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

silvercar

The benefits are different, for example you get mobile phone cover for 4 phones within the family rather than just 1. Better travel insurance cover and you get a personal bank manager who is better trained than bank staff and can move obstacles when necessary.

I've been offered it and I'm seriously considering it.

missile

I had it never saw the point. After I refused the personal review meeting, they wrote and told me that I no longer qualified and I was mildly annoyed.

madgagoo

The discretion for private banking was taken away from the private managers a few months ago and they can't take on new customers who don't meet the criteria any more.

In fact anyone who was in private banking who no longer qualified was put back to normal branch banking at the same time. The only exception was if they had advantage private (now called black account), try were transferred to private banking direct so keep their account but don't have a named relationship manager any more.

silvercar

The discretion for private banking was taken away from the private managers a few months ago and they can't take on new customers who don't meet the criteria any more.

I've been offered it based on my business banking with NatWest, not with my personal income.

madgagoo

silvercar wrote: »

I've been offered it based on my business banking with NatWest, not with my personal income.

Humph, maybe they've changed the rules again and not told us in branches then. Wouldn't surprise me!

coldhandoff

It was my understanding that if you have a business account then your personal accounts will be under their portfolio as well seeing as all borrowing etc will have to go through rm/blu?

pleasedelete

Why do you want natwest private banking?

It's just a normal bank account. About 5 years ago they removed the in branch contacts and put it to call centres. Yes you have a relationship manager but they now have hundreds of accounts and no assistants etc etc

Haven't seen or spoken to mine for at least 3 years. Account benefits are same as Amex platinum (actually natwest travel now better than Amex) but not worth paying the annual fee for.

What snob value does it have? I have never had any comment- infact I wasn't aware that you even had to earn a certain amount until I read this thread.

It is just a bank account.

silvercar

Haven't seen or spoken to mine for at least 3 years. Account benefits are same as Amex platinum (actually natwest travel now better than Amex) but not worth paying the annual fee for.

I was offered a deal on the monthly fees So net it won't cost me for 2 years. I don't know about Amex platinum as I have the Amex BAEC not through NatWest, but the insurance of 4 mobiles looks good and the travel insurance covers all family members, even when the "kids" are travelling alone.

Agricolae

MoneySaverLog wrote: »

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

Depends on:
1. How wealthy a given customer is (or more accurately, how much money passes through their accounts).
2. What relationship manager a given customer has.
3. Whether a given customer fits all the criteria consistently.