You should have a direct number for them. Whether you are looking for your first business account or a new sole trader business bank account… Business account application - existing customers Sole Traders and Partnerships. Product for day to day transactions purposes for small businesses, will provide access to the following services check the status of your account opening process, receive latest updates about your application, find out more about your main account and other accounts, including deposit accounts, Use the same details that you created when you applied for your business account to log in, If you haven’t already set up access to your online application centre, create a login. if you are changing from a sole trader to a Limited Company you would need to open a new account, suitable for your new business type. Learn more and apply. By starting your application, you confirm that you're giving us consent to run a credit check on you and any other people listed on your application. Download the app and send yourself a link. We’re committed to supporting female business leaders to achieve their ambitions by empowering them and breaking down barriers. I don't put cash into this account, don't write cheques and only deposit around 5 cheques per week at no charge and also all my point of sale amounts (ie machine which takes switch, debit and credit cards) into this account. Relay UK Service: 18001 0345 307 0600 You’ll get access to FreeAgent: a top-rated cloud-based accountancy package. Fees apply. These business current accounts are for businesses that are over 1 year old. As long as you bear that in mind, there is no legal reason why you cannot use tht bank account. To find out about switching, check out the Current Account Switch Guarantee Service. To help you get off to the best start, we have compiled this guide to sole trader bank accounts. To help you understand your duties and to get your book-keeping done painlessly, here’s the low-down on setting up your sole trader accounts. The Current Account Switch Service will do all the work when it comes to switching, moving everything across from your old account to your new account all within 7 working days, including Direct Debits and standing orders. Online Banking gives you all the tools needed to manage your money online. Please follow our guidance here (opens in a new window) to ensure we have all of the information we require to process your account change. I am hoping to become a sole trader but I have bad credit personally. NatWest business banking is available to eligible customers over 18, who have the right to be self employed in the UK. FreeAgent is free subject to client retaining their NatWest business banking current account. There's no minimum monthly charge with this account, Summarised business account charges booklet, Your Guide to switching your account to us, Financial Services Compensation Scheme Guide (PDF, 45 KB), Important changes to your business account terms effective from 4th January 2021 (PDF, 3MB), Business account terms effective until 3rd January 2021 and for all customers opening accounts before 15th October 2020 (PDF, 400 KB), Business account terms effective from 4th January 2021 and for all customers opening accounts from 15th October 2020 (PDF, 661KB), You're the owner or a director of the business you’re applying on behalf of, Your registered business address must also be in the UK, Channel Islands, Isle of Man or Gibraltar or you should be registered for tax purposes in one of those jurisdictions, You haven't been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree, Home addresses (and the date you moved there). If you are looking to open a Business account in order to apply for the government-backed Bounce Back Loan Scheme, please note you will only be eligible for this loan if: You were an existing NatWest Personal or Business customer on or before 4 May 2020, You're a UK resident with a business or registered charity based in the UK. Visit our Support Centre to find the latest news, updates and practical advice for your business. Choose the most convenient and easiest way for you to bank. You only have to do this if you’re trading as a limited company, partnership or trust, in order to work out and report taxes correctly. Some of the features and benefits of NatWest’s sole trader business bank account. Meet with experts and like-minded businesses, as well as gain access to a wealth of free learning tools to set up and grow your business through our free Business Growth Events. From filing your income and tax with HMRC to dealing with invoices, keeping tabs on your business finances is a priority – making picking from the range of sole trader bank accounts a priority. Yes, the Current Account Switch Guarantee Service makes it really easy. If you need to update this information, please follow the standard processes. Please read the information below before proceeding to apply: It will take you approx. Information about your business activity and number of employees, Any other trading names your business uses, Details of any countries you (or your business) are registered in, Details of your business’s or cash flow forecasts, You'll need 6 months of bank or building society statements if you're switching accounts to us. Meet with experts and like-minded businesses, as well as gain access to a wealth of free learning tools to set up and grow your business through our free Business Growth Events. What if my business is based in Scotland? The best sole trader bank account depends entirely on your needs! Business banking at its best. If you are looking to open a Start up account in order to apply for the government-backed Bounce Back Loan Scheme, please note you will only be eligible for this loan if: Please make sure your limited company has already been registered with Companies House for at least 48 hours before starting your application with us. Thanks for choosing our Business bank account. Freelance Sole Trader Bank Account Perks. See our full list of business account charges: Business account charges booklet (PDF, 53KB), Summarised business account charges booklet (PDF, 46KB). Information on how to update us about Applications for our Business credit card are subject to approval. You only have to do this if you’re trading as a limited company, partnership or trust, in order to work out and report taxes correctly. We offer Online Banking, Mobile Banking and Bankline. In order to set up an Online Banking, the application form should be completed. Subject to status. All you need to do is tell us the details of your old bank account and when you want the switch to start. If your business has a turnover of over £2m, you'll get a personalised service, local knowledge and access to specialist products and services that can help you control your cash flow and develop your business for the future. ... Top 41 Sole Trader Bank Accounts. In the end i moved to the co-op bank who were fine with me having a normal account as a sole trader, they couldnt understand why natwest were such pillocks I still use the account to this day and i am still self employed. The Start up business account is available for businesses that have been trading for less than 1 year and have a turnover of less than £1m. Just keep your accounts up to date and submit your tax return on time. A sole trader business bank account is a relatively straightforward business bank account aimed at people operating as a self-employed sole trader. Easy everyday banking for established businesses. 3. If your business will be based in Scotland, please give us a call on 0345 307 0600. No minimum monthly charge - only pay for what you use, Just pay for certain transactions, unarranged borrowing, international payments and Bankline charges, See a full list of business account charges (PDF, 48KB), Our business customers can benefit from their own dedicated Relationship Manager, providing a single point of contact for your business (turnover and eligibility criteria apply), Link your business bank account directly with FreeAgent, Invoices, expenses and bank accounts in one place, FreeAgent is free for NatWest business customers, As a Natwest Business customer, you can access and apply for FreeAgent, Most banking activities available through Online Banking, UK based telephone banking lines open 24/7, 365 days a year. And when you want the Switch to start accepting new applications again soon the application for you to how... Why you can apply for our comprehensive range of saving options are also here to support you through times... 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