Royal Bank of Scotland Business Current Accounts’ Review

Founded in 1727, the Royal Bank of Scotland (RBS) is a longstanding financial institution offering various personal and business banking services.

In this article, we’ll examine each of RBS’s business current accounts to help you decide if they suit your needs.

Royal Bank of Scotland Start-Up Bank Account

Monthly Fee

£0.00

Free banking on every day transactions for the first 2 years

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

Up to £50,000 unsecured

FSCS Protection

Yes

Trustpilot Score

888 Reviews, average rating of 1.3/5

Accessibility

Manage your account online, through the mobile app, in an RBS branch or over the phone.

See Deal

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Eligibility Criteria

– Your business must have been trading for less than 1 year
– Your business has a turnover of less than £1 million
– You are over 18 years old
– You have the right to be self-employed in the UK.
– Your registered business address is in the UK, Channel Islands, Isle of Man or Gibraltar, or you are registered for tax purposes in one of these jurisdictions.
– You haven’t been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree.

Royal Bank of Scotland Business Bank Account

Monthly Fee

£0.00

Free banking on everyday transactions for businesses with an annual turnover of up to £2 million for 2 years when you switch using the Current Account Switch Service.

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

Up to £50,000 unsecured

FSCS Protection

Yes

Trustpilot Score

888 Reviews, average rating of 1.3/5

Accessibility

Manage your account online, through the mobile app, in an RBS branch or over the phone.

See Deal

opens a new window

Eligibility Criteria

– Your business either has a turnover above £1 million, or a turnover below £1 million and has been trading for over a year
– You are over 18 years old
– You have the right to be self-employed in the UK.
– Your registered business address is in the UK, Channel Islands, Isle of Man or Gibraltar, or you are registered for tax purposes in one of these jurisdictions.
– You haven’t been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree.

Royal Bank of Scotland Community Bank Account

Monthly Fee

£0.00

Free everyday banking if you have an annual credit turnover of less than £100,000 and at least one party in your application is an existing RBS customer.

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

888 Reviews, average rating of 1.3/5

Accessibility

Manage your account online, through the mobile app, in an RBS branch or over the phone.

See Deal

opens a new window

Eligibility Criteria

– Your business must be either a not-for-profit limit company registered at Companies House, club or society, church or place of worship, registered or unregistered charity, charitable incorporated organisation (CIO), non-personal trust.
– Your annual turnover is under £2 million
– If your community account’s annual credit turnover is less than £100,000, at least one of the named applicants must be an existing personal or business banking RBS customer; otherwise, your application will be declined.
– You are over 18 years old
– You have the right to be self-employed in the UK.
– Your registered business address is in the UK, Channel Islands, Isle of Man or Gibraltar, or you are registered for tax purposes in one of these jurisdictions.
– You haven’t been declared bankrupt or received a County Court Judgement (CCJ) or Court Decree.

Our Verdict

RBS is a solid choice for businesses seeking straightforward banking services with reliable digital and in-person support.

The bank’s diverse account options, including specific accounts for start-ups, established businesses, and community groups, ensure that most companies can find a suitable banking solution. Additionally, providing free accounting software through FreeAgent and promotional discounts, such as two years of free everyday banking, adds substantial value for cost-conscious businesses.

RBS’s digital banking services are a significant advantage. They offer comprehensive online and mobile platforms that make managing finances convenient. The bank’s 24/7 support, established reputation, and vast branch network, including access to NatWest and Post Office branches, provide reliable and accessible banking services.

However, compared to some competitors, the bank’s offerings for advanced features like cashback rewards, savings pots, or extensive third-party integrations are relatively basic. Larger corporations with more complex requirements may find the services more standardised than tailored. Some customers also report issues with high fees for specific transactions and less innovative digital tools.

Pros and Cons

Pros

• Wide Range of Account Options: RBS offers a variety of business accounts, including options for small businesses, start-ups, and larger enterprises, accommodating diverse needs.
• Online and Mobile Banking: The bank provides comprehensive digital banking services, allowing businesses to manage accounts, make transactions, and monitor financial activity conveniently.
• Promotional Discounts: Eligible customers can enjoy two years of free everyday banking, reducing unnecessary costs. 
• Free Accounting Software: Access to FreeAgent accounting and invoicing software is available for Business Account customers.
• 24/7 Support: Access to business banking help whenever you need it, as well as various resources, including access to workshops and networking opportunities to help businesses thrive.
• Integrated Payment Solutions: RBS offers various payment solutions, including card processing and electronic payments, suitable for businesses handling electronic and cash transactions.
• Business Loans and Credit Facilities: The bank provides various financing options, including business loans, overdrafts, and credit lines, to support growth and operational needs.
• Currency Accounts: RBS offers accounts suitable for businesses with international transactions or those dealing in multiple currencies.
• Established Reputation: RBS has a long history and reputation in the banking industry, offering businesses stability and reliability.
• Branch Network: Customers can use a vast network of RBS, NatWest, and Post Office branches, ideal for businesses that prefer in-person banking services or require physical cash deposits and withdrawals.

