Best Premier Banking Account

meer53

For customer service and 24/7 accessibility 365 days a year first direct can't be beaten. No machines answering the phones, no buttons to press, just real people (in the UK) every time. I've banked with Barclays and Natwest in the past, i'll never move banks again.

Degenerate

I must confess to being mystified by the whole concept of premium accounts and/or private banking and why someone would want it. As I understand it these are generally fee-paying accounts. What do you get for the money? Is it so important to have a relationship manager to talk to? How often do you need to speak to them? With internet banking, there's very little human interaction required these days. The only time I need to speak to my bank(s) is when applying for new products or when something goes wrong, which shouldn't be often if you're organized with your finances. On the occasions that I have needed to talk to someone, I can't say there would have been a tangible benefit from knowing their name or that they were the same person I dealt with a year previously when I last called.

Or is it just a status thing like those platinum Amex cards with ridiculous fees that offer worthless concierge services?

noodle

Degenerate wrote: »

I must confess to being mystified by the whole concept of premium accounts and/or private banking and why someone would want it.

I think they can allow some people to escape from the rigmarole of 'computer says no' banking, there may be a better quality of person on the end of the phone when you have to talk to them, and they are more experienced in dealing with your type of banking needs because it's their specialism... a multi-millionaire wants a very different banking product than a teacher (although whether,say, an £80k p/a salaried employee with limited borrowing/investment does is a different matter... I think status comes into it a lot more with those guys)

There is, of course, a huge difference between the 'open to all' £15 a month premium accounts that all the banks now offer, and the genuine 'exclusive' banks/accounts that have asset/income-based eligibility criteria.

Having said all of that, I bank with Smile.. and am happy to do so!