National Westminster Bank (NatWest)

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 were broadly similar with different branding.

In 2020, the Royal Bank of Scotland Group was renamed NatWest Group.

Banking group: NatWest Group

Major news:

  • February 2018 – NatWest is testing ‘Cora’, an artificial intelligence ‘digital human’ that will complement branch, phone and online services. This could also facilitate blind and partially sighted customers who are unable to engage with visual content.
  • March 2018 – NatWest launches the ClearSpend app to give commercial card customers complete control of their account in real time and support business spending.
  • March 2018 – NatWest wins the ‘best banking app’ award for the second year in a row at the British bank awards 2018.
  • April 2018 – NatWest protects its business customers using VocaLink Analytics machine learning to detect voice fraud. In 2017 this system prevented over £7 million of losses.
  • March 2019 – NatWest trials new payments cards that allow people to pay using their fingerprint and avoid using their PIN.
  • June 2019 – NatWest rolls out video banking service.
  • September 2020 – NatWest runs 8-week pilot of an app that calculates customer carbon emissions as they spend.
  • October 2020 – NatWest reports Q3 profit, beating analysts expectations of a loss.
  • October 2020 – NatWest introduces 48-hour gambling block feature on debit cards.
  • November 2020 – NatWest eyes Sainsbury’s Bank for a potential takeover.

Unique features:

  • ‘Get Cash’ allows customers to withdraw cash from a cash machine using the NatWest mobile app – without the need for a debit card.
  • Facility to ‘freeze’ your card if you misplace it and ‘unfreeze’ it if you find it. You can also report lost or stolen cards through the app.
  • Store loyalty cards digitally through the app and scan in store. Check your credit score quickly and easily via the app, as provided by TransUnion.

NatWest current accounts: NatWest offers a wide range of current accounts as follows:

  • Select bank account A popular account for day-to-day banking, with no monthly fee.
  • Reward bank account For £2 a month, you’ll earn rewards for regular direct debit payments and for spending at certain retailers.
  • NatWest student bank account NatWest’s student account offers a tastecard, Amazon Prime membership or a National Express Coachcard, plus an interest-free overdraft of up to £2,000.
  • NatWest graduate bank account NatWest’s student account will automatically convert to a graduate account once you’ve graduated.
  • NatWest child bank account NatWest’s child and teen account, ‘Adapt’, is designed for those aged 11-18 and pays 1% interest on your balance.
  • NatWest basic bank account NatWest’s basic bank account is its Foundation account which may be suitable if you are not eligible for NatWest’s other bank accounts.
  • European accounts For those living in the EU area.
  • Reward Silver account Existing NatWest current account customers can upgrade their Reward account to a Silver account to earn more rewards and benefit from European travel insurance and mobile phone insurance. £10 monthly fee.
  • Reward Platinum account Existing NatWest current account customers can upgrade their Reward account to a Platinum account and enjoy more rewards, plus mobile phone insurance, worldwide travel insurance and UK car breakdown cover. £20 monthly fee.
  • Premier Reward account Earn rewards that you can redeem as cashback, gift cards or e-codes at selected retailers. £2 monthly fee.
  • Premier Reward Black account Existing NatWest current account customers can upgrade to the Premier Reward Black account to benefit from worldwide travel insurance, access to international airport lounges, breakdown cover and a 24/7 concierge service. £31 monthly fee.
  • Premier Select bank account No monthly fee but access to one-to-one support for more complex financial decisions.

Can I have a joint bank account with NatWest?

Yes, NatWest offers joint bank accounts, as well as sole current accounts.

NatWest current account switch:

NatWest is part of the 7-day Current Account Switch Guarantee service which means it will take care of moving over your payments and existing balance when you switch, while your old bank will take care of closing your old account. This should be done within 7 days.

How do I open a NatWest current account?

You can apply for a NatWest current account online or in branch. You’ll need to provide photo ID such as a driver’s licence or passport, and proof of address such as a utility bill or bank statement.

NatWest credit cards:

  • Balance transfer credit card
  • Longer balance transfer credit card
  • NatWest credit card (offering low rates)
  • Reward credit card
  • Reward black credit card
  • Student credit card

NatWest savings accounts:

  • Digital Regular Saver
  • Savings Builder
  • Cash ISA
  • Premium Saver
  • Instant Saver
  • Fixed Rate ISA
  • First Saver

Digital banking:

  • Online banking for all customers
  • Mobile application (Android/iOS/Windows)

Does NatWest offer mortgages?

Yes

*Business banking? *

Yes

** FSCS deposit protection?**

Yes, up to £85,000 per account holder

Regulatory information:

  • Authorised by the Prudential Regulation Authority (PRA) under registration number 121878.
  • Regulated by the Financial Conduct Authority (FCA).
  • Subscribed to the Lending Standards Board’s Standards of Lending Practice.

1st December 2020