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    • sirloyneofcowes
    • By sirloyneofcowes 2nd Oct 16, 4:26 PM
    • 47Posts
    • 93Thanks
    sirloyneofcowes
    NatWest foundation account - benefits of upgrading
    • #1
    • 2nd Oct 16, 4:26 PM
    NatWest foundation account - benefits of upgrading 2nd Oct 16 at 4:26 PM
    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?
    Known Debt at time of the Great Escape - £5,467.85
    Current Debt (not including standard bills) - £0
    DFB Christmas club number: #158
    Is 100% Great Escape Known Debt Free
Page 1
    • 20aday
    • By 20aday 3rd Oct 16, 12:48 PM
    • 1,707 Posts
    • 689 Thanks
    20aday
    • #2
    • 3rd Oct 16, 12:48 PM
    • #2
    • 3rd Oct 16, 12:48 PM
    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.
    It's not your credit score that counts, it's your account conduct and credit history.
    • Heng Leng
    • By Heng Leng 3rd Oct 16, 6:36 PM
    • 3,494 Posts
    • 1,046 Thanks
    Heng Leng
    • #3
    • 3rd Oct 16, 6:36 PM
    • #3
    • 3rd Oct 16, 6:36 PM
    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
    • By sirloyneofcowes 4th Oct 16, 7:59 PM
    • 47 Posts
    • 93 Thanks
    sirloyneofcowes
    • #4
    • 4th Oct 16, 7:59 PM
    • #4
    • 4th Oct 16, 7:59 PM
    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 ��
    Known Debt at time of the Great Escape - £5,467.85
    Current Debt (not including standard bills) - £0
    DFB Christmas club number: #158
    Is 100% Great Escape Known Debt Free
    • chambta
    • By chambta 4th Oct 16, 8:43 PM
    • 2,722 Posts
    • 1,009 Thanks
    chambta
    • #5
    • 4th Oct 16, 8:43 PM
    • #5
    • 4th Oct 16, 8:43 PM
    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.
    Originally posted by Heng Leng
    Not if you ask for the Overdraft Control feature.
    • Heng Leng
    • By Heng Leng 5th Oct 16, 8:41 AM
    • 3,494 Posts
    • 1,046 Thanks
    Heng Leng
    • #6
    • 5th Oct 16, 8:41 AM
    • #6
    • 5th Oct 16, 8:41 AM
    Wouldn't the OP (again) get an on-line debit card with that feature?

    Not if you ask for the Overdraft Control feature.
    Originally posted by chambta
    • EarthBoy
    • By EarthBoy 5th Oct 16, 1:14 PM
    • 1,560 Posts
    • 900 Thanks
    EarthBoy
    • #7
    • 5th Oct 16, 1:14 PM
    • #7
    • 5th Oct 16, 1:14 PM
    Not if you ask for the Overdraft Control feature.
    Originally posted by chambta
    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
    • By chambta 5th Oct 16, 9:10 PM
    • 2,722 Posts
    • 1,009 Thanks
    chambta
    • #8
    • 5th Oct 16, 9:10 PM
    • #8
    • 5th Oct 16, 9:10 PM
    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.
    Originally posted by EarthBoy
    It makes it virtually impossible, especially without an overdraft limit.
    • sirloyneofcowes
    • By sirloyneofcowes 9th Oct 16, 7:51 PM
    • 47 Posts
    • 93 Thanks
    sirloyneofcowes
    • #9
    • 9th Oct 16, 7:51 PM
    • #9
    • 9th Oct 16, 7:51 PM
    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
    Known Debt at time of the Great Escape - £5,467.85
    Current Debt (not including standard bills) - £0
    DFB Christmas club number: #158
    Is 100% Great Escape Known Debt Free
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