Private Bank Account
This account is no longer available to new customers. It has been replaced by the Select Account.
Day-to-day
- Free Private Banking no subscription for enjoying the benefits of everyday private banking
- Overdraft subject to eligibility, helping you to plan your finances
- Private Banking chequebook, perfect when cash or cards won’t do
- Monthly statements get a complete list of transactions and your balance – by post or online. You can also print a mini-statement from any NatWest cash machine
Ways to bank
- Your Private Banking Manager will oversee all your banking needs – in person, over the phone or by email
- Around 1600 branches make it easy to stay close to your finances
- Online banking is the convenient way to stay in touch with your finances
- Private Banking 24/7 with dedicated Private Banking call centres in the UK
Payments and withdrawals
- Private Banking debit card is the easy way to pay
- Private Banking credit card
- Withdraw your money at almost every UK cash machine
- Overseas cash wherever you see the logo shown on your card. You can also use your card to pay for goods in overseas shops
This page provides a summary of the rates and charges that apply to the NatWest Private Bank Account.
Full copies of the fees and interest rates, and terms and conditions that apply to our Private 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).
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 File 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 current of account | Interest free threshold |
|---|---|
| Private Bank Account | £100 |
Current rates
The following rates are effective from 02 August 2010
| Type of current account | Nominal monthly rate % | Nominal annual rate % | EAR % |
|---|---|---|---|
| Private Bank Account Credit Zone Overdrafts | |||
| All amounts | 1.52 | 18.28 | 19.89 |
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 % |
|---|---|---|---|
| All amounts | 1.48 | 17.73 | 19.24 |
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 % |
|---|---|---|---|
| Private Bank Account | 1.52 | 18.28 | 19.89 |
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 | |
|---|---|
| Private Bank Account | |
| 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 | ||
|---|---|---|
| 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 |
| Emergency Cash Service | Any fees payable will be advised at the time |
| Safe Custody | |
|---|---|
| Annual Holding Charges (payable annually in arrears) | |
| £24.47 £44.04 £63.62 |
| Initial and subsequent re-deposit(s) | £9.79 |
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 £9.79 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
Credit facilities: Over 18s only. Calls may be recorded. Details correct at the time of publication. Security may be required.
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.
Mobile phone top-up facility available at all NatWest cash machines and those displaying the top-up logo, including those operated by Royal Bank of Scotland and Tesco Personal Finance. Top-up amounts are subject to your debit card daily withdrawal limit and the availability of sufficient funds. Network operator top-up limits may also apply.
Overdrafts
- You have to repay any overdraft upon our request. Overdraft and interest rates may change
Sometimes we have to update our systems so our 24-hour telephone and OnLine Banking services may not be available for short periods in the early hours of the morning.
Please also read our website terms and conditions which cover your use of this website.
This account is no longer available
You cannot apply for a new Private Bank Account.
A Select Account provides similar banking features.