Advantage Private current account
This account is no longer available to new customers. It has been replaced by the Black Account.
For the third year running, the independent organisation Defaqto gave Advantage Private their 5 Star rating for product features, benefits and charges (February 2011).
- UK and Worldwide travel insurance – save up to £160
With a five star rating from the independent experts at Defaqto.
- Automatic cover for you, your partner and any dependent children
- Winter sports cover - up to 17 days
- Cancellation cover up to £7,500
- Baggage cover up to £2,500
- 24 hour emergency helpline
- Travel Service – save up to £217
Expert advice to help you plan your holiday and a 10% discount.
- Commission-free money – save up to £23
Why queue? We’ll deliver your foreign currency and travellers cheques, at preferential rates, direct to your home.
- UK airport lounge access – save up to £35
Take the stress out of travelling. When you book through our travel service you’ll get access to 16 UK airport lounges.
- Valet parking upgrade – save up to £30
No more worries about airport parking. Book through our travel service and we’ll take care of it.
- Concierge service
A table for two at a top New York restaurant. Tickets for major sporting events in London. The number of a local tradesman you can rely on. Our concierge service can source whatever you need – leaving you free to enjoy.
- Theatre, concert and other tickets – save up to £67
Enjoy 25% off theatre, dance, opera, concert performances and more throughout the UK. Enjoy more – you can use this service as often as you like.
- Wine club
With the Advantage Private Wine Club, quality wines are only a phone call away. And with home delivery, all you have to do is relax and enjoy them.
- Mobile phone insurance – save up to £239
With the ability to include up to four phones, including iPhones and PDAs, you and your family can enjoy protection against:
- Loss, theft, accidental damage, electrical or mechanical breakdown
- Unauthorised calls up to £2,500
- Repair or replacement, up to £1,250 for every phone
- Gadget or handbag cover – save up to £180
Protect your iPod™, sat-nav, laptop and other gadgets against:
- Theft, accidental damage, water or liquid damage, electrical or mechanical breakdown and malicious damage.
Or protect your handbag and its contents, including gadgets, against theft and malicious or accidental damage.
- Accidental death insurance – save up to £60
Our Accidental Death cover provides you with the reassurance of knowing that if you were to die in an accident, your next of kin will automatically receive £50,000. For persons aged 70 or over Accidental Death Insurance is reduced by 50%.
- Car insurance – save up to £60
NatWest car insurance already offers great value. As an Advantage Private customer you’ll enjoy an extra 10% discount off your first years’ premium.
- Additional 10% off Home Insurance – save up to £81
You can now get an additional 10% off home insurance premium for the first year, in addition to any discount given to non Advantage Private customers. Our cover comes with a four star rating from Defaqto - the independent experts.
- Car breakdown cover – save up to £69
If you break down at the roadside or outside your home, you’ll get help from Green Flag, Your Money’s 'Best Breakdown Cover Provider', 2004-2009.
- Card protection – save up to £21
Register all your household's UK issued credit and debit cards.
- Extended warranty – save up to £69
We’ll extend the manufacturer’s warranty by an extra year on top of the manufacturers one or two year guarantee, for up to six household appliances when you buy with your NatWest card.
- Home emergency cover – save up to £78
A burst pipe or an electrical fault, give us a call when you need professional help.
- ID theft protection – save up to £64
We’ll help you defend yourself against identity theft, and help you sort matters out if the worst happens.
- DataPatrol – save up to £45
With Data Patrol you’ll know if your personal information is being published online and you’ll get clear guidance on what to do if it is.
- Tailored personal loan rates
Including access to flexible borrowing.
- Best mortgage offers
At least one Mortgage offer is available to Advantage Private customers in addition to our standard NatWest range of mortgage products.
- Preferential overdraft rates – save up to £106
Interest-free overdrafts up to £250, and preferential rates on balances above this amount.
- Preferential savings account – save up to £130
Saving based on earning up to 0.75% Gross/AER including conditional bonuses (0.5% Gross/AER excluding bonus) compared to 0.20% Gross/AER on a First Reserve with a balance of £20,000.
- Will writing service – save up to £30
Make sure your finances are in order for the future with a 20% discount on our usual will writing fees.
- Personal tax service – save up to £88
Our professional, personal tax service will save you time completing your own tax return, and you can enjoy a 20% discount on the normal fee.
- Share dealing – save up to £12
Take greater control of your investment portfolio and the costs of investing, with a 10% discount on commissions.
