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COUTTS Bank - how much to be a customer?
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# 61
EarthBoy
Old 10-06-2009, 4:59 PM
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Originally Posted by 03scrompton View Post
I know that they do not look the same. That much I do know.
How can you know that unless you've seen one? In which case you wouldn't be asking.
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# 62
dmg24
Old 10-06-2009, 5:11 PM
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Originally Posted by 03scrompton View Post
I am a self employed Designer so therefore I do not have a secretary/accountant or a financial advisor to look after my affairs so therefore it does matter what the statement says. I know that they do not look the same. That much I do know.
If you do not have a secretary and/ or accountant then you do not have enough money to be a Coutts customer!

In my first job I had to write a letter to Coutts. Being a rather naive eighteen year old I wrote to Coutts Solicitors. The reply enclosed a copy of my letter, with a big circle round my error and a note stating 'We are a bank!'.

Coutts statements used to be handwritten (a long time ago). I haven't seen one for a good few years, but they looked the same as any other statement last time I did.
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# 63
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Old 10-06-2009, 6:17 PM
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Originally Posted by 03scrompton View Post
There is no way I am putting all my private financial data on this forum. Lol.

lol.... even though i am nosey i am not that nosey

what i meant was in general what type of wage/income is the starting point for them to consider you for an account.

i must admit by some of hte posts it looks as though having one of these accounts is more of a status symbol, rather than having a good bank account...
daydream fund total ..........not enough....lol...
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# 64
Kavanne
Old 10-06-2009, 6:37 PM
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Originally Posted by 03scrompton View Post
Excuse me?! Yes I actually do have the income & the capital to easily meet their preset specifications. Anyway surely it is none of your business whether I do or not? As I said before I am only interested in having a look at an example bank statement so that I can understand it as I have severe dyslexia. After seeing said document I will then be able to make a decent decision.
If you truly are eligible, phone them and when you have your first meeting with your Private Banker to set up your details they can explain it all to you then.
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# 65
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Old 11-06-2009, 1:17 AM
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Originally Posted by EASTERNTHUNDERUK View Post
No chance for you honey if you have to ask :rolleyes::rolleyes::rolleyes::rolleyes::rolleyes:
What sort of nonsense are you talking now?

Different private banks have different client requirements; Coutts will actually take on people that some of the independent private banks - the real private banks - would never touch.

Coutts is a BRAND NAME of RBS and has been little more than that for a long time. If you are really impressed by that, you live a very, very sad life and a financially moronic one when you consider that a) any bank will offer you the same banking facilities that Coutts do - and many won't charge arrangement fees on overdrafts etc. and b) a good IFA will serve you much better than what Coutts can in-house.

A lot of people seem to place high credence on the fact that they're the supposed Royal bankers. But look at the British monarchy - I can't believe any of you look up to them!
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# 66
03scrompton
Old 11-06-2009, 2:07 AM
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Originally Posted by EarthBoy View Post
How can you know that unless you've seen one? In which case you wouldn't be asking.
Because one of my friends used to have an account with Coutts & she said that they are completely different.
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# 67
03scrompton
Old 11-06-2009, 2:16 AM
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Originally Posted by dmg24 View Post
If you do not have a secretary and/ or accountant then you do not have enough money to be a Coutts customer!

In my first job I had to write a letter to Coutts. Being a rather naive eighteen year old I wrote to Coutts Solicitors. The reply enclosed a copy of my letter, with a big circle round my error and a note stating 'We are a bank!'.

Coutts statements used to be handwritten (a long time ago). I haven't seen one for a good few years, but they looked the same as any other statement last time I did.
If one is working as a self-employed businessman then he/she would probably not employ an accountant.

My dad is a self employed businessman and does not employ an accountant yet still could meet the specified requirements set by Coutts as he was seriously looking into getting an account with them. Unlucky!
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# 68
03scrompton
Old 11-06-2009, 2:21 AM
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Originally Posted by COOLTRIKERCHICK View Post
lol.... even though i am nosey i am not that nosey

what i meant was in general what type of wage/income is the starting point for them to consider you for an account.

i must admit by some of hte posts it looks as though having one of these accounts is more of a status symbol, rather than having a good bank account...
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. 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).
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# 69
never-in-doubt
Old 11-06-2009, 2:23 AM
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Originally Posted by 03scrompton View Post
I am a self employed Designer so therefore I do not have a secretary/accountant or a financial advisor to look after my affairs so therefore it does matter what the statement says. I know that they do not look the same. That much I do know.
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.... :rolleyes:

Only a cynic would think that of course

Last edited by never-in-doubt; 11-06-2009 at 2:29 AM.
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# 70
never-in-doubt
Old 11-06-2009, 2:26 AM
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Originally Posted by 03scrompton View Post
If one is working as a self-employed businessman then he/she would probably not employ an accountant.
I think you'll find this statement to be total nonsense, most SE people do have accountants! So do Directors of Ltd Co's etc.....

High earners in general, or those with wide expense claims or lots of taxes usually do have accountants and you know why? They will save you money and allow perks and keep you out of prison for misleading the tax/vat man!

Talk sense. Please
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# 71
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Old 11-06-2009, 3:04 AM
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Originally Posted by 03scrompton View Post
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.
Wow, you've been sucked right in by their branding. Some sort of belief that Coutts is a superstar bank.

Coutts offers 0% interest on their current accounts. Same as most banks. Not even 0.1%.

Coutts wealth management and investments fare no better or worse than those provided by any other bank.

Quote:
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).
500? So what? First Direct do 500 on their cards. Barclays Premier is 750, and I've got two of them in my pocket.

Again, nothing special there!
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# 72
EarthBoy
Old 11-06-2009, 8:17 AM
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Originally Posted by 03scrompton View Post
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?

Quote:
Originally Posted by 03scrompton View Post
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.

Quote:
Originally Posted by 03scrompton View Post
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/newsandinforma...vest_rates.asp

Quote:
Originally Posted by 03scrompton View Post
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.
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# 73
withnell
Old 11-06-2009, 1:34 PM
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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 asap
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# 74
withnell
Old 11-06-2009, 1:35 PM
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Originally Posted by BarclaysManager View Post
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?
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# 75
03scrompton
Old 11-06-2009, 2:02 PM
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Originally Posted by never-in-doubt View Post
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.... :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?
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# 76
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Old 11-06-2009, 2:08 PM
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Originally Posted by EarthBoy View Post
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.
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# 77
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Old 11-06-2009, 4:08 PM
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Originally Posted by withnell View Post
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.
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# 78
never-in-doubt
Old 11-06-2009, 4:15 PM
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Originally Posted by 03scrompton View Post
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

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 sh!t - just go away and learn to walk before you run!

Quote:
Originally Posted by 03scrompton View Post
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?

Quote:
Originally Posted by EarthBoy View Post
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

Last edited by never-in-doubt; 11-06-2009 at 4:20 PM.
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# 79
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Old 11-06-2009, 4:55 PM
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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
Self-employed don't pay Class 1 NI contributions, they pay Class 2 & 4.
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# 80
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Old 11-06-2009, 5:04 PM
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Originally Posted by never-in-doubt View Post
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.
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