NatWest Business Banking launches Foundation Account

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NatWest Business Banking launches Foundation Account

NatWest and Royal Bank of Scotland (RBS) have launched a business current account that is available to all customers, regardless of their credit standing, called the Foundation Account.

It aims to give "aspiring entrepreneurs" who have so far been unable to open a business account to access everyday account services, including a cheque book, debit card, standing orders and direct debits.

Businesses which have opened in the last year will also be eligible for two years free banking.

However, they will not be able to access borrowing facilities and the account will not be open to undischarged bankrupts or customers with a history of fraud.

Steve Pateman, chief executive of Business Banking at NatWest and RBS, said: "We recognise that although there are many reasons why customers may have impaired or limited credit records, this does not mean that a new business venture cannot be successful."

In February, a survey of small businesses by the two banks found that they remained upbeat despite the credit crunch.
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