Cons

• Limited Third-Party Integrations: Compared to some competitors, RBS may offer fewer integrations with third-party tools, which might be a drawback for businesses reliant on advanced tech solutions.
• Basic Cash Handling Services: Businesses with significant cash handling needs might find RBS’s cash management services less comprehensive than banks offering more extensive cash handling and deposit solutions.
• Less Customisation for Large Corporations: Larger businesses with complex or highly customised banking needs might find RBS’s services more standardised and less tailored than banks that specialise in corporate banking.
• Additional Features Missing: Users seeking advanced features like cashback rewards, savings pots, or more extensive financial management tools may find RBS’s offerings more basic.
• High Fees for Certain Transactions: RBS may have relatively high fees for specific transactions or services, such as international transfers or additional account features, which can disadvantage businesses with frequent needs in these areas.
• Limited Digital Innovation: While RBS offers a functional digital platform, it may lag behind some competitors in cutting-edge digital tools and innovations, potentially limiting convenience and efficiency.
• Customer Service Issues: Some users report difficulties with customer service, including long wait times or challenges in resolving issues promptly, which can affect overall satisfaction.

Royal Bank of Scotland At A Glance

Item	Royal Bank of Scotland Details
Bank Accounts	Business Current Accounts 1. Start-Up Bank Account 2. Business Bank Account 3. Community Bank Account 4. Business Currency Current Account Business Deposit Accounts 1. Business Reserve Account 2. Liquidity Manager 35-Day Notice Account 3. Liquidity Manager 95-Day Notice Account 4. Treasury Reserve Account 5. Currency Call Deposit Account
Pricing	Promotional offers give eligible customers two years of free everyday banking. Additional fees for international payments and other services apply.
Overdraft	Up to £50,000 unsecured. Representative EAR 15.03%
Ease of Use	Flexible account management through online banking, mobile app, telephone, and in-person services at any RBS, NatWest or Post Office branch.
Security	FSCS protects eligible deposits up to £85,000. Security measures include one-time passcodes, biometric logins, scam alerts and Confirmation of Payee.
Customer Support	24/7 support is available through the digital assistant, Cora, and secure messaging. You can also call or use WhatsApp.
Reviews	Average Trustpilot rating of 1.3 out of 5 based on 888 reviews.
Eligibility Criteria	Must be over 18, have the right to be self-employed in the UK, have a business address in the UK, Channel Islands, Isle of Man or Gibraltar and haven’t been declared bankrupt or received a County Court Judgement or Court Decree. Additional criteria for specific accounts include annual turnover and years of establishment.
Additional Information	Free access to FreeAgent account software as long as you maintain your account.

Who Should Use RBS’s Business Banking Services (And Who Should Not)?

Most suitable for:

• Small to medium-sized enterprises that are looking for straightforward banking features.
• Non-profit organisations and community groups that need a specialised bank account.
• Businesses that accept electronic, cash and cheque payments. 
• Users who are looking for flexible account management, both online and in-person.
• Customers looking for cost-effective promotional discounts, including free everyday banking periods.
• Businesses that make frequent international transfers or handle multiple currencies. 

Less suitable for:

• Users looking for additional features like cashback and savings pots. 
• Large businesses needing bespoke financial services. 
• Customers who want a wider choice of 3rd party integrations. 
• Businesses that want a more cost-effective option for international payments.

Products and Features: Royal Bank of Scotland Business Banking Services

The Royal Bank of Scotland offers various business banking services, including current accounts, savings accounts, loans, finance and card solutions.

Start-Up Bank Account

Best For: New businesses that have been trading for less than one year

Key Features:

• Enjoy free everyday banking for the first two years. 
• You must have an annual turnover of less than £1 million to be eligible.
• You can apply for an overdraft of up to £50,000 unsecured. 
• RBS business debit card made from 85% recycled plastic. 
• 2.75% non-sterling transaction fee. 
• Conveniently manage your account online or through the mobile app. 
• You can pay cash & cheques in at RBS, Natwest and Post Office branches. Cheques can also be deposited via the mobile app. 
• Free access to FreeAgent accounting software is available for as long as you hold your RBS Startup Bank Account. 
• Multi-director access for convenient account management.

Business Bank Account

Best for: Businesses with a turnover of more than £1 million or trading for over a year. 

