Royal Bank of Scotland Business Banking | Switching to Royal Bank of Scotland

Switch your startup to Royal Bank of Scotland

What if I'm trying to open my first startup business account?


Our startup package is available to eligible business owners, aged 18 or over, who open a Business Current or Foundation Account.
Your business must have started trading in the last 12 months and your planned, or existing annual turnover, must not be over £1 million.

 

Applications for credit are subject to approval and security may be required (which may involve a fee).

Current bank not built for business? Learn more about switching your startup to Royal Bank


Our dedicated switcher team is here to make it easy for you, when it comes to moving your business account to Royal Bank of Scotland.

 

   

How does switching work?
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Icon expand What we need you to do

Give us a call or pop in to one of our branches where we can help by going through our switcher option checklist with you.

This can help you decide if the Full Current Account Switch Service is your best option, or if a partial switch may be more suitable. A partial switch is where your old account would remain open, even after your new Royal Bank of Scotland account is opened.

When you call or visit, our staff can also help you with:

  • Completing the relevant paperwork to start your switch
  • Outlining the additional steps required to open a new business account
  • Let you know the types of identification and proof of address you may need to provide
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Icon expand What we do

Full Current Account Switch Service

Once you've succesfully opened a new Royal Bank of Scotland Business Current Account and completed the required switching forms, we can switch your account within seven working days.

  • You pick your own switch date, so if everything is ready to go we'll transfer all existing Standing Orders and Direct Debits for that date.

  • We'll send a switch request to your old bank to close the old account. And, if you'd like us to, we'll transfer any outstanding balance too.

  • We'll provide updates on how your switch is progressing, so you are kept up-to-date. We'll also contact you, to let you know how to set up any new required bill payments.

  • Under the Current Account Switch Guarantee, all payments accidentally paid in to the old account will be forwarded and redirected after completion of the switch.

    If anything goes wrong with the switch that affects your old or new current accounts, we'll refund any interest (paid or lost) and charges incurred, as soon as we're told.

Learn more about the Current Account Switch Service

 

 

Partial switching

If you still want to keep your old bank account open, we'll make all the necessary arrangements to move your regular payments to your new Royal Bank of Scotland account, by setting up your existing Standing Orders and Direct Debits.  

  • Within 10 working days of approving your application, your new account will be up and running and we'll order you a cheque book, debit card and PIN (as applicable).

  • We'll provide you with letters so you can arrange for any regular credits you receive, such as VAT payments, to be redirected automatically to your new Royal Bank of Scotland account.

  • We'll liaise with your old bank to arrange for the transfer of any funds.

  • We'll contact you to confirm that any funds have been transferred and that your Standing Orders and Direct Debits have been successfully transferred or set up

  • Partial switching is not covered by the Current Account Switch Guarantee
2 years free banking & our startup package


By switching your startup to Royal Bank of Scotland, see how 2 years free banking and our startup package could help your new business.

  • Royal Bank of Scotland may introduce or change any account charges, but we will tell you at least 60 days in advance.
  • We reserve the right to change or withdraw the startup offer without prior notice.

 

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Icon expand Important information on 2 years free business banking

What do we mean by free banking?

Most banks charge a service charge for the day to day running of a business account.

With our startup offer, there are no charges for the day to day running of your business current account, so that means you won't be charged a 'service charge'.

The free banking starts from the date your account is opened for 2 years.

What isn't included?

Charges for “Unarranged Borrowing”, “Additional Services” & “Bankline Charges” are not part of the free banking offer.

What happens when the 2 years free banking is up?

At the end of your free banking period, you will automatically go on to the Standard Tariff.

If your business needs change in the 2 years, you can always talk with one of our Business Managers about some of the alternative charging options we have too.

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Icon expand There's no annual fee for the Royal Bank of Scotland Business Credit Card for the first 12 months (subject to credit scoring and eligiblity criteria)

This offer applies to UK businesses when an Royal Bank of Scotland Business Credit Card application has been made within 6 months of opening your Business Current Account.

  • The annual fee is normally £32 per each card issued

  • To apply for the Royal Bank of Scotland Business Credit Card, you must be a UK resident aged 18 or over.

  • Your registered business address must also be in the UK, Channel Islands, Isle of Man or Gibraltar or you should be registered for tax purposes in one of those juridictions.

  • Royal Bank of Scotland Business Credit Card is subject to status and for business use only

Learn more about the Business Credit Card

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Icon expand You could also apply for a fee free overdraft facility of £500 (subject to credit scoring and eligiblity criteria)

If you apply for an overdraft of £500 when opening your new business current account, with our startup package, we will waive the arrangement fee for the first 12 months (typically £50).

