Nat West & FreeAgent

[radish2008]

So they are now offering free FreeAgent with their business bank account. I got in touch with my accountant and he offered me a discount as they already bundle FA in. All seemed good - got the consent form from NW though and they ask for access to all FA data as part of the deal.

I'm not sure I want my bank to know all of my accountancy details.

Or am I being a bit too paranoid ? Any thoughts ?

These are the clauses for sharing info:

You give permission for the Bank to send your Business Banking transactions to FreeAgent, and understand that FreeAgent will process this information and make it available to you in your FreeAgent account.

You give permission to FreeAgent to share your FreeAgent account data with NatWest and understand that NatWest may use this information to help us identify products and services which may be of interest to you (unless you have asked us not to), to help provide additional insight into any borrowing applications you may make in future about your business and to provide additional insight into the on going maintenance of any credit facilities you may have now and in the future.

[Fred Bloggs]

There is no such thing as free. If what you are offered is not being charged for, then you are paying in other ways. You become the product not the buyer.

[kaiser78]

Why would NW want to offer you FreeAgent - I cannot see the benefit to you ?

[l35kee]

Why would NW want to offer you FreeAgent - I cannot see the benefit to you ?

Huh? The benefit to him is he gets FA for free.. The benefit to NatWest is they get a whole boat load of data by which to target people like us!

I'd be tempted to say no to NatWest under these circumstances tbh..

[Maslins]

Huh? The benefit to him is he gets FA for free.. The benefit to NatWest is they get a whole boat load of data by which to target people like us!

The above is my understanding.

Realistically you're indirectly signing up to sales bumf from them and a bunch of their collaborators. They'll know lots of data about you from your FreeAgent data.

Depends on how bothered you are about this when it can save you perhaps high tens/low hundreds of pounds a year as compared to whatever you/your accountant can get the FreeAgent account for.

[kaiser78]

Huh? The benefit to him is he gets FA for free.. The benefit to NatWest is they get a whole boat load of data by which to target people like us!

I'd be tempted to say no to NatWest under these circumstances tbh..

Think about it then - most of the contractor accountants offer FA for free. So surely it is better for OP that the contractor /accountant service includes FA, rather than the business account bank, who then also wants access to all FA data?

I certainly wouldn't do this.

[radish2008]

Cheers guys - this is what I was thinking - I'm not happy for the bank to have access to all of my accounts and for the nominal saving it doesn't seem worth it.

Thanks again.

[l35kee]

Think about it then - most of the contractor accountants offer FA for free. So surely it is better for OP that the contractor /accountant service includes FA, rather than the business account bank, who then also wants access to all FA data?

I certainly wouldn't do this.

Yes, essentially what I was saying :P