Everything About Opening a Business NatWest Online Account

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 online services of the NatWest are comprehensive.

With ilet’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.  

Banking for small businesses at NatWest

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 of the account has taken place.

The startup account is 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. 

You can get access to mobile banking through NatWest.

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

You can only pay for the services you want to use, and there is no minimum fee.

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. 

When you receive a lot of cash or cheques, this account is perfect as it comes with a chequebook and a book for paying in.

If you run a nonprofit that has an annual turnover of more than $2 million, you will need a commercial account.

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Business Account Requirements for NatWest UK

For the basic startup account, you will have to meet certain criteria.

    • Your age is over 18.
    • You own or direct the business that you are seeking an account in.
  • 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. 
  • You must not have received a county court judgement or a court decree in order for a declaration of bankruptcy to be in your name.

You need to give certain information to NatWest for a business account.

Personal Information 

The bank needs you.

  1. There is a name.
  2. There is a date of birth for this.
  3. The contact details are listed here.
  4. You can find an address

All directors, members, partners, and other signatories are required to provide this information to the bank.

Registration Information 

If you are a limited company, you will have to give information about your registration, company number, and complete information of any country that 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

  1. There are details about overseas payment.

“If your organization sends money overseas, you’ll have to provide transaction details.”

  1. The statements from the bank.

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. 

  • “It’s important to figure out which account you need to open.”
  • The account was startup.
  • A community account.
  • There is a Commercial Account.
  • “It’s best to get all the information you need from other people.”

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 quickly set up your account, 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. 

You will have to pay some fees.

NatWest International Transaction Fees

The non- sterling transaction fee is 2.5% of the total transaction charge.

“Including; that’s correct.”

  • Cash withdrawals.
  • Purchase of currency
  • Travelers cheques can be bought outside the UK.
  • Payments are made in foreign currency.

International payments are mostly an area where the bank fees can get very high and not only with NatWest. If your business or organisation does a lot of international transactions, then you should think about it. When you are just beginning to do business, the fee for international transfers can make a huge impact on your balance sheet.

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Can you pay a cheque in online NatWest

“There are multiple ways to receive and send money online, even if you can’t pay in a cheque with online banking. If you want to find out how you can make a payment and pay someone digitally, get in touch with the bank. There are limits and a few criteria.”

Can I pay a cheque in online NatWest

Unfortunately, paying a cheque online with Natwest online banking is not possible; however, there are other ways to send or receive money online, and you can 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, you can save and print the PDF versions, which are available to you 24 hours a day with your online banking services.

When your latest statement is available, you will get an email as well.

How much can I transfer online NatWest?

There are no limits on the number of transfers that you can make.

Closing Remarks 

Getting yourself a banking option that works for you is important so you can put your focus on your business and not worry about it. As the benefits, features, and costs vary from type to type and bank to bank, thorough research is a must when making a decision for the ideal account for business.

NatWest and Bank of Scotland offer a range of account options with different types of benefits that are designed to fulfill your business and operational needs. Let us know if you had a good experience with opening a business account at NatWest.

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