Natwest Private Banking is Changing

adr0ck

Hi all,

My folks have received a letter stating that private banking is changing.

And they need to make a decision - though gives no choices!?!

Letter states that Private banking criteria has changed and you now need to have an income of over £100,000

Anyone know what its on about?

Mattygroves2

The easiest way to find out how it will affect them is for them to ring their relationship manager and make use of the service they are paying for.

adr0ck

Mattygroves2 wrote: »

The easiest way to find out how it will affect them is for them to ring their relationship manager and make use of the service they are paying for.

they don't have a relationship manager - they just go into the branch when need to do anything and talk to people behind counters?

simax

Sounds like they don't need Private Banking then...

camperdown9

Just a question what was the income requirement before?

Also HSBC premier is free. OK there are a number of things like airport lounges and things that HSBC Premier don't give you but is it worth the £24 for the Natwest account?

Thanks

Alex

stereohaven

Here is the sales spiel:

As a NatWest Private customer you will benefit from:

- A dedicated Private Banking Manager to help manage your financial needs
- Access to specialist advisors when you need it
- Our UK based Private Support Team available 24/7 by telephone or web chat
- Award winning Online and Mobile Banking
- Exclusive products

They have recently changed the qualifying criteria so to enjoy these "benefits" you need to have a sole income of at least £100,000 paid into your Black account, or a minimum outstanding mortgage borrowing with NatWest of £300,000, or savings and investments of at least £100,000 held with them to be considered worthy of "Private" status.

The letter simply means that if your folks no longer meet the above criteria they will need to move to a current account within the "standard" NatWest range or to another bank.

Ximian

NatWest Private Banking doesn't just apply to income, it can apply to savings and Mortgages too (new conditions listed below):

"NatWest Private is a free service and available to all customers with a sole income of at least £100,000 paid into their NatWest account, or minimum outstanding mortgage borrowings with us of £300,000, or savings and investments of at least £100,000 held with us."

The previous criteria was savings of £50k.

It's a waste of time, typical sales bs that you are eligible to have a dedicated Private Banking Manager (woooo) assigned to you to help manage your financial needs (which involve selling and investing in NatWest products only)

adr0ck

thanks for the replies guys

I think my folks think they have always just had a current account

Mattygroves2

adr0ck wrote: »

they don't have a relationship manager - they just go into the branch when need to do anything and talk to people behind counters?

According to the natwest website they should have " a dedicated private banking manager to help manage your financial needs" so they should have one. It's the best bit about private banking.

They also quote a 24 / 7 helpline which again is what you expect for private banking. That would be another option to find out their options.

The website does quote the need for either £100,000 earnings, a mortgage of at least £300,000 or savings / investments of at least £100,000 for new applicants. I guess as providing this account for free will be costing them money they want to make it worth their while.

stereohaven

It's a waste of time, typical sales bs that you are eligible to have a dedicated Private Banking Manager (woooo) assigned to you to help manage your financial needs (which involve selling and investing in NatWest products only)

Agreed. Having worked for the bank I can assure you that no matter what they say, Relationship Managers (and Customer Advisers), sole purpose is to sell you stuff or pass you onto someone else within the bank who can.

I guess as providing this account for free will be costing them money they want to make it worth their while.

The Black Account is £24 a month.