Please convince me... to say goodbye to Natwest!

CurlyJules

Hi All

This is my first post, although I have been a MoneySaver for over a year now.

I have finally come to the conclusion that my Advantage Gold account at Natwest is no longer right for me. It costs £12/month in fees (this bothers me quite a bit... £144.00 down the drain each year!) and I never use the benefits associated with the account (discounted holidays hotline, travel insurance etc.). I have a Mastercard and Visa card through the account, each with dangerously high credit limits that I don't use at all, having recently eased back in full, well paid employment. I don't hold a saving account, a loan nor a mortgage with said bank. I started banking with Natwest as a student, when sector's choices were limited and competition non-existent, and I guess I just ignored the matter for a long while - but now I want to stop wasting time being with the wrong bank and my hard-earned cash!

I recently opened up an internet account with smile.co.uk and it's been working really well - and the service, the interest paid in and the welcome gift of 12 bottles of wine have made me wonder why I should stck around with Natwest plc after 20+ years of debatable service and very little love at all (bar a bunch of half-dead carnations after committing a blunder with a cheque I had paid in).

Please - can anyone give me that little push which will make me write to my bank and say goodbye? I have this silly fear that - as a newcomer - any other bank will not be favourable to me in terms of granting a loan or a mortgage (very possible situations for me in 2007).

Thanks to all in advance for any advice you will be able to spare.

CurlyJules

anniecave

I'm sure natwest have a fee free current account, so you could downgrade to that even if you didn't want to move.
I'm coming to the conclusion that loyalty doesn't necessarily pay, and often companies give good "existing customer" offers, so the more products you have with different organisations, the better, as the more chance you will get of getting a good offer.
As regards mortgages, as long as you have a good recent credit history when you start looking around, I shouldn't think you should have a problem. (says I who has never had a mortgage!)
If you think that natwest may be more willing than others to lend to you when the time comes, could you switch (now) all your main current account banking elsewhere, but leave your natwest current account open and occasionally use it so it is still "active"?
I currently have three current accounts, which are all "active" but I only have one main one. One of the other two is still sending me "existing customer" offers on car insurance and other stuff that I may use in the future.

debtfreelondon

Don't worry about dropping your bank as long as you have a fallback.

If you are a customer of long standing your details will not generally have any impact on your credit rating. Don't use this as a reason to keep them on.

I'd agree that you can still keep the account open with a few pounds in it just in case you ever need to use it again.

If you have to fill in an application you'd have to give your new account as that would be the one any direct debits come out of.

"Preferential" accounts with a monthly fee rarely make good economic sense.

Unless you can get one with annual world wide travel insurance for your whole family and you go on holiday a lot and have a car to get the breakdown cover and need the mobile phone insurance and sentinel protection you can get everything they offer cheaper elsewhere.

mrs_deadline

Agree with the other posters - I also use multiple current accounts (LloydsTSB, Smile and A&L) as I don't like the idea of keeping all my (nest) eggs in one basket.

Loyalty means nothing to the high street banks, they'll try to sell you uncompetitive products whether you're a customer or not!You're bound to be better off shopping around for a loan or a mortgage, as the best deals change all the time.

I do recall being asked "how long have you been with your bank" during a credit check at some stage, so it's worth keeping an account open if they'll downgrade you to a fee free option. Also I've occasionally needed a bank reference for particular transactions, and if this might come up, it's obviously better if they can confirm you've been a customer in good standing for 20 years (even though they charge for saying so!!!)

Apart from scrapping the monthly fees (save £144) you could easily just add to your current account portfolio - earn £50 cashback by opening an Alliance and Leicester account through Quidco. An extra couple of hundred in your pocket by next Christmas...

Gordon_the_Moron

Advantage Gold is a !!!!!! deal, dump it and go for current plus (free) but don't close the account.

Move to A+L or Coventry Building Society for the best current account deal (whichever suits your cashflow situation better) A+L guarantee to match your current overdraft if it has been in credit for two days in the last month.

As for the loan and mortgage deals, if you've got a good credit rating you shouldn't have any problems but shop around for better deals, don't just dump it because you don't want to deal with them, look for a better deal. Also do you really need a loan when you've got a big overdraft you don't use (A+L charge 0% for the first year and 5.9% thereafter on the overdraft)

You won't get that advice from me in the Natwest branch I work in :rolleyes:

suesuesue_2

I agree too, I had an advantage gold account for many years, and never once used any of the benefits!

I moved my account - relatively hassle free to Lloyds, as they were offering credit interest and a cash inducement. All my standing order and direct debits were fine, no payments missed, and Lloys were very helpful.

So ditch the account that costs, and move to one that pays you (and check out all the cashback site too to see if you can get any extra money for opening the account)

Gordon_the_Moron

Even current plus isn't truly free. I don't think they should be allowed to advertise an account as free unless the interest rate at least matches inflation, keeping the money there costs you money.

MMR_3

Gordon_the_Moron wrote:

Advantage Gold is a !!!!!! deal, dump it and go for current plus (free) but don't close the account.

Move to A+L or Coventry Building Society for the best current account deal (whichever suits your cashflow situation better) A+L guarantee to match your current overdraft if it has been in credit for two days in the last month.

As for the loan and mortgage deals, if you've got a good credit rating you shouldn't have any problems but shop around for better deals, don't just dump it because you don't want to deal with them, look for a better deal. Also do you really need a loan when you've got a big overdraft you don't use (A+L charge 0% for the first year and 5.9% thereafter on the overdraft)

You won't get that advice from me in the Natwest branch I work in :rolleyes:

thanks for that nat west insight- i did go there for advice once and came out having signed up for everything going!!!! I am new to this so hope this message gets through. May try A/L. any more banking advise extremely welcome as i am trying to swim now as apposed to float.

amandathepanda

I would keep the account but as others have said just downgrade back to a fee free current account. Your account details will stay the same but you won't be paying £12 for something that you don't use.

Chadsman

You are paying £12/month for services you dont use and you need convincing to dump the account :eek:

Phirefly

I agree, dump Advantage Gold, but I also think there IS such a thing as customer loyalty with Nat West.

I had arranged to buy my car just before going on holiday, but when I went to the bank to withdraw the cash, my Cahoot loan hadn't yet cleared. The staff at the Loughborough Market Place branch looked at my history with the bank, seen I'd been with Nat West for over 20 years and never been overdrawn and proceeded to bend over backwards to set up a free bridging loan until my Cahoot loan cleared so I could have the cash that day. They were brilliant, although I was worried because I was going to be out of the country, they assured me that as soon as the Cahoot loan cleared, they would cancel my Natwest loan and I wouldn't have to pay an extra penny or lift a finger and they were true to their word. It was really impressive how speedy, professional and helpful they were which I find to be rare these days