Natwest Private Banking

graemecarter

Sorry - didn't realise this was an old thread

withnell

moneymaker2810 wrote: »

Hi,
I don't think I would qualify as you need £100,000+ with Lloyds, and only £50,000 in savings to invest with Natwest, and I have £82,000, so I would qualify on savings with Natwest but no Lloyds.

What do you gain from the private banking? You're obviously not worried about the 50k FSCS limit because you're considering all eggs in the NatWest basket, but why not go to Tescos and get 2.75% instant access - can NW private banking match or beat that?

ajharris

moneymaker2810 wrote: »

Thanks for all that.

Does a Private banking manager have any power ?, so if for example you really wanted a particular product or service, and its the computer says no can he get it for you ?, or is no just no ?.

I guess what I am saying is that does having a large amount with the bank help, I don't personally think it should.

I have a HSBC Premier account and with this comes a relationship manager. The job of the RM is to look after you, my one has a lot of sway on things. Their aim is to provide you with a premium service and retain your custom.

Standard account holders have to accept the yes or no answer from a computer but when you have a larger amount of cash your circumstances are looked at by a human.

The RM is just the start of it, he has a team that are in place to look after all aspects of your finances. There will be someone who deals with wills, another person for share dealing / investments etc. They will also periodically invite you in branch for a meeting to review your situation and ensure that you are happy with everything.

Finally I would suggest that you have a look at HSBC Premier too. Hopefully post has been of some help to you. All the best.

rb10

graemecarter wrote: »

It means I can ring up a number and a British human being will answer the phone immediately. It also means that I can do things on the phone that I would normally have to go into a branch for.

I don't have private banking, just a normal current account with a normal high street bank.

Yet I can phone up, and a British human being will answer, generally pretty quickly (within a minute or two).

With my bank, other than paying in cash and cheques, I don't think there's anything that I can't do either by phone or online, and has to be done in a branch.

willo65

RB10 can you initiate CHAPS and Foreign payments without going into branch?

rb10

willo65 wrote: »

RB10 can you initiate CHAPS and Foreign payments without going into branch?

CHAPS - not sure, never had to do it.

Foreign payments can be done online.

Foreign currency bankers' drafts can be ordered online (and posted first class on the following working day).

topbombing

I am an RM myself so should be able to answer some of these points.

Private banking should offer a more one to one level of service, the RM will have around 600 clients who they endeavour to speak to at least once a year.

A lot of the day to day services are the same as general mainstream banking 24/7 telephony, bill payments etc, however, clients who are earning over £75k tend to have more disposable income or a a bigger savings pot. many of these clients look beyod sticking £50k in a savings acct, and want soem more diveristy. Private banking offers attractive investment products with minimal fees, and that are not available to IFAs.

also, you should expect nice touches. for example, my assistant calls any of my clients that happen to have gone over their overdraft that morning to avoid charges. I attempted to contact all my over 50s when the isa limits were increased fopr example. just simple touches that i get no benfit from but build that trust up going forward.

There are a lot of differences from Private banking to standard banking

PS, you do not need to pay for an account, the Advantage private accounts are optional, just like gold. you can still have PB without them

Hope this helps