Private Banks - Why do people use them?

dboswell

What are they?

They seem to have lower interest rates so why do people use them?

I was thinking of getting more info from Cater Allen, but are there others that are accessible?

Owain_Moneysaver

Because you get a personal account manager who answers their mobile phone and emails at 10 pm, rather than going through a call centre.

Most of the main banks have a Private Banking department if you qualify.

EarthBoy

Snob value, basically. They allow people to persist in the delusion that they are superior to others who bank with ordinary banks. They like to flash their private bank debit cards to show that they have more money than other people. Unfortunately for them, most people will not be familiar with the names of any private banks so they will fail to be impressed when they see the cards.

antrobus

Owain_Moneysaver wrote: »

...
Most of the main banks have a Private Banking department if you qualify.

Santander have one. It's called Cater Allen.

Wildsound

Because the even richer people can trick the rich people into thinking they're special. Basically.

dunstonh

The investment arms of private banks are usually damned expensive and not very good. Plus, whilst they say you get a named person dealing with your investments, that named person changes regularly as they move on.

Wildsound

dunstonh wrote: »

The investment arms of private banks are usually damned expensive and not very good. Plus, whilst they say you get a named person dealing with your investments, that named person changes regularly as they move on.

My 4 years at a big FTSE 100 bank in the private banking investment management arm, this was very much the case.

Reminiscing, I do sigh and chuckle a little when I remember a long standing private banking manager left for St James Place, and a load of his clients followed him there... Needless to say, money doesn't always buy you sense...

Malthusian

My father says that whenever someone attempts to boss-toss their Coutts card, he remarks "Oh, Coutts. I own them, you know."

The "Queen's Bank" is part of RBS and therefore a nationalised company owned by every taxpayer, probably not something its clients like to be reminded of.

How often this actually happens in his life I haven't asked.

greenglide

attempts to boss-toss

Attempts to do what!?!?!

Alexland

Malthusian wrote: »

My father says that whenever someone attempts to boss-toss their Coutts card, he remarks "Oh, Coutts. I own them, you know."

My mum had a Coutts umbrella that helped her get treated well at Wimbledon.

Alex