Natwest first reserve account

cbassno3

Hello all,

I have recently switched all my banking needs to Natwest and have a Current account and a first reserve savings account with them. So far Natwest have been very good. Does anyone else have a first reserve account? And could you use the account as a second account without DD ETC and purely just use it for a general spending account?
Many thanks in advance!

jen245

Yes I have one alongside my Current Plus Account, Ive had it for about 4 years. I dont use it as a spending account, but theres no reason why you couldnt with the very handy Visa debit card. I use mine for short term savings for holidays, birthdays, Christmas etc.

opinions4u

It's basically a crap savings account (0.1%) with a handy debit card option.

http://www.natwest.com/personal/savings/g1/instant-access/first-reserve.ashx#tabs=section1

jen245

Yes, the interest rate is rubbish, but I dont tend to keep a lot of money in it for long enough to worry about earning interest, the debit card is very handy though, and is the main reason Ive kept my account. My long term savings are with Halifax earning 3.2%

cbassno3

jen245 wrote: »

Yes, the interest rate is rubbish, but I dont tend to keep a lot of money in it for long enough to worry about earning interest, the debit card is very handy though, and is the main reason Ive kept my account. My long term savings are with Halifax earning 3.2%

The rate is very poor, but handy for instant access via a debit card or online banking. My long term savings are with Barclays thankfully at a 3.25%:D

Bored

I have the First Reserve account purely as a spending account and it works fine. Obviously because its a savings account you can't have salary paid in there, or any DD or SO, but that doesn't make any difference to me. I transfer in my weekly spending budget from my current account and then spend and withdraw cash as normal with the visa debit card.

opinions4u

Bored wrote: »

I have the First Reserve account purely as a spending account and it works fine. Obviously because its a savings account you can't have salary paid in there

If it has a sort code and account number, there's no reason why not.

Bored

opinions4u wrote: »

If it has a sort code and account number, there's no reason why not.

They terms and conditions say it's not allowed unfortunately, although I can't imagine why they object to it. :rotfl:

stclair

Part of the banks T&Cs say you may not have your wage or salary paid directly into your account.

Page 27

http://www.natwest.com/downloads/global_options/Guide_Fees_Interest.pdf

dtb200

Hi - I received a letter today from David Crawford, Head of Savings at NatWest which basically gave me notice that they are removing the debit card option from this account. The new card will only allow access at ATMs!

It strikes me as a retrograde step and means I will look elsewhere to invest.

Has anyone else had this letter?

Thanks

stclair

dtb200 wrote: »

Hi - I received a letter today from David Crawford, Head of Savings at NatWest which basically gave me notice that they are removing the debit card option from this account. The new card will only allow access at ATMs!

It strikes me as a retrograde step and means I will look elsewhere to invest.

Has anyone else had this letter?

Thanks

A blanket mailing has gone out regarding the change. As the letter states the account is not designed for everyday spending.

Plus you can more than likely get a better interest elsewhere with another bank or building society so it may be a blessing in disguise.