NatWest Account Switch Service

Nini99

I was bombarded with adverts from NatWest encouraging me to 'help yourself to £1,250'  if I was to switch banks for my business account.  You make make an application online then 'offers' are submitted by other banks. I chose Starling bank and made the application. You first open a current account and then apply for a business account (sole trader).  The application process took a couple of hours with security information, video proof of identity, photos of documents etc.  At the end of this process I was then informed I was not eligible for a business account, despite being told the contrary by NatWest.  I am a psychotherapist in private practice for over 10 years.  Clearly I do not make huge profits but my credit rating is excellent and I have no debts.  I was not given a reason why I was refused the business account and told that none would not be forthcoming.  I don't understand why NatWest encourages customers to switch, why the bank that offered an alternative (Starling) subsequently refused the application and then gave no reason for doing so.  This was one almighty waste of time and effort. Has anyone else had a successful switch?

IvanOpinion

You just have to accept that they did not want you as a customer for some reason.  Obviously something made you fail their due diligence.  You say you 'chose Starling' which suggests there were other offers - can you not try one of the others?

MattMattMattUK

Nearly all banks are refusing the majority of new business bank accounts at the moment, things will improve after 31/03/21 when the BBLS scheme closes.

Nini99

Thanks for your comments.  As stated, it's beyond annoying that it was such a waste of time making the application when it seemed from the personal offers made to me that a business account would be approved.  And frustrating not to be told why I was rejected - accepting there may be some rule prohibiting this - but kind of comforting to know that many others are being refused too (as per Matt's comments) . 
As regards due diligence, I have an excellent credit history - never having any debt history whatsoever.  I have no mortgage on my property and a relatively high amount of savings/investments.  As above, maybe my income was insufficient or maybe I am 'too good' with paying my debts!
I wouldn't bother applying to another bank, now or in future, in case the same rejection occurred.  I thought it was too good to be true - £1250 for switching!
I posted just to make others aware that even if they are financially stable, their application may be rejected.

IvanOpinion

Hi Nini99, is it possible that while you have an excellent personal credit record, your business has limited (good) credit history or not enough for a decision to be made?

Tokmon

Nini99 said:

Thanks for your comments.  As stated, it's beyond annoying that it was such a waste of time making the application when it seemed from the personal offers made to me that a business account would be approved.  And frustrating not to be told why I was rejected - accepting there may be some rule prohibiting this - but kind of comforting to know that many others are being refused too (as per Matt's comments) . 
As regards due diligence, I have an excellent credit history - never having any debt history whatsoever.  I have no mortgage on my property and a relatively high amount of savings/investments.  As above, maybe my income was insufficient or maybe I am 'too good' with paying my debts!
I wouldn't bother applying to another bank, now or in future, in case the same rejection occurred.  I thought it was too good to be true - £1250 for switching!
I posted just to make others aware that even if they are financially stable, their application may be rejected.

If you have no history of managing debt then that isn't an excellent credit history. Banks like to see people who have taken on debt and paid it back on time and never missed any payments, no history of any debt is a bad credit history in the banks eyes because they don't know what you will be like.

But that shouldn't effect a bank account application much unless you were applying for an overdraft aswell.