The Select Silver Account is a popular packaged current account from NatWest offering an impressive list of benefits for a monthly fee of £10.
The benefits include the usual cover with insurance policies such as travel, mobile phone and breakdown cover. In addition to this this account offers a LoveFilm subscription, identity theft assistance and HMV digital music downloads.
However, in 2014 NatWest changed the terms and conditions of the account and the additional features were removed and substituted with a Tastecard and 25 per cent cashback via a new Select Silver account booking service on tickets for concerts, sporting events, theatre shows and musicals.
What are the benefits of NatWest Select Silver Account?
The following provisions come with this account:
- Mobile phone insurance - Mobile phones and smartphones are covered under this policy, which includes loss, theft, accidental damage and if the phone stops working.
- European travel insurance - Trips of up to 22 days are covered with this policy. Account holders who are aged 70 or over will need to pay a £50 annual premium per person.
- Travel money - Get preferential rates when buying foreign currency using the NatWest travel money service.
- Ticket booking service - Account holders can receive 25% cashback on tickets for many performances throughout the UK and Ireland.
- Tastecard - Enjoy discounts in thousands of restaurants across the UK.
How much was the NatWest Select Silver Account monthly Fee?
The account had a monthly fee of £10.
How was NatWest Select Silver 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.
How coudl NatWest have mis-sold you your Select Silver 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 Select Silver Account.