Important information:

  • Business Overdrafts are subject to application and approval.

  • Overdrafts are for over 18s only

  • If Royal Bank of Scotland and yourself are happy to keep the existing overdraft when it is due to be renewed, there would be an arrangement fee of £50 that would need to be paid, in order to keep the overdraft for another 12 months.
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Icon expand There's also no arrangement fees for our fixed rate business loans (subject to credit scoring and eligiblity criteria)

If you're looking for finance and a loan is the right form of borrowing, we may be able to offer you a business loan which doesn't have a fee to set it up.

  • We may occasionally charge an arrangement fee for our variable rate loans.
  • Business Loans are subject to credit scoring and eligibility criteria)

Learn more about the different types of loans we can provide (subject to approval)



Want to know more about the cost of our additional services, or what our business account charges are without free banking?

 

Security may be required. Product fees may apply. Over 18s only.

Any property used as security, which may include your home, may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Switching to RBS Helping you with business banking

Business Managers

Our teams of trained Business Managers are here to help. From telling you more about our products & services, to helping identify extra support you may need.

With our Digital Banking service and mobile Business Banking app, you can manage your accounts how and when it suits you.

With Direct Banking, you can speak to a member of staff about your business account 24/7. Or, if you prefer you can select our self-service option.

Bizcrowd can help your business thrive by gaining new customers, finding new suppliers and sourcing invaluable advice (Find out more at www.bizcrowd.com)


Digital Banking is available to RBS account holders and our mobile app is available on selected smartphones  to RBS customers already registed for Digital Banking with a UK mobile number beginning 07.

Our switcher performance

We make a series of commitments to you when you decide you want to move your account to us and if you decide to leave Royal Bank of Scotland. Every six months we publish results indicating how we perform against each of these commitments.

The results are obtained by way of monthly sampling and are given in the tables below.


July to December 2015 performance:

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Icon expand Joining Royal Bank of Scotland

 

Our commitment

Timescale

Result

When we receive a list of your Direct Debits & Standing Orders, we will arrange to set these up on your new account.

By close of business on the third working day following receipt of the list, or any later date agreed with you.

100.0%

If requested (and this is authorised by you), we will arrange for your old bank to transfer your remaining credit balance to us.

*By close of business on the second working day following receipt of your request or any later date agreed with you.

100.0%

If agreed with us in advance, we will transfer funds from your new account to your old bank, to clear your overdraft (including interest and costs) with them.

*By close of business on the second working day following receipt of your request or any later date agreed with you.

100.0%

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Icon expand Leaving Royal Bank of Scotland

 

Our commitment

Timescale

Result

If requested (and this is authorised by you), we will provide your new bank with a list of your existing Direct Debits and Standing Orders.

By close of business on the second working day following receipt of the request.

100.0%

If requested (and this is authorised by you), we will cancel your Direct Debits and Standing Orders.

By close of business on the second working day following the receipt of the request or any later date agreed with you.

100.0%

If requested (and this is authorised by you), we will transfer the remaining credit balance on your account to you or to your new bank account. If requested (and this is authorised by you), we will also close your account with us.

*We will transfer any credit balance by close of business on the third working day following receipt of the request. However, if we have been requested to close the account this will take an additional working day (i.e. four working days in total) whether the account has a credit or zero balance.

100.0%

On receipt of sufficient cleared funds, to clear the balance of any overdraft (including interest and costs), the outstanding balance will be cleared and, if requested (and this is authorised by you), we will arrange to close your account.

*Within 3 working days following receipt of the funds. An additional working day is required if we have been requested to close your account.

100.0%

 

*These targets are not applicable to an account with a secured overdraft.

If you are a small or medium sized enterprise (1) and these timescales are not met when you are moving your account to a new bank and this is wholly due to a failure on our part, you will be entitled to make a claim for payment, by contacting your Business Relationship Manager or Service Team (2) contact.

(1) A small or medium sized enterprise is defined for these purposes as "a business or group of businesses that, in respect of a given financial year applying to it, has annual sales revenues of no more than £25 million".
(2) For NatWest Markets (Part of Royal Bank of Scotland Group), Corporate & Commercial customers only.

Looking to switch? Give us a call
New customers

0345 300 3915
(Minicom: 0800 404 6160)


Lines are open:

9am - 7pm, Monday to Friday (exc. Bank Holidays)
9am - 2pm on Saturdays

Calls may be recorded.

Existing Royal Bank of Scotland customers

Accounts in Scotland

0345 600 2230
(Minicom: 0800 404 6160)

Accounts in England & Wales

0345 307 0900
(Minicom: 0800 0681 289)

Lines are open 24 hours, 7 days a week. Calls may be recorded.

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