The Natwest Student Account Goes Out Of Favour

August 8th, 2011 → 12:12 pm @ // No Comments

No railcard for the Natwest student account

The Natwest Student Account was for a long time one of the most attractive options for students looking for a dedicated student bank account. A big selling point was the free 5 year railcard which came with it.

They’ve now dropped the railcard and in the new terms and conditions students must use the account as their main banking account and deposit at least £750 every three months. Students must also make at least 9 debits from the account every three months.

For students this requirement will be difficult to meet and now without the railcard I’d be amazed if anyone still decided to open one. Natwest either don’t know their customers or don’t want the business from students.

As you can imagine, there’s been plenty of outrage from student groups: Save The Student has a thread on their Facebook page regarding the changes. They are also advising students to steer clear of Natwest this year.

There is a brief post from Money Saving Forum on the changes. It states if students fail to meet the new requirements they reserve the right to terminate any interest-free overdraft on the account.

You can read the official terms and conditions on the Natwest site.

Today there has been some talk of Natwest bowing to the pressure from students and making amendments to their terms and conditions. But the details and confirmation of this are yet to come. We’ll let you know if we hear anything.

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