- Mobile phone banking
Mini-statements and text alerts, designed to help you stay in touch with your personal finances on the move.
| Account feature | Potential savings |
|---|---|
| Advantage Private Banking | |
| Preferential Overdraft rate | £106 |
| Advantage Private Savings Account | £130 |
| 10% Share Dealing Discount | £12 |
| Discounted personal tax service | £88 |
| Discounted will writing service | £30 |
| Total value | £366 |
| Advantage Private Protection | |
| 4* Defaqto rated Home Insurance | £81 |
| Mobile Phone Insurance | £239 |
| Gadget or Handbag Cover | £180 |
| Extended Warranty | £69 |
| Card Protection | £21 |
| Identity Theft Protection | £64 |
| Home Emergency Service | £78 |
| Accidental Death Insurance | £60 |
| Data Patrol | £45 |
| Car Breakdown Cover | £69 |
| 10% off Car Insurance | £60 |
| Total value | £966 |
| Advantage Private Travel and Leisure | |
| 5* UK and worldwide Travel Insurance | £160 |
| Advantage Private Travel Service | £217 |
| UK Airport Lounge Pass | £35 |
| Valet Airport Parking Upgrade | £30 |
| Free Home Delivery and Commission Free Sterling Travellers Cheques | £23 |
| 25% off Advantage Private Box Office | £67 |
| Total value | £532 |
| Total value | £1,879 |
| Annual fee | £240 |
| Overall savings | £1,624 |
Savings Examples
Five-Star Defaqto rated Annual Travel Insurance
Saving based on annual multi trip worldwide family NatWest Travel insurance. Annual Worldwide Travel insurance with winter sports cover worth up to £160.
Mobile Phone Insurance
Saving based on 2 handsets on the Phones 4u premier plan at £9.99 per month (Apr10)
Identity Theft Protection
Saving based on £10,000 insurance worth £30. Equifax credit report £9.95, CIFAS registration £11.95 and Card Patrol cost of £12.
Travel Service
Saving based on a 14 night holiday for 2 people to Madeira, departing from London Gatwick on 20 September 2010 and staying 14 nights at the Monumental Lido Hotel on a half board basis. Holiday price is £1,618 - customer receives £161 discount off the holiday price plus complimentary in-flight meals (£13 per person) and 5kg extra luggage allowance (£15 per person). Total saving for the holiday is £217. (Apr 10)
Home Insurance
Saving based on a 49 year old with buildings and content insurance for a 3 bedroom, semi-detached built 1980-1989 in LS10 4JE.
Car Insurance
Saving based on 10% off your first year’s premium for comprehensive cover on a Renault Megane Scenic Dynamique for a 35 year old male driver with a licence for over 3 years, 5 years No Claims Discount, £250 voluntary excess and mileage of 8,000 living in LS10 4JE.
Extended Warranty
Saving based on a LCD Television costing £450 and 12 months cover in addition to the manufacturers 12 or 24 month warranty.
Complimentary home delivery and commission free sterling travellers cheques
Based on preferential exchange rates, 0% commission and complimentary home delivery for: 2 short breaks with £300 currency (worth £10+5); and one holiday with £800 of currency and £300 of commission free travellers’ cheques (worth £8).
Accidental Death Insurance
Saving based on Aviva’s cover of £20,000 for £1.99 a month.
Green Flag Car Breakdown Cover
Saving based on Roadside Assistance cover (including Homecall) with Green Flag for a 45 year old male, living in Leeds with a 2001 Porsche, level 2 cover.
Airport Lounge Passes
Saving based on Airport Lounge worth £17.50 per adult on 25th September 2009, London Gatwick Airport, South Terminal.
Valet parking upgrade
Saving based on arrival at London Gatwick Airport on 25 September and 7 days parking. Customer pays for on-site parking (£42.70) and received a complimentary upgrade to Meet & Greet Parking (£72.49) saving £29.79.
Theatre, concert and other tickets
Saving based on 6 tickets at £45 per seat.
Gadget or handbag cover
Saving based upon Gadget 5 plan from Insure My Mobile Phone - £14.99 monthly.
DataPatrol
Saving based on current charge of £45 per year.
Preferential overdraft
Saving based on one year interest on an arranged overdraft balance of £2,125 at an effective rate of 14.89% p.a. (nominal rate 13.96% p.a.) on Advantage Private compared to 19.89% p.a. (18.28% p.a.) on Current Plus (Jan 2011).
Advantage Private Representative Example
Overdraft Limit: £1,200
Interest rate: 14.89% p.a. (variable)
Account Monthly Fee: £19.95
Advantage Private Reserve Savings Account
Saving based on earning up to 0.75% Gross/AER including conditional bonuses (0.5% Gross/AER excluding bonus) compared to 0.20% Gross/AER on a First Reserve with a balance of £20,000.
