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Private Banking

Does anyone use Private Banking?

What are the advantages to it?

Thanks.
«1

Comments

  • What do you mean by Private Banking?
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • Extant
    Extant Posts: 2,140 Forumite
    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)?
    What would William Shatner do?
  • You can get private banking with an income of 75k or more or 50k in savings
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    nah, don't bother, get an Independent Financial Advisor if you have lots of dough
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • vaporate
    vaporate Posts: 1,955 Forumite
    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.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    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
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • jinkster
    jinkster Posts: 376 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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
    Kavanne Posts: 5,093 Forumite
    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!!
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

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