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Natwest step account changes

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Comments

  • pmduk
    pmduk Posts: 10,655 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 3 July 2011 am31 9:24AM
    cbassno3 wrote: »
    As an existing step account customer I will have the restriction on ATM Withdrawals as from sept/Oct 2011.

    I don't know where you got this but it doesn't appear to be the case. The RBS website states here that things will continue as they are now.

    Natwest don't appear to have updated their website yet, but they normally go in tandem with RBS.
  • cbassno3
    cbassno3 Posts: 131 Forumite
    pmduk wrote: »
    I don't know where you got this but it doesn't appear to be the case. The RBS website states here that things will continue as they are now.

    Natwest don't appear to have updated their website yet, but they normally go in tandem with RBS.

    I spoke to Natwest yesterday and I was under the impression that the accounts would eventually merge with the new changes. But by looking at the Rbs link looks like there is no changes which is a relief.
    It takes two to tango!:rotfl:
  • stclair
    stclair Posts: 6,848 Forumite
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    edited 3 July 2011 pm31 4:51PM
    The new Natwest terms and conditions can be found here:

    http://www.natwest.com/personal/current-accounts/g6/terms.ashx

    Having a quick look there is not any mention of existing step accounts being changed over to the basic bank account.

    http://www.natwest.com/personal/current-accounts/g4/common-questions.ashx#t2-q6

    It also appears they have also updated the account types on the website now:

    http://www.natwest.com/personal/current-accounts/g1/compare-our-range.ashx
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • older_wiser
    older_wiser Posts: 2,447 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I actually think 8 pounds is a reasonable price for silver.
  • One way around the ATM access with the Basic Bank Account (for the time being anyways) is to apply for the First Reserve Savings Account which comes with it's own VISA Debit Card and can be used at any ATM.

    Have to do the same with Lloyds TSB - Open an Easy Saver Account and request the Cashpoint card which means then you can use this in any other ATM - Very silly I know.
    David :)
    £1 of debt is too much for me!
  • book12
    book12 Posts: 2,557 Forumite
    What is the reason behind Natwest making the changes to the Step Account by limiting the withdrawal of cash only to RBS group cash machines? In my opinion, it's a bad move. Why are they copying what LTSB is doing?

    I think customers will now go to the following banks for basic bank accounts who allow them to withdraw from any cash machines:

    Barclays
    Nationwide
    HSBC
    HBOS
    Co-op
    Santander

    Probably Barclays will be the popular one.
  • pmduk
    pmduk Posts: 10,655 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    book12 wrote: »
    What is the reason behind Natwest making the changes to the Step Account by limiting the withdrawal of cash only to RBS group cash machines? In my opinion, it's a bad move. Why are they copying what LTSB is doing?
    I agree, I wonder if they're going to use it as a tool to tempt the better step customers to their new select account? The extras offered on the silver account don't look bad and will probably tempt many people
  • izools
    izools Posts: 7,513 Forumite
    1,000 Posts Combo Breaker
    FYI, HSBC's most basic cash account is locked to HSBC cashpoints only, too.
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • pmduk
    pmduk Posts: 10,655 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    izools wrote: »
    FYI, HSBC's most basic cash account is locked to HSBC cashpoints only, too.

    and I don't think you can use their counters either. I wonder if this is to be a new trend to make basic accounts cheaper for banks to operate?
  • chambta
    chambta Posts: 2,770 Forumite
    Part of the Furniture Combo Breaker
    book12 wrote: »
    What is the reason behind Natwest making the changes to the Step Account by limiting the withdrawal of cash only to RBS group cash machines? In my opinion, it's a bad move. Why are they copying what LTSB is doing?

    I think customers will now go to the following banks for basic bank accounts who allow them to withdraw from any cash machines:

    Barclays
    Nationwide
    HSBC
    HBOS
    Co-op
    Santander

    Probably Barclays will be the popular one.

    Key Account holders generally have just that product and are perhaps run at a loss to the group. Reducing fees paid to other banks is one way of reducing that loss.

    Just a thought.
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