NatWest is set to implement substantial increases in the fees for its Reward accounts, impacting many of its customers. Starting June 28, 2024, the monthly fee for the bank’s Reward Black account will rise from £31 to £36, marking a £5 increase. Similarly, the Reward Platinum account fee will see an increase from £20 to £22 per month.
The fee adjustments follow a period of stagnant prices for the past five years, as noted by a NatWest spokesperson. The spokesperson explained that the costs associated with providing benefits for these accounts have significantly risen.
The Reward Platinum account offers perks including the ability to earn Rewards redeemable for cash, gift cards, or e-codes through retail partners. It also provides mobile phone insurance, UK car breakdown cover, worldwide family travel insurance, and fee-free international debit card purchases. Additionally, customers can use Apple Pay, Google Pay™, or a contactless debit card, though certain limits apply.
The Reward Black account includes benefits such as worldwide family travel insurance, access to over 1,100 international airport lounges via DragonPass Premier+, and a 24/7 concierge service. Other features include UK and European car breakdown cover, £9 a month in Rewards for two direct debits of at least £4.50 each, and £1 a month in Rewards for mobile app logins. An arranged overdraft with a £500 interest-free buffer is also available, subject to status. However, starting from June 28, 2024, the fee for this account will rise to £36 per month.
