It is a huge undertaking to manage your business finances and operations. Each task comes with its own set of rules and principles. It’s no surprise that top banks like NatWest Bank offer personalized business accounts.
Online services offered by NatWest are the most comprehensive bank services available in the UK.
Let’s take a look at The UK Time to see what commercial banking services NatWest UK provides UK companies and organizations and which account plan might be best for them.
NatWest Business Banking
NatWest bank has a variety of business account options, just like other banks. These accounts can be used depending on the business’s size and type. NatWest UK online banking UK is not the only option.
Let’s take a look at the various accounts offered by NatWest Business Banking to see which one suits you best.
Startup accounts are ideal for companies who have been trading for less that a year and have an anticipated or predicted annual turnover less than PS1million.
NatWest’s online banking registration for startup accounts may offer 18 months of NatWest business banking free of charge, as well as a Visa debit card and many other perks, such direct access to the accounting program.
You can access mobile banking via the NatWest mobile app, just like any other bank account.
The business account category Up nest is for small to medium-sized businesses that have a PS2million annual turnover. This account has the same details as the startup account. However, the business account still offers a Visa debit card and Nat West online banking services. You also get free accounting software and other perks at all NatWest branches.
There is no minimum payment, so you only have to pay for what you use.
If your business is worth more than PS2million annually, things can get complicated. NatWest Online Banking Registers a Commercial Account. This account offers more personalized banking services and perks.
A commercial NatWest UK account will allow you to have your relationship manager. You can also access a variety of special products including a credit card, an online NatWest banking UK service called The Bank line and assistance with international trade via import/export administration, just to name a few.
The NatWest Bank community account may be the best option for you if you run a non-profit organization such as a society, charity, or club.
Register for an online community account with NatWest to receive free banking if you have a lower annual turnover than PS100,000. If you are a new organization, you can also get 18 months of free banking for your business.
You will also get a Visa debit card and a chequebook. This is great for those who receive lots of cash or cheques.
You will need a commercial account if your nonprofit has a turnover exceeding PS2 million annually.
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Requirements to open a NatWest UK Business Account
You will need to meet the following criteria in order to open a basic business or startup account:
- Age should not be less than 18 years
- You are the owner or director of the business you are applying for an account
- NatWest Online Banking UK requires that you have a registered business address within the UK, Isle of Man or Channel Islands or Gibraltar.
- You should not be declaring bankruptcy and you cannot have been granted a judgment from a county court or a decree.
NatWest will need you to provide certain information for a Startup account or Business account. These details are as follows:
- Date of birth
- Contact details
This information is required by the bank for both the business owner and all signatories, including directors, members, partners, and any other signatories.
Information about your registration and your limited company number are required. You must also provide complete information about any country in which you or your company are registered.
You might be familiar with the process of registering a bank account for a commercial purpose with Nat West Online Banking, or any other bank, is a little more complicated.
The process for opening a community account is also different. Most branches of NatWest will need different information depending on your type and organization, such as a registered charity or church. You might be asked for additional documents by these branches, so it is better if you are prepared.
If your organization sends or receives money abroad, you will need to provide details for overseas payment/transaction.
If your business or organization is transferring funds from another bank, you should keep track of any bank statements that are available at NatWest branches.
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How do you open a NatWest Business account?
Online banking with Nat West is a great way to open a business account. The type of NatWest account you wish to open will determine the procedure. The following guide will help you in most cases.