Review of Norwich & Peterborough Gold Current Account

Written by Karen Bryan

norwich-and-peterboroughI had heard of the Norwich and Peterborough Building Society Gold Current Account offering fee-free overseas ATM withdrawals and overseas transactions.

As my Nationwide Flex Plus Current Account offers fee-free withdrawals from overseas ATMs, and my Halifax Clarity Credit Card and Nationwide Select Credit Card offer fee-free foreign transactions, I didn’t investigate opening a Norwich and Peterborough Gold Current Account.

When Keycare benefit (covering lost and stolen car and house keys) was dropped from our M&S Premier Car Insurance, I started to look around for alternative insurance cover for lost keys.

Our house keys are covered by our home insurance, but we’d have to pay a £100 excess on any claim. Replacing lost car keys is included in some car insurance policies, but not with M&S (only stolen keys are covered). I’d read that it can cost hundreds of pounds to replace car keys which are not covered by an insurance policy.

My research uncovered the Norwich and Peterborough Gold Current Account offered free Sentinel Gold Cover. This Sentinel policy covers lost car and house keys. It costs £40 a year to buy directly.

I also read that holding a Norwich and Peterborough Gold Current Account allows access to a Norwich and Peterborough Gold Savings Account, paying a fixed rate of 4%, This is a regular savings account, into which you can pay between £25 – £250 a month.

You can’t make any withdrawals until the 12 month term is up. You can close the account before the end of the term, but then you will receive no interest on the account. Although earning 4% on my savings sounded attractive, the fairly low maximum monthly deposit of £250, plus tying up the cash for a year, made me wonder if it was worth opening this regular saver account.

To avoid the £5 monthly fee on the Norwich and Peterborough Gold Current Account, you need to either pay in £500 a month, or leave a minimum balance of £5000 in the account (which won’t earn any interest).

The combination of the Norwich and Peterborough Gold Current Account providing a back up for my Nationwide Flex Plus Current Account for  fee-free overseas ATM withdrawals, and the free Sentinel Cover for lost keys, was enough to convince me to open an Norwich and Peterborough Gold Current Account.

I opened the Norwich and Peterborough Gold Current Account online. I had to print out the application form, sign it and post it to the Norwich and Peterborough using a freepost address.

I’m glad that I opened a Norwich and Peterborough Gold Current Account in late September, as this account has now been withdrawn.