COUTTS Bank - how much to be a customer?

tomcarter

tom154uk wrote: »

I have a account with coutts, interest is no better then any other bank, if you have over £1000000 in your account or owe them over £250,000 you don't pay any fee,s, otherwise fee,s are about £1800 per year, what you get for that is leather cheque folders, leather A4 folder, priority pass for airport lounges, a flash cheque book that is smaller then a normal banks, a workd card that is supposed to show you have money when you use it, a few more things, the statement do look a lot different then other banks, they are landscape for one thing, and the way they are typed is different.
I am in the process of transferring back to natwest mainly because Coutts are not worth the extra money.

Coutts sound really expensive to me, that said I suspect the service is much much better than most banks.

Do you know if they will let you have an account with an opening balance of less than £1,000,000 still? I remember reading about some kind of fast track thing they did if you were under 30 and earning over a certain amount but not at the £1m in cash level yet.

CKhalvashi

You'd be so much better off with HSBC Premier or the like - free banking and a range of banking services.

I certainly wouldn't pay for a Private bank account, no matter what it came with.

CK

InsideInsurance

Unless Coutts has changed in recent years then there wasn't a black and white demarcation between those that they'd accept as there was some consideration for growth potential particularly with younger potential clients.

That said, if you go to their website now they have a series of drop downs for you to declare age, income, liquid and fixed assets and it gives you an answer. They say no to me

Moomum

tomcarter wrote: »

Coutts sound really expensive to me, that said I suspect the service is much much better than most banks.

Do you know if they will let you have an account with an opening balance of less than £1,000,000 still? I remember reading about some kind of fast track thing they did if you were under 30 and earning over a certain amount but not at the £1m in cash level yet.

Yes they do allow you to have an account under those circumstances.

jinkster

I spoke to them last week and you needed at least £500,000 in investable assets.

BugsyBrowne

jinkster wrote: »

I spoke to them last week and you needed at least £500,000 in investable assets.

You sure you spoke to them as its a million you need now not £500k.

http://www.ft.com/cms/s/2/8f819d86-6a8d-11e0-a464-00144feab49a.html#axzz281pUpGvn

jinkster

I told them about my future earnings (poss up to the £200k mark) and the kind lady told me the £500k mark of investable assets.

According to Nigel Bedford of Largemortgageloans.com, some of Coutts’ specialist teams, such as the professionals team who look after solicitors, barristers and accountants, are more flexible.

BugsyBrowne

jinkster wrote: »

I told them about my future earnings (poss up to the £200k mark) and the kind lady told me the £500k mark of investable assets.

What's the real reason you want a coutts account?

jinkster

I like the fact they have IHT planning, wealth management, Pension advice, buy to let mortgage advice etc

Not to mention you speak to someone in the UK rather than the far side of the world...

somethingcorporate

I am not sure they are bothered what your future earnings could be, pretty sure they care about how much money you have and how much money you actually make.

I could win the lottery tomorrow