Coutts Bank....

transient

Although you probably have your own bank account I am quite sure The National Lottery direct winners that way too, albeit unbiased

MoneySaverLog

What's so special about Coutts anyway? What do they offer that the other banks don't?

Is it just a status symbol to say you bank with the same bank as the Queen?

TzarJay

Coutts generally accept people with a minimum of £400,000 of funds, but can bend the rules for certain people, like young footballers for example.

Coutts have the same facilities as other banks, but its really the name, and personal service you get from them. You get a personal account manager available when you need them. Coutts is basically the exact same as Adam & Company, just different names, but Adam & Company is far more popular in Scotland, and I see A&C cards pretty often in my home town Edinburgh.

The only TRUE Private Bank in the UK today is C. Hoare & Co. You need to be recomended by 2 other clients if you want to be approved for their banking services. (They also charge £60 monthly fee on your current account if your balance drops bellow £25,000!

InsideInsurance

What are you defining as a TRUE private bank?

Maestro.

Plxply wrote: »

Truly posh should have an Amex Centurion Card. Mhmm, pointless carbon fibre card, no better way to show your (supposed) superiority.

hardly...



Another glass of wine for sir?

callum9999

InsideInsurance wrote: »

What are you defining as a TRUE private bank?

I assume they mean a bank that isn't owned by one of the retail banks. I.e. Coutts and Adams and Company mentioned on here are both owned by RBS, Carter Allen is owned by Santander etc.

TzarJay

InsideInsurance wrote: »

What are you defining as a TRUE private bank?

It is still run by the family that set it up hundreds of years ago (I think). It hasnt been sold to other banking groups such as how RBS bought Coutts, A&C etc. Its not a subsidiary of another company.

Just them. Thats what makes them so exclusive. I would assume they have a particular type of client they want to bank with them. Such as, if I won £50 Million on the Euromillions, and walked in with the cheque, wanting to bank with them. They would still turn me away, as I do not fit their client ethos.

Here's a few links:

http://www.spearswms.com/family-business/31167/alexander-hoare-on-why-small-is-beautiful-for-c-hoare-and-co-private-bank.thtml

http://www.thehedgefundjournal.com/magazine/200703/interviews/business-as-usual-for-the-last-of-the-uks-privately-held-banks.php

111KAB

They offer a personal service/banker so, for example he/she will visit your home to discuss your investments/portfolio etc.
Services they offer are greater than the range of 'normal' high street banks ie annual tax return, will writing, share dealing - yes I know some of these services are offered but not all.
They are (as I understand it) one of the three banks introduced to Camelot big winners.
They will 'manage' investments not held by them on your behalf ie if you have a pension plan say with Prudential they will 'keep an eye on it'.
Basically etc etc - yes it costs but what doesn't these days!

MoneySaverLog

111KAB wrote: »

They are (as I understand it) one of the three banks introduced to Camelot big winners.

So who are the other two? And if you won big on the lottery could you not just use your existing bank account?

FLAPJACK

One reason maybe Coutts look for clients with at least £400k is they need to recoup the £8.75 million fine they were dealt by the FSA in March of this year for "Significant and widespread" failings of its money laundering controls.

Oh and they were also fined £6.3 million last Nov by the FSA for "failings related to the sale of a fund product during the run up to the 2008 financial crisis".

Both quotes from Reuters website.

Oh well we all make mistakes........