Money News
NatWest and RBS are to offer, from June 2nd, a business current account to all business customers, irrespective of their credit standing. Hence, entrepreneurs who've previously been unable to open a business account will have access to the everyday account services needed to help them run their businesses, with the exception of borrowing facilities, claim the banks.
The Foundation Account offers a cheque book, a cash machine and SOLO debit card, standing orders and direct debits, as well as access to Internet, telephone and mobile phone banking. Businesses that have started trading in the last 12 months will also qualify for two years' free banking.
Free banking in the above context means no account charges for payments into and out of the account, providing it remains in credit and doesn't exceed turnover of £1 million a year during the free period.
The Foundation Account is not available to undischarged bankrupts, customers with a history of fraud or the underage.
29 April 2008 © Moneyextra.com
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