How to Close Natwest Business Account in the UK

Thinking of switching banks? If you’ve opened a NatWest business account but find it no longer meets your needs, it could be time to find a new provider. Perhaps you’ve seen a better deal or more attractive package elsewhere.

But first, you’ll need to know how to close your NatWest business account. In this handy guide, we’ll run through the steps you’ll need to follow, including any forms you need to complete.

The good news though is that it’s generally quite easy to close a bank account in the UK, for both personal and business accounts.

We’ll also show you an alternative to a standard business bank account - the Wise Business multi-currency account.

With Wise, you can manage your company’s money in 50+ currencies. And you can send and receive international payments for low fees and fair exchange rates. If you have clients, customers or employees in other countries, Wise could be the ideal solution.

💡Learn more about Wise Business

But more on that later. For now, let’s focus on closing down that NatWest business account for you.

Close NatWest business account online - Is it possible?

You’re busy running your company, so you don’t want to waste time visiting bank branches or filling in complicated forms.

The good news is that NatWest lets you close your business account online, so it should be pretty quick and convenient. You can either complete the digital Business Account Closure Form, and key signatories on the account will be emailed to authorise the request.¹

Or you can use the NatWest web chat service, once signed into online banking or the NatWest mobile app.¹

How to close a NatWest business account

Ready to close your account with NatWest? Before you get started, make sure you’ve cleared any outstanding balances for loans, overdrafts, linked credit cards and foreign currency accounts linked to the account.²

Then, you can choose from one of two options - complete the online form, or use web chat.

For the first option, here’s what you need to do:

1. Head to the NatWest website and the digital Business Account Closure Form.
2. Complete the form by following the on-screen steps, providing all the requested details about the account to be closed, your business and yourself. According to NatWest, it should only take around 10 minutes.²
3. In the form, provide the name, email address and mobile numbers of all signatories who need to authorise the request to close the account.
4. The bank will email the signatories, requesting that they upload an image of their signature to authorise the request.

Alternatively, you can use web chat to close a NatWest business account. You’ll need to sign into online banking or the mobile app, and start a chat - asking the chatbot Cora to ‘close an account’.¹

It’s important to note that you can only use this method to close additional accounts. You’ll need to complete the form, as per the steps above, if the account you’re closing is your one and only business account.¹

NatWest business account closure form

To complete the online Business Account Closure Form, you’ll need to have certain details to hand. This includes:²

• The account name, number and sort code for all business accounts you want to close
• Details of a nominated account, for transferring over any remaining balance as well as Direct Debits and standing orders
• Name, email address and mobile numbers for all signatories needed to authorise the closure request.

Discover Wise Business multi-currency account

With your NatWest account closed, it’s time to find a new account. But hold fire before you go straight to a traditional bank, as there are potentially better solutions out there.

If your company does any business overseas, the Wise Business account is the perfect choice. It’s quick and easy to open online, and gives you a powerful platform for sending, receiving and managing your business finances in over 50 currencies.

You can easily pay workers and suppliers all over the world, for low fees and the mid-market exchange rate. And you can get paid for your services quickly and easily, accepting payments in 10 major currencies using your own local account details.

Need a solution for expenses? You can get Wise Business expense cards for each team member who needs one. It works in 174 countries, charges no foreign currency transaction fees and even offers 0.5% cashback on spending.

And for keeping on top of your business finances, it’s good to know that your Wise Business account can be linked to accounting tools such as Xero or Quickbooks.

Get started with
Wise Business 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

And that’s pretty much all there is to it. Whichever method you choose, you should find it reasonably straightforward to close your NatWest business account.

Just make sure that you have all the required info to hand, and follow the steps we’ve outlined above. If you need help, you can always contact NatWest for assistance.

Sources used:

Sources last checked on date: 12-Apr-2023