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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 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.
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.
The startup account is ideal for companies that have been trading for less than a year and have an expected turnover of less than a million dollars.
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 access mobile banking through the NatWest mobile application.
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, without having to pay a minimum money fee.
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.
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 comes with the same features as the other accounts, and you will 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 need a commercial account.
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You will need to meet the criteria for the basic startup account.
You need to tell NatWest certain information for a startup or business account.
The bank will need you.
All directors, partners, and other signatories of the bank must have this information.
If you are a limited company, you will have to give information about your registration, company number, and 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:
If your organization sends money overseas, you will need to provide transaction details.
Bank statements should be kept handing while visiting NatWest Branches if your organization or business is transferring from another bank.
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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.
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 quickly and everything will be ready to go.
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.
These are some fees you will have to pay.
The fee is calculated as a percentage of the total charge.
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, you might be able to explain it. The fee for international transfers can make a huge impact on your balance sheet when you are just starting to do business.
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“You can send money online, but you can’t pay in a cheque. If you want to learn how to make a payment and pay someone digitally, you can talk to a representative today or use the online banking service. There are limits and criteria that apply.”
Unfortunately, paying a cheque online with Natwest is not possible, but there are other ways to send or receive money online.
You can save and print the PDF versions of the online statements for your savings, commercial, or current accounts, if you need them, because they are available to you 24/7.
You will also get an email when your statement is available.
There are no daily maximum limits for transfers through NatWest.
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. 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.
“NatWest and Bank of Scotland offer a range of account options with different types of benefits that are designed to fulfill your business’ needs. Let us know how you were treated at NatWest after you have all the information.”