NatWest Private Banking

NatWest Private Banking

Author
Discussion

Armitage.Shanks

2,249 posts

84 months

Monday 12th June 2017
quotequote all
I wouldn't ordinarily pay any bank for them to lodge my money with them on a personal account level. I've been with Nat West for 35+ years and they've offered a service I expect from a bank but little more.

I went in the branch for the first time in 2yrs a few weeks back because I couldn't do a CHAPS payment on-line/phone. The high street banks now have so few staff I had to wait for the 'front of house' person to deal with a complicated 'foreign' transaction that took over 30mins. The bank tellers were free but they weren't allowed to deal with my request!

The coup de grace was having a large holding in one of their deposit accounts when they switched it to 0.01% interest without telling me! Despite that 'investment' qualifying me for Private Banking all that came out soon afterwards.

Their on-line platform and App is very good so that's why I stay with them and reluctantly signed up to their MyRewards service for £3/month as that gives me a £100+ return for a £36/yr outlay.

For me if I got more out of paying the annual cost then I'd consider it, otherwise I'm not interested.


bad company

18,483 posts

265 months

Tuesday 13th June 2017
quotequote all
I've banked with Lloyds for many years. Some time ago I was invited to join the 'Private Bank', all comfy seats & carpets with endless coffee and imo now - lots of flannel. I was seduced into investing with them. It cost £'ssss in crap investments and they charged plenty for losing me money.

I still bank with Lloyds but Private Client is not for me.

Jockman

17,912 posts

159 months

Tuesday 13th June 2017
quotequote all
If the benefits are of value to you, fill yer boots !!

I'm with HSBC premier simply for the mortgage deal and travel insurance. When my profile changes I will no long deal with them but turn to one of the other seven regular accounts.

ChrisNic

592 posts

145 months

Tuesday 13th June 2017
quotequote all
As an FYI to be part of Natwest Private banking you don't need to pay a fee instead just meet the income/borrowing/saving criteria, doing so will provide the services of a private banking manager.

You then have the option of the private banking fee paying account but it isn't mandatory to take it out, you could just have the basic reward account at £2 per month and get back more than you pay.

Sheepshanks

32,519 posts

118 months

Tuesday 13th June 2017
quotequote all
Yipper said:
Natwest PB are doing a big push this month, promoting a "free" basic service to sign up more people who reach a certain income level.
That's interesting - they 'phoned me the other day to ask if we still wanted it.

I have no idea how we got into it - I'd assumed it was automatic over a certain income level. I don't pay any fee and have steadfastly refused to sign up for the higher level accounts as I think they're a scam - they've just reduced the reward percentage and I'm sure it's just a way to get everyone on paid-for accounts.

When they called they said we're supposed to meet for regular financial reviews - so in other words they want to sell me stuff. On one occasion in the past I did say "OK, when do you want to come?" only to be told I was expected to present myself at the bank at the county town - not exactly convenient. Same was offered in the last call.

jinkster

2,235 posts

155 months

Wednesday 14th June 2017
quotequote all
ChrisNic said:
As an FYI to be part of Natwest Private banking you don't need to pay a fee instead just meet the income/borrowing/saving criteria, doing so will provide the services of a private banking manager.

You then have the option of the private banking fee paying account but it isn't mandatory to take it out, you could just have the basic reward account at £2 per month and get back more than you pay.
I have this service, its useful being able to email the RM if you require anything. However I am looking for a USD account as part of the Private service but not available.

I do believe this is available with Coutts/ Hoares etc but salary wise (£500+) I do not qualify and investments - would I really want a bank to invest the money for me (if I had £1mill of investments to bring)

Boz123

74 posts

87 months

Wednesday 14th June 2017
quotequote all
ClaphamGT3 said:
NickCQ said:
okgo said:
swerni said:
Coutts card was white ( well off white), didn't do them any harm
Coutts is the real deal.

Any clown can get natwest private and I think they went with black to attract those types wink
They're both RBS ultimately, Coutts under a fancy brand name, NatWest less so. The Coutts proposition isn't what it used to be, I switched back to Barclays / AmEx a few years ago.
I switched to Hoare & Co when I got sick of Coutts just trying to flog me stuff
Same here. Coutts started taking the p last year, so moved to Handelsbanken. Highly recommended - zero perks but excellent service and zero attempts to flog things (so far). Everything handled within branch and by named contact.

Jockman

17,912 posts

159 months

Wednesday 14th June 2017
quotequote all
If your profile is suitable, Handelsbanken are exceptionally good at what they offer.

They are the Swedish equivalent of First Direct.

XJ75

436 posts

139 months

Tuesday 27th June 2017
quotequote all
Just to follow up on this, smashed my iPhone screen last week on holiday. Called up Natwest to put in a claim on the mobile insurance. Called them yesterday afternoon, replacement phone is arriving today between 12 and 1pm.

£100 excess is a little steep, but Apple were charging £140 for a new screen and this way I get a whole replacement phone.

MCLARENSLR

320 posts

142 months

Wednesday 28th June 2017
quotequote all
XJ75 said:
Just to follow up on this, smashed my iPhone screen last week on holiday. Called up Natwest to put in a claim on the mobile insurance. Called them yesterday afternoon, replacement phone is arriving today between 12 and 1pm.

£100 excess is a little steep, but Apple were charging £140 for a new screen and this way I get a whole replacement phone.
Did they give you a new one or refurbished? I was offered a second hand refurbished one when i broke one year old Iphone so decided not to pay the 100 excess and sold the broken phone and then upgraded to newer model.

Rick101

6,959 posts

149 months

Wednesday 28th June 2017
quotequote all
Jockman said:
If your profile is suitable, Handelsbanken are exceptionally good at what they offer.

They are the Swedish equivalent of First Direct.
I don't particularly rate FD. Better then high street but only marginally.

I always find it strange that the 'high next worth' individuals feel the benefit of travel insurance or mobile phone cover. When those policies are 10% of your income then yes, I see the benefit. When you supposedly have millions stashed away, I find it quite bizarre.

I use Handelsbanken. Well, to be accurate I have an account, very rarely use them as I could, but I'm happy to pay a few hundred each year for not to have to speak to a machine or press buttons or piss about trying to remember the name of my first pet.

XJ75

436 posts

139 months

Wednesday 28th June 2017
quotequote all
MCLARENSLR said:
Did they give you a new one or refurbished? I was offered a second hand refurbished one when i broke one year old Iphone so decided not to pay the 100 excess and sold the broken phone and then upgraded to newer model.
It's technically refurbished, but it looks brand new, it even had the protective plastic on it. My understanding is that the refurbished models get a new battery, screen and casing etc, it's only the internals that are re-used.

I was going to wait for the iPhone 8 and get that, but it's likely to be ~£700 so I decided to get the replacement and wait to see what they release in 2018.

Sheepshanks

32,519 posts

118 months

Wednesday 28th June 2017
quotequote all
XJ75 said:
It's technically refurbished, but it looks brand new, it even had the protective plastic on it. My understanding is that the refurbished models get a new battery, screen and casing etc, it's only the internals that are re-used.
Very off topic - but it's hard to imagine it's worth refurbing just to salvage the internals (which must be very cheap to Apple). I read they build "service" phones which are new phones but don't go in the usual retail packaging.