Any way to get Private Banking (RBS/NatWest) without 50k ?

TzarJay

I'm sure I seen somewhere on this forum that someone wanted to leave either RBS or NatWest, and they told the bank this and they offered them Private Banking as a way to keep them as a customer.

Can banks like RBS and NatWest offer this to customers without meating the criteria, which I think is savings of 50K or an income of 100K p/a, if they are a long standing client, wanting to move to another bank for example ?

Can the eligibility criteria be bent for certain times ?

MoneySaverLog

What does "Private Banking" mean other than a label at NatWest?

opinions4u

The answer to your question is yes. There will be a level of discretion involved.

But why on earth do you want it? Other than snob value, what's in it for you?

TzarJay

opinions4u wrote: »

The answer to your question is yes. There will be a level of discretion involved.

But why on earth do you want it? Other than snob value, what's in it for you?

I dont want it, I was just wanting to know if its possible, cause I seen a post on this forum about someone being offered it due to wanting to leave.

I'm with neither of these banks.

samwsmith1

I've always wondered what the advantage of having private banking is, I already get good service from first direct, so wondered what the point of it it?

Is it literately snob value as opinions4u says or is there some benefit?

MoneySaverLog

From what I gather apart from the snob value and label you get a personal "sales assistant" at the bank to go to.

BugsyBrowne

Don't honestly think it has anything to do with snobbery whatsoever if your a lawyer or a pilot Etc and your pumping in over 100k a year in your account you wouldn't want nothing but the best.

How different the accounts are I don't know but I would certantly expect the best with the wages I would be pumping through, same if you go for a meal why go for second best when you can afford the best.

MoneySaverLog

But sometimes the food is just as good, often it's just repackaged and relabeled to make it look more expensive, but both come from the same source. Just another way to rip you off.

chambta

It's pointless frankly. And I work for the group.

RetiredInThailand

NatWest wrote to me years ago telling me that I had it, but I don't think I've ever used it since. I don't even know what it gives me to be honest.

lolavix

TzarJay wrote: »

Can the eligibility criteria be bent for certain times ?

Very rarely - if you had a trainee lawyer for example who wasn't earning the required income at the moment but obviously will be in the future.

I don't know why the bank would offer Private Banking to a customer to stop them leaving - one customer would not mean that much to the bank, and most Private Managers will not take on a customer who doesn't meet the criteria.