Private Banking

jinkster

Does anyone use Private Banking?

What are the advantages to it?

Thanks.

Debt_Free_Chick

What do you mean by Private Banking?

Baldur

Debt_Free_Chick wrote: »

What do you mean by Private Banking?

http://www.lloydstsb.com/private_banking.asp

http://www.rbs.co.uk/private.ashx

http://www.barclayswealth.com/private-banking.htm

http://www.hsbcprivatebank.com/

Extant

You need to be clear as to what you mean by private banking - do you mean high street private banking that you might be offered in a branch, or true private banking (i.e. you have millions)?

bingy_burge

You can get private banking with an income of 75k or more or 50k in savings

Kavanne

nah, don't bother, get an Independent Financial Advisor if you have lots of dough

vaporate

I think you have to pay to have private banking, with natwest anyway around 300 quid a year to have your own personal relationship manager.

Con in my opinion.

Aegis

bingy_burge wrote: »

You can get private banking with an income of 75k or more or 50k in savings

Those wouldn't really count as traditional private banking. It's just relationship managed normal banking. Private banking tends to involve going to an organisation and having them look after your entire fortune for you, which would usually involve all your lending and investment needs on top of the usual banking services. As an example of the difference, HSBC's offering is as follows:

HSBC Private bank:

• Requires £2m or more in investments or investible assets
• Banking needs generally taken care of by HSBC Premier
• Lending of less than £2 million generally taken care of by HSBC Mortgage teams
• Investments tend to be bespoke structured products or directly held equities/gilts/ETFs from what I saw while working for HSBC

HSBC Premier (i.e.the high-street "private banking" service):

• Relationship manager
• Some preferential rates
• Generally the same investment and lending products as all other normal customer
• Some other perks which may or may not be useful, but mostly the same sort of stuff you can find in other packaged accounts

The idea of the relationship managed accounts is basically the generate as much wealth as possible for the bank by assigning specific sales staff to their higher net worth customers.

Kavanne

vaporate wrote: »

I think you have to pay to have private banking, with natwest anyway around 300 quid a year to have your own personal relationship manager.

Con in my opinion.

If they've told you that it's wrong There is a free account you can have with private banking if you qualify but there's a paid for one too which obviously they will try and sell you

jinkster

vaporate wrote: »

I think you have to pay to have private banking, with natwest anyway around 300 quid a year to have your own personal relationship manager.

Con in my opinion.

I don't have millions, purely an enquiry. What are the actual advantages to it?

Kavanne

jinkster wrote: »

I don't have millions, purely an enquiry. What are the actual advantages to it?

None. Get an independent financial advisor who can get you the best product from the whole Market rather than the best of a bad, or at least limited, bunch!!