NatWest is set to make a significant alteration to bank account fees, with some customers paying an extra £60 annually. The change would see an increase in the monthly cost of some of its packaged bank accounts, which feature additional perks such as insurance cover, but at a price.
NatWest plans to raise the monthly fee for its Reward Black account from £31 to £36 starting June 28th. This account offers benefits such as worldwide family travel insurance, access to international airport lounges, and breakdown cover in the UK and Europe.
Furthermore, customers with this account can get £9 in “Rewards” back each month on two direct debits and £1 back when they log into the mobile app. Once £5 in “Rewards” has been earned, customers can transfer this to their NatWest bank account or exchange it for a gift card.
Additionally, NatWest is also raising the monthly fee on its Reward Platinum account from £20 to £22, taking effect from June 28th as well. This account provides mobile insurance, UK car breakdown cover, worldwide family travel insurance, and fee-free debit card purchases abroad.
Plus, there are £4 in “Rewards” for direct debits every month and an additional £1 when customers sign in through the mobile app, reports the Mirror.
In spite of changes, the NatWest Reward Silver account’s monthly fee will endure at £10 per month, and the NatWest Reward account will maintain its £2 monthly charge.
A spokesperson for NatWest has commented on these alterations, stating: “We’re making some changes to the monthly fee with some of our packaged accounts. The cost of providing the benefits associated with these accounts has risen considerably in recent years, and we have frozen our prices for the last five years.”
It is pertinent to remember that packaged bank accounts are not suitable for everyone as you may not require all the additional extras that accompany them. Should you have been a victim of mis-selling, you might be eligible for a money back claim.
