ComparisonLast checked 8 November 2026

Incard vs NatWest Business: which suits your business?

NatWest is a high-street bank with FSCS cover and no monthly fee on its Standard Tariff, but a charge on most transactions, and 2 years' free everyday banking for eligible start-ups and switchers. Incard is an e-money account with a £0 plan, 100 transfers a month included and uncapped cashback on eligible card spend.

By the editorial team. How we make money.

Incard suits you if

Ads, software or travel are a big part of your card spending
You make plenty of transfers: 100 a month included on Incard Free, against £0.35 each at NatWest
You want EUR and USD IBANs alongside GBP
You're an LLP or a Swiss business, which NatWest doesn't list

NatWest suits you if

You're a start-up or switcher who can use 2 years' free everyday banking
You make few transactions and want no monthly fee
You pay in cash at a branch or the Post Office
You want FreeAgent accounting software included with the account

What a year of card spending earns you

Incard Free against NatWest's Standard Tariff, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£600 a year better off with Incard

Incard Free: £600 cashback, £0 fees
NatWest's Standard Tariff: no cashback, £0 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. NatWest has no monthly fee but charges per transaction, which this chart leaves out. It doesn't list cashback on the debit card.

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At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Incard	NatWest
Type and protection	E-money · safeguarded, no FSCS	Bank · FSCS cover
Who can open one	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders	UK sole traders and UK limited companies
Cheapest plan	Free: £0 a month	No monthly fee; 2 years' free everyday banking for start-ups (turnover up to £1 million) and full switchers (turnover up to £2 million)
Plans (monthly)	Free £0, Grow £49, Plus from £199	Standard Tariff: no monthly fee, pay per transaction
Card cashback	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped	Not listed
Card payments in other currencies	1.8% on Free, 1.5% on Grow and Plus	2.75% non-sterling transaction fee
Domestic transfers	100 included on Free, 250 on Grow, then £0.30 each	£0.35 per Faster Payment
International transfers	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)	£15 in Online and Mobile Banking; receiving costs £7
ATM withdrawals	2% in the UK, 2.5% abroad	£0.35 per UK withdrawal; 2.75% in a foreign currency
Cash deposits	Not listed	£0.95 per £100, plus £0.95 per counter or machine transaction
Currencies you can hold	GBP, EUR and USD, with IBANs	GBP; a separate Business Currency Current Account in a range of currencies
Accepting card payments	Not listed	Through Tyl by NatWest, priced on your annual card turnover

The biggest difference: bank vs e-money

NatWest is a bank (National Westminster Bank Plc). Eligible deposits are protected by the FSCS up to £120,000 per depositor, added together across NatWest, NatWest Premier, Ulster Bank, NatWest Boxed and Mettle.

Incard is an e-money institution (FCA firm reference number 1027309). It safeguards your money, kept separate from its own and not lent out, and it isn't covered by the FSCS. Is Incard safe? explains what that means.

How you pay for each account

NatWest's Standard Tariff has no monthly fee but charges £0.35 for each automated payment in or out (Direct Debits, standing orders, Faster Payments and cash machine withdrawals), £0.95 per £100 of cash and £0.95 per manual item. Start-ups with turnover up to £1 million and full switchers up to £2 million get 2 years of free everyday banking, which doesn't cover international payments or extra services.

At 100 payments in and out a month, the Standard Tariff costs about £35 a month. Incard Free includes 100 local transfers a month for £0, then £0.30 each. Incard doesn't list cash deposits, so NatWest is the one to pick if you take cash.

Cashback: only Incard pays it

NatWest doesn't list cashback on its business debit card. Incard pays 1% on advertising, recurring software and travel and 0.5% on other eligible spend on Free, uncapped: about £50 a month on £5,000 of ads and software. Simple arithmetic, not a forecast. See which brands count.

Foreign currency

NatWest charges 2.75% on debit card payments and cash in a foreign currency, £15 for international payments in Online and Mobile Banking and £7 to receive one. It offers a separate Business Currency Current Account. Incard charges 1.8% on foreign-currency card payments on Free and gives you GBP, EUR and USD IBANs in the same account.

Who can open each account

NatWest needs owners and directors aged 18 or over, at least one UK resident on the application, and a business registered for UK income or corporation tax, with no bankruptcy or County Court Judgement. Incard accepts UK limited companies, LLPs and registered sole traders, and Swiss GmbH, AG and sole-trader businesses.

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries

Our verdict

Incard is the better fit for card-heavy businesses and for anyone making lots of transfers after NatWest's free period ends: cashback, 100 transfers included and EUR and USD IBANs, all on a £0 plan. NatWest is the better fit if you need a bank with FSCS cover, take cash, or can use 2 years of free banking and FreeAgent.

Our pick for card spend

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E-money · safeguarded, no FSCS

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