NatWest revises strategy to help growth of start-ups

NatWest has announced a series of changes to mark the first stage in a series of planned improvements it will make to its SME proposition this year, as the bank aims to become the biggest supporter of start-ups in the UK.

NatWest has announced it is the first UK high street bank to offer a business banking account without a monthly fee, and a truly ‘pay for what you use’ tariff.

The bank said its monthly account fee removal will also apply to existing business account customers – meaning over 280,000 UK businesses will be better off as a result of the change.

The bank highlighted that its account offers 18 months of completely transaction-fees free banking to all new start-ups – meaning companies in the initial phase of growth won’t be charged for making transactions either, providing additional support for businesses at a critical stage.

NatWest also announced it was relaunching its digital initiative for start-ups and entrepreneurs – Business Builder – a free programme that provides a series of online learning modules, supplemented with regular newsletters and networking events.

Business Banking managing director, Andrew Harrison, commented: “As part of our revised strategy, NatWest has committed to helping create 50,000 new businesses across the UK by 2023, and to support over half a million people to consider entrepreneurship as a career.

“Today we’ve launched the first in a series of improvements to transform how we support businesses of any size, by removing the monthly account fee and relaunching our digital coaching initiative.

“Business Builder will provide budding entrepreneurs with the skills they need to get started with confidence, and combined with the account changes we’ve announced today, we’re proud to be able to provide a completely free platform on which the entrepreneurs of the future can build their own success stories.”

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