Private Banking Accounts, which would you choose ?

Ryan101

Quick Question (As I seem to have opened a can of worms on another site so looking for feedback).

Please no emotional replies, such as why do you want one, why do you need to look posh, they are a waste of money, you can get more interest in a Vantage account etc, etc, I am just looking for feedback on the product based on your actual or Perceived view of the account or bank itself, so if you were told you now qualify for one of these, money is no object etc, If you had to choose between the following which one would you choose for your day to day banking.

Lloyds Bank Private
NatWest Private
Barclays Premier

Thanks for your help

colsten

Ryan101 wrote: »

If you had to choose between the following which one would you choose for your day to day banking.

Lloyds Bank Private
NatWest Private
Barclays Premier

Why would I have to choose one of them? That is - thankfully - an unrealistic scenario.

In the real world, none of them address the needs I have for day to day banking, so the answer is I'd choose none of them.

eskbanker

Ryan101 wrote: »

I am just looking for feedback on the product based on your actual or Perceived view of the account or bank itself, so if you were told you now qualify for one of these, money is no object etc, If you had to choose between the following which one would you choose for your day to day banking.

Lloyds Bank Private
NatWest Private
Barclays Premier

Thanks for your help

Why are you asking if you have these yourself already, surely you must know what each one offers by now?

Ryan101 wrote: »

I have NatWest Private Account, a Lloyds Bank Private account and Barclays Premier Account

agrinnall

None, obviously.

Ryan101

eskbanker wrote: »

Why are you asking if you have these yourself already, surely you must know what each one offers by now?

Because I don't want three, I simply want the best of the bunch, I am looking to cut down, so I am asking what others who may have these accounts find the best, then I will base that when I make my decision. After all there might be pros and cons that I do not see with these accounts.

For example, both Lloyds and Barclays are free accounts, NatWest is not, but is NatWest better perhaps for other things that I do not know about ?, Lloyds Private also comes with all the Benefits of the Old Lloyds Premier account, so Mobile phone cover, AA Breakdown etc, this is free, the Club Lloyds fee is also waived, so again is this the better account, or is it Barclays who have a £1k daily withdrawal Limit from their ATMS and a £1000 interest free overdraft.

So as you can see it is best to get feedback from others as I know I myself would make the wrong choice, and there is very little point in asking the bank as obviously they will say their account is the best.

eskbanker

Ryan101 wrote: »

For example, both Lloyds and Barclays are free accounts, NatWest is not, but is NatWest better perhaps for other things that I do not know about ?

You mean you're paying for an account without any idea of why?

I have to say that this all seems an utterly bizarre way of going about things to me - you already know the variances between the accounts' key features (or could readily find out more from your paperwork or online) and intrinsically only you can decide which of these is most important to you (i.e. what 'best' means to you), and yet you're seeking random opinions of strangers on which to make a decision, on the basis that you'd make the wrong choice!

Anyway, good luck in your quest....

Marchitiello

It depend from your lifestyle and what features are most beneficial to you. Also a true comparison to Natwest and Lloyds Private would be Braclays Wealth Management Account.
Natwest include in the account fee of £28 per month , in addition to the Rewards benefits, the Travel Pack (worldwide insurance and Lounge Access) that on a new Braclays Premier accounts would need to be added as a Travel Plus Pack (£15 per month from September - but only 6 lounge access included ). so if travel is important, but you only enter a lounge 6 times a year, the Barclays offers the best deal. However if you travel more often but not in Business Class, the Natwest cost would be quickly justified.

You need to list all features side by side and see which one you use. Barclays have now designed the different packs you add to your accounts, and even by adding the tech and travel plus pack, you still pay a lower fee then Natwest.

Anthorn

Lloyds Bank Club Lloyds Private Banking Premier Current Account. 25 quid a month but hey if I'm wealthy enough to get one of these I don't give two hoots about 25 quid a month. I like the private banking debit card too: Even better to waft than Amex.

Ryan101

Anthorn wrote: »

Lloyds Bank Club Lloyds Private Banking Premier Current Account. 25 quid a month but hey if I'm wealthy enough to get one of these I don't give two hoots about 25 quid a month. I like the private banking debit card too: Even better to waft than Amex.

Its not £25 its free...........

Monthly charge if you have a
Private!Banking!Premier Current account
If the cleared balance on your current account
is at least £10,000 in credit throughout the
monthly charging period or if you maintain
a managed portfolio with Private Banking of
£250,000 or more – there is no charge.

If the cleared current account balance falls
below £10,000 at any time during the monthly
charging period and you do not have a managed
portfolio with Private Banking of £250,000 or
more – £25 a month.

So you get interest up to £5k of 4%, and the remaining £5k earns you nothing, but saves you £25 per month if you used all the benefits (You need to keep £10k in it to get the £25 fee waived).

Even with the best savings rates you would not make £25 in interest a month on £5k

awolo1

People on this forum, far and few between, will never, ever meet the criteria in order to have one of these accounts, and therefore have a very poor judgement of the type of service it offers.

I have private banking and I can tell you, that the service I receive, which is from *none* of the banks listed on your OP, is second to none.

Without even going into that much detail, I receive very high limits on credit products, I have products that aren't even available to the normal customer i.e. they are not even advertised on the banks websites. Rules are not bent, but it is much more flexible. Lending arrangements can be agreed in a more personal and efficient manner. It's not about what a computer says, it's what you/your relationship manager feels is appropriate and sometimes there can be a discussion about it.

For me, PB is not about interest rates, it's about getting a service I don't get from a standard retail bank, which in my profession and line of work, they don't understand. I'm self employed and I enjoy that my nominated bank contact understands how I pay myself.

The opportunities are endless, and it enables me to do things without having to hold back.

It complements a high earner.

eskbanker

awolo1 wrote: »

People on this forum, far and few between, will never, ever meet the criteria in order to have one of these accounts, and therefore have a very poor judgement of the type of service it offers.

I have private banking and I can tell you, that the service I receive, which is from *none* of the banks listed on your OP, is second to none.

[...]

The opportunities are endless, and it enables me to do things without having to hold back.

It complements a high earner.

Well I'm sure all of us mere mortals down here are suitably jealous of your superior status and wonderful banking relationship but I don't recall anyone asking for an extended brag about what your massive wedge buys you, especially when your unnamed bank isn't even one of those OP was asking about....