Thinking of becoming a private banking customer? When researching providers, you’re likely to come across high street favourite NatWest.
NatWest is best known for its retail, consumer and business banking solutions. However, it also has a couple of other premium options aimed at people interested in investment, wealth management and other private banking services.
But is NatWest the right option for you? Read on, as we’ve put together a guide covering everything from accounts and services to NatWest’s private banking criteria for new customers.
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This powerful online account lets you transfer international payments for low fees and the mid-market exchange rate - including large secure transfers. And you can spend, send and convert between 50+ currencies at once.
NatWest offers a couple of different private banking services. The first is through specialist and highly respected private banking brand Coutts, which is owned by the NatWest Group.
But NatWest itself also offers some private banking services through NatWest Premier, which is what we’ll focus on for the rest of this guide.
NatWest Premier includes a range of current and savings accounts, mortgages, investment advice, loans, enhanced insurance cover, estate administration services and financial health checks.
You get a lot extra compared to NatWest’s everyday offer for individual customers. However, it’s not quite at the level you’ll find at other dedicated private banks, which offer personalised and strategic wealth management, succession planning, estates and retirement planning services.
NatWest’s private banking account is called Premier Banking. Under this umbrella, there are a number of different accounts to choose from, including the NatWest Premier Select Account and NatWest Premier Reward Account. We’ll look at these in more detail shortly, including the features and fees you need to know.
According to NatWest, its private banking customers will enjoy the following benefits and perks:¹
- A personal Premier Banking Manager
- 24/7 support
- Rewards for spending, deposits and using mobile banking
- Additional perks for Premier Reward Black account holders, including cinema discounts, phone insurance, 24/7 concierge service, airport lounge access, breakdown cover and more
- A free Financial Health Check²
- Referral to the NatWest Premier Tax Panel, for personalised tax advice and help with tax returns at a special rate²
- Access to enhanced insurance products
- Access to NatWest Invest, including online investing and support from Digital Wealth Managers
- Exclusive borrowing options, including personal loans, credit cards and overdrafts
To take advantage of Premier services at the bank, you’ll need to meet certain NatWest private banking requirements. For starters, you’ll need to be at least 18 years old and a permanent UK resident.³ You’ll also need to meet one of the following criteria:³
- Have a minimum sole income of £100,000 or a joint income of £120,000 paid into your NatWest account
- Have at least £100,000 in savings or investments with NatWest
- Have a mortgage of at least £500,000 with NatWest
You’ll also need to provide certain details and documents to prove your ID. During the application process, you’ll be asked for your photo ID and proof of address. You’ll also need to take a short video so that it can be matched to your photo ID.
Once your identity has been verified, NatWest will also want to see the relevant financial documentation to prove that you meet its private banking criteria.
NatWest doesn’t offer many wealth management services compared to other private banks. However, it does have a number of services and solutions you may find useful for getting the most from your money and planning ahead. These include:⁴
- Will writing, executor and estate administration services - to ensure that your wishes are followed when it comes to how your wealth is passed on.
- Personal tax advice and bespoke arrangements - this service is offered through a referral to the NatWest Premier Tax Panel.
- Specialist investment advice through Coutts - this is for people able to invest £250,000 or more, and covers investment planning, preparing for retirement and estate planning.
- Financial Health Check - a free service to review your current financial situation, understand your wealth goals and offer recommendations to help you achieve them.
Pricing for wealth management services and advice at NatWest is based on your individual needs, and on the service.
All of NatWest’s Premier accounts come with a contactless NatWest Premier debit card. Here’s a little more info on each account:
NatWest Premier Select Account⁵ - designed for everyday banking, with no monthly fee and 24/7 help. You can manage your money through online and mobile banking, via the NatWest app. And there are multiple ways to spend, on your NatWest debit card, Apple Pay and Google Pay.
NatWest Premier Reward Account⁶ - for a £2 monthly fee, you get all of the above plus an arranged overdraft and the option to earn Rewards you can exchange for cashback or gift cards. You can earn Rewards by setting up Direct Debits, using the NatWest mobile app and spending at certain partners.
NatWest Premier Reward Black Account⁷ - this is NatWest’s top-level private banking account, available for a £31 monthly fee. But it also offers heaps of perks, including a 24/7 Concierge Service, Rewards, access to airport lounges, worldwide family travel insurance, breakdown cover and much more.
NatWest also offers credit cards. These include balance transfer cards, a standard NatWest credit card and the Reward and Reward Black credit card. These are available for all eligible NatWest customers. However, on cards such as the Reward Black card, the annual fee is refunded if you have a Premier Reward Black Account.⁸
If you’re looking for a contactless card you can use in 175 countries, check out Wise. Open a Wise multi-currency account, and you can move money and convert between 50+ currencies at once.
Plus, you can spend in 175 countries at the mid-market exchange rate using your Wise international debit card. Wise can beat many banks when it comes to international transfers, even if they offer a dedicated foreign currency account.
If you’re looking for financing, NatWest Premier offers the following borrowing options:
- Loans - As a NatWest Premier customer, you may be able to get exclusive preferential rates on a NatWest loan, and access higher loan amounts of over £50,000. The rate is normally 5.4% APR, representative on loans between £7,500 and £14.950.⁹
- Mortgages - Premier customers can get tailored mortgage advice, and choice of remortgage, buy-to-let, first-time buyer and interest-only mortgages. There’s also the Mortgage Concierge Service on applications of £500,000 and above.¹⁰
There are a number of services available for NatWest Premier customers, to help them plan for the future and protect their wealth. This includes estate planning, will writing, a Financial Health Check and personal tax advice.
NatWest can also help with investments, which we’ll look at next.
If you’re interested in investing to grow your wealth, NatWest Premier Banking has a number of online investing options. This includes:¹¹
- Invest for you - start investing for £50, with 24/7 access, clear charges and a choice of 5 ready-made funds
- Invest for your retirement - grow your pot for later life with an initial investment of £50, or transfer existing pensions. Your investment will be managed by experts at Coutts.
There’s also Digital Assist, which combines automated advice with expert support from a human investing specialist. Remember though that there are always risks with investing, and the value of your fund could go down as well as up.
Need to get in touch with NatWest private banking to find out more? Here’s how to get in touch:
- Call the NatWest private banking number on 0333 202 3330¹²
- Find your nearest NatWest branch here.
After reading this guide, you should have all the info you need to decide whether NatWest private banking is right for you. We’ve covered accounts, cards, wealth management services and more.
If you meet the pretty modest NatWest private banking requirements, you can access all of these services and hopefully make your money go further.
- NatWest Premier Banking - What is Premier Banking?
- NatWest Premier Banking - Do More With Premier
- NatWest - What is Premier Banking?
- NatWest Premier Banking - Services
- NatWest - Premier Select Account
- NatWest - Premier Reward Account
- NatWest - Premier Reward Black Account
- NatWest - Credit Cards
- NatWest Premier Banking - Loans
- NatWest Premier Banking - Mortgages
- NatWest Premier Banking - Investments
- NatWest Premier Banking - Contact
Sources last checked on date: 26-Oct-2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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