RBS changes to basic bank account takes away use of link

Hank_Marvin

Is the NW Classic account a Step account.

Hank_Marvin

According to the bloke i chatted to on the Nat West online chat said this..

We are starting to send out new debit cards without the link facility on it from 11th october.
We may send out a replacement debit card to accomodate the limited cash withdrawal facilities.
A letter we send will let you know if you are due to expect a new card.

jalexa

A relevant post from a related thread...

http://forums.moneysavingexpert.com/showpost.php?p=46269739&postcount=119

chuckley

wont really affect me as i only use it for self employment and rarely use a cash machine.

simax

jen245 wrote: »

Really? What account is that then? My Halifax account pays me £5 per month, and I don't pay them anything

So how does your account make the bank money, whereas a basic account wouldn't?

opinions4u

simax wrote: »

So how does your account make the bank money, whereas a basic account wouldn't?

Average balance will be around £2k to £3k in a current account. I'd be surprised if it's over £200 in a basic account.

Current account customers are significantly more likely to hold a savings account, a credit card, a loan, a mortgage, an insurance policy etc. Most basic bank account customer hold ... a basic bank account and nothing else.

jen245

simax wrote: »

So how does your account make the bank money, whereas a basic account wouldn't?

Halifax are unique in the fact that they reward their current account customers with good deals on credit cards, savings, loans, insurance etc, so most customers who have a reward account, will have other products aswell. I have an ISA, with a substantial amount in, so they make money from that, I have a credit card with them, so they make money from the merchant fees, and I also have my home insurance with them, so they are making back more than their £5 from me. Those who have basic accounts, tend to have them as they don't qualify for a current account, and so won't qualify for a lot of the other products the bank can cross sell