COUTTS Bank - how much to be a customer?

sweety
sweety Posts: 167 Forumite
First Post First Anniversary Combo Breaker
in Budgeting & bank accounts
Bankers to the queen but how much net worth is needed to be considered by them as a customer? Doesnt apply to me im afraid, but info needed for an article about the super rich and how they stay it, even during recessions!!!
Any ideas would be appreciated, particularly from RBS/Natwest empoyees.

Cheers

sweety

xxx
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Comments

  • Pee
    Pee Posts: 3,826 Forumite
    And how much a month does it cost to bank with them? My one experience of a private bank it was £15 a month, which i thought was ridiculous, but I bet Coutts will be more.
  • cifpower
    cifpower Posts: 6,502 Forumite
    Pee wrote: »
    And how much a month does it cost to bank with them? My one experience of a private bank it was £15 a month, which i thought was ridiculous, but I bet Coutts will be more.
    http://www.coutts.com/productsandservices/new-fees.asp

    Here are the fees
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    £500000 but they are flexible if you have other links to the bank
    Kavanne
    Nuns! Nuns! Reverse!
    'I do my job, do you do yours?'
  • Grade_A_Reject
    Grade_A_Reject Posts: 804 Forumite
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    Coutts is the posh banking arm of RBS. A bit like kidding yourself that your Lexus isn't really a Toyota.

    Their fees seem nothing special. Apart from the flash git value of waving your Coutts cheque book at people what's the advantage of banking with them? :confused:
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
  • Voyager2002
    Voyager2002 Posts: 15,270 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    They always used to give free banking to students. Probably only to those who did not need an overdraft!
  • PROLIANT
    PROLIANT Posts: 6,396 Forumite
    Combo Breaker First Post
    Like many financial products out there, it is just a status symbol if anything.
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    Grade_A_Reject wrote: »
    what's the advantage of banking with them?

    They have some seriously efficient investment / Trust and tax advisers .... if you're in that sort of territory. Their reputation ... and their clientele ..... is pretty impressive - and is holding up well at the current time.

    They also do an impressive private lunch if you ever get the priviledge of being invited. ;) Unfortunately ...... that was business and not personal!
    If you want to test the depth of the water .........don't use both feet !
  • Extant
    Extant Posts: 2,140 Forumite
    PROLIANT wrote: »
    Like many financial products out there, it is just a status symbol if anything.

    Yes, of course. All of the major banks run some sort of private bank - RBS has Coutts/Adam/Drummonds/Child and Co due to various mergers and acquisitions over the years. HSBC and Barclays run Private Banking under their own names, etc...

    By and large, most of these really are just brand names and are sold for the fact that they are considered to be more elite. Back in the olden days, private banks really did require a certain class of clientele, but it's not quite the same any more - if you meet the asset requirements, they'll take you.

    If you ever wanted to get to a REAL private bank, it would have to be C. Hoare and Co. They are strictly by invitation only, there's no point in applying.
    What would William Shatner do?
  • Extant
    Extant Posts: 2,140 Forumite
    Grade_A_Reject wrote: »
    Their fees seem nothing special. Apart from the flash git value of waving your Coutts cheque book at people what's the advantage of banking with them? :confused:

    They're not Cater Allen?*

    As for fees, they're not going to be applicable to most private bank customers - as most of them really will maintain the minimum balances or are usually rich/sensible enough to not give much of a damn about the fees. When you're CHAPSing a few million around, the £20 fee really doesn't matter.

    *This joke is only funny if you work in banking
    What would William Shatner do?
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    Grade_A_Reject wrote: »
    Coutts is the posh banking arm of RBS. A bit like kidding yourself that your Lexus isn't really a Toyota.

    Their fees seem nothing special. Apart from the flash git value of waving your Coutts cheque book at people what's the advantage of banking with them? :confused:
    They did a debit card designed by stella mccartney (I think that's the right one lol) a while back, imho it was pretty stunning!
    Kavanne
    Nuns! Nuns! Reverse!
    'I do my job, do you do yours?'
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