COUTTS Bank - how much to be a customer?
Comments
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03scrompton wrote: »Because one of my friends used to have an account with Coutts & she said that they are completely different.
If Coutts are so good then why did your friend leave them?03scrompton wrote: »If one is working as a self-employed businessman then he/she would probably not employ an accountant.
I would think the opposite. Self employed people probably would employ an accountant. You could get away without one if your business was very small and you only had a small turnover, i.e. if you didn't make much money, but otherwise you would be well advised to have one.03scrompton wrote: »The first bracket is of a net income of £75,000 a year. Yes but the interest gained for the amount of money in there cannot be matched by any other bank.
Codswallop! What planet are you on! Their current account pays zero interest (0.00%) and even their Private Reserve Account only pays 0.65% on a balance of £3 million!!! If I was a millionaire I would expect a slightly higher rate of interest than that!
http://www.coutts.com/newsandinformation/rates/invest_rates.asp03scrompton wrote: »Coutts also has wider withdrawal limits (for instance Natwest's limit on a Debit Card is usually £250 however a Coutts card it is double that).
First Direct is also double that. The cash withdrawal limit is £500 per day.0 -
There is a question of service - a friend who used to work for RBS group told me that Coutt's staff were the only people who replied to all phone messages asap0
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BarclaysManager wrote: »Banking with Coutts is little more than a way to kiss your own !!!. If you meet their pre-requisites, there's much better places to lodge your funds that will give you a much better service more tailored to your needs.
This probably warrants another discussion, but who is it that you're thinking of when you say this?0 -
never-in-doubt wrote: »Ahhh, a dyslexic self employed designer that doesn;t have an accountant.... that's a first! So tell me then, how do you complete your VAT/Payroll/Accounts/NI conts/ER liabilities/rates/H&S?
You know what i'm getting at here surely? You must earn a lot to be looking at this account therefore you'd be above the VAT threshold, a higher rate tax payer (presumably) and ultimately you'd have to file accounts in some capacity.
Correct me if i'm wrong but using dyslexia isn't really fair when it appears on face value that you're probably either; BS'ing or very lucky to have mild dyslexia in either case the point remains - book an appointment and see for yourself what they look like - i;m sure a prospective customer with half a mil net worth has a right to see a statement prior to opening an account?
However, one also ponders the legitimacy and raises the doubt would you like to see an image so you can cut/paste things and make it appear that you have a Coutts account.... :cool: :rolleyes:
Only a cynic would think that of course
Wow! You know you were talking about being a cynic... Well it sounds to me like you are. Or because you are jealous of my income you are just trying to pick holes in my posts. It is a very common occurence to not have an accountant so please if you want to be immature enough to disagree with everything I write on this forum then please go somewhere else to vent your sarcasm. This is MoneysavingExpert not MoneySARCASMExpert. If you must know I have a friend help me wwhen I need it. Again please if you do not have anything constructive to say then please do not say anything at all. Thank you SOOOOOOO much for your comments... how does that feel?0 -
If Coutts are so good then why did your friend leave them?
I would think the opposite. Self employed people probably would employ an accountant. You could get away without one if your business was very small and you only had a small turnover, i.e. if you didn't make much money, but otherwise you would be well advised to have one.
Codswallop! What planet are you on! Their current account pays zero interest (0.00%) and even their Private Reserve Account only pays 0.65% on a balance of £3 million!!! If I was a millionaire I would expect a slightly higher rate of interest than that!
First Direct is also double that. The cash withdrawal limit is £500 per day.
Please research your point more before "coming in all guns blazing". Also not every self employed person employs an accountant... Thank you! The reason my friend left Coutts is none of your concern.0 -
This probably warrants another discussion, but who is it that you're thinking of when you say this?
For current account banking with smaller portfolios and a "bespoke" service, it'd be Duncan Lawrie, for investment banking it'd be Rothschild.
