- Bank to help UK businesses save money by switching to a Business Current Account
- Customers with turnover up to £2million that switch to NatWest, RBS or Ulster Bank, using the Current Account Switch Service, will get 24 months of free everyday business banking
- New start-ups that join NatWest or Ulster Bank will also benefit from 24 months free everyday business banking
- Business customers could save around £2,000 over two years* dependent on the size of the business turnover and transaction activity
The new SME switcher offer from NatWest Group for businesses with up to £2m in turnover comes at a time when customers could benefit from a reduction or break in their banking fees.
The new offer is expected to save business customers on average around £2,000 over two years, depending on the size of the business turnover and transaction activity.
This offer is available to business current account customers of all banks participating in the Current Account Switch when they switch their business current account to NatWest, RBS or Ulster Bank. The offer is not available to NatWest, RBS and Ulster customers switching their business current account to one of the other NatWest Group brands.
New start-ups opening a bank account for the first time will also get 24 months free everyday business banking when they join NatWest or Ulster Bank, which is a six-month extension on the previous offering. Start-ups joining RBS already receive 24 months free everyday business banking.
James Holian, Head of Business Banking at NatWest Group, said:
“We hope that businesses will take us up on the offer of two years of free banking to help reduce costs, and gain access to the innovative toolkit of business support we provide to SMEs in the UK.
“This new offer builds on the recently increased 4% interest rate on our 95 day notice Savings account.
“While a simple switch process will save some money, the true value comes from the breadth of business expertise, insight and support NatWest provides to help SMEs start up, scale up and thrive.”
On top of an average saving of nearly £2,000 over two years, businesses could also benefit from a range of features available to support their growth including:
- FreeAgent - an award-winning** online accounting tool for small businesses
- Business Builder - an online platform packed full of tools and tips to help meet business goals sooner
- MentorDigital - helping them to navigate the world of HR, Health & Safety and Employment Law
Additionally, NatWest Group’s Local Enterprise Managers and Accelerator Hubs across the UK are specialists in helping businesses thrive no matter what size or sector.
As part of the broader package of support, NatWest and RBS also recently increased the interest rate on one of its business savings accounts to 4.0% AER / 3.93% Gross pa (variable) – the highest rate of interest offered by any major UK bank on equivalent accounts at the time.
The NatWest and RBS 95 day Liquidity Manager Notice Account is for business customers who want to earn higher returns on their savings, and don’t need immediate access to funds. There is no minimum deposit required to open the account, and there is no maximum balance limit. Interest is calculated on the account’s daily balance and applied on the last business day of each month.
For more information on the business switching offer click here:
Contact:
Stephanie Melrose, Media Relations Manager at NatWest Group
- Stephanie.Melrose@natwest.com
- +44 (7966) 212576
Disclaimer:
This is for media use only and is not a financial promotion
*£2,000 over two years is based on existing NatWest, RBS or Ulster Bank business customers in June 2023 with a £1.95m-£2m turnover who currently pay an average of £909 per year in charges (NatWest and RBS customers) and £1,017 per year in charges for Ulster Bank customers.
** FreeAgent was voted the Friendliest Software of the Year, Institute of Certified Bookkeepers Luca Awards 2022
Business banking is available to eligible customers, over 18 who have the right to be self-employed in the UK. Specific account and service eligibility criteria apply.
Business banking switcher offer information
Free banking means the charges for the day to day running of your account (known as your service charge) won’t apply during the free banking period. At the end of this period, you’ll be automatically moved to the Standard Tariff. Charges for unarranged overdrafts, Bankline, international payments and any additional services are not part of the free banking offer. Offer can be withdrawn or amended at any time. For details of our full charges and switcher offer eligibility criteria, please refer to the 'Info about charges' section of this page. CASS is not currently available for Mettle accounts.
Business saving account interest rates information
Interest rates are subject to variation. Gross Rate - the interest rate you are paid without the deduction of UK income tax. Annual Equivalent rate (AER) - this is a notional rate of interest used for interest bearing accounts, which illustrates the rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts. Early withdrawals from the Liquidity Manager Notice Accounts are not permitted.
Information about start up business accounts
The Start up business account is available for businesses that have been trading for less than 1 year and have a turnover of less than £1m. It is available for eligible customers who are over 18 and have the right to be self-employed in the UK. We reserve the right to change or withdraw the start up offer without prior notice. FreeAgent is free for a long as you retain your bank account.
MentorDigital
MentorDigital is subject to app store availability and phone network access. Network provider charges may apply. Some Mentor services incur a cost.
