New NatWest switcher offer – could save businesses up to £2k on business banking fees

NatWest, the UK’s biggest bank for business, is offering 24 months of free business banking to UK businesses switching their main business banking account to NatWest.

The new SME switcher offer from NatWest 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 nearly £2,000 over two years, depending on the size of the business turnover and transaction activity.

New start-ups opening a bank account for the first time will also get 24 months free business banking when they join NatWest, which is a six-month extension on the previous offering.

The offer also extends to businesses who have business banking accounts with multiple providers, who choose to switch all their banking to NatWest.

James Holian, head of business banking at NatWest, said: “As the UK’s biggest bank for business, 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 announced market-leading 3.56% 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 will also be able to benefit from a range of features that come as standard with a Business Current Account, including:

• FreeAgent, 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
• Market-leading savings rates to make their money work harder

Additionally, NatWest’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 also recently announced an increase to the interest rate on one of its business savings accounts from 2.10% to 3.56% AER / 3.50% gross rate – the highest rate of interest offered by any major lender on equivalent accounts at the time, as part of its wider support package to help business customers facing challenges posed by inflation and the cost of doing business. NatWest’s 95 day Liquidity Manager Notice Account is ideal 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.