What it means for you

There should be no change to your everyday banking services during the transition period, which is due to end on 31 December 2020. We’ll continue to support you and keep you informed and updated. We’re closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.

As our business is largely UK-focused, the impact on NatWest is not as significant as it is for many other banks.

We’ve already made changes to the way we’re organised to ensure we can serve customers when the UK leaves the EU.

Our Ulster Bank Ireland DAC business will continue to provide services for our customers that live, invest and do business in the Republic of Ireland.

We continue to work closely with the UK Government to help us understand what the UK leaving the EU means for the Financial Services sector.

The Withdrawal Agreement sets out the terms of the UK’s exit from the EU, including provisions for a transition period until 31 December 2020.

The Political Declaration sets out the framework for the future relationship between the UK and the EU. It covers trade and economic cooperation with the EU, alongside agreements on security and other areas. The UK and EU will use this framework as the starting point for negotiations on the future UK-EU relationship.

“Brexit” is the short-hand term being used to describe the UK’s exit from the European Union (EU). The UK voted to leave the EU following a referendum in June 2016. In March 2017, the UK Government started the process of leaving the EU by triggering Article 50 of the Treaty on European Union.

Article 50 of the Treaty on European Union is a provision in law which sets out how a Member State can leave the EU.

The EU currently consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

The EEA includes EU countries and Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market.

Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.

The Withdrawal Agreement includes a transition period up until 31 December 2020. It would allow the UK to continue to participate in the European Single Market and means that UK banks would continue to have access to the European Single Market using Financial Services Passporting rights. There should be no change to the everyday banking services we offer our customers during the transition period.

Passporting (also known as Financial Services Passporting) allows us as a bank to sell our financial services in the EU, so that it’s as easy to lend to a customer in Madrid as it is to lend to a customer in Manchester. It also means that some of the foreign banks who have offices here in the UK can sell their Financial Services into EU countries and in the UK.

To prepare for the possible loss of EU passporting, we’re using our banking entity in the Netherlands, NatWest Markets N.V. to provide continuity of service from NatWest Markets N.V. to our non-UK EEA customers.

Passporting is intrinsic to the Single Market and will not be available to the UK after Brexit. The UK Government in its July 2018 white paper stated that its proposal for the economic partnership would include new arrangements on services and investments that provide regulatory flexibility.

Yes. There should be no immediate changes to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs. Your usual Sterling direct debits and other payments should continue as normal.

Yes. It will still be easy to use your bank card in ATMs across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs.

Yes. Your money will continue to be protected by the Financial Services Compensation Scheme. More information is available at https://www.fscs.org.uk/check-your-money-is-protected/

There is, as yet, no specific guidance on UK banking from the authorities. There should be no change during the transition period for our customers to their everyday banking services.

Access to Euro payment capability for our customers will remain as it is today.