Losing confidence with Natwest

GadgetGuru

My main back account is with NatWest. I’ve been with them for well over 20 years. 
I have a current account, where my salary goes in, as well as my household bills direct debits come out (no mortgage).
I have a savings account with them also, which currently has just under £50k in it. 

I’m losing confidence with NatWest. My local branch is rubbish, as is their customer service. I feel it’s really taken a nose dive. Actually, I’m losing confidence with the banking system, especially with the introduction of CBDC etc - and now particularly with NatWest now stating they will limit or not allow cash payments and withdrawals come Sept - I mean, I can’t withdraw my own money without telling them why I want it?? That’s ridiculous to me. 
My main concern is the increase in reports of NatWest just locking people out of their accounts, or closing accounts etc without warning. 

I’m not sure what to do. Have been looking at other accounts. I do have Halifax, Metro, and Starling Bank accounts too. They are not used much - Starling is literally just for holiday use as it can be used worldwide without fee’s.

Should I spread money between all accounts, so if something were to happen with one account I still have access to some funds? If so, how do I do it without raising suspicion from NatWest - simple online transfers? Or should I go in to NatWest physically?
I have no desire to maximise interest etc. Just not bothered by it TBH!

WillPS

Don't be solely reliant on any one financial organisation. It'd be sensible to spread your funds out among the accounts you have.

xylophone

Or switch?

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

WillPS

xylophone said:

Or switch?

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

There are no current account providers which do not suspend or close bank accounts. Switching doesn't help.

The answer to that concern is to have several accounts and to ensure losing access to any one of them temporarily won't cause you too much inconvenience.

GeoffTF

CBDC is only a proposal:

https://www.bankofengland.co.uk/the-digital-pound

It is not relevant to your choice of bank. I expect that any fears that you have about NatWest apply equally to the other banks. There are about 50 million UK bank accounts. There have been few high profile account closures. I would not worry about it.

flaneurs_lobster

GeoffTF said:

There are about 50 million UK bank accounts. 

Slight underestimate

• UK current accounts market share: Traditional banking providers continue to dominate the market. Overall, the top six banking groups and providers hold an 87% share of the UK current account market.
• UK current accounts market size: Mintel estimates that there were 75.6 million current accounts in the UK in July 2022.

Mintel UK Current Accounts Market Report 2022

dealyboy

@flaneurs_lobster said:

@GeoffTF said:

There are about 50 million UK bank accounts. 

Slight underestimate

• UK current accounts market share: Traditional banking providers continue to dominate the market. Overall, the top six banking groups and providers hold an 87% share of the UK current account market.
• UK current accounts market size: Mintel estimates that there were 75.6 million current accounts in the UK in July 2022.

Mintel UK Current Accounts Market Report 2022

... maybe Geoff was taking into account closures since that date.

... but seriously ... although @WillPS is right (always have alternatives/backups), the NatWest problems will influence my decision for my next main bank account when my introductory Nationwide current account bonus ends in October.

Commenting as someone who has accounts with three NatWest group banks (not Coutts) I will favour First Direct and Chase.

[Deleted User]

IftiBashir said:

My main back account is with NatWest. I’ve been with them for well over 20 years. 
I have a current account, where my salary goes in, as well as my household bills direct debits come out (no mortgage).
I have a savings account with them also, which currently has just under £50k in it. 

I’m losing confidence with NatWest. My local branch is rubbish, as is their customer service. I feel it’s really taken a nose dive. Actually, I’m losing confidence with the banking system, especially with the introduction of CBDC etc - and now particularly with NatWest now stating they will limit or not allow cash payments and withdrawals come Sept - I mean, I can’t withdraw my own money without telling them why I want it?? That’s ridiculous to me. 

My main concern is the increase in reports of NatWest just locking people out of their accounts, or closing accounts etc without warning. 

I’m not sure what to do. Have been looking at other accounts. I do have Halifax, Metro, and Starling Bank accounts too. They are not used much - Starling is literally just for holiday use as it can be used worldwide without fee’s.

Should I spread money between all accounts, so if something were to happen with one account I still have access to some funds? If so, how do I do it without raising suspicion from NatWest - simple online transfers? Or should I go in to NatWest physically?
I have no desire to maximise interest etc. Just not bothered by it TBH!

There isn't any evidence that I've seen that :

• increase in NatWest just locking people out of their accounts.
• closing accounts etc without warning. 

The only issue that i've seen in the news is certain individuals trying to manipulate the narrative for their own ends.

penners324

Just move to Starling. Far better app.

Hope you're getting 4%+ on those savings.

I've not been into a branch for personal banking in 25 years. Post office for cash deposits.

pridehappy

It's always a good idea to spread your funds out amongst providers so that in the event of one going wrong, you've got the others to rely on.

I've had good experiences mainly with Nationwide Building Society and Virgin Money. Both have been good for customer service. Lloyds Bank used to have complete trust - although after issues I've lost a lot. I was considering taking up the NatWest switch offer but after seeing posts like these I'm pleased I didn't.

You should also consider if you can get better interest rates from your savings at other banks/building societies from your main bank. For example, Skipton Building Society bonus saver.

If you're not happy with your current account - switch. It's much easier than people expect!