- Free FreeAgent accounting software
- Up to 24 months free
- Branch and Post Office access
- Commercial lending
- Relationship managers
About NatWest
NatWest operates as a full UK bank serving both personal and business customers. It brings to the table a comprehensive and varied range of products and services for businesses choosing to bank with them, from basic overdrafts, credit cards and loans to property finance, asset & invoice finance, merchant services and international transacting. Know Your Business compares one NatWest product: the Start-Up Business Bank Account, but NatWest also has the Business Bank Account for established businesses, a Community Bank Account for charities and clubs and a Business Currency Current Account, along with a range of client money and reserve accounts. Mettle is NatWest’s separate free digital account for sole traders and small limited companies.
NatWest, or also known as, National Westminster Bank PLC shares its banking licence with Ulster Bank, First Active, Mettle, NatWest Premier, and NatWest Boxed, however Royal Bank of Scotland sits on a different licence. Deposits across all of these (except RBS), count towards one limit under FSCS protection for customer funds. NatWest Group returned to full private ownership in May 2025 after the government sold its final shares. In June 2026 it committed £50 million to its branch network, with no further closure announcements until at least 2029.
NatWest at a glance
| Provider type | FCA authorised bank, authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA. Firm reference number 121878. National Westminster Bank plc holds the licence and shares it with Ulster Bank, First Active, Mettle, NatWest Premier, and NatWest Boxed. |
|---|---|
| Could be great for | Startups in their first year of trading and businesses switching their main account, because both routes currently offer two years free from monthly subscription fees. It works for businesses that handle cash and want counter access, and for sole traders and landlords who would find FreeAgent a useful tool, and also businesses forecasting the need to borrow. The Start-Up account is for turnover under £1 million and trading under a year, the Business Bank Account covers businesses trading over one year, and the switching offer applies below £2 million turnover. |
| Currencies | Sterling accounts can be paired with a Business Currency Current Account. It has no minimum balance and is operated through Bankline accepting incoming payments in 45 currencies. |
| Account opening (from a fully complete application) | You apply online and once all the information and documents are received they take an average of 22* days to open their business current accounts, so it’s important to prepare well and use their account opening guides. NatWest runs a credit check for everyone on the application, keep this in mind and run a self check before the application if you have any concerns. *taken from NatWest FCA Service Measures Aug 2026 |
| Deposit protection | Protection comes from the Financial Services Compensation Scheme (FSCS), see our guide for more information. Deposits held with NatWest, Mettle, Ulster Bank, First Active, NatWest Premier and NatWest Boxed count towards a single limit rather than one each. |
| Free account available? (free from monthly subscription fees) | NatWest does not currently have a monthly subscription charge built in with its Start Up or Business Account. NatWest offers 24 months of free everyday banking for both new start-ups (trading under 1 year, turnover under £1m) and established businesses switching their main account with turnover under £2m (some transactions are not included in the offer). Standard Tariff applies after two years. Note: Offer available subject to eligibility criteria. |
| Sample costs (costs shown are part of a wider charging structure. Always check up to date information before proceeding) | Standard Tariff (charges page checked 25 August 2026). NatWest offers two years fee free day to day banking transactions (subject to eligibility). These costs outline the standard tariff charges and may not be applicable during the offer period. These charges may have changed once the offer period ends. There are a selection of costs currently on their standard tariff. Online, digital payments and cashpoint withdrawals cost 35p per item. Cash paid in or taken out at a branch, through Business Quick Deposit or at the Post Office costs £0.95 per £100. Manual payments, including cheque deposits and manual cash or cheque handling, cost £0.95 per item. Any other non-automated payment made by telephone or in a branch costs £1.00 per item. Depositing a cheque through the mobile app costs £0.75 per item. Foreign exchange: NatWest states its margin on core payment currencies will not exceed 2.65% added to the rate it receives, and on non-core currencies will not exceed 3.5%. |
Suitability
Is NatWest good for business banking?
NatWest is a solid bank with two genuinely distinctive features. The free banking period is among the longest offered by a bank with a branch network. Free FreeAgent for as long as you keep the account is a real recurring saving, not a trial.
As a bank, you’ll be partnered with a provider that has a wide range of products and services, and if those align with your business, NatWest is a good business banking collaboration.
