NatWest Launches Incentives for New and Expanded Business Accounts

NatWest is offering incentives to businesses in the United Kingdom that switch their accounts to the bank.

The U.K. bank is offering 24 months of free business banking to customers with turnover of up to 2 million pounds (about $2.6 million) that switch to NatWest, new startups that join NatWest, and companies that have business banking accounts with multiple providers and switch all their banking to NatWest, the bank said in a Tuesday (June 27) press release emailed to PYMNTS.

“As the U.K.’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 [small- to medium-sized businesses (SMBs)] in the U.K.,” NatWest Head of Business Banking James Holian said in the release.

The new “switcher offer” can save business customers an average of 2,000 pounds (about $2,550) over two years, depending on their business turnover and transaction activity, according to the release.

This offer applies to businesses that switch to a NatWest Business Current Account. Among the key features of these accounts are an online accounting tool for SMBs called FreeAgent, an online platform with tools and tips called Business Builder, and a guide to employment and other law called MentorDigital, the release said.

“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 [SMBs] start up, scale up and thrive,” Holian said in the release.

In other news from NatWest, the bank partnered with identity service provider OneID in March to launch a new digital ID service for businesses.

The collaboration has enabled NatWest to make its new Customer Attribute Sharing service available as an embedded solution, enabling businesses’ customers to allow the business to access bank-held data to streamline signing up for online experiences.

In February, NatWest acquired British FinTech Cushon, which provides savings accounts and pensions, to provide a new suite of financial well-being services to its commercial customers.

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