The Advantage Gold Account from NatWest was one of their main packaged current accounts.
For a monthly fee of £12.95 the perks that came with the account were great. They included identity theft protection, mobile phone insurance, accidental death insurance, purchase protection, extended warranty and car breakdown cover.
However, in 2012 NatWest replaced this account with the Select Platinum account costing £16 a month without the same level of cover.
What were the benefits of NatWest Advantage Gold Account?
This account used to provide the following benefits:
- Mobile phone insurance - Mobile phones and smartphones are covered under this policy, which includes loss, theft, accidental damage and if the phone stops working.
- Worldwide travel insurance - This policy has been given a 5 star rating by Defaqto. The policy covers multiple trips providing each trip doesn't exceed 31 days. Winter sports are also covered with this insurance.
- UK car breakdown cover - Account holders are offered full UK coverage and includes transportation of the insured vehicle and person to a repairer or a destination within 10 miles of the incident.
- Purchase protection - Protection of personal property against theft, loss or accidental damage when purchased with NatWest credit/debit card.
- Extended warranty - Covers 6 appliances per year for an extra year’s breakdown warranty in addition to the manufacturer’s 12 or 24 month guarantee. The cover includes accidental damage whilst the item is covered by either the manufacturer’s warranty or by this extended warranty cover.
- Identity theft protection - Covers expenses up to £5,000 to defend and restore your credit status after fraud. A credit report and card monitoring service is also included.
What is the NatWest Advantage Gold Account monthly Fee?
The account had a monthly fee of £12.95, regardless of whether the account was in credit or not.
How could NatWest have mis-sold the Advtange Gold PBA?
Like payment protection insurance (PPI), PBAs were often mis-sold by banks because the suitability of the product wasn't adequately assessed against the consumers’ needs and what the account offered was not properly explained to them.
When NatWest sold customers a Packaged Bank Account, it was their responsibility to outline all the benefits to the customer to ensure that the decision to take out a PBA was right for them.
How could NatWest have mis-sold you your Advantage Gold packaged bank account?
Many consumers did not want or realise they actually had a packaged bank account after the bank upgraded their account without telling them.
Before considering a packaged bank account, consumers should be made aware of alternative, free accounts that could also work for them.
Many consumers found that there were too many limitations on the policy that they would not have had if they had taken the insurance as a standalone policy. Additionally, consumers may have tried to make a claim on the policy only to find out that they were not covered.
Many consumers did not fully understand how much a packaged bank account was going to cost them per month.
If you are unlikely to use certain packaged bank account benefits, you could lose out. For example, if you don’t drive then breakdown insurance will not be suitable or applicable to your needs.
Please Note: NatWest no longer sell the Advantage Gold Account.