That said, I am not a huge fan of private banks anyway - I think a "switched on" person can achieve better results without them.What would William Shatner do?0 -
03scrompton wrote: »Wow! You know you were talking about being a cynic... Well it sounds to me like you are. Or because you are jealous of my income you are just trying to pick holes in my posts. It is a very common occurence to not have an accountant so please if you want to be immature enough to disagree with everything I write on this forum then please go somewhere else to vent your sarcasm. This is MoneysavingExpert not MoneySARCASMExpert. If you must know I have a friend help me wwhen I need it. Again please if you do not have anything constructive to say then please do not say anything at all. Thank you SOOOOOOO much for your comments... how does that feel?
Excellent! Member for a day, 13 posts and he tries to have a go and act smart with us? Good luck!
For the record, as you've been told by others, most and I mean MOST businesses have an accountant, if not please be so kind as to answer my previous post and explain who does your bookeeping?
In fact, if I hit you with an easy question, such as assume you do earn £75k - what tax rate do you pay and at what point do you hit the threshold for higher rate assuming, you also pay class 1 NI Conts - what would your deductions be per annum for tax and NI on said £75k salary? Not knowing this would be ermm, criminal lets say :rotfl::rotfl:
Unless of course you hire an accountant as most do!
Regards to going elsewhere, think that will be you my son unless you change the attitude a little and stop being so evasive and get to the point! Your whole story is filled with !!!!!! - just go away and learn to walk before you run!03scrompton wrote: »Please research your point more before "coming in all guns blazing". Also not every self employed person employs an accountant... Thank you! The reason my friend left Coutts is none of your concern.
Did you notice the key word in amongst his reply?I would think the opposite. Self employed people probably would employ an accountant.
That, to me, doesn;t suggest every self employed person does - it suggests most do, as I concur. Dipsh!t :rotfl: 2010 - year of the troll
Niddy - Over & Out :wave:
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never-in-doubt wrote: »In fact, if I hit you with an easy question, such as assume you do earn £75k - what tax rate do you pay and at what point do you hit the threshold for higher rate assuming, you also pay class 1 NI Conts - what would your deductions be per annum for tax and NI on said £75k salary? Not knowing this would be ermm, criminal lets say :rotfl::rotfl:
Self-employed don't pay Class 1 NI contributions, they pay Class 2 & 4.0 -
never-in-doubt wrote: »In fact, if I hit you with an easy question, such as assume you do earn £75k - what tax rate do you pay and at what point do you hit the threshold for higher rate assuming, you also pay class 1 NI Conts - what would your deductions be per annum for tax and NI on said £75k salary? Not knowing this would be ermm, criminal lets say
Class 1 contributions are employer/employee, self-employed people pay Class 2, which is a set amount every week, and Class 4, which is assessed with your end of year tax return.
Also, there's no point in challenging him for such information, which can be found in seconds through Google.What would William Shatner do?0 -
03scrompton wrote: »Please research your point more before "coming in all guns blazing". Also not every self employed person employs an accountant... Thank you! The reason my friend left Coutts is none of your concern.
I have researched my points. You, on the other hand, clearly have not, or you would not be coming out with some of the twaddle you have written about Coutts, i.e. "the interest gained for the amount of money in there cannot be matched by any other bank." WRONG! If you had bothered to check Coutts' own website you would have seen that they pay zero, zilch, nothing on their current account and almost nothing on their savings account.
Also: "Coutts also has wider withdrawal limits (for instance Natwest's limit on a Debit Card is usually £250 however a Coutts card it is double that). " WRONG AGAIN! It might be a higher limit than NatWest, but First Direct has had a £500 per day withdrawal limit for years, without the £150 quarterly charge that you will have to pay Coutts if you don't keep an average balance of £10,000 in your account.
Please check your facts in future and you might spare yourself the humiliation and ridicule that you are getting from others on this site.
As for your friend, the reason she left Coutts is irrelevant, but she clearly thought she would get a better deal/service/convenience elsewhere or she would still be with them. Perhaps she can recommend her present bank to you instead of Coutts?0
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