
For easy business account opening, you can apply online with Nat West online banking. This procedure is, however, dependent on exactly what type of NatWest business account you want to open. However, the following guide below will set you up with most cases.
- Firstly you need to figure out which kind of account you need to open,
- Startup Account
- Community Account
- Commercial Account, etc.
- It is best to prepare all necessary documents ready and prepare all the information you need from other stakeholders.
START PROCESS ONLINE
NatWest and Bank of Scotland online services let you do this for all types of business accounts. This, however, might take some time, as NatWest Bank will need to check/verify your details and may also get in touch with you to re-confirm some information.
Once the bank confirms everything, the bank will set up your account swiftly, and everything will be ready to go.
WHAT IS THE FEE FOR A NATWEST BUSINESS ACCOUNT?
You might be eligible for free business accounts with NatWest or the Bank of Scotland online – at least for 18 months if you are a startup with a lower projected turnover or a community/trust organisation.
But otherwise, these are some fees you will have to pay.
NATWEST INTERNATIONAL TRANSACTION FEES
Non-Sterling Transaction Fee is 2.75% of the total transaction charge.
Including;
- Cash withdrawals
- Purchase of currency
- Purchase of travelers’ cheques, outside the UK
- Payments made in a foreign currency
We have also listed international payments as this is mostly an area where the bank fees can get extremely high – and not only with NatWest. Suppose your business or organisation does a lot of transactions or business internationally. In that case, the fee for these international transfers can make a huge impact on your balance sheet, most importantly when you are just beginning to do business.
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CAN YOU PAY A CHEQUE IN ONLINE NATWEST
You can’t pay in a cheque with online banking; however, there are multiple ways to receive and send money online. Talk to a representative today or get in touch with the bank online and find out how you can make a payment and pay someone digitally. There are limits and a few criteria that apply.
CAN I PAY A CHEQUE IN ONLINE NATWEST
Unfortunately, paying a cheque online with Natwest online banking is not possible; however, there are ways you can send or receive money online – get in touch with the representatives for more information.
HOW TO GET BANK STATEMENT ONLINE NATWEST
If you need paper/hard copies of the online statements for your savings, commercial, or current accounts or credit cards, you can save and print the PDF versions, which are available to you 24/7 with your online banking services.
Additionally, you will also get an email when your latest statement is available.
HOW MUCH CAN I TRANSFER ONLINE NATWEST?
There are no daily maximum limits for the number of transfers you can make through NatWest.
CLOSING REMARKS
Getting yourself a banking option that works for you is important, so you can put your undivided focus and concentration to make sure your business succeeds. While making a decision for the ideal account for business, thorough research is a must – as the benefits, features, and costs vary from type to type and bank to bank – widely.
NatWest offers and Bank of Scotland online offer you a range of account options with different types of benefits that are designed to fulfill your business, and its operational needs. Now that you have all information about opening a business account at NatWest – let us know how your experience was.
