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A simples guide

NatWest Current Account

NatWest are part of the Royal Bank of Scotland Group which is one of the biggest banking groups in the UK – they have a strong high street presence and you’ll typically find one on a high street near you. So as far as convenience goes, it might be an obvious choice for your day to day banking, but how do its current accounts stack up?

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What does a NatWest offer?

There are no less than nine different accounts to choose from, so unless you’re after something extremely niche, there’s bound to be one that suits your needs you – here’s what’s on offer:

  • Foundation Account – this is NatWest’s basic bank account so you won’t get any credit facilities, such as an overdraft and you won’t get a chequebook either. You’ll only be eligible for this if you don’t meet the requirements for any of the other NatWest accounts.
  • Select Account - this is a standard current account, there’s no fee for having one of these. You can also get cash out without using your bank card by using their Mobile Banking app to generate a secure code that lets you withdraw your money from any NatWest, RBS or Tesco cash machine. 
  • Reward Account – as you’d expect, you get rewards with this account but you have to pay £3 a month for it. You can earn 3% in rewards when you pay certain utility bills via Direct Debit. The rewards have an equivalent in pounds so for example 5.00 rewards is worth £5 when exchanged
  • Reward Silver - you earn the same amount of rewards as with the standard Reward account but you’ll also get the added benefit of European travel insurance and a preferential rate on travel money. On top of that you get mobile phone insurance and 25% cashback on tickets for the theatre, opera and other concerts. You do have to pay more for this account – £12 per month. 
  • Reward Platinum - for a fee of £18 per month you get worldwide travel insurance, discounts on travel services such as holidays and airport parking and preferential rates on travel money. In addition to this you’ll also get mobile phone insurance and UK car breakdown cover and if you like the great outdoors then you can enjoy two National Trust family day passes each year. 
  • Reward Black – the Reward accounts costs £28 per month and is only available to ‘Private customers’ (in other words, you need a large amount of money). You’ll need an income of at least £100,000 and pay it into a NatWest account, alternatively you’ll need to have a minimum of £100,000 in savings and investments with them or a mortgage of £300,000. In return you’ll get all the perks of the Rewards accounts – worldwide travel insurance as well as the extra benefit of airport meet and greet and free meals on certain airlines.
  • Student Account – you have to be a full time undergraduate doing a course that’s at least two years. You can apply for a £500 overdraft in your first term and have the option of increasing it up to £2,000 in time. You also get a free National Express coach card which gives you money off coach travel as well as festivals.
  • Graduate Account – to qualify for this you need to have had a NatWest student account or be a graduate from a full time higher education course. You’ll kick off with an overdraft of up to £2,000 in the first year and this will be gradually reduced in line with the real world.
  • Adapt Account (for under 18s) – this is for anyone between 11 and 18 and if there’s anything in the account then it’ll earn interest. Account holders get a debit card so that can be responsible for their own money and for just £5 the card can be personalised.

Am I eligible for a NatWest Current Account?

If you’re 18 or over and a UK resident, you’re almost certainly eligible for a current account with NatWest but don’t forget about the Adapt account for anyone between 11 and 18. But as described above, there are some specific eligibility criteria for the rewards accounts such as the Reward Black.

NatWest Current Account

What other benefits do you get with a Natwest Account?

You’ll have access to Apple Pay on all except the Foundation and Adapt accounts (and to use it you’ll need an iPhone 6 or above or an Apple watch).

Also available is the emergency cash facility so if your debit card is stolen you still have access to cash should you need it. You can manage your account online and if your mobile phone number starts ‘07’ then you’ll have access to mobile banking apps too.

Most of the accounts come with an overdraft facility and come with an interest free threshold– the type of account you have will determine how much of a threshold – it varies from between £10 to £500.

What interest do you get on a NatWest Current Account?

The only current accounts you’ll get interest on are the Adapt account (1% AER) and the Reward Black (interest varies between 0.1% AER and 0.5% AER depending on how much you’ve got in the account). But don’t forget – you do get cashback rewards with the Rewards accounts.

Is a NatWest account for me?

You should compare and weigh up the pros and cons of available current accounts before you make a final decision – the right one for you will be the one that suits your spending habits, your income and your lifestyle.

We know there’s a lot to choose from, but that’s why using our current account comparison service is an easy way to find the right account for you.


All NatWest current account details are based on information provided on natwest.com data as of 3 November 2016.

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