The Select Platinum Account is a packaged current account from NatWest that comes with a list of benefits that complement your lifestyle for a small monthly.
The protection package includes worldwide travel insurance, mobile phone insurance and UK car breakdown cover. Lifestyle benefits include a Tastecard, a National Trust family pass and discounts on select holidays and travel money.
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 Select Platinum Account?
The benefits that come with this account are listed below:
- 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 - Trips are covered under this policy, provided that they don’t exceed 31 days. Winter sports are also covered with this insurance. Account holders who are aged 70 or over will have to pay a £50 annual premium per person.
- UK car breakdown cover - The policy offers account holders full national coverage. This also includes towage back home or to a preferred location anywhere in the UK.
- National Trust family day passes - Account holders will receive two family day passes per year for more than 300 locations.
- Tastecard - Get 2-for-1 meals or a 50% discount at a large choice of restaurants across the UK. Download the mobile app to see which restaurants are participating in the scheme.
What is the NatWest Select Platinum Account monthly Fee?
The account has a monthly fee of £19.
How was NatWest Select Platinum packaged current account 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 Select Platinum PBA?
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.