UK Money News
28th April 2008
NatWest and RBS launch Foundation Account for businesses
NatWest and Royal Bank of Scotland (RBS) have announced the launch of a new account aimed at businesses with blemishes on their credit history.
The Foundation Account offers holders two years free banking, during which time no account charges are levied for payments in to and out of the account.
This is dependent on the account remaining in credit and does not turnover more than £1 million per year.
However, the chief selling point of the account is that it is open to all business customers irrespective of their credit standing.
Consequently, businesses can use it to build a new credit history, which could enable them to build up future borrowing facilities.
David Frost, director general of the British Chambers of Commerce (BCC), said: "BCC welcomes this move by NatWest and RBS which will further encourage the spirit of enterprise in this country and may also turn around the fortunes of those enterprises previously thwarted in their attempts to obtain support for their business."
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