Key Features:

• Get free everyday banking for two years if you have an annual turnover of up to £2 million and use the Current Account Switch Service. 
• Account holders can apply for an overdraft facility up to £50,000. 
• Ability to pay cash and cheques in at any Royal Bank of Scotland, NatWest or Post Office branch. 
• A dedicated Relationship Manager for businesses with an annual turnover of at least £250,000. 
• International payments are subject to a 2.75% non-sterling transaction fee. 
• You can use FreeAgent accounting software for free if you maintain your Royal Bank of Scotland Business Bank Account. 
• The mobile app, available for iOS and Android devices, offers instant payment notifications, spending categorisation, 24.7 messaging support, and in-app cheque deposit. You can also manage your account through the online platform. 
• Access to free local Business Growth events and the Entrepreneur Accelerator programme.

Community Bank Account

Best For: Not-for-profit businesses, charities, places of worship, charitable incorporated organisations, clubs, societies or non-personal trusts with an annual turnover under £2 million.

Key Features:

• Free everyday banking if one named person in your application is an existing Royal Bank of Scotland customer and you have an annual credit turnover of less than £100,000. 
• One of the persons named in your application must be an existing RBS customer if your Community Bank Account’s annual credit turnover is less than £100,000.
• Streamline your accounting using FreeAgent for free if you hold your Community Bank Account.
• Visa debit card which can be added to Google and Apple Pay.
• You can add up to 4 users as authorised signatories.
• Manage your account 24/7 via the online banking platform or the mobile app available for iOS and Android devices. 
• Option to order a chequebook and paying in book.

Business Currency Current Account

Best For: Businesses that handle multiple foreign currencies and make frequent international transactions. 

Key Features:

• A GBP bank account will be opened alongside your Business Currency Current Account for easy management and as a backup for credits that cannot be applied to your currency account.
• No minimum balance is required.  
• An overdraft facility of up to £50,000 unsecured is available in most currencies.
• You can make payments worldwide in a wide range of currencies. 
• Card payments in foreign currencies will be converted to GBP using the Payment Scheme Exchange Rate.
• A non-sterling transaction fee of 2.75% of the transaction value will apply. 
• You can apply for a chequebook in most currencies.

Savings Accounts

In addition to its business current accounts, RBS offers various savings accounts designed to help businesses grow their surplus money. 

Some savings accounts available include the Business Reserve Account, the Liquidity Manager Notice Accounts, the Treasury Reserve and the Currency Call Deposit Account.

Pricing and Fees Breakdown

RBS offers several promotional discounts for Business Account customers, including:

• Start-Up Bank Account: 2 years of free everyday banking for new customers. Fees for unarranged overdrafts, international payments and additional services will still apply. 
• Business Bank Account: 2 years of free everyday banking if you switch your business account using the Current Account Switching Service and have an annual credit turnover of up to £2 million. 
• Community Bank Account: Free everyday banking for existing RBS customers with a community account annual credit turnover of less than £100,000. Only one named party needs to be an existing personal or business customer. 

After your free period expires, you will be moved to RBS’s Standard Tariff, as shown in the table below.

Service	Fee
Automated payments (in or out), including ATM withdrawals, Direct Debits, standing orders, Faster Payments	£0.35 per item
Making cash payments (in or out), including money paid in at branches and quick deposits	£0.70 per £100 + 0.70 manual fee per item
Manual payments (in or out), including cheques and manual credits	£0.70 per item
Cheques paid in via the mobile app	£0.70 per item
Non-sterling transaction fee	2.75% of the transaction value
Unarranged overdraft interest	15% per annum unless agreed otherwise
Paid referral fee	£20
Unpaid item fee	£12

Ease of Use

Royal Bank of Scotland offers a business banking experience that is both user-friendly and efficient, catering to a wide range of business needs however they wish to manage their account.

Some of the ways you can bank with RBS include:

• Digital Banking System: Allows you to manage up to 50 business accounts from a single platform, making overseeing various aspects of your business finances easy. Essential tasks such as viewing account balances, making payments, and transferring money between accounts are straightforward and accessible. 
• Mobile Banking App: Available for download on the Apple App Store and Google Play. The app is packed with features, including biometric login, payment management and cheque depositing.
• Bankline: An enhanced online banking platform available for businesses with more complex needs for an additional fee. Get real-time access to up to 999 accounts, set up customisable roles and make bulk payments with the flexible and secure features. 
• Telephone Banking: Call 0345 600 2230 to perform basic banking tasks and get advice on financial products. 
• RBS Branches: You can make deposits, use cash machines, and access support from Royal Bank of Scotland staff in person at your local branch.
• Mobile Branches:  Available for rural communities, ensuring that even businesses in remote areas have access to essential banking services
• Post Office: A convenient option for withdrawing cash, checking balances, and depositing cheques and cash.
• NatWest Branches: You can also make cash withdrawals and deposits or deposit cheques at a NatWest branch, making in-person services more accessible.

