I have money saved and invested within Nat West and I would like to know how I should look on this given the £50k limit on protected savings. I have a curant account (in credit), a Reward Savings Accont, a Bond (that pays a monthly interest direct into currant account) and amount invested via Nat West with Norwich Union (which will start to pay out a monthly income upon completion of first year in Jan 09). I really want to know what is covered by the £50k and what is not so that I can decide how to best move things etc...

Nat West are very unlikely to fail. If they did, you would be guaranteed to get back 100% of the first £50k in the Nat West accounts (that's £50k in total, not per account). You would be covered in a similar way if Norwich Union failed.