Tips for getting better value (Natwest Bank)

Member Name: sgreenland

Product:	Natwest Bank
Date:	27/09/01 (194 review reads)
Rating:

Advantages: Helpful staff, Good rates on loans

Disadvantages: Popular, so branches can be busy

I've been a Natwest customer for over nine years now, and have spent quite a bit of that time wondering whether to change (and take my overdraft elsewhere). However, every time I think of doing so, they manage to come up with a little tweak to the service that makes it worth staying. And, overall, I think I've been right to do so.

Firstly, their current account (more on the Advantage Gold, their "for special customers", later). It's pretty standard - no frills - but the rates on the overdraft aren't too bad (compared to most other standard current accounts) at 15%, and the bank are very good at extending the limit for short periods of time. For example, every time I move house I need to get the limit bumped up a long way so that I can put down a deposit on a new (rented) flat before I get the old one back, and Natwest have obliged every time. And there is no fixed overdraft limit on the account - you agree one with the manager depending on your needs, and again they've usually been pretty helpful.

Natwest has recently launched "Advantage Gold", which is a current account with certain added benefits. For these, you pay a £6 charge every month. They include lower interest on your overdraft, better rates on loans, commission-free forex and various others. However, it is my opinion that the account isn't worthwhile. You don't get enough of a difference on the overdraft rates to compensate for the monthly fee, and if, like me, you have other ways of getting commission-free forex (e.g. through a credit card), or you don't use that facility, there's very little to recommend it.

BUT, if you're planning on taking out a loan with Natwest, I would advise upgrading to Advantage Gold...because you get a cooling-off period. So you can change your account status, get a better rate of interest on your loan, and then change back...as long as you change back within three months, they ref
und all of your monthly charges, but they DON'T change your loan interest rate. So you've got a decent APR without any of the side-effects! This has become so common that some of their managers openly recommend this course of action...

On other aspects, I've always found Natwest staff to be helpful and courteous, which is not the case for all high street banks! And because I move around lots, I rarely see the manager of the branch where my account is held. I've been very impressed with the willingness of managers at other branches to help me out when necessary, and even to fight my corner for me when calling my branch to try to get the rules bent for me (e.g. making emergency withdrawals over my overdraft limit).

The statements that Natwest send out are easy to follow and understand, with plenty of detail. And so I would recommend them if you are a "normal" customer without too many special needs, in particular because they seem to be quite nice to such people if they need a favour (based on personal experience)!

I'll add to this opinion in response to any comments, so please feel free to let me know if there's any other areas you'd like to see covered...

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