The Black Account, also known as Reward Black Account, is a packaged bank accounts sold by NatWest and is exclusively available to NatWest Premier customers. The Black Account is therefore subject to application and approval.
This account comes with a whole host of benefits including: Worldwide airport lounge access and travel insurance; 24/7 concierge service; mobile phone insurance; 2% back in Rewards on 7 types of household bills; home emergency cover; breakdown cover plus much more.
The account helps you to manage your money by using internet banking a mobile app for when you are on the go.
What were the benefits of NatWest Black Account?
For those who like to travel or need some peace of mind that their valuables are covered, this account has the following provisions that could prove useful:
- Mobile phone insurance - Up to four mobile phones can be covered under this policy. The account holder and their family can benefit from this policy, provided that they live at the same address. Theft, loss, damage and unauthorised access are all covered.
- Worldwide travel insurance - Extra-long cover for trips of up to 90 days is included in this policy, along with 31 days of winter sports. The account holder and their family will be covered by the policy.
- UK and European car breakdown cover - Account holders can benefit from roadside assistance anywhere in the UK and Europe. Additionally, a recovery service and a home-call service are also included.
- Home emergency cover - Account holders will receive 24-hour home emergency cover for their main residence as well as a second home in the UK. Domestic emergencies are covered, including break ins, burst pipes or utility failure.
- Worldwide airport lounge access - Unlimited access to over 700 airport lounges around the world and the inclusion of guests for a fee of £15.
What was the NatWest Black Account Account monthly Fee?
The account had a monthly fee of £28.
How was the NatWest Reward Black PBA mis-sold?
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.
What did NatWest do to have mis-sold you your 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.