NatWest Group launches business banking switcher offer for SMEs

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.