Royal Bank of Scotland offers two types of business current accounts for those with a turnover below £2 million, one is for start-ups and includes a free 24 month period. They also offer tailored accounts for those with a turnover above £2 million. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
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Royal Bank of Scotland Reviews
Below we look at reviews for Royal Bank of Scotland from a variety of websites. Please keep in mind that these reviews are for all of Royal Bank of Scotland’s services and so may not fully reflect their business offerings.
- Trustpilot: 1.5 of 5 based on 493 reviews.
- Review Centre: 1.3 out of 5 based on 34 reviews (business only).
- Reviews.co.uk: 3.67 out of 5 based on 3 reviews.
Royal Bank of Scotland Business Services Plans, Packages & Prices
Royal Bank of Scotland offers a Start-up Account and a Business Account for those with a turnover of up to £2 million. If your business turnover is over £2 million, they offer a tailored service.
Their Business Account includes:
- No minimum monthly charge and simple charges that only apply for what you use
- Dedicated Relationship Manager
- Digital Banking through mobile and web
- UK based telephone banking which operates 24/7
- Free accounting software called FreeAgent
Their Start-up Account includes:
- 24 months transaction fee-free banking
- 24/7 telephone, online and mobile app banking
- A quick online application process
- Overdraft subject to approval
- Free accounting software called FreeAgent
- Use of Tyl to take payments
- Access to experts and networking events
Business Account charges include:
- No monthly account fee
- Automated payments in and out £0.35
- Cash payments in and out £0.70 per £100
- Manual payments in and out £0.70
The Start-up Account has no transaction fees for the first 24 months then moves on to these above rates after the free period ends.
Note plans, packages and prices were all accurate at the time of publication but may have changed since then. Please check the Royal Bank of Scotland’s website for the latest information.
Royal Bank of Scotland Background
Royal Bank of Scotland was founded in 1727 in Edinburgh and it has played a substantial role in the Scottish economy and its industrial development for three centuries. Although their roots are in Scotland, the Royal Bank of Scotland has an extensive network of branches throughout the UK.
Royal Bank of Scotland is one of many companies that form the NatWest Group which has one the largest shares of business customers in the UK between them. Royal Bank of Scotland also serves 3.3 million personal customers on their own.
They provide a wide range of business financial services which includes bank accounts, loan products, financing products, mortgages, overdrafts and support services such as payment and accounting software.
Switching To Royal Bank of Scotland
To switch to the Royal Bank of Scotland you can apply online by completing their application and providing the information required for them to make a decision. Once they have approved your account and opened it, they will carry out the switch using the Current Account Switch Service within seven days. This will move your account balance, payments and close your existing account. This is backed by the Current Account Switch Guarantee.
Additional Business Services From Royal Bank of Scotland
Royal Bank of Scotland offers a range of business services which include:
- Savings accounts
- Debit and credit cards
- Virtual cards
- Overdrafts
- Loans
- Commercial mortgages
- Real estate finance
- Invoice finance
- Asset finance
- Trade finance
Royal Bank of Scotland Business Service Availability
Royal Bank of Scotland offers bank account services to businesses of all sizes with accounts available to business start-ups, existing businesses with a turnover of up to £2 million and a tailored service for those with a turnover above £2 million.
To open an account, you will need to be over 18 years old, be the owner or director of the business, and the business must be registered in the UK for tax. You must not have been declared bankrupt or have any CCJs and you will need six months of bank statements.
Royal Bank of Scotland Business Customer Service and Complaints
You can contact the Royal Bank of Scotland customer service team on 0345 600 2230 which is open 24/7 for basic banking enquiries.
Royal Bank of Scotland Business Contact
You can get in contact with the Royal Bank of Scotland by:
- Calling 0345 600 2230 (open 24/7 for basic banking enquiries)
- 24/7 secure messaging
- Live chat on their website
- Post – PO Box 16204, Birmingham B2 2WP
Website: https://www.business.rbs.co.uk/business/bank-accounts/business-bank-account.html
Royal Bank of Scotland Business Services Pros/Cons
Pros
- No monthly account fee, just pay for your transactions
- 24/7 telephone banking based in the UK
- Dedicated Relationship Manager
- Offers a free account for 24 months for start-ups
- Provides free accounting software
Cons
- A low number of customer reviews that are poorly rated