Are people with gold/platinum/private accounts rich?

HappySaver1968

Hi,

I remember, many years ago now, that certain groups in society had the "privilege" of private banking. It was really a case of "us and them" with ordinary people probably not being so welcome (unless they suddenly found great wealth) although thankfully, this so-called "class" divide now appears to have broken down a little bit more in the years ever since. I notice more and more though that banks are now offering gold and platinum accounts to what I would class as personal banking... are these mainly used by rich people with private banking not being such a big deal now, or is it just a marketing term as I'm led to believe so that people buy into what the bank wants them to believe? Thanks for your help.

John.

jonesMUFCforever

I think you are been taken in by the marketing.
Real private banking is for those with massive salaries or assets of more than £250k excluding the house you live in.

Packaged bank accounts such as Gold and Platinum are widely available to most customers.

MoneySaverLog

There are still Private Banks, Coutts are one such bank that the Queen banks with. To us mortal folk who are worth less than £5 Million net worth, you could still bank with their bankers RBS/Natwest :-)

dunstonh

Once upon a time, having a gold card was something that you got once you earned over a certain amount or had a certain wealth. Then the banks devalued it by giving it to all and sundry and devised platinum cards for the better off but then the banks did the same again and devalued that. Then black became the top card.

I used to have gold then platinum. Then I got to an age and maturity that made me realise that there was absolutely no point in them even though I qualify for them many times over.

Private banking offered by retail banks has been devalued in the same way. Most of real wealth would not use a retail bank. It is just a marketing tool to affect those with aspirations of thinking they are something they are not.