....which comes with overdraft fee

  • Seven current accounts being condensed into one
  • Overdraft rates are far higher - while some will be charged a fee too
  • One reader slams its 'goodbye unfair banking' slogan after the move


Thousands of NatWest and RBS customers who have banked with the pair for decades are being shunted into a current account which charges more for overdraft usage. A total of of 140,000 NatWest customers with a Personal Current Account or Gold Plus deal, and RBS customers with a Personal Current Account, Gold Cheque, Private Bank Account, Private Banking Current Account or Child & Co Current Account, will be moved into the Select Account. These 'legacy' current accounts haven't been on sale for some time but customers kept hold of them because of the attractive terms. One reader, Mike, said he has held a Gold Plus account since the 1980s, while he has been a NatWest customer since the 1960s. The key feature was an overdraft that incurred interest at Bank of England base rate plus 6.75 per cent with no additional usage fee. The account carries no monthly fee. Mike had an overdraft limit of £10,000 although he said the account was often in credit by several thousand pounds. He says he has frequently made use of the overdraft facility without exceeding the limit....Read more here