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I have decided to write this article and there will be another associated article to try and stop the differing stories that seem to purvey the various websites as to what we do and what we don't do. This article will look to summarise the bank accounts NatWest offer and excludes savings accounts(which I believe NatWest have an excellent range-I am biased). I will put an order to this from kids accounts where it will always be in their name. I am excluding Young Saver (0-10years old) as usually these accounts are opened by the parent/guardian in trust for the child.
CARD PLUS------This account is designed for children aged 11-18 years old. The account offers a cashcard with solo facility and a paying in book. You cannot get an overdraft. I would argue that charges up to the age of 18 are unlawful when it takes the child overdrawn because overdrafts are governed by the Credit Consumer Act which states that credit cannot be given to persons under the age of 18.
STEP------Basic bank account that offer a cashcard with solo facility and a paying in book. You cannot get an overdraft but the account can go overdrawn.
CURRENT----- Current account that offers no interest whatsoever, has a servicecard(subject to credit scoring), cheque book and paying in book. An overdraft maybe given subject again to credit scoring.
CURRENT PLUS------ as above although it offers 0.1% credit interest.
Packaged Accounts
This is an account which offers additional benefits with a subscription charge either per month or per year.
ADVANTAGE BLUE------- This account is an add on to the Step account, Current account or current plus account. It was introduced in June 2006 and was as a result of feedback from staff that we could not offer basic account customers the benefits of Advantage Gold(see below). The Account offers free railcard(18-26 years old to qualify), 2 for 1 cinema tickets, 2 weeks European travel insurance, 25% discount on gigs and shows, £10,000 accidental death cover. There is an additional choice of either mobile phone insurance or car breakdown cover.
The account has a subscritption of £6 per month, there is a 14 day cancellation period but after this there is a minimum term that the account must be maintained which is 6 months.
ADVANTAGE GOLD------ This account has had the most changes over the last 6 years and is an add on to Current and Current Plus accounts or an upgrade from Step account. This account has a multitude of benefits which include, special mortgage deals, 6% fixed rate 1 year bond until 7th September, 5 star travel insurance which covers you, your partner and children up to the age of 18 or 21 if still in full time education, discounts on personal loans, 0.5% better rate on currency which can be delivered to your door, discounts on home insurance(NatWest have a guaranteed to beat deal at the moment), car insurance, 10% discount CD's/DVD's, discounts on eletrical goods delivered free to anywhere in the uk, discounts on holidays with the travel service, mobile phone insurance, £10,000 accidental death cover, and I am sure I have missed some of the benefits. The account does have a subscription of £12 a month and you can convert it at any point during the month and if you have used NONE of the benefits and is converted within 3 months then any subscription will be refunded.
ADVANTAGE PRIVATE------ This account is similar to advantage gold but is for customers earning £70, 000 sole income or £100,000 joint income per annum. They have a private banking manager as well as 24/7 telephone support. The have additional benefits to advantage gold such as discounts on investments, including tax and share dealing services, discounted subscription to the NatWest Black Card, Home emergency Service, Worldwide concierge service and Advantage Private Wine club and many other benefits. The subscription fee for this is £18.50 per month.
This is an overview of NatWest Personal accounts that everyone has available to them. I have not mentiond Advantage Blue for International Students or NatWest Welcome accounts(aimed at polish speakers). It does not include Student/Graduate accounts which i do not believe was required for this article.
CARD PLUS------This account is designed for children aged 11-18 years old. The account offers a cashcard with solo facility and a paying in book. You cannot get an overdraft. I would argue that charges up to the age of 18 are unlawful when it takes the child overdrawn because overdrafts are governed by the Credit Consumer Act which states that credit cannot be given to persons under the age of 18.
STEP------Basic bank account that offer a cashcard with solo facility and a paying in book. You cannot get an overdraft but the account can go overdrawn.
CURRENT----- Current account that offers no interest whatsoever, has a servicecard(subject to credit scoring), cheque book and paying in book. An overdraft maybe given subject again to credit scoring.
CURRENT PLUS------ as above although it offers 0.1% credit interest.
Packaged Accounts
This is an account which offers additional benefits with a subscription charge either per month or per year.
ADVANTAGE BLUE------- This account is an add on to the Step account, Current account or current plus account. It was introduced in June 2006 and was as a result of feedback from staff that we could not offer basic account customers the benefits of Advantage Gold(see below). The Account offers free railcard(18-26 years old to qualify), 2 for 1 cinema tickets, 2 weeks European travel insurance, 25% discount on gigs and shows, £10,000 accidental death cover. There is an additional choice of either mobile phone insurance or car breakdown cover.
The account has a subscritption of £6 per month, there is a 14 day cancellation period but after this there is a minimum term that the account must be maintained which is 6 months.
ADVANTAGE GOLD------ This account has had the most changes over the last 6 years and is an add on to Current and Current Plus accounts or an upgrade from Step account. This account has a multitude of benefits which include, special mortgage deals, 6% fixed rate 1 year bond until 7th September, 5 star travel insurance which covers you, your partner and children up to the age of 18 or 21 if still in full time education, discounts on personal loans, 0.5% better rate on currency which can be delivered to your door, discounts on home insurance(NatWest have a guaranteed to beat deal at the moment), car insurance, 10% discount CD's/DVD's, discounts on eletrical goods delivered free to anywhere in the uk, discounts on holidays with the travel service, mobile phone insurance, £10,000 accidental death cover, and I am sure I have missed some of the benefits. The account does have a subscription of £12 a month and you can convert it at any point during the month and if you have used NONE of the benefits and is converted within 3 months then any subscription will be refunded.
ADVANTAGE PRIVATE------ This account is similar to advantage gold but is for customers earning £70, 000 sole income or £100,000 joint income per annum. They have a private banking manager as well as 24/7 telephone support. The have additional benefits to advantage gold such as discounts on investments, including tax and share dealing services, discounted subscription to the NatWest Black Card, Home emergency Service, Worldwide concierge service and Advantage Private Wine club and many other benefits. The subscription fee for this is £18.50 per month.
This is an overview of NatWest Personal accounts that everyone has available to them. I have not mentiond Advantage Blue for International Students or NatWest Welcome accounts(aimed at polish speakers). It does not include Student/Graduate accounts which i do not believe was required for this article.
