what's a nat west reserve account?

[crisgal]

does anyone know what this is? My old aunt went in today to reactivate her isa. before she knew what had happened she had signed up for a 'reserve account' at 40 quid a month. She doesn't know what it is, how much the interest is, if she can get at her money immediately. Also, the teller told her, 'i've put £100 in from your current account to start it off.'
She's totally confused and I can't find out about it on the website.

[treetops1]

Looks like a savings account
http://www.natwest.co...ve.ashx#tabs=section1

[Buenchico]

The are three types of 'Reserve' accounts with NatWest.

First Reserve:
http://www.natwest.co...ss/first-reserve.ashx

Reward Reserve:
http://www.natwest.co...s/reward-reserve.ashx

Advantage Reserve:
http://www.natwest.co...dvantage-reserve.ashx

Chris

[starone]

Always puzzles me this sort of thing. I can empathise with your aunt because as most of you know I am a bit old (only a bit). Why the hell would she want a savings account? What is she saving for - her old age? News - she's reached it and can now spend what she has if she can think of anything to spend it on. She's probably got everything anyway! I have got to the stage where if I hear the words 'financial adviser' I run straight out of the door. Sorry that run should be amble as fast as I can.

[factor-fiction]

If £40 a month is the fee then it can't be worthwhile, whatever the benfits are (free annual travel insurance, RAC cover, or whatever).
If she wants to cancel it she should do so quickly.

[dzug2]

£40 a month is not a fee - maybe she will be paying £40 a month savings into it??

<<Why the hell would she want a savings account? >>

To get some interest on her cash whilst waiting to spend it - she's not going to blow the lot in one go

[crisgal]

i bet the teller was on commision for that type of account though. Why not let her just have her isa like she wanted? I wish she'd have took one of us with her. I hate banks. All of 'em. (except the cwop, cus they're mine;))