NatWest Bank Account

abercrombie

Hi,

I have just been on the NatWest website to apply for a bank account and once I got to the end of the application it said I didn't qualify for their 'Select Account' but offered me their 'Basic Account' or their 'Select Silver Account' which was £8 per month.

I am just wondering which account I should go for. My credit isn't the greatest, and I was wondering if I go for the 'Select Silver Account' are they going to send me a letter saying I haven't qualified and then I will have to go through the whole process again and select the basic account? I know the charge of £8 probably isn't worth it, however I want to be able to use any ATM to withdraw cash and not be stuck to just RBS/NatWest ATM's.

Does anyone know if the score required is the same for both of these accounts and also if I run the account well will they let me upgrade to a 'Select Account' on my history with them or will the credit score me again before they would allow this?

Thanks

jalexa

abercrombie wrote: »

... I know the charge of £8 probably isn't worth it, however I want to be able to use any ATM to withdraw cash and not be stuck to just RBS/NatWest ATM's.

First question, did you request an overdraft or not?

Next, you want to be able to use any ATM (my emphasis). OK, in that case the cost of that maybe *is* £8/month.

However the Natwest/RBS Basic account will provide access to a large number of Natwest/RBS branded ATMs (including Tesco), cash via cashback, and (now) cash at Post Office counters. Banks have largely quit rural areas, Post Offices are hanging on but need support on a use them or lose them basis.

If you particularly want access to another Bank's network, open their Basic account.

There are different ways to solve your problem (including paying £8/month and opening up liability for £5/day unauthorised overdraft charges). Is that *really* what you want?

abercrombie

Hey - thanks for the reply. I didn't realise that they provided the ATM's at Tesco's too. I may just go for the Basic Account then, the only reason I would have paid the £8 was because their isn't a NatWest or RBS near me however their is a huge 24hr Tesco at the top of my street.

Do you know wether there is still the issue around the basic account card being used at Pay@Pump, Train Companies etc? I use the trains a lot so need a card that will work with their systems? I have read on numerous websites that the card appears to be read as a Visa Electron even though it is a Visa?

abercrombie

Oh - and no I didn't apply for an overdraft. The main reason I want this account is because I want to get my finances in order and set up a plan to sort my account and overdraft charges out with Nationwide. I have really messed up and the time has come to face the music and get my life, finances and credit rating back in order :j

jalexa

abercrombie wrote: »

Do you know wether there is still the issue around the basic account card being used at Pay@Pump, Train Companies etc? I use the trains a lot so need a card that will work with their systems? I have read on numerous websites that the card appears to be read as a Visa Electron even though it is a Visa?

I can partially answer that. My Natwest/RBS Step/Key "online" Visa Debit did not work at Morrisons Pay@Pump last time I tried it. At the time it had less than the pump limit (£100?) on it. Can't be 100% sure whether it would work or not if the balance had been more than the pump limit.

Visa Electron (and the rarer Maestro) AFAIAA still don't work in most Train Companies ticket machines, however to my surprise when tested a few months ago my "online" Visa Debit did work (can't remember exactly which Operator).

Normally I use a credit card. Perhaps you need to focus instead on getting a credit card.

And an edit having just seen your most recent post, think think and think again before opening up liability for £5/day unauthorised overdraft charges.

abercrombie

Thanks for your advice on this - it's much appreciated. From what you have said I think the basic account will do just fine and as you say it will avoid opening me up to that £5 charge scheme that they have. :beer:

I will look into getting a credit card, however if my credit is that bad I can't pass for a standard current account I'm not getting my hopes up that anyone would give me a credit card. :rotfl:

alanq

Why is a Link card vital with a basic bank account? These days with Faster Payments couldn't one just open a savings account with a Link card from another provider? Keep a small sum in the savings account. After making a withdrawal at an ATM do an online transfer from the basic bank account to top up the savings account ready for the next time. This will also earn a little interest that the money would not have earned sitting in a current account.

Or choose a basic bank account from a bank that does not restrict you to its own ATMs.

older_wiser

sorry to hijack this thread but since you were talking about natwest accounts hopefully you don't mind. I currently have a natwest select account which i've just upgraded to the select silver. Its only the blue debit card which doesn't allow use on trains etc. Can a blue card ever be upgraded to a full debit card whichout getting a new card i know one is an authorised card and one is an online card just can't remember which is which. i've only just got my debit card and the expiry on the card is 2014 so am i looking at a three year wait ?

pmduk

Just remember that many RBS machines in England (ie those at RBS branches) will be transferred to Santander at some stage and I assume will become unavailable to Basic account holders. I feel it's worth bearing this in mind when assessing whether the RBS ATM network meets your needs.

willo65

jalexa wrote: »

There are different ways to solve your problem (including paying £8/month and opening up liability for £5/day unauthorised overdraft charges). Is that *really* what you want?

In theory as the op was offered the credit restricted version of silver he/she can't go overdrawn so won't get charges of £6 a day.

jen245

OP if you go for the Basic account, open a First Reserve savings account alongside it as it comes with a Visa debit card that can be used at any ATM