Natwest Advantage Gold - is it really this hard to change back to a standard account?

Gra76

I decided last week to do a bit of 'trimming' where monthly expenditure is concerned and one of the things that came up was our Advantage Gold account with Natwest.

I originally took it out to get a better rate on a personal loan a long time ago. The loan was paid off years back. Since then we haven't used any of the 'perks' of the account because we haven't needed to, that and I've always been able to get better prices for things like loans and insurance elsewhere, even with the discounted rates. So I decided to cancel it and revert back to a 'basic' account.

When I went into my local branch last week to get it switched to the standard account I got told that I couldn't change it to a standard account without first of all having an appointment with an advisor to do it. After telling them I wasn't using the benefits of the account they told me they would be the judge of that! I think I'd know if I was making use of the benefits but it seems I don't!

Anyway, I know this means I'm going to be getting the hard-sell again today when I go in for the appointment. It annoys me that I have to jump through hoops for a simple account switch.

GooliesOfFire

Let them waste their time talking (unfortunately your time as well) and in the end ask them to do what you want.

Isn't it possible to get what you want over the phone?

stclair

If you wish to downgrade you have to go into a branch or put it in writing. You will find now most branches are open six days a week.

Gra76

Well I've been in, had a chat with the lovely advisor, who was very helpful as expected. Less of the hard sell and more of the soft sell, which was good....and now I'm in two minds about what to do with it as it seems there's one or two things that the account offers that I might be able to make use of. I'll be having a chat with the better half tonight to decide what to do. It's been left open for now and I'll be going back in a weeks time to discuss whatever we decided to do with the advisor again. There's still very little on the account that we'd use, but the breakdown cover and maybe the mobile insurance cover are worth having and I'd be paying about the same monthly for these if I had them externally. Bah....decisions....

madgagoo

The reason you have to an advisor is because it is a product that includes insurance. This means you need to see someone who has passed certain tests to show they are able to discuss an insurance based product properly (ie not giving advice, just talking through what the product can do).

As you have discovered, some of us are actually quite nice and won't try and sell you stuff that you don't need.

ses6jwg

What has been said above is totally correct.

When you visit a branch you are not simply making a "choice" as you would via online banking.

When you visit a branch the staff are required to run through certain features and benefits to make sure you are not unknowingly disadvantaging yourself.

It sounds patronising I know, but had you simply signed a form on the counter and it been downgraded without any sort of discussion. You could have then found you needed to make a claim on the insurance, and were no longer covered. Regulation around insurance products is quite strict, and the bank leaves themselves open to accusations and possible litigation if they do not provide the customer with all the information required to make an informed choice.