NatWest Private Banking offered for free -- is it worth it?

alexanderalexander

I have had a letter and an email (from a real person in a local branch) from my bank, NatWest, inviting me to join their Private Banking service -- "an enhanced service for qualifying customers". They say that this is offered free of charge.

The main benefit appears to be having direct line of email/phone contact with a named private banking manager in a local branch, as well as a special phone line for telephone support (with no hold music or similar). This could be moderately useful. However given they are offering me the service free of charge, what's in it for NatWest? Is it just a customer retention scheme targeted at certain account holders, or will they mercilessly try to upsell me all sorts of financial products I'm not interested in?

Ben8282

If something is being offered 'for free' then the question of whether it is 'worth it' or not does not really apply.
A family member's Natwest black account has been 'Private' for many years now, but of course 'Private' status is not limited to black accounts. The benefits received are all related to the black account, not it's private status. I have been unable to see that 'Private' status gives any real benefits, especially since Natwest (apparently) stopped their share dealing service and transferred all her investments to TD investments. I have always found this very strange as it appears that Natwest do still offer share dealing services.
I would say that she receives good service when she goes into the local branch (although as far as I am aware there is no actual 'named' account manager), but whether that is due to the type of account held or the fact that she is elderly and disabled is unclear. They were also very helpful concerning a successful debit card chargeback.
The word 'Private' will start to appear on your cheques and debit card when new ones are issued.
IF you do actually meet the eligibility criteria then go for it'; it can't do any harm. The most likely reason why you have been offered this is that Natwest think you have money to invest and want to sell you some investment products.
There was a Private banking product that I was very impressed with. This is the 'Advantage Private Charge Card'. Unfortunately though, there is no indication that this product continues to be available to new customers and one big benefit of this product was lost when the old Natwest points scheme was scrapped and replaced with the Rewards products. Originally, this product was obtained as an Amex replacement. It was a MasterCard charge card (thus avoiding any Amex acceptance problems) with no annual fee and which gave the old Natewst points. When the new Rewards products were launched, the Natwest points were stopped and we were invited to swap the card for a rewards black credit card if we wished to continue to receive points or rewards. We chose not to swap and have kept the charge card, although because of the lack of any points or rewards and the full balance direct debit being applied only 15 days after the statement date, we now rarely use it.

EssexExile

If it's similar to Santander Select then the "named private banking manager in a local branch" has a different name whenever I speak to them.

System

It's so they can sell you more stuff as they think you have more available funds that average.

That said, it's free so if you are going to back with NatWest anyway, there is nothing to loose by accepting.

gingercordial

I had this for a while when Natwest realised that I must be earning enough to qualify.

It was neither particularly good nor bad. About once a year a nice chap would phone me up and ask me if he could be of any assistance with my banking affairs. Since I didn't need a mortgage or any other product at that time, I'd tell him that, he'd tell me I could call him any time if things changed, and that was that. No hard sell.

I think I used him once, when on changing jobs and missing payroll cut off at the new one I called to ask them to extend my overdraft. He obliged immediately. I would probably have had no trouble doing so via the normal telephone service either.

Some time later the criteria changed and I no longer earned enough to qualify. I received a letter telling me that regretfully my access to the service was therefore being cancelled. I took slight affront at this, feeling that it was a little petty to drop existing customers in that manner, but given it had been of so little use I didn't bother to complain. Shortsighted of them too, since I now do meet their revised criteria. If they ever notice I probably won't decline if re-offered the service (there's no harm in it) but I have no intention of proactively requesting it either.

ampersand

op - I obviously don't know which is your Branch. I read #3 as irrelevant, although well-intentioned.

NatWest serve me very, very well, despite some errors[always well, or handsomely, put right]. I prize my warm human contacts in 2 East Anglian Branches. NatWest phone app. is superb and essential for me, living in a known notspot, which worsens, with no improvement likely any year soon. [Today is a rare desktop functioning day]

NW Private Banking works for me, despite my refusing Credit Cards. Great help last week from young M. If your Branch staff change a lot, maybe you'd find this PB aspect reassuring. I'm surprised to be in pb, as my means are limited and earnings vary, with a[usually]weekly London market.

Bank horror stories abound on mse, for every Bank, but I wished only to set down my current NW pb experience. As a sidenote, I began with them, following oh's suicide and hideous things which followed. I truthfully told NW all, when I had nothing, lost everything, needed new Bank. They gave me hope, stood by me, still do. I never use overdraft, never have. PB offer was a surprise, still is. but makes little difference to the close advice, help, extra interest I've gained for some years now.

iAMaLONDONER

ampersand wrote: »

op - I obviously don't know which is your Branch. I read #3 as irrelevant, although well-intentioned.

NatWest serve me very, very well, despite some errors[always well, or handsomely, put right]. I prize my warm human contacts in 2 East Anglian Branches. NatWest phone app. is superb and essential for me, living in a known notspot, which worsens, with no improvement likely any year soon. [Today is a rare desktop functioning day]

NW Private Banking works for me, despite my refusing Credit Cards. Great help last week from young M. If your Branch staff change a lot, maybe you'd find this PB aspect reassuring. I'm surprised to be in pb, as my means are limited and earnings vary, with a[usually]weekly London market.

Bank horror stories abound on mse, for every Bank, but I wished only to set down my current NW pb experience. As a sidenote, I began with them, following oh's suicide and hideous things which followed. I truthfully told NW all, when I had nothing, lost everything, needed new Bank. They gave me hope, stood by me, still do. I never use overdraft, never have. PB offer was a surprise, still is. but makes little difference to the close advice, help, extra interest I've gained for some years now.

Does being a NW private banking customer mean access to high interest saving accounts?