New NatWest Black Account.

The_Deep

I have been a NatWest customer for over 50 years, I have used one of their credit cards since 1967, they came in various colours, blue, silver, gold, and platinum. They are about to scrap my present account and wish to upgrade, at a cost of £288 a year, an eye-watering rise of 20.5% over the current fee, to new one.

OK, the new account will give me access to over 560 airport lounges worldwide, against the current 16 in the UK who will now let me in, but I have never availed myself. It also gives me enhanced travel insurance, but I do not need it, it gives me European Breakdown Cover, but so does Mazda, and a few pence shaved off the cost of authorised overdrafts. There is also some flim flam about a wine club, but in reality it offers very little extra for a lot more bees and honey, and I have no choice in the matter.

I feel that the bank is taking me for granted, and it is time to cry enough. I shall now see what other banks can offer me; I may even change to NatWest free banking and buy travel insurance in the market place. I can no longer afford to be loyal, nor take part in their costly little games.

JacksterD

You could switch to the fee-free Natwest Private Select account so you can keep the better service you apparently get, and your nice shiny private banking debit card and cheque book. You could then cancel your private credit card and move over to a cash back card like the Capital One World Mastercard, which as a private banking kind of customer you would probably qualify for. You could put your cash back towards your travel insurance.

You could also switch your bank account to something like the Halifax Ultimate Reward current account which will pay you £5 a month as long as you deposit £1000 every month. Or if you want to stick with high end-style banking you could look at HSBC Premier, although its eligibility requirements are higher than Natwest's as it requires either annual income of £100,000 or requires you hold savings or investments of £50,000+ with HSBC. Alternatively, you could look at Cater Allen's Sterling account, which just requires that you usually keep a balance of £5000+ in the account.

callum9999

The_Deep wrote: »

I have been a NatWest customer for over 50 years, I have used one of their credit cards since 1967, they came in various colours, blue, silver, gold, and platinum. They are about to scrap my present account and wish to upgrade, at a cost of £288 a year, an eye-watering rise of 20.5% over the current fee, to new one.

OK, the new account will give me access to over 560 airport lounges worldwide, against the current 16 in the UK who will now let me in, but I have never availed myself. It also gives me enhanced travel insurance, but I do not need it, it gives me European Breakdown Cover, but so does Mazda, and a few pence shaved off the cost of authorised overdrafts. There is also some flim flam about a wine club, but in reality it offers very little extra for a lot more bees and honey, and I have no choice in the matter.

I feel that the bank is taking me for granted, and it is time to cry enough. I shall now see what other banks can offer me; I may even change to NatWest free banking and buy travel insurance in the market place. I can no longer afford to be loyal, nor take part in their costly little games.

So you do have a choice then...

And staying with a bank account against your interests isn't "loyalty" - it's stupidity. For a start, as you said, you can stick with the same bank and pay £0. Plus loyalty should be unconditional. People go on about how they've been "loyal" to their bank/energy provider/mobile network - you haven't in the slightest. You stayed there either through laziness or because it suits you. If anyone has a genuine sense of loyalty to a multi-national corporation, then they have something seriously wrong with them.

The_Deep

You stayed there either through laziness or because it suits you.

Or perhaps it is because I have been with them over 50 years, my parents banked with them, I have received excellent service from them, and I dislike change. There is such a thing as loyalty you know, and they were not a big multinational when I joined them. Managers were someone in the town then, they made real decisions which affected the lives of their customers, and, believe it or not, some of them took pride in their work.

Hydromancer

HSBC Premier is free if you can meet their eligibility requirements.

pacontracting

Natwest have many accounts that don't provide features you don't need e.g. the Natwest Select Account.

Nowadays, institutions expect their 'wealthier' guests to do things such as eat out a lot, drink wine, require the services of a conceirge, fly a lot, travel overseas and so on.

If you are wealthy but don't do these things - why not move to the Select Account and buy the things you need yourself.

rb10

pacontracting wrote: »

Natwest have many accounts that don't provide features you don't need e.g. the Natwest Select Account.

Nowadays, institutions expect their 'wealthier' guests to do things such as eat out a lot, drink wine, require the services of a conceirge, fly a lot, travel overseas and so on.

If you are wealthy but don't do these things - why not move to the Select Account and buy the things you need yourself.

Why is the Select account worthwhile? The 'features' listed on their website include 'a debit card' and 'standing orders and direct debits' ... which you expect from any bank account.

It would be better to switch to a (non-private) bank account elsewhere.