NatWest is set to implement changes to some of its packaged bank account fees, resulting in increased costs for customers. The adjustment will see some customers paying up to an extra £60 per year for their accounts.
Packaged bank accounts offer premium features such as insurance cover in exchange for a monthly fee. NatWest’s Reward Black account, for instance, will see its monthly fee raised from £31 to £36 starting June 28. This account provides benefits like worldwide family travel insurance, access to international airport lounges, and UK and European car breakdown cover.
In addition to the fee increase, NatWest customers can earn £9 a month in “Rewards” through two direct debits and £1 monthly for logging into the mobile app. These rewards can be banked into the NatWest account or redeemed for a gift card.
Another account affected by the fee adjustment is the Reward Platinum account, with the monthly fee rising from £20 to £22. This account offers mobile insurance, UK car breakdown cover, worldwide family travel insurance, and fee-free debit card purchases abroad. Customers can earn £4 monthly in rewards for two or more direct debits and an additional £1 for using the mobile app.
While the monthly fee for the Reward Silver account will remain unchanged at £10, and the Reward account will continue to cost £2 per month. A spokesperson from NatWest explained that the cost of providing benefits for these accounts has increased, leading to the fee adjustment. The bank has kept its prices frozen for the past five years.
It is essential to note that packaged bank accounts may not be suitable for everyone, especially if the additional features are unnecessary. Customers who feel they were mis-sold such accounts may be entitled to a refund.