Will writing service
Saving based on a 20% discount on drafting a professionally drawn up will for a married couple, normally £150.
Personal tax service
Saving based on a 20% discount on drafting a professionally drawn up will for a married couple, normally £150.
Home Emergency
Saving based on home emergency service providing £500 cover (including VAT) worth up to £78.
Share dealing
Saving based on share trading 8 times per annum, regardless of the value of each trade, using BrokerLine online share dealing. Normal total cost of £120, £15 flat rate per UK trade online, potential savings = £12.
The examples shown are for illustration purposes only and are not based on actual NatWest customers.
This page provides a summary of the rates and charges that apply to NatWest current accounts.
Full copies of the fees and interest rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
You may need Adobe Reader to view some of these documents. Get Adobe Reader. Visit access.adobe.com.
We also have a separate page providing an update on unarranged overdraft charges.
Common definitions
Throughout this page, you'll see various terms being used. Here's what they mean:
- Annual Equivalent Rate (AER) - this is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
- Effective Annual Rate of Interest (EAR) - this is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR.
- Gross Rate - this means the interest rate you are paid before the deduction of income tax.
- Net Rate - this means the interest rate you are paid after the deduction of income tax.
- Nominal Rate - the rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.
- p.a. - per annum (per year).
Subscription fees
Monthly subscription fees are payable on the following accounts. Membership includes access to all the benefits listed in the appropriate brochures and user guides.
| Type of current account | Subscription fee |
|---|---|
| Advantage Private | £19.95 per month. Payable from your Advantage Private account. |
Application of subscription fees
The subscription fee for each monthly charging period will be debited from your account 21 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday). The fee will appear on your statement as 'CHG'. The charging period normally ends on the date that we issue your statement to you.
For Advantage Private accounts opened on or before 20 July 2006, the subscription fee will be taken via your Charge Card. The annual subscription of £239 is payable for each year or part of a year and is charged when the Advantage Private account is opened and on each anniversary thereafter.
If you opened your account between 1 July 2004 and 20 July 2006 and opted to pay by monthly instalments, then your subscription of £19.95 per month will be taken from your Charge Card.
Interest we pay you
The annual rates of interest paid on credit balances:
| Type of current account | Amount | Gross Rate % | Net Rate % | AER% |
|---|---|---|---|---|
| Advantage Private | £1 - £9,999 | 0.25 | 0.20 | 0.25 |
| £10,000 - £24,999 | 0.40 | 0.32 | 0.40 | |
| £25,000 + | 0.50 | 0.40 | 0.50 |
Calculation and application of interest.
Interest is calculated on a daily basis and paid into your account once a month, usually the day after we issue your statement.
Interest due on arranged overdrafts
1. Arranged overdrafts
If you have arranged an overdraft facility with us in advance and you use this facility within the thresholds shown below, you will not pay any interest.
If the amount you overdraw under an arranged overdraft facility exceeds these thresholds, you will pay interest at the rates shown in the tables below on the overdrawn balance – even the part of the balance which is within any interest free threshold that applies to your account. However, we will not charge interest on any part of the overdrawn balance which is an unarranged overdraft or represents fees, charges or costs of the kind described in section 7 of our leaflet: Personal and Private Banking - A Guide to Fees and Interest (PDF, 685KB) under the heading Sums which do not bear interest.
If you have arranged an overdraft facility with us in advance under which you pay interest at a rate other than the rates shown in the tables below, the interest free thresholds shown below will not apply to your account.
Interest free thresholds
| Type of current account | Interest free threshold |
|---|---|
| Advantage Private | £250 |
Current rates
The following rates are effective from 02 August 2010
| Type of current account | Nominal monthly rate % | Nominal annual rate % | EAR % |
|---|---|---|---|
| Advantage Private Credit Zone Overdraft | |||
| All amounts | 1.16 | 13.96 | 14.89 |
We'll arrange a Credit Zone Overdraft, depending on your circumstances.
Your overdraft may be subject to an arrangement fee. Our unarranged borrowing fees will apply if you borrow over your arranged limit. Please see the 'Unarranged overdrafts and returned items - Charges' Section below for details
Previous rates
The following previous rates were effective from 28 April 2008
| Type of current account | Previous nominal monthly rate % | Previous nominal annual rate % | Previous EAR % |
|---|---|---|---|
| Advantage Private Credit Zone Overdraft | |||
| All amounts | 1.06 | 12.73 | 13.50 |
2. Unarranged overdrafts
With effect from 01 February 2011, we do not charge debit interest on unarranged overdrafts.
