NatWest Premier Select bank account review
Looking for a more exclusive bank account? Find out about the NatWest Premier Select bank account to see if it’s right for you.
National Westminster Bank, or NatWest, was established in 1968 when the National Provincial Bank and Westminster Bank merged. As of 2020, it has been part of the NatWest Group which includes Royal Bank of Scotland and Ulster Bank.
NatWest offers a wide range of financial products and current accounts, including the NatWest Premier Select bank account.
What is the NatWest Premier Select bank account?
As well as offering everything you’d expect from a bank account, the NatWest Premier Select account provides exclusive benefits such as round-the-clock help and one-to-one support for all-important financial decisions.
There’s no monthly fee for the account but you will need to meet certain financial criteria. You can open the account individually or jointly and it comes with a contactless Visa debit card.
How does it work?
If you open a NatWest Premier Select bank account, you’ll be able to take advantage of the following:
- Round-the-clock support. Expert help is available 24/7 online or over the phone.
- Financial support. A Premier Banking Manager will be on hand to help with more complex financial decisions or plans.
- Arranged overdraft. This is subject to eligibility.
- Access to an enhanced level of insurance cover. Available with Premier Insurance if you need it.
- Access to NatWest’s will writing and executor services. Helping you to plan for the future. Note that a fee will apply.
- Free receipt management tool. Store, track and capture your receipts via the mobile app.
Who is it for?
To apply for the NatWest Premier Select account you will need to be at least 18 years old and a UK resident. In addition, you will need to meet one of the following criteria:
- Minimum sole income of £100,000 or joint income of £120,000 paid into your NatWest account
- £500,000 minimum mortgage borrowing with NatWest
- Minimum £100,000 savings or investments held with NatWest
What are the benefits?
If you’re an existing NatWest customer, and you earn a high salary or have significant assets, the Premier Select account can help you to better manage your money by offering a more personalised service 24/7. You’ll also have access to more tailored and exclusive products.
How to apply
The NatWest Premier Select account can be opened online. You’ll need to fill in an application form and provide details about your address, job and so on, and provide photo ID and proof of address. You’ll also be asked for a short video to compare to your photo ID. Once security checks have been carried out you’ll get a welcome call within 2 working days and your account will be set up.
Pros and cons of the account
- No monthly fee
- Round-the-clock support, including a dedicated banking manager
- Arranged overdraft available
- Access to exclusive products such as insurance
- Strict eligibility criteria
- Overdrafts are charged at 19.49% EAR
- No interest paid on in-credit balances
If you’re looking for tailored financial support with your bank account, the NatWest Premier Select account ticks the box. With its round-the-clock support, dedicated banking manager and access to exclusive products, there’s a lot to like about the account.
However, as is typical of this type of account, eligibility criteria are strict and this will automatically rule out many customers. As always, it pays to shop around and compare what else is out there.