Private banking

bigsaver28

I have noticed an option to request a call back to meet with a ‘personal relationship manager’ And upgrade to private banking. I’ve had a little look at the services they offer.. but I’m wondering about fees, and if there are any other benefits other than advice and guidance such as better interest rates or anything?

Does anyone currently use private banking with Lloyd’s that could offer a little insight as to what to expect? Thanks

colsten

It's unlikely that people who are eligible for, and can afford to pay for private banking are frequenting MSE. The regulars are very good at googling though: https://www.lloydsbank.com/private-banking/why-lloyds-bank/eligibility-and-fees.asp

tacpot12

Having a personal banker can improve the rates of loans and mortgages you are offered. You will also receive regular reviews to make sure you have bought as many Lloyds products as you can afford. :-)

I would say that you need to be wealthy to consider Private Banking. For the right sort of customer, they can be very useful, as they result in lower fees for moving money between countries. If your net worth is less than £5M and you don't have close family or property overseas, I would just pay retail rates for the services you actually need.

But it you want a global Private Bank, I wouldn't chose Lloyds, unless they have a good presence in the countries you need them to be in. HSBC is the only Bank I would consider to be a truly global Bank.

KJSmith

The "Personal Relationship Manager" service is free though it is not true private banking. It doesn't give you preferential rates, nor a face-to-face service but it does give you a named telephone contact which can sometimes be useful. It's akin to what some other banks call premier banking.

Private Banking is a related but separate service which is covered well in the link posted above. Your Personal Relationship Manager can refer you to them if you wanted to explore any of their services.