The new offer will help UK businesses save money by switching to a NatWest Business Current Account.

Customers with a turnover of up to £2m that switch to NatWest will get 24 months of free banking services. This can help them save up to £2,000, according to NatWest customers whose returns range between £1.95-2m and who currently pay an average of £909 per year in changes.

In addition, new start-ups opening a bank account for the first time will also get 24 months of free business banking when they join NatWest. That is six months more than the previous offering, the bank stated.

James Holian, head of Business Banking at NatWest, said: “As the UK’s biggest bank for business, we hope that businesses will take us up on the offer of two years of free banking to help reduce costs and gain access to the innovative toolkit of business support we provide to SMEs in the UK.

“This new offer builds on the recently announced market-leading 3.56% interest rate on our 95-day notice Savings account”, Holian added. “While a simple switch process will save some money, the true value comes from the breadth of business expertise, insight and support NatWest provides to help SMEs start up, scale up and thrive.”

Natwest and digital banking services

Besides saving up to £2,000 over two years, businesses will also be able to benefit from a range of features, including:

• FreeAgent, an online accounting tool for small businesses;
• Business Builder, an online platform containing tools and tips to help meet business goals sooner;
• MentorDigital, a tool which helps SMEs navigate the world of HR, Health & Safety and Employment Law;
• Market-saving rates.

The additional features are part of NatWest’s efforts to step up its digital banking services after, in January, it announced plans to close 23 branches in England and Wales to focus more on its mobile and online banking offerings.

In June, the UK bank partnered with WWF, a conservation organisation, to channel and scale private and public finance to support farmers in achieving climate and natural goals.