NatWest’s Rewards Platinum account is one of the UK’s most popular packaged bank accounts, promising cashback on spending, travel insurance, mobile phone insurance, and other lifestyle benefits for a monthly fee. The central question is: Does the NatWest Rewards Platinum account actually pay for itself, or are you paying for benefits you’ll never use?
What Is the NatWest Rewards Platinum Account?
The NatWest Rewards Platinum account is a packaged current account that charges a monthly fee in exchange for a bundle of benefits. As of the most recent update, the account charges £19.99 per month (check NatWest directly for current pricing as this may have changed). In return, account holders receive access to NatWest’s Rewards cashback programme, travel insurance, mobile phone insurance, and additional lifestyle perks.
NatWest Rewards: How the Cashback Works
The NatWest Rewards programme pays cashback on everyday spending at a range of partner retailers. Cashback rates typically range from 1% to 15% at selected retailers including supermarkets, energy providers, and lifestyle brands. Cashback accumulates as “Rewards” points redeemable for cash credited to your account or for gift cards.
To make the monthly fee work in your favour, you need to generate enough cashback to offset the £19.99 monthly cost — which requires regular spending at Rewards partner retailers. Heavy users of partner retailers can comfortably exceed the monthly fee; infrequent spenders at those retailers will struggle to break even.
Travel Insurance Included
The Platinum account includes worldwide family travel insurance covering the account holder, their partner, and dependent children under 18. Cover typically includes emergency medical expenses, cancellation, curtailment, and lost baggage. Pre-existing medical conditions may require disclosure and could affect cover — read the policy terms carefully.
Mobile Phone Insurance
The account includes mobile phone insurance for the account holder and partner, covering loss, theft, damage, and breakdown. Claims must be made through the insurance provider listed in the account terms. There is typically an excess per claim.
Is the NatWest Rewards Platinum Account Worth It?
It depends on your spending and travel habits. The account makes financial sense if you:
- Regularly shop at Rewards partner retailers and can generate £20+ in cashback monthly
- Travel abroad at least once per year (standalone travel insurance for a family often costs £80–£200+ annually)
- Have a mobile phone worth insuring (standalone mobile insurance typically costs £10–£15 per month)
If you travel frequently and shop at partner retailers regularly, the account easily pays for itself through benefits alone. If you rarely travel and don’t spend at partner retailers, a free current account is likely the better option.
Frequently Asked Questions
Can I switch to NatWest Rewards Platinum from another bank?
Yes — NatWest participates in the Current Account Switch Service (CASS), making switching straightforward.
What is the NatWest Rewards monthly fee?
Check NatWest’s official website for current pricing as fees may have been updated since this article was published.
Our Verdict
The NatWest Rewards Platinum account is worth it for frequent travellers and heavy spenders at partner retailers. For those who rarely travel or don’t shop at Rewards partners, the monthly fee is hard to justify. Calculate your potential monthly cashback and compare it against the fee before committing.
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