Interest free buffer on Nat West Current+ account

cepheus

Nat West used to print a £100 interest free credit buffer on my monthly statements, however this is no longer indicated, neither could I find a clear explanation anywhere on the site if this was still applicable. The (human) adviser on the Internet just asked me to contact the credit dept!

I went down to the bank with my card to ask. The bank teller said no it isn't applicable any more, I recall they said this to me before. However, when I asked her to confirm this no-one seemed to know for sure. Then her superior (who was just happening to be passing by) said yes it is still applicable! I doubt if Nat-West want people to know about this so they can convince you to change to a crappy fee based account!

As I was leaving, they tried to sell me an over the counter savings account paying 2%. I asked for the paperwork, it said only applicable to those without a Nat West savings account (I have a 1% Esaver). At first she said it didn't matter, but after I asked her to check, it seems I was not eligible after all since for some people (not me) are offered a better rate than this!

Seems these NatWest staff don't know if they are coming or going, or perhaps their accounts are too complicated for even them to understand?

jen245

Yes it is still applicable, its on the website http://www.natwest.com/personal/current-accounts/g6/rates-charges/legacy-charges.ashx if your account was opened before 4/7/11

and http://www.natwest.com/personal/current-accounts/g6/rates-charges/current-charges.ashx if your account was opened after

cepheus

Yes I had seen that first link a few days ago after a Google search, and thats why I persevered with the teller, but I hadn't arranged any overdraft facility so this confused me a bit, thought it may be an individual thing

If you have arranged an overdraft facility with us in advance and you use this facility within the thresholds shown below, you will not pay any interest

Which bank has the slogan 'keeping in simple' perhaps I should open an account with them?

jen245

If you have an overdraft, the £100 interest free buffer applies, so you dont pay any interest on the first £100 of your facility. If you dont have an arranged overdraft on your account, and you go into unauthorised overdraft, it doesnt, and you will pay the daily charge, which I believe is £6 per day

Twister84

Just to add to what jen245 said, if you have an overdraft of £200, and an interest free overdraft of £100 - if you go over the £100 interest free threshold, you will pay interest on the whole of the overdrawn amount.

cepheus

OK so to be sure I still need to check if I have an overdraught facility at all?

I certainly did have the £100 free buffer since I remember it written on the statements, so unless they have changed the T&C it still should be there. Really its something they need to confirm explicitly themselves when I requested it.

Phew!

jen245

Are you saying you dont know if you have an overdraft? Check your online banking, it will show on your available balance if you have one or not. You would also have had written confirmation of any overdraft facility

cepheus

It gives two figures 'balance' and the 'amount available' which is about £2500 more than my balance, so I guess that means I have an authorised overdraft and the £100 buffer applies.

Thanks