Barclays and NatWest are two of the UK’s largest and most well-known banking institutions. Both offer a wide range of services targeted at businesses of all sizes, from start-ups to large corporations. Making the choice between Barclays vs NatWest for business banking can be a daunting task.
This article is designed to provide an in-depth comparison, covering key aspects such as features, pros and cons, fees and charges, and unique offerings. It should help business owners decide which banking provider best meets their needs.
Barclays vs NatWest
| Features | Barclays | NatWest |
|---|---|---|
| Business current account | ✓ | ✓ |
| Online banking | ✓ | ✓ |
| Mobile banking | ✓ | ✓ |
| International banking services | ✓ | ✓ |
| Business loans | ✓ | ✓ |
| Overdraft facilities | ✓ | ✓ |
| Credit cards | ✓ | ✓ |
| Cash management services | ✓ | ✓ |
| Invoice finance | ✓ | ✓ |
| Merchant services | ✓ | ✓ |
| Business savings account | ✓ | ✓ |
| Insurance services | ✓ | ✓ |
| Business mortgage | ✓ | ✓ |
| Business financial advice | ✓ | ✓ |
| Payroll services | ✓ | ✓ |
| Sector-specialist advice | ✓ | ✓ |
| Support for start-ups | ✓ | ✓ |
| Business training and events | ✓ | ✓ |
| Sustainable banking options | ✓ | ✓ |
| Dedicated relationship manager | ✓ | ✓ |
 | Tide Business Bank Accounts ✓ Free, Plus, or Pro Account ✓ iOS & Android Mobile App ✓ Upload & Auto-Match Receipts Pricing Trial period Contact | |
 | Card One Money ✓ No Credit Checks ✓ Simple Fees ✓ Up To 3.5% Cashback Pricing Trial period Contact | |
 | ANNA Money ✓ Apply In 10 Minutes ✓ Bookkeeping & Payroll Tools ✓ User-Friendly Mobile App Pricing Trial period Contact | |
 | HSBC Business Banking ✓ Business Current Account ✓ In-Branch, Online & App Banking ✓ FSCS Protected Pricing Trial period Contact | |
 | Metro Business Banking ✓ Business Current Account ✓ High Street Presence ✓ FSCS Protected Pricing Trial period Contact | |
 | Mettle Business Banking ✓ Business Bank Account ✓ Online & App ✓ Quick & Easy Application Process Pricing Trial period Contact | |
 | Monzo Business Banking ✓ Business Current Account ✓ Dedicated mobile app experience ✓ FSCS Protected Pricing Trial period Contact | |
 | Virgin Money ✓ Business M Account ✓ In-Store, Online & App Banking ✓ Insights & Forecasting Platform Pricing Trial period Contact |
Barclays
Barclays has a longstanding reputation for offering extensive business banking services. Their business banking is designed with the intent to support businesses at every stage of growth, offering a comprehensive range of products and services.
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Pros and cons
Pros
- Strong Digital Capabilities: Barclays has an award-winning mobile app and online banking platform which offer a variety of features such as customisable reports and interactive charts.
- Extensive International Services: Barclays has a significant international presence which makes it a great option for businesses that require global banking services.
- Innovative Products: Barclays continually invests in introducing innovative products like SmartBusiness Dashboard, which offers insights to help manage and grow a business.
- High Street Presence: Barclays maintains a significant physical presence with branches throughout the UK.
Cons
- Fee Structure: Some users may find Barclays’ fees higher compared to other banks.
- Customer Service: While Barclays generally offers good customer service, there have been occasional complaints about wait times and response times.
Table of fees and charges
| Services | Fees |
|---|---|
| Monthly account maintenance | £6.50 |
| Automated payments (Direct Debits, Standing Orders, etc.) | £0.35 each |
| Electronic payments (UK) | £0.35 each |
| Cash payments (deposits and withdrawals) | 0.60% of value |
| Cheques paid in or out | £0.65 each |
| Non-automated transactions (e.g. CHAPS) | £15 each |
| Non-Sterling transactions | 2.75% of transaction value |
Please refer to Barclays’ official website or your business account agreement for the most accurate and up-to-date information on fees and charges.
Unique and standout features
Barclays’ unique and standout features lie predominantly in its digital capabilities and innovation. The Barclays Mobile Banking app is considered one of the best in the market, offering a plethora of features like digital receipts and invoice management.
Another standout feature is the SmartBusiness Dashboard which allows businesses to see their financial and non-financial data in one place. This tool can integrate data from different platforms like Google Analytics, Twitter, and QuickBooks, thus providing valuable insights.
NatWest
NatWest is a household name in the UK, offering a wide variety of banking services for businesses. They provide a comprehensive suite of financial products, along with specialist sector knowledge.
Pros and cons
Pros
- Free Banking Period: NatWest offers an attractive initial free banking period for new businesses.
- Excellent Customer Support: NatWest is known for its outstanding customer service, including a UK-based call centre and 24/7 customer support.
- Wide Range of Products: NatWest offers a comprehensive suite of banking products and services, including specialist sector advice.
- Entrepreneurial Network: NatWest runs Entrepreneur Accelerator hubs around the UK, offering mentoring, insight, and networking opportunities.
Cons
- Limited International Services: Compared to Barclays, NatWest has a limited presence outside of the UK.
- Online Banking Interface: Some users have reported that the online banking interface is less intuitive than other banks.
Table of fees and charges
| Services | Fees |
|---|---|
| Monthly account maintenance | £5 |
| Automated credits | Free |
| Automated debits | £0.35 each |
| Electronic payments (UK) | £0.35 each |
| Cash payments (deposits and withdrawals) | £1.00 per £100 |
| Cheques paid in or out | £0.70 each |
| Non-automated transactions (e.g. CHAPS) | £20 each |
| Non-Sterling transactions | 2.65% of transaction value |
Please refer to NatWest’s official website or your business account agreement for the most accurate and up-to-date information on fees and charges.
Unique and standout features
NatWest’s unique offerings include their free banking period for new businesses, providing significant financial relief during the initial, often challenging, stages.
Another standout feature is the NatWest Entrepreneur Accelerator, a fully-funded programme offering mentoring, insight, and free co-working space, supporting start-ups and scale-ups across the UK.
Conclusion – Barclays vs NatWest
Both Barclays and NatWest have unique strengths, and the choice between them largely depends on your specific business needs.
If you require robust international banking services and a strong digital platform, Barclays may be more suitable.
If you are a new business looking for initial free banking and excellent customer service, NatWest might be the better choice.
Additionally, NatWest’s Entrepreneur Accelerator can provide substantial support for start-ups, while Barclays’ digital tools like the SmartBusiness Dashboard are invaluable for businesses seeking analytical insights.
Therefore, your choice should be guided by the specific needs, preferences, and long-term goals of your business.
FAQ
Yes, both Barclays and NatWest support the Current Account Switch Service, which makes it easy to switch your business account.
Yes, both banks offer significant support to start-ups, including specialist advice and services.
Yes, both banks charge fees for certain transactions, services and account maintenance. The exact fees depend on your business type and banking package.
Both banks offer customer support via phone, online, and in branches. NatWest also has a UK-based call centre.
Yes, both Barclays and NatWest offer green banking initiatives and products.
Yes, both banks offer comprehensive online banking platforms and mobile apps.
Yes, both Barclays and NatWest offer a range of business loans with different terms and conditions.