NatWest Bank has a rich history in the UK credit card market, being one of the founder members of the Joint Credit Card Company, which developed the bank’s first credit card, Access, in 1972. This was in response to Barclaycard’s licencing of the BankAmericard product, which later became Visa.
NatWest was acquired by Royal Bank of Scotland (RBS) in a £21 billion takeover in March 2000, the largest in British banking history. RBS retained the NatWest brand and banking licence, but many functions were merged. Thus, many of the products available from the two institutions are broadly similar with different branding.
Banking group: The Royal Bank of Scotland Group plc
7-day account switch guarantee: Yes
Business banking: Yes
FSCS deposit protection: Yes, up to £85,000 per accountholder
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