Choosing the right banking partner for your business is crucial to its financial success. In the UK, two prominent banking institutions, NatWest and RBS, offer a range of business banking services. In this article, we will compare NatWest vs RBS, highlighting their pros, cons, key differences, costs, and other important considerations to help you make an informed decision for your business.
NatWest vs RBS (Royal Bank of Scotland)
| Features | NatWest | Royal Bank of Scotland (RBS) |
|---|---|---|
| Business Accounts | Wide range of options | Wide range of options |
| Loans and Credit Facilities | Various loan options | Various loan options |
| Credit Cards | Business credit cards available | Business credit cards available |
| Digital Banking Platform | NatWest Business Hub | Digital banking platform |
| Regional Presence | Extensive presence in England and Wales | Strong presence in Scotland |
| Branch Network | Extensive branch network in England | Strong branch network in Scotland |
| Customer Service | Strong reputation for customer service | Occasional challenges reported |
| Costs and Fees | Varied fee structures | Varied fee structures |
| Business Support | Industry-specific support available | Industry-specific support available |
| Sustainable Banking | Active in sustainable banking initiatives | Focus on sustainable banking initiatives |
| Specialist Services | Dedicated Relationship Managers | Industry-specific support available |
| International Banking | Extensive international banking services | Extensive international banking services |
Please note that the table provides a general overview and may not include all features or account types. It is advisable to visit the official websites of both banks or contact their representatives to obtain the most up-to-date and detailed information specific to your business requirements.
Featured pro tools
Statistics
- NatWest
- Over 9.5 million active users of the NatWest mobile app
- NatWest Business Hub, the digital platform for businesses, provides access to over 1,500 articles, tools, and templates to support businesses
- RBS
- More than 7 million active users of the RBS mobile app
- RBS digital banking platform offers a wide range of online banking services, including real-time payments, account management, and international transfers
NatWest vs RBS – History and ownership
NatWest and RBS have distinct histories and ownership structures that shape their operations today. NatWest, founded in 1968 as a result of the merger between National Provincial Bank and Westminster Bank, grew to become one of the UK’s largest retail and commercial banks.
In 2000, it was acquired by the Royal Bank of Scotland Group (RBS Group), leading to its integration into the RBS family. RBS, established in 1727, has a long-standing history as a Scottish bank and operates independently in Scotland, while NatWest serves customers primarily in England and Wales.
Today, both banks operate as part of the larger RBS Group, with NatWest maintaining its brand identity within the wider organisation. This history and ownership structure have influenced the banks’ regional presence and strategic focus, catering to businesses across different parts of the UK.
NatWest vs RBS – Service and reach
Both NatWest and RBS offer a comprehensive range of business banking services, including business accounts, loans, credit cards, cash management, international banking, and more. However, there are some differences in terms of regional focus and branch networks.
NatWest has a more extensive presence in England and Wales, while RBS is more concentrated in Scotland. Depending on the geographical location of your business, this may influence your decision.
NatWest vs RBS – Digital banking
Both banks have made significant investments in digital banking platforms to cater to the evolving needs of businesses.
NatWest offers the award-winning NatWest Business Hub, a comprehensive online resource that provides guidance and tools for managing your business finances.
RBS provides a similar digital platform with a focus on helping businesses grow and succeed.
NatWest vs RBS – Customer service
Customer service is a critical aspect of any banking relationship.
NatWest has a strong reputation for customer service and has won several awards in this regard.
RBS also strives to provide excellent customer service, although some customers have reported occasional challenges in this area.
It is advisable to consider the feedback from other business owners and industry peers to gauge the overall customer experience.
NatWest vs RBS – Costs and fees
The cost of banking services is an important consideration for any business.
Both NatWest and RBS offer a variety of business accounts with different fee structures, including free banking periods for startups and small businesses.
The costs associated with additional services such as loans, overdrafts, and international transactions may vary between the two banks.
It is crucial to carefully review the fee structures and compare them based on your specific business requirements.
NatWest vs RBS – Security and stability
Given the significance of financial stability and security, it is essential to evaluate the stability and resilience of your chosen banking partner.
NatWest and RBS are both part of large banking groups, providing a level of security backed by their parent organisations.
However, it is worth considering any recent news or developments regarding the financial strength and reputation of these institutions.
NatWest vs RBS – Specialist services
Both banks offer specialist services tailored to different business sectors.
NatWest has a dedicated team of Relationship Managers who specialise in specific industries, such as healthcare, agriculture, and technology.
RBS also provides industry-specific support through its sector specialists. Assessing whether your business requires specialised expertise can be a key factor in your decision-making process.
NatWest vs RBS – Verdict
In conclusion, choosing between NatWest and RBS for your business banking needs requires careful consideration of various factors.
While NatWest has a wider reach in England and Wales, RBS has a stronger presence in Scotland.
Both banks offer similar business banking services and have invested in digital platforms, but NatWest is often recognised for its superior customer service.
Evaluating the costs, security, specialist services, and considering your business’s specific requirements are crucial steps to make an informed decision.
NatWest vs RBS – FAQ
Both NatWest and RBS allow businesses from outside their primary operating regions to open business accounts. However, it is important to check with the banks directly to ensure that they can accommodate your specific circumstances.
Both NatWest and RBS offer free banking periods for startups and small businesses. The specific criteria and duration of the free banking period may vary, so it’s advisable to consult with the banks or review their websites for detailed information.
Yes, both NatWest and RBS provide digital banking platforms that allow business owners to access their accounts, perform transactions, manage finances, and access other services online. These platforms aim to provide convenience and flexibility for business banking needs.
Yes, additional fees may apply for specific services such as loans, overdrafts, and international transactions. The fees can vary depending on the type of service, loan amount, repayment terms, and other factors. It is advisable to review the fee structures provided by the banks and discuss any specific requirements with their representatives.
NatWest and RBS provide customer service support through various channels, including phone, email, and online chat. The contact details for customer service are available on their respective websites, and you can reach out to them for any queries, assistance, or concerns related to your business banking.
Yes, both banks offer specialised support for specific industries or sectors. NatWest has a team of Relationship Managers who specialise in industries such as healthcare, agriculture, and technology. RBS also provides industry-specific support through its sector specialists. If your business operates in a specific sector, it is advisable to inquire about the availability of specialised support from the banks.
Remember, these FAQs are general in nature, and it is recommended to directly contact NatWest and RBS or refer to their official websites for the most accurate and up-to-date information specific to your business needs.