Lloyds bank - semi private?

matt_w_87

Hi all,


Had an account review yesterday at Lloyds and there was a mention that if my spouse and I bring in £5000 a month then we would be eligible for a "wealth account", it being described as semi-private banking. The account manager didnt have any more info as she didnt deal with that sorta thing, but I cant find any reference to anything like what she describes online. Only found info for personal and private banking.
Does anyone have an idea what she was going on about?

agrinnall

I'd agree that the information online about wealth management at Lloyds seems to point only at Private Banking. If some in between situation really does exist I'd expect it to have much more value to Lloyds than it does to you.

cheesetoast

I believe a "wealth account" is where they get you to buy investments instead of a regular % interest on an account.

Paul_1977

Keep us updated, would be nice to see what the product is.

colsten

What attracts you to private banking? Anything "wealth" or "private" is likely to cost you a lot money in charges, and results in being shielded from other offerings in the market.

If you have spare funds, you should consider a session with an Independent Financial Advisor who is not tied to a single company, can review your situation and plans with you, and propose how you could split your money between cash, insurance (if applicable) and investments in pensions and ISAs.

System

They are normally tarted up versions of standard accounts with a named account manager to sell you more of the bank's products.

They are aimed at affluent middle class people who are too poor for 'real' private banking.

KJSmith

A £5000 net monthly salary roughly translates to a gross annual salary of 100k. This salary potentially makes you eligible for the telephoned based Private Banking service.

Paul_1977

KJSmith wrote: »

A £5000 net monthly salary roughly translates to a gross annual salary of 100k. This salary potentially makes you eligible for the telephoned based Private Banking service.

What is this? I mean I can call any bank and get anything done.

KJSmith

Private Banking is an advised service that deals with specialist lending, tax advice, retirement planning, investments, protection, inheritance planning etc.

For this advice, Lloyds Bank Private Banking offer either a telephone-based or face-to-face service depending on the clients' income and assets.

Paul_1977

KJSmith wrote: »

Private Banking is an advised service that deals with specialist lending, tax advice, retirement planning, investments, protection, inheritance planning etc.

For this advice, Lloyds Bank Private Banking offer either a telephone-based or face-to-face service depending on the clients' income and assets.

Thanks, If I had money, I would not bother with a bank when deciding on investments.

GingerFurball_2

matt_w_87 wrote: »

Hi all,


Had an account review yesterday at Lloyds and there was a mention that if my spouse and I bring in £5000 a month then we would be eligible for a "wealth account", it being described as semi-private banking. The account manager didnt have any more info as she didnt deal with that sorta thing, but I cant find any reference to anything like what she describes online. Only found info for personal and private banking.
Does anyone have an idea what she was going on about?

You'd get a slightly more personalised service from your local branch manager.