Natwest first reserve account

System

Very true - ATMs also restricted to RBS / NatWest ATMs which isn't always clear IMO

stclair wrote: »

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.

SkintMamma

Natwest are replacing all debit cards on First Reserve accounts with simple cash cards. So at the moment, yes you can use it as a general spends account, but not for much longer. I use mine as a general spends account alongside my current account, so it's a flippin nuisance!!

SnowTiger

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?

Isn't a savings account (for investment) with a debit card an oxymoron? :rotfl:

What's the interest they pay on the account? Just slightly more than peanuts I'd guess.

I was in my locan Natwest branch today. The woman in front of me asked the cashier when the interest on her ISA would be paid in to her account. Bless. I think she'll be disappointed when she receives her windfall.

dtb200

SnowTiger wrote: »

Isn't a savings account (for investment) with a debit card an oxymoron? :rotfl:

What's the interest they pay on the account? Just slightly more than peanuts I'd guess.

I was in my locan Natwest branch today. The woman in front of me asked the cashier when the interest on her ISA would be paid in to her account. Bless. I think she'll be disappointed when she receives her windfall.

Maybe oxy but just means you can spend the savings when you see that car/bike/guitar, rather than having to transfer online to another account... :-) on reflection, maybe your way is safer..

innovate

SkintMamma wrote: »

Natwest are replacing all debit cards on First Reserve accounts with simple cash cards. So at the moment, yes you can use it as a general spends account, but not for much longer. I use mine as a general spends account alongside my current account, so it's a flippin nuisance!!

How about getting a current account that pays proper interest (and will come with a debit card)? Have a look at Nationwide, Santander, Lloyds, BoS.

itm2

Apologies for cross-posting this (I've just posted it as a reply to another thread, but this one seems a far more logical place for it...)...
I'm a long term First Reserve account holder (I have an automatic transfer arrangement with my current account). I've just noticed a higher than expected interest payment on my account, along with an appendix to my statement which refers to a "Bonus Rate" of 2%, with "Bonus Conditions" of "1. Increase account balance (by offer date)".
It has a start date of 15/01/2013 and an end date of 31/01/2014.

Does anyone know anything about this? Is there a minimum amount that the balance needs to be increased by? (i.e. is this similar to the Regular Saver accounts offered by other institutions)?