What NatWest does well
Two years of free everyday banking is a strong offer and it comes through two routes. Startups trading under a year get it as a feature of the Start-Up account, and established businesses get it by completing a full switch.
FreeAgent is included free from subscription fees for as long as you keep the account, with no time limit. NatWest publishes what the subscription would otherwise cost, and the figure varies by business type, so this is a recurring saving rather than an introductory offer. It handles payroll with real time HMRC submissions, cash flow projections, accountant access and direct filing, and is Making Tax Digital compatible.
Borrowing is broadly available from the entry level overdrafts to business loans, including commercial mortgages, credit cards, asset and invoice finance. Savings, insurance and account managers are some of the other key offerings that could be tapped into.
Who NatWest could suit
NatWest can help most types of businesses and do it well, but it tends to appeal to small businesses that want a full bank with counter access and expect to borrow at some point. It works particularly well for startups in their first year, and for sole traders and landlords who would otherwise pay for accounting software.
Charities, clubs and religious organisations have a dedicated Community Bank Account that is free below a stated turnover. Businesses with several directors can use multi-director access on the account, which you can compare on our multi-director business bank accounts page. Larger businesses move to Bankline for higher volumes and role based user permissions.
What NatWest doesn’t do
NatWest does not open accounts quickly. Its account comparison page includes a notice warning of delays due to demand. Applications take longer where there are several owners, cash payments, overseas transactions, or for clubs and charities..
The Business Currency Current Account does not utilise local rails (domestic bank details) as an option for international transactions. It uses either Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Single Euro Payments Area (SEPA) payment systems.
Compare business accounts from NatWest
You can weigh up NatWest against other banks and Electronic Money Institutions on our best business bank accounts comparison. If you work for yourself, our self employed business bank accounts and freelancer business bank accounts pages narrow the field down.
1 Products Compared
NatWest Start-Up Business Bank Account
- Monthly Fee:Free
- Bank Transfers:Free for 2 years*
- Overdraft:Yes**
- Account Access:App, Online & Branch
- No ongoing monthly account fee
- 2 Years Free Banking on Everyday Transactions*
- Get FreeAgent for free*** with NatWest – an HMRC-recognised accounting tool that helps you stay compliant with Making Tax Digital for Income Tax
- *Free banking on everyday transactions during the offer period, excluding charges for unarranged overdrafts, Bankline, international payments and extra services. After the free banking period ends, you’ll move to the Standard Tariff
- **Overdraft applications are subject to status, business use only. Security may be required. Product fees may apply. Over 18s only.
- No ongoing monthly account fee
- 2 Years Free Banking on Everyday Transactions*
- Get FreeAgent for free*** with NatWest – an HMRC-recognised accounting tool that helps you stay compliant with Making Tax Digital for Income Tax
- *Free banking on everyday transactions during the offer period, excluding charges for unarranged overdrafts, Bankline, international payments and extra services. After the free banking period ends, you’ll move to the Standard Tariff
- **Overdraft applications are subject to status, business use only. Security may be required. Product fees may apply. Over 18s only.
- 24/7 Online, Telephone and mobile app banking
- To apply, you must be 18 years of age or older
- You must be a director or business owner
- At least one person on the application must be a UK resident
- Your business must be registered for UK income tax or corporation tax
- You must have no history of bankruptcy or County Court Judgements (CCJs)
- For businesses trading for less than 1 year & turnover of less than £1m
 | The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of eligible deposits per person or company, per firm, which is authorised and regulated by the Financial Conduct Authority (FCA). The limit is the total of all deposits held with one firm. For more information visit www.fscs.org.uk. |
Branch AccessCash DepositsNo Hard Credit CheckFast OpeningGlobal Currency AccountsAccounting | BRANCH ACCESS Account provider maintains a nationwide branch access for face to face customer banking and/or relationship management. CASH DEPOSITS Facilities to deposit cash in either a branch, Post Office, Paypoint or other locations into the account. Limits and charges may apply. NO HARD CREDIT CHECK A soft credit check for ID & Fraud purposes is carried out for account only applications. If you apply for a credit product such as an overdraft with the business account, a hard credit check will be initiated. FAST OPENING Accounts opening in 3 days or less in most circumstances. Excludes application timescales or applications simultaneously applying for credit facilities such as overdraft. GLOBAL CURRENCY ACCOUNTS Currency accounts with local (domestic) bank details for the EU (SEPA) and at least one international country e.g. USA (ACH) to transact as a local business. This feature can also be termed ‘local rails’. This differentiates them from providers offering local account details for the EU (SEPA) only and currency accounts or ‘pots’ that transact only via SWIFT. ACCOUNTING The provider offers accounting features either through their own platform or via integration with third-party software like Xero, QuickBooks or Sage. Please note that third-party integrations usually require a separate subscription fee. |
 | Exclusive to KnowYourBusiness. Valid only via applications linked from this website. Offer fulfilled by the account provider. |
| Important | Our comparison is ordered by the commercial arrangements with some, or all, of the providers featured. Our service is free and commercial arrangements have no effect on the products you may select. To find out more about our independence, regulatory authorisation and how we earn money, visit the ‘About’ page on our website. |
Regulation and account protection
The regulation and fund protection a business account receives depends on whether the provider operates as an Electronic Money Institution (EMI) or a Bank. Both are regulated by the Financial Conduct Authority (FCA), here is an overview of the key differences.
