NatWest foundation account - benefits of upgrading

sirloyneofcowes · 2 October 2016 at 4:26PM

Hi all, I've had a NatWest foundation account for the last two years as a means to rebuild my credit history following a marriage break up. I am now completely debt free (whoop whoop) and looking to get a mortgage in the next year or so.

Are there actually any benefits to upgrading my account from foundation to the free select account, other than an overdraft and cheque book (both of which I don't need nor want)? Will having a select account improve my credit file, or should I just stick with what I have?

20aday · 3 October 2016 at 12:48PM

Congratulations on becoming debt free. It's a lovely feeling isn't it?

I don't know if NatWest report Foundation Bank Accounts to the three credit agencies.

Might be worth checking your credit reports (Noddle for Call Credit, Clearscore for Equifax and trialling Experian's Credit Service free for 30 days*).

NatWest do report to my credit files so it might help towards strengthening your credit history (make sure to pay little attention to the 'score' however as lenders use their own tools in assessing/granting credit).

* Make sure you cancel before the 30 day free trial has expired otherwise you'll be billed £14.99/month.

System · 3 October 2016 at 6:36PM

I doubt changing account type itself will result in a better 'score' outside Nat West.

You might be able to get a contactless card (if that's something you want) that would work offline or change to the Reward account (if that would work for you)

Obviously, you'd loose the no overdraft / no charges feature of the basic account.

sirloyneofcowes · 4 October 2016 at 7:59PM

Thanks both for the reply, debt free is a great feeling.

NatWest do report to the cras for the foundation account, so on reflection then there is no real benefit between the two.

I'll stick with what I've got &#55357;&#56832;

chambta · 4 October 2016 at 8:43PM

Heng_Leng wrote: »

I doubt changing account type itself will result in a better 'score' outside Nat West.

You might be able to get a contactless card (if that's something you want) that would work offline or change to the Reward account (if that would work for you)

Obviously, you'd loose the no overdraft / no charges feature of the basic account.

Not if you ask for the Overdraft Control feature.

System · 5 October 2016 at 8:41AM

Wouldn't the OP (again) get an on-line debit card with that feature?

chambta wrote: »

Not if you ask for the Overdraft Control feature.

EarthBoy · 5 October 2016 at 1:14PM

chambta wrote: »

Not if you ask for the Overdraft Control feature.

That only blocks arranged overdrafts. It doesn't stop unauthorised overdraft transaction fees:

https://assets.rbs.tagworldwi...DCLFLT%20NEW/90424572ver1.pdf

Payments Overdraft Control cannot prevent

Although Overdraft Control makes unarranged overdrafts less likely,
it cannot prevent unarranged overdrafts altogether as there are some transactions,
such as the following, we will continue to pay:
• Payments using your Debit card where the retailer does not check with us that you
have enough money in your account before accepting the payment.
• Any NatWest fees or arranged overdraft interest due on your account.
If you register for Overdraft Control, we will continue to charge Unarranged Overdraft
Usage Fees (£6 per day), however we will increase your buffer from £10 to £25. This
means that if we process a payment that creates or increases an unarranged overdraft
on your account, an Unarranged Overdraft Usage Fee will only be charged if that
unarranged overdraft exceeds £25 at close of business on that day. Unarranged
Overdraft Usage Fees are capped at £90 (15 fees) per monthly charging period.

chambta · 5 October 2016 at 9:10PM

EarthBoy wrote: »

That only blocks arranged overdrafts. It doesn't stop unauthorised overdraft transaction fees:

https://assets.rbs.tagworldwi...DCLFLT%20NEW/90424572ver1.pdf

Payments Overdraft Control cannot prevent

Although Overdraft Control makes unarranged overdrafts less likely,
it cannot prevent unarranged overdrafts altogether as there are some transactions,
such as the following, we will continue to pay:
• Payments using your Debit card where the retailer does not check with us that you
have enough money in your account before accepting the payment.
• Any NatWest fees or arranged overdraft interest due on your account.
If you register for Overdraft Control, we will continue to charge Unarranged Overdraft
Usage Fees (£6 per day), however we will increase your buffer from £10 to £25. This
means that if we process a payment that creates or increases an unarranged overdraft
on your account, an Unarranged Overdraft Usage Fee will only be charged if that
unarranged overdraft exceeds £25 at close of business on that day. Unarranged
Overdraft Usage Fees are capped at £90 (15 fees) per monthly charging period.

It makes it virtually impossible, especially without an overdraft limit.

sirloyneofcowes · 9 October 2016 at 7:51PM

That's useful to know, and again thanks for the replies. My plan is not to have an overdraft or to be overdrawn as that's one of the many reasons I got into financial difficulties in the first place. I've gone back to basics and keeping everything simple and under control

NatWest foundation account - benefits of upgrading

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