The Application Process

Applying for an RBS business account is a straightforward process that gets you up and running quickly. The fastest way to apply is online, where you can choose the type of account that best suits your business needs. Existing customers can also apply online using the digital assistant Cora. 

Once all the necessary information has been submitted, the Royal Bank of Scotland will review your application, conduct a credit check, and contact you with the outcome, typically within ten days.

As of August 2024, RBS is experiencing delays in opening Community Bank Accounts, taking approximately 3 to 4 weeks. 

Safety and Security

As a fully-regulated UK bank, eligible deposits up to £85,000 held in your RBS Business Account are protected by the Financial Services Compensation Scheme (FSCS) in case of institutional failure.

Other security measures in place include:

• Educational Resources: Free fraud awareness webinars and an e-learning course hosted by Tessello.
• Confirmation of Payee (COP): Verifies the name of the account holder you intend to pay to prevent misdirected payments.
• Profiling Systems: Detects suspicious activity on accounts, with verification from RBS for flagged transactions.
• Scam Advice: Warnings are provided when adding new payees via digital or mobile banking.
• Biometric Security: Fingerprint and facial recognition for secure mobile banking login.
• One Time Passcodes (OTPs): Used for additional security when paying online or logging into digital banking.
• PIN Verification: Required for contactless payments as an extra security measure.
• Scam Alerts: Triggered when setting up new payees or amending existing ones.

What RBS Customers Say

As of August 2024, RBS has a ‘bad’ Trustpilot rating, with an average score of 1.3 out of 5 based on 888 reviews. In contrast, RBS’s mobile banking app has consistently positive reviews, earning an average rating of 4.8 out of 5 based on 168,900 reviews on the Apple App Store and 4.4 out of 5 based on 89,600 reviews on the Google Play Store.

Here’s a breakdown of the most common customer comments:

Positive Reviews

• Exceptional Customer Service: Many customers praise RBS for its professional, friendly, and helpful staff who efficiently resolve issues like unlocking accounts, recovering app login details, and providing support during fraud incidents.
• Reliable Mobile App: Positive feedback highlights the app’s user-friendly interface, ease of use, and continuous enhancements, such as transaction notifications and linking other bank accounts.
• Proactive Security Measures: RBS’s proactive approach to online security has been well-received.
• Long-Term Reliability: Long-standing customers often highlight the bank’s consistent and reliable service over the years, with some expressing loyalty due to positive experiences in managing their finances through RBS.
• Convenience of In-Person Services: Some customers value the availability of in-person support at branches, particularly in resolving more complex issues that can’t be handled online or over the phone.

Negative Reviews

• Poor Customer Service: Negative feedback frequently mentions long hold times, unhelpful or unsympathetic staff, and ineffective communication, particularly regarding branch closures and service updates.
• Mobile App Issues: Some users report frequent app crashes, compatibility issues, cumbersome security measures like card readers, and problems with updates that require re-entering details.
• Operational Inefficiencies: Complaints include account access issues, such as frozen accounts and complicated ID verification processes, which disrupt business operations.
• Inadequate Communication: Customers are frustrated by unexpected changes to branch locations, insufficient notifications, and a perceived decline in service quality.
• Branch and Service Reductions: Some customers are dissatisfied with the reduction in physical branches and services, which makes it harder for them to access in-person support, especially in rural areas.

Additional Information About Royal Bank of Scotland

Founded in 1727, the Royal Bank of Scotland (RBS) is one of NatWest Group’s key retail banking subsidiaries, alongside NatWest and Ulster Bank. Led by CEO Paul Thwaite, who joined NatWest in 1997 and assumed the role of permanent chief executive in 2024, RBS has a long-standing presence in the banking industry. The bank is also a proud partner of Team GB.

RBS offers specialised expertise across various sectors, including agriculture, automotive, charities, construction, healthcare, higher education, independent schools, leisure, manufacturing, professional services, real estate finance, renewables, and technology. This broad sectoral knowledge positions RBS as a trusted partner for businesses across various industries.

How Royal Bank of Scotland Stacks Up Against The Competition

Feature	RBS	Barclays	HSBC	Lloyds Bank
Business Current Account Options	4	4	6	6
Overdraft	Up to £50,000	Up to £50,000	Up to £30,000 – £100,000 depending on account	Up to £5,000
Cash & Cheque Deposits	✅	✅	✅	✅
Mobile App	✅	✅	✅	✅
Accounting Integrations	FreeAgent	FreshBooks	❌	Business Finance Assistant
FSCS Protection	✅	✅	✅	✅
Learn More	Visit RBS	Visit Barclays	Visit HSBC	Visit Lloyds Bank

Royal Bank of Scotland FAQs