Private banking

By THIS IS MONEY
Updated:

 

We look at the tailored service given to the rich when they bank. Could you qualify?

What is it?

A special banking service given to rich people. Instead of making them queue up in a high street branch, banks give a tailored, personal service to their most valued customers.

Most high street banks offer a private banking service which deals with a far larger slice of the population than traditional firms catering for the super-rich.

How rich must I be?

Nat West will consider you for its private banking division if you earn £100,000 a year or if you have at least £50,000 to invest.

The Queen's banker Coutts is unlikely to let you through the door unless you are a millionaire.

What is the benefit?

You will be able to pick up the phone to your account manager and he should bend over backwards to meet your financial needs.

This may involve arranging cash immediately because you want to buy a diamond necklace, transferring funds or investing in the stock market.

You will have access to highly trained experts to help you manage your money, plan wills and family trusts as well as minimising tax bills.

In return, some banks charge a hefty fee or monthly charge. Others hope to make money from managing the investments.

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