NatWest Select account: everything you need to know

Looking for a new bank account, or planning to switch banks? There are a huge number of current accounts out there, so choosing the right one can sometimes be tricky.

One of the options available is the NatWest Select account. It’s the high street bank’s standard current account, offering all the everyday banking services you need for no monthly fee. But is it the right choice for you?

Find out everything you need to know about the NatWest Select account here in this guide. We’ll run through all the main features, fees and how to open an account.

Weighing up all of your options? Make sure to check the Wise multi-currency account.

It’s a convenient, low cost way to send, spend and receive money in 40+ currencies. But Wise also gives you something back - simply turn on Wise Interest and you can get a 4.82% variable rate on your GBP balance. Your money is invested in an interest-earning fund that holds assets guaranteed by the government.

Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

But for now, let’s focus on the NatWest Select account.

NatWest Select account features

So, what is the NatWest Select account and what can you do with it? It’s a straightforward current account, offering all the features you need for everyday banking.

This includes sending and receiving payments, along with setting up Direct Debits and Standing Orders.

You’ll automatically be issued with a NatWest debit card when you open the account. It’s a contactless Mastercard, which can be used anywhere that Mastercard payments are accepted. This includes online and real-world shops, plus ATMs when you need to withdraw cash.

The card also works with mobile wallets such as Apple Pay and Google Pay. This means you can make easy contactless payments using just your phone, with no need to take the physical debit card out with you.

There’s also the option to apply for a short-term overdraft if you meet the criteria.

The NatWest Select account doesn’t come with any bells and whistles, unlike the NatWest Reward account which offers cashback rewards on spending.

But if you’re looking for a simple current account with no fees, this is a good option from a trusted high street bank.

NatWest was even voted ‘Best everyday current account provider’ in 2022 by YourMoney.com, and its Select account was given 5 stars by financial information service Defaqto.¹

How to manage the NatWest Select account

NatWest offers multiple ways to manage your account, including the following:

• Online banking
• Mobile banking through the NatWest mobile app (available for compatible Android and iOS devices)
• Telephone banking
• In branch - find your nearest NatWest branch here.

The NatWest mobile banking app offers quite a few useful features. You can use it to pay bills, move money between accounts and pay contacts using just their mobile number. You can also pay in a cheque simply by taking and uploading a photo of it.

Other app features include instant notifications, savings goals, Round Ups to save your spare change and cardless cash withdrawals at certain ATMs.

The app is very secure, as access is protected with biometric login such as your fingerprint or face ID. No account information is stored on your phone, so there’s no security risk if you lose it.

Fees to use the NatWest Select account

So, how much does it cost to use the NatWest Select account? The first and most important thing to know is that there is no monthly fee. This is unlike the NatWest Reward account, which comes with a monthly fee in exchange for its cashback reward features.

However, the NatWest Select account does have some fees. This includes some charges relating to international and overseas transactions.

Let’s take a look:²

Type	Fee
Maintaining the account	No fee
Making international transfers	No fee for payments via mobile/online banking; £22 to £30 for payments via phone/branch (no fee for standard euro payments)
Receiving international transfers	No fee for euro payments; £1 for other currencies under £100; £7 for other currencies over £100
Cash withdrawals in foreign currency outside the UK	2.75%
Debit card payments in foreign currency	2.75%

How to open a NatWest Select account

Interested in opening a NatWest Select account? Here’s how to do it, including details of who is eligible to apply and how to get started with an application.

Eligibility

The eligibility requirements for this account aren’t very strict, so pretty much anyone can open it.

To be eligible, you’ll just need to meet the following requirements:¹

• Be a UK resident
• Be over the age of 18.

And that’s it. In most cases, banks don’t do credit checks for basic current accounts, although a ‘soft’ check may be done. This means that you don’t necessarily need to have a high credit score to be accepted for this account.

What you’ll need

Before you start the application process, make sure you have the following details and documents to hand:¹

• Your personal details, including home address, contact details, nationality and tax residency status (if you’re new to NatWest)
• Your financial details, such as monthly take-home pay (if applying for an overdraft)
• Proof of ID, such as your UK passport or driver’s licence
• Proof of address, such as a recent UK utility bill, bank statement, council tax bill or driver’s licence.

If you’re already a NatWest customer, you’ll find the process a little quicker as the bank will already have most of your details. You can simply log in and apply, and some of your information will be pre-filled.

How to apply - step-by-step

With all of your details and documents ready, you’ll be ready to apply for your new NatWest Select account.

Here are the steps you need to follow:

1. Go to the NatWest website and check the details of the Select account here
2. Click ‘Ready to apply’ at the top of the page
3. Check you meet the eligibility criteria, read the terms, conditions and fee documents, then click ‘continue’
4. Follow the on-screen steps to complete your application
5. Upload your ID and proof of address documents as requested
6. Check your details and submit
7. You should receive a confirmation email from NatWest immediately after submitting your application.

You can also open the NatWest Select account through the Current Account Switch Service. This is a good option if you have a current account with another bank, and want to switch over to NatWest.

The Current Account Switch Service makes it quicker and easier to switch, as it guarantees to have your new account open and your old one closed within 7 days. Your direct debits and standing orders will be moved over too.

At the moment, NatWest is also offering a £200 switching bonus provided you meet certain conditions. To get the bonus, you’ll need to deposit at least £1,250 into your new account and login to the NatWest mobile banking app within 60 days.¹

How long does it take to open a NatWest Select account?

NatWest says that you should get an instant decision when you apply for its Select account online. But if more details are needed, it could take anywhere from 3 to 5 days to get your new account up and running.¹

You’ll get your new NatWest debit card in the post around 3 to 5 days after your account is open.¹

Is the NatWest Select account available as a joint account?

Yes, you can open a NatWest Select account as a joint account with someone else. You’ll have the option to add another person to the account during the online application process.

Save with Wise when managing your money internationally

Weighing up all of your options? While you’re comparing accounts and providers, make sure to check out the Wise account.

Wise is an e-money provider that lets you open a powerful account for managing your money in 40+ currencies, including making international payments for low fees and mid-market exchange rates. These rates are often much better than you’ll get when you use your bank for international transactions.

You can even receive money for free in 9 major currencies, as Wise gives you your own local account details.

For a one-time cost of just £7, you can get a Wise debit card which has no foreign transaction fees for spending abroad. You can withdraw up to £100 a month from overseas ATMs with no Wise fees. Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

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And that’s pretty much it - everything you need to know about the NatWest Select account. We’ve covered it all, from features to fees.

As basic bank accounts go, this one has everything you’ll need for everyday money management. One of the main benefits is access to the NatWest mobile app, where you can access tools and services in just a few taps.

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Sources used:

1. NatWest - Select Account
2. NatWest Current Accounts - Fee information document

Sources last checked on date: 30-Jul-2023

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