Personal Bank Account

RG2015

I was reading the terms & conditions for a bank's current account and it mentioned the term "Personal bank account" I assumed that this meant a personal account as opposed to a business account.

However, I then wondered if it meant a personal account as opposed to a joint account. I know that context could be useful but Ts & Cs should be clear without the need for any context.

I am probably having a senior moment, but can anyone confirm that both a joint account and a sole account can be regarded as a personal account?

Westie983

Yes of course, any account that isn't a business account is a personal account regardless if its a sole or joint account.

Is there a reason why you need to know the difference or just wanted an answer between business and personal current account?

If no further questions I will close this thread, and I have answered your question.

Westie983

RG2015

Thank you Westie983.

The Ts&Cs for the NatWest Reward current account include the following:

5.3 If you open your Reward account from 26 June 2017 onwards, you must:
..pay at least £1,500 in total every calendar month into any personal current
account(s) you hold with us.

Therefore, if my pension is £1,500 or above and it is paid into my joint NatWest Select account, will this satisfy this condition.

Also, while not disputing your answer, what is your authority for giving this? Do you work for a bank or have some other relevant qualification? Alternatively, is there a website you can direct me to in order to confirm your answer.

Westie983

You mention your joint select account but the T&C's you quote is for the reward account, so your pension payment of £1500 needs to go into your reward account and not the select account, so you would not satisfy the condition.

**Edit, the website says eligible Natwest account not any account, cant see what classes as eligible account so I would pay into the reward account and then transfer to select account if you want it to stay in there.

A select account doesnt have a funding requirement like the reward account does, and you also need to log into the app or website every three months, you may just be better to change the account that the pension goes into.

I have both a reward and select, and I fund £1500 into one and then into the select to cover DD and then back out to other accounts, you just need to fund the account to qualify for the reward payments.

Yes work for a bank, but my answer is not with my banking experiences its from me reading the T&C's and knowing that there are only two types of accounts personal or Business.

Westie983

RG2015

Many thanks for you reply, Westie983!

Notwithstanding what is said on the website, clause 5.3 says any personal account you hold with us.

And I am now cured of the strange thought that a personal account was synonymous with a sole account or an individual account.

I am quite happy for you to close the thread now.