Nat West Private Banking

JupiterP

I was invited several years ago to join Nat West Private Banking but now I'm told that my account will be moved to their regular account as I do not earn £75,000 or have £50,000 savings. I never met that criteria so I am wondering why now? As a loyal customer with Nat West for over 2 decades I am not happy. Has this happened to anyone else?

paulmcerlean

Did you ever meet the requirement of £75K or 50,000 savings?

JupiterP

No. I never met the requirement

dp9999

I have the natwest private banking also, why are you so bothered about keeping it ?

its a waste of money, wish they would close my private banking account.

JupiterP wrote: »

I was invited several years ago to join Nat West Private Banking but now I'm told that my account will be moved to their regular account as I do not earn £75,000 or have £50,000 savings. I never met that criteria so I am wondering why now? As a loyal customer with Nat West for over 2 decades I am not happy. Has this happened to anyone else?

System

You could lodge a complaint - thats the only route that I can see.

Are there any major perks other than the fancier cards?

At least the RBS version gives a £500 interest free overdraft, the NatWest one appears to only give a £100 one on it, which is the same as the Current plus.

chambta

Complain about what?

It makes no difference to anyone.

Hart66

dp9999 wrote: »

I have the natwest private banking also, why are you so bothered about keeping it ?

its a waste of money, wish they would close my private banking account.

I agree. £19.95 is a lot of money to pay each month on top of everything else. The only additional service I use is their travel insurance which actually worked out quite efficiently when I had cause to claim from it but still not worth it.
I requested last year to be put onto their basic current account but was advised that my loan repayments and credit card rate would increase as a result! That was before I started using this forum! I've recently decided to go to Santander!

vaporate

There is no point

They use the word PRIVATE to make you feel important.

Sales trick. Psychology.

premierfella

Heng_Leng wrote: »

At least the RBS version gives a £500 interest free overdraft, the NatWest one appears to only give a £100 one on it, which is the same as the Current plus.

I have looked in the past at the NatWest "free" version and didn't bother as a £100 interest free overdraft wasn't worth the time and I assumed the RBS version would be identical (I place zero value on the "Private" branding).

The RBS "free" version does seem to be different in a few respects though and the £500 interest free overdraft might just about be worth the effort of applying for (not as a main current account), assuming they count £50k in a sharedealing account* as "savings" under their eligibility criteria. Thanks Heng Leng!**

* Shame they aren't opening any new CREST personal membership accounts, which would have been useful to me.
** And before anyone asks, I don't earn anything like £75k! :rotfl:

mclaren32

In the past the criteria was different and the requirements to be a "premium" customer much lower (30k pa income iirc), over time the criteria and the offering have changed so some customers no longer meet the criteria and are being moved back to core market from what is currently known as private banking.

Loughton_Monkey

JupiterP wrote: »

I was invited several years ago to join Nat West Private Banking but now I'm told that my account will be moved to their regular account as I do not earn £75,000 or have £50,000 savings. I never met that criteria so I am wondering why now? As a loyal customer with Nat West for over 2 decades I am not happy. Has this happened to anyone else?

This is a legacy of the past. I'm surprised it's taken them so long 'formally' to kick you out to languish with all the plebs.

Time, I suggest, for a letter.

"Dear Sir, In a recent review of my banking requirements, I note that NatWest falls somewhat short of the £40 billion Asset Base that I consider necessary. Other criteria in my review included the physical location of branches, the comfort of the sofas, the colour of the wallpaper, and the attractiveness of the tellers. Sadly you fell marginally short in these categories too. Please take this letter as authority to transfer my funds, overdraft, and Direct Debits to HSBC Premier, who will be writing to you directly."