Switching from a natwest gold account...

matthewr

Hi guys, I was just after a little advice if anyone can help me?

I currently have a natwest gold account which I am paying over £12 a month to use when I have noticed so many other banks will pay ME to change to.

So I was thinking about changing my account and canceling my gold account but I have a loan with natwest (currently at £4800) that I got a good rate on for being a natwest gold customer...

Does anyone know what will happen if I close the aforementioned account? Will I get slapped an extra charge on my loan?

Many thanks in advance, Matt

Canary_Wundaboy

Once the loan is agreed and the contract signed, that's a binding agreement separate from you having the Gold account. Feel free to change bank accounts, it won't affect your loan.

madgagoo

Correct. Nothing will change with your existing loan.

Debit card(s), cheque book and account numbers remain the same.

The only thing that may change is the interest rate on your authorised overdraft (if you have one), which will increase by 1%.

matthewr

Ok thanks, I just remembered I also have free phone insurance and car breakdown service with this account so now I'm thinking maybe I'll just stay - unless anyone can recommend a bank account that offers the same for less?

madgagoo

Halifax ultimate reward is £10 a month, assuming you credit at least £1k a month.

AppleMatt

matthewr wrote: »

Ok thanks, I just remembered I also have free phone insurance and car breakdown service with this account so now I'm thinking maybe I'll just stay - unless anyone can recommend a bank account that offers the same for less?

Just to clarify - the £12.95 you're paying is for these extras, nothing else.

At the moment it includes:
Phone insurance (£1000 cover)
Car breakdown cover (including home start)
Annual family worldwide travel insurance
CreditExpert access
Accidental death insurance (£15,000)
12 months extra warranty on purchases

If that's a good deal for you - and you aren't using them all, use them! And if you don't need them, you can always downgrade to Select or Select Silver - you'll get the same banking features etc.

Hope this helps