Electronic Money Institution (EMI)
Focused on transaction and payment management. The limited product range and online only service can translate to lower running costs, faster applications and niche, specialist features.
Protection
Safeguarding: Your money is ring-fenced in segregated accounts with tier-1 banks or backed by insurance.
Lending
No (cannot directly offer lending products, but some do via 3rd parties)
Good to know
- Some EMI’s offer products outside of their regulated status, via partnerships
- Most EMI’s only require soft searches for fraud and identity validation purposes
- Cannot legally call themselves a ‘bank’
- Cash deposits will be handled through partnerships, such as the Post Office or you will only be able to transfer funds in, from another account.
Bank
A provider regulated as a full bank will be able to offer a wide range of additional products and services. Including lending and cash deposits. Applications go through broader checks.
Protection
Financial Services Compensation Scheme (FSCS): Eligible deposits up to £120,000 per business, per banking licence
Lending
Yes (eg. loans, overdrafts, credit cards)
Good to know
- Some newer banks do not have branches but can offer faster application processes than ‘traditional’ banks.
- A business account can be a gateway to products required for business growth
Important info: Our brand overviews are our independent guides, not financial advice or recommendations. Product details are changed frequently by the provider, so always check directly before applying. Conduct your own research to ensure a product suits your specific business. We may earn commission if you open an account via our links. Compare this provider against others using our business accounts comparison.
Frequently asked questions
How long does it take to open a NatWest business account?
NatWest currently has an average time of 22 days for account opening. It does say applications take longer when there is more than one owner, the business handles cash or transacts overseas, or it is a club or charity. Plan for more than a few days rather than a same day opening. Mettle, NatWest’s separate digital account, advertises applying in minutes if speed is your priority.
How much is a NatWest business account?
The Standard Tariff has no monthly account fee.. You pay per transaction instead, at different rates for automated payments, cash, manual items and cheques, and those rates are in the table above. Startups and switchers currently get two years free from day to day transaction charges (subject to eligibility).
Can you pay cash into a NatWest business account?
Yes, through branches, around 11,500 Post Office branches, Business Quick Deposit, cash deposit machines, mobile branches and banking hubs.
Post Office services are charged at the same rates as NatWest branches. Coin deposits are capped per deposit, and if you regularly pay in large amounts each week you need to arrange that with your relationship manager first.
Does NatWest give you free accounting software?
Yes. FreeAgent is free for all NatWest business current account customers for as long as you keep the account, with no time limit and no minimum transaction condition. It covers payroll with real time HMRC submissions, cash flow projections, multi-user and accountant access and direct filing, and it is Making Tax Digital compatible.
Is your money safe with NatWest, and what about Mettle?
Eligible deposits are covered by the Financial Services Compensation Scheme (FSCS) up to £120,000 per account holder. The point to watch is that NatWest, Mettle, Ulster Bank, First Active, NatWest Premier and NatWest Boxed all sit on one banking licence. Money held across those brands counts towards a single limit rather than a limit each. Royal Bank of Scotland is a separate licence within the same group, so balances there are covered separately. If you hold money with more than one group brand, check which licence each account sits under.
