So you’ve been running your small business for a few years now and you’re thinking it might be time to switch banks. You’ve heard good things about NatWest and their business banking services, but you want to know what other business owners’ experiences have really been like. Before you dive in and move all your accounts over, take a look at this review of NatWest business banking to see what you can expect in 2023.
Overview of NatWest Business Banking
When it comes to business banking, NatWest should be at the top of your list. They offer simple, affordable accounts tailored to small businesses like yours.
NatWest’s basic business account gives you the essentials to get started. You’ll get a business debit card, free deposits, and access to ATMs across the UK. If you need a bit more, their Select account provides additional benefits like free checks, a fee refund, and travel insurance for business trips.
Loans and Lines of Credit
Need to finance new equipment or cover operating costs? NatWest offers competitive business loans and lines of credit. Their straightforward application process and quick turnaround means you’ll have funding when you need it.
NatWest also provides commercial mortgages, asset financing, and credit cards. Whatever funding you require for your enterprise, they likely have a solution.
Online and Mobile Banking
Managing your account is simple with NatWest’s online and mobile banking. Pay bills, transfer funds, check balances, and more anytime from your computer, tablet, or phone. Deposit checks straight from their mobile app using your device’s camera.
NatWest takes security seriously and uses the latest technology to keep your accounts and information safe. But if you ever have an issue, their UK-based call centers are available 24/7.
Overall, NatWest business banking provides the products and services to meet the needs of most small businesses. With competitive rates, advanced yet easy to use technology, and great customer service, you really can’t go wrong banking with NatWest.
Features and Benefits of NatWest Business Accounts
When it comes to business banking, NatWest has a lot to offer. Their business accounts provide several features that make daily operations and long-term growth easy.
Free Business Banking
NatWest offers free business accounts with no monthly fees. This includes unlimited deposits and a certain number of free transactions each month. For small businesses just getting started, this can be a huge benefit.
With NatWest business banking, you have round-the-clock access to your accounts. Check balances, make transfers, pay bills and more anytime through their mobile banking app or online banking portal.
Reward Credit Cards
NatWest offers business credit cards that provide rewards on common business expenses. For example, their Rewards Business Credit Card provides 1.5% cashback on all purchases. Rewards can be redeemed for gift cards, travel, and more.
Loans and Lines of Credit
When your business needs additional funding, NatWest provides small business loans, lines of credit, commercial mortgages, and asset financing options to support growth. Their simple application process and quick turnaround time make it easy to access capital when you need it.
From free day-to-day banking to funding for expansion, NatWest business accounts provide an array of useful features for companies of all sizes. When you bank with them, you’ll have the tools and support to help your business thrive.
NatWest Business Credit Cards and Loans
NatWest offers business credit cards and loans tailored to your company’s needs. Whether you need working capital to purchase new equipment or fund business expenses, they have options for you.
Business Credit Cards
NatWest offers several business credit cards with generous rewards and benefits. Their Premium Business card provides the most value for frequent spenders, with 2 points per £1 spent and a hefty sign-up bonus. You can redeem points for cash back, travel, and gift cards. Their Platinum card is also strong, with 1.5 points per £1 spent and no annual fee. For smaller spends, the Classic card earns 1 point per £1 with no annual fee.
- Generous rewards like 2 points per £1 spent
- Large sign-up bonuses worth £150-£500
- Redeem points for cash, travel, and gift cards
- No foreign transaction fees for spending abroad
Business Loans and Lines of Credit
When you need capital for larger purchases, equipment, or operating expenses, NatWest offers competitive business loans and lines of credit.
- Term loans from £25K to £250K with fixed rates from 3-6% APR. Repayment terms of 1-5 years.
- Lines of credit let you borrow as needed up to your credit limit. Interest rates start around 5% APR variable.
- No early repayment fees if you want to pay the loan off early.
- Fast approval process. Most decisions within 3 business days.
- Flexible options for different business needs like equipment financing, commercial mortgages, and more.
NatWest aims to make business banking simple and rewarding. With highly-rated service and customized products for your unique needs, they are a strong choice for any UK business. Check with your local branch to explore the options that are right for your company.
NatWest Business Insurance Options
NatWest offers several business insurance options to help protect your company. Whether you have a small shop or large corporation, NatWest has tailored packages for your needs.
Property insurance covers the physical assets of your business like buildings, equipment, and inventory in the event of events like fire, theft or natural disasters. NatWest offers flexible policies that allow you to pick and choose what aspects you want to insure based on your needs and budget.
Business Interruption Insurance
If an insured event forces you to temporarily close your business, business interruption insurance helps make up for lost income during the time you are unable to operate. NatWest policies provide coverage for up to 12 months of loss of gross profit. This can help ensure you have enough money to pay fixed costs like rent, utilities and employee wages even after a damaging event.
Public Liability Insurance
Public liability insurance protects your company in the event a third party is injured or their property is damaged due to your business operations. Lawsuits and legal fees can be extremely expensive, so public liability insurance is important for any business that deals with customers or clients. NatWest offers £1 million to £10 million in coverage.
Professional Indemnity Insurance
For businesses that provide services like consulting, accounting or IT services, professional indemnity insurance is essential. It protects against claims of professional negligence or failing to perform services as agreed in a contract. NatWest professional indemnity insurance provides £1 million to £10 million in coverage for legal defense and compensation costs.
NatWest takes the time to understand your specific business needs and risks to provide tailored insurance solutions. Their knowledgeable team can walk you through the details of different policies to help you choose what is right for your company. With a range of coverage options and amounts, NatWest business insurance has you covered.
Pros and Cons of NatWest Business Banking in 2023
When considering NatWest Business Banking for your company in 2023, there are some pros and cons to weigh up.
NatWest is one of the largest business banks in the UK, so they have the resources and experience to serve companies of all sizes. They offer competitive business lending and financing options with flexible terms. NatWest also provides business bank accounts with no monthly fees as well as competitive interest rates.
Another benefit is NatWest’s large ATM network and many branch locations, making it convenient to access your business funds when needed. They have helpful online and mobile banking services so you can manage your business accounts day or night.
Some downsides to keep in mind are NatWest’s higher than average overdraft rates and penalty fees compared to other major banks. Their customer service also receives mixed reviews, with some reporting long wait times and unhelpful service.
NatWest may require a higher opening deposit and have more stringent application requirements for startups and smaller businesses. They can be slow to update their technology, so some of their online and mobile services may seem outdated.
While NatWest Business Banking offers competitive products and pricing for many established companies, make sure their fees, technology capabilities, and level of service meet the needs of your specific business before switching or opening new accounts. Every bank has its pros and cons, so compare NatWest with a few alternatives to find the best fit based on what matters most to your company.
So there you have it, a comprehensive review of what NatWest business banking has to offer for small businesses in 2023. Whether you’re just getting started or looking to take your business to the next level, NatWest has solutions tailored to your needs and budget. Their award-winning mobile app, 24/7 UK-based support, and range of business tools can help make running your business easier. While no bank is perfect, NatWest continues to innovate and improve to better serve their small business customers. If lower fees, digital tools, and personal service matter to you, NatWest business banking deserves your consideration. The future is unwritten, but with NatWest by your side, your business can look ahead to continued growth and success.