Previous rates
The following previous rates were effective from 02 August 2010
| Type of current account | Previous Nominal monthly rate % | Previous Nominal annual rate % | Previous EAR % |
|---|---|---|---|
| Advantage Private | 1.16 | 13.96 | 14.89 |
Calculation and application of interest
Interest on arranged overdrafts is calculated on a daily basis and charged monthly.
The interest we charge in each charging period will be debited from your account 21 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. If we are going to debit interest from your account, we will give you not less than 14 days’ notice of how much we are going to debit and when.
Sums which do not bear interest
We do not charge interest on unarranged overdrafts. Nor do we charge interest on any part of an arranged overdraft which represents:
- a Default Notice Fee or other sum (apart from interest) you must pay us in connection with a breach of your obligations under your agreement with us; or
- a Returned Item Fee or Unarranged Overdraft Fee (see section 7 of our leaflet Personal and Private Banking - A Guide to Fees and Interest (PDF, 486KB) for details of these charges).
Arranged Overdrafts, Unarranged Overdrafts, Returned Items and Enforcement Charges
The charges shown in this section do not normally apply to the other accounts we offer to Personal and Private Banking customers. However, we sometimes allow other accounts to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, the charges listed below in the sub-section "Unarranged overdrafts and returned items – charges" will apply.
Arranged overdrafts – arrangement and renewal fees
| Fee payable | |
|---|---|
| Current Account, Current Plus, Private Bank Account and Advantage Gold | |
| Credit Zone Overdrafts up to and including £7,500, where interest is charged at the standard Credit Zone Overdraft rate | No fee |
| Credit Zone Overdrafts over £7,500 or Credit Zone Overdrafts where an interest rate other than the standard Credit Zone Overdraft rate is payable | 2% of the new limit (minimum £30) |
| Temporary or increased facilities for all customers | |
| If you wish to increase an existing facility at any time contact your Private Banking Manager or your branch. Any fees payable will be advised to you at that time. | |
Unarranged overdrafts and returned items – charges
Our Act Now Alerts can help you stay in control and minimise or even avoid fees for unarranged overdrafts and returned items. They specify the time by which you should credit your account with cleared funds to cover all payments and/or to bring your account back into credit or within any arranged overdraft limit. Find out more about Act Now Alerts.
If we are going to charge you an Unarranged Overdraft Fee and/or a Returned Item Fee, we will give you not less than 14 days’ notice of how much we are going to charge you and when.
Unarranged Overdraft Fee
An Unarranged Overdraft Fee will be charged for each day on which there is an unarranged overdraft of greater than £6 on your account at close of business on that day. Please note: we will only charge an Unarranged Overdraft Fee for a non-business day (i.e. a Saturday, Sunday or Bank Holiday) if there is an unarranged overdraft of greater than £6 owing on your account at close of business on the first following business day.
When charged
21 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period normally ends on the date that we issue your statement to you.
Fee Amount
£6 for each day for which an Unarranged Overdraft Fee is payable.
Returned Item Fee
A Returned Item Fee will be charged if:
- you informally request an unarranged overdraft by issuing instructions for a withdrawal or other payment; and
- the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and
- we decide in our discretion not to make the payment.
When charged
21 days after the end of the charging period in which we decide not to make the payment (or the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period normally ends on the date that we issue your statement to you.
Fee amount
£6 for each returned item (subject to a maximum of £60 in any charging period).
Making an informal request for an unarranged overdraft means you will normally have to pay a Returned Item Fee and/or an Unarranged Overdraft Fee. Please note that it is possible to incur both a Returned Item Fee and an Unarranged Overdraft Fee on your account on the same day or as a result of a single transaction (for example, where we take a Returned Item Fee from your account and this creates an unarranged overdraft of greater than £6 on your account).
For examples showing how our charges work, please see the section headed Unarranged Overdrafts and Returned Items in our leaflet Our Commitment to You (PDF, 685KB).
Enforcement Charges
| Enforcement | ||
|---|---|---|
| A Default Notice Fee will be payable if we need to serve a default notice on you (for example, if you fail to repay your overdraft on demand or we wish to enforce any security we hold). This is in addition to any other charges that may apply. | Within four days of the Default Notice being served. | £30 per notice |
Additional services
| Stopping payment instructions | |
|---|---|
| Stopping a cheque (unless it has been lost or stolen) | £10 |
| Payments | |
|---|---|
| Obtaining a banker's draft | £12 |
| Obtain a special cheque clearance | £15 |
| CHAPS payments | £23 - between banks £21 - between our branches |
| Obtaining copies of statements | £5 per request |
| Arrangement fee for Advantage Private FlexiLoans | Any fees payable will be advised to you at the time |
| FlexiLoan arrangement fee | 2% of amount borrowed (minimum fee £100 |
| Safe Custody | |
|---|---|
| Annual Holding Charges (payable annually in arrears) | |
|
|
| Initial and subsequent re-deposit(s) | £10 |
Annual Holding Charges are applied in arrears so any withdrawal made prior to the anniversary of the deposit will incur a pro-rated amount of the annual charge. In addition, a £10 fee will be charged for initial deposits and any re-deposits following item inspection or temporary release. The charges set out above are inclusive of VAT.
