What's the deal with NatWest's First Reserve Account?

minnietheminx_2

The branch local near work kept on trying to flog me a savings account, which I resisted (I need to research what's out there rather than go for the first thing I'm offered), however during a weak moment I agreed to have my savings facility 'activated' on my current account. The clerk said it should have been activated for me already - which I think may have been a little white lie.

I've just had a letter through the post telling me that my First Reserve application has been processed and my account opened and it's a separate account number to my current account and has a separate account name.

Maybe I've been a bit naive, but this appears to be totally separate from my existing account. Does anyone have this account? Is it worth keeping? What are the perks, if any?

SalsaDanca

The First Reserve account isn't a savings facility on your current account, it's a separate savings account. It gives you a cash card so you can withdraw your savings at a cashpoint. The interest rate is an absolutely pathetic 1.5% - Halifax have a Web Saver with cashcard that pays over 4%, and you can find savings accounts paying over 6% if you don't want a cashcard.

I'd ditch it asap.

Regards,

Rob

minnietheminx_2

Thanks for your advice Rob. You've confirmed what I thought, so I'll definitely be ditching it.

I don't like the sly way they got me to open the account either - with no application form. According to the letter, I have to contact the branch by letter if want to cancel. That's a bit rich, seeing as all they had from me was a hurried yes to activating a facility I was led to believe was part of my account, before I left the counter. Should have known better. Tsk.

ShelfStacker_3

Just to make it perfectly clear, if you actually think it's a good idea to use a First Reserve account (or, for that matter, Halifax's p*sspoor Liquid Gold account (rate - a shocking 0.4% AER), or HSBC's only-slightly-less-p*sspoor Flexible Saver (rate - about 2%)) for actual savings, you deserve to get fleeced.

Methinks the bloke at the counter was just trying to flog the unfloggable.

MsJuk12

Its a basic a/c with a little interest paid on it BUT if its a 2nd a/c its a gold mine if your ordinary a/c card is lost or stolen you can transfer the money instantly while waiting for a new card to be delivered and its not costing you anything so why all the fuss?

If you decide you still don't want it then write to the branch and post it through any natwest branch door this way its less likely to be lost!

If this dosn't work or you want to complain phone the number on the back of your statement between 9am - 6pm and ask to speak to the care team they deal with compaints for you over the phone

But like i said before with any a/c i have with any bank i always have 2 a/c's cards can get lost stolen or even washed (yes i have done this)!

The spare is good for online transactions as well just transfer the correct amount then pay online and they can only take whats in the a/c and no more

Good luck

amandathepanda

Natwest staff are targeted to sell so many loans per day, savings accounts, advantage gold accounts, mortgages etc. If you are interested, fair enough, but you would do better to shop around.

dotdotuk

A while ago my mother-in-law opened a Natwest Current Plus account. All her DDs and SOs come out of there.

We now have the card reader so she can do online transactions. However when we set it up it did not ask for the Maestro card to be activated. It instead asked for the long forgotten about First Reserve Solo card. So we activated it.

The account name definately says Current Plus ( I am looking at it now! ).

She does have a First Reserve account, howeve we did a £1 test transaction and the money is definately coming out of the Current Plus account even though that is paired with the First Reserve card!

Is this normal? Am I just being stupid here? We were not given the choice to pair the card reader with any other card.

This was the first time the First Reserve card has been used. it was even stuck inside the card wallet!

Cheers,

Henry