If the service you are looking for is not shown in the table above, please ask at any branch or call the number on your statement summary sheet.
Important information
Full copies of the fees and interest rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
The subscription for Advantage Private is £19.95 a month. Advantage Private is a packaged service of which the core element is a current account without which the remainder of Advantage Private benefits are unavailable. Over 18s only. Calls may be recorded. Information correct as at March 2009.
The income criteria for Advantage Private is £100,000 per applicant, paid into your NatWest account. To qualify for and retain the Advantage Private account, your salary (or equivalent) must be mandated to your Advantage Private account.
The examples are for illustration purposes only and are not based on actual NatWest customers.
The savings shown are representative of those that can be achieved by holding a NatWest Advantage Private account in comparison to a NatWest Current Plus account.
Full details of all benefits and how to access them will be available in your Advantage Private handbook. For further details on our insurance products, please refer to your insurance policy summaries.
Important Information - Advantage Guarantee
If you opened your Advantage Account on or after 7 May 2009, you are eligible to benefit from our Advantage Guarantee.
If you use any of the Advantage Account benefits within 60 days of your account being opened and are not satisfied within that 60 day period, we will refund all subscription fees you have paid for your Advantage Account in the first 60 days of account opening.
We reserve the right to change or withdraw the Advantage Guarantee at any time without giving you prior notice.
To claim a refund please call our freephone helpline 0800 408 0337 (minicom 0870 600 0856).
Lines are open 8am to 8pm Monday to Friday and 9am to 5pm Saturdays. Max call charge from a BT landline is 8p plus up to 6p per minute. Calls from other networks may vary. Calls may be recorded.
Mobile Phone Insurance
Mobile Phone Insurance is provided by Homecare Insurance Limited (registered in England number 2793290). Homecare Insurance Limited is authorised and regulated by the Financial Services Authority (FSA).
Their Firm Reference Number is 202880. Homecare Insurance Limited is a member of the CPP group of companies.
Gadget/Handbag Cover
Gadget/ Handbag Cover is provided by Homecare Insurance Limited (registered in England number 2793290). Homecare Insurance Limited is authorised and regulated by the Financial Services Authority (FSA).
Their Firm Reference Number is 202880. Homecare Insurance Limited is a member of the CPP group of companies.
Card Protection
Your NatWest card protection service is provided by Card Protection Plan Limited (CPP) acting as agents for the insurer, ACE European Group Limited. The insurer pays CPP the commission in connection with your policy.
10% off Car Insurance
NatWest Car Insurance is underwritten by UK Insurance Limited.
The Advantage Travel Service
The Advantage Private Travel Service is operated by Thomas Cook Retail Ltd, ABTA 29653, acting as agent to ATOL protected tour operators.
Private Box Office
The Private Box Office Service and Concierge Service are provided for NatWest by Affinion Limited, registered in England and Wales No.1008797. Registered Office: Charter Court, 50 Windsor Road, Slough, Berkshire, SL1 2EJ.
Share Dealing Service
Share dealing services are provided by NatWest Stockbrokers Limited which is a member of the London Stock Exchange and PLUS and is authorised and regulated by the Financial Services Authority. Online dealing also available.
Registered Office: Waterhouse Square, 138-142 Holborn, London EC1N 2TH.
Registered in England No. 1959479. NatWest Stockbrokers Limited is operated by a joint venture between The Royal Bank of Scotland Group plc and The Toronto-Dominion Bank. TD Waterhouse Investor Services (Europe) Limited (a subsidiary of The Toronto-Dominion Bank), authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange and PLUS. Incorporated in England and Wales under registration number 2101863. Registered Office: Exchange Court, Duncombe Street, Leeds LS1 4AX.
Mortgages
Mortgages are provided by National Westminster Home Loans Ltd. Telephone lines are open Monday to Friday 8am to 8pm, Saturdays 9am to 4pm excluding bank and public holidays.
This account is no longer available
You cannot apply for a new Advantage Private Account.
A Black Account provides similar banking features and a range of quality benefits.