Cheap private banks

dcs34

gary1312 said:

I received an email today informing me that my Cater Allen Sterling Account is being changed to a Private Account. Further investigation reveals that the requirement for a minimum 100K holdings with CA no longer applies. I'm quite puzzled as to who they're actually aiming to attract with a 'Private' account that pretty much anyone can open.

I think its a bit like NatWest and RBS with their 'Premier' account - that you'll bask in the glow of being seen as a very important person and therefore won't ever dream of switching away for something as base as cash incentives or better interest rates...

GeoffTF

gary1312 said:

I received an email today informing me that my Cater Allen Sterling Account is being changed to a Private Account. Further investigation reveals that the requirement for a minimum 100K holdings with CA no longer applies. I'm quite puzzled as to who they're actually aiming to attract with a 'Private' account that pretty much anyone can open.

I doubt whether that is true. I believe that it is a marketing exercise. They want to talk to people with high incomes and large investment portfolios. They hope that the former will take out big loans with them and the latter will transfer their investments over. If you have Private account, that opens the way for your Relationship Manager to ring you regularly with his sales pitch.

Marchitiello

gary1312 said:

I received an email today informing me that my Cater Allen Sterling Account is being changed to a Private Account. Further investigation reveals that the requirement for a minimum 100K holdings with CA no longer applies. I'm quite puzzled as to who they're actually aiming to attract with a 'Private' account that pretty much anyone can open.

I am led to believe that the requirement of £100k holding may not apply as an exceptions for situation like yours (moving from the discontinued Sterling Account onto the Private Account) but it may still be a requirement for new accounts. 

gary1312

Marchitiello said:

gary1312 said:

I received an email today informing me that my Cater Allen Sterling Account is being changed to a Private Account. Further investigation reveals that the requirement for a minimum 100K holdings with CA no longer applies. I'm quite puzzled as to who they're actually aiming to attract with a 'Private' account that pretty much anyone can open.

I am led to believe that the requirement of £100k holding may not apply as an exceptions for situation like yours (moving from the discontinued Sterling Account onto the Private Account) but it may still be a requirement for new accounts. 

Looks like you are right. I checked the info page for the Private Account and no mention is made of the requirement but when one clicks to actually apply for the account:



I was actually thinking of closing the Sterling Account as it has been unused for some time but who knows what benefits holding such an account without having to fulfil the requirements may bring, so I think I'll keep it for now. Of course they may choose to close accounts like mine (people who don't fulfil the holdings requirement) in the future but we'll see.

ForumUser7

gary1312 said:

Marchitiello said:

gary1312 said:

I received an email today informing me that my Cater Allen Sterling Account is being changed to a Private Account. Further investigation reveals that the requirement for a minimum 100K holdings with CA no longer applies. I'm quite puzzled as to who they're actually aiming to attract with a 'Private' account that pretty much anyone can open.

I am led to believe that the requirement of £100k holding may not apply as an exceptions for situation like yours (moving from the discontinued Sterling Account onto the Private Account) but it may still be a requirement for new accounts. 

Looks like you are right. I checked the info page for the Private Account and no mention is made of the requirement but when one clicks to actually apply for the account:



I was actually thinking of closing the Sterling Account as it has been unused for some time but who knows what benefits holding such an account without having to fulfil the requirements may bring, so I think I'll keep it for now. Of course they may choose to close accounts like mine (people who don't fulfil the holdings requirement) in the future but we'll see.

Where did you see this please?

The CA website says this, and does not place any financial limits on eligibility:

Marchitiello

ForumUser7 said:

gary1312 said:

Marchitiello said:

gary1312 said:

I received an email today informing me that my Cater Allen Sterling Account is being changed to a Private Account. Further investigation reveals that the requirement for a minimum 100K holdings with CA no longer applies. I'm quite puzzled as to who they're actually aiming to attract with a 'Private' account that pretty much anyone can open.

I am led to believe that the requirement of £100k holding may not apply as an exceptions for situation like yours (moving from the discontinued Sterling Account onto the Private Account) but it may still be a requirement for new accounts. 

Looks like you are right. I checked the info page for the Private Account and no mention is made of the requirement but when one clicks to actually apply for the account:



I was actually thinking of closing the Sterling Account as it has been unused for some time but who knows what benefits holding such an account without having to fulfil the requirements may bring, so I think I'll keep it for now. Of course they may choose to close accounts like mine (people who don't fulfil the holdings requirement) in the future but we'll see.

Where did you see this please?

The CA website says this, and does not place any financial limits on eligibility:

To answer your question in bold, the previous poster clearly stated “when you click to apply”.

Each of CA accounts has additional documents that you should open and read before applying and where you would get the full conditions associated with said account, you should never base your application for a financial product on a short version of the benefits

Prism

Isn't a specialist FX company better for currency transfers such as Wise. Not sure what a private bank can really offer 

Marchitiello

Prism said:

Isn't a specialist FX company better for currency transfers such as Wise. Not sure what a private bank can really offer 

Not necessarily, for instance I have found Fineco generally and HSBC GMA (under £1000) to give better net returns on currency exchanges.

Many people here would argue that there are cheap or better options than Private banks, but in reality for the really wealthy, Private Banks offers services that normal banks simply do not. It is common for Private Bankers to visit you at home or at the office to action your banking needs. The most valuable currency for certain type of wealthy is time, so if I can just call someone and in a brief coffee break he can action few bank transfers, an FX transaction, work out a loan for my new Ferrari, than the 0.3% extra cost will be very much worth it.

obviously not a subject meant for MSE board 

caldi9

Marchitiello said:

Prism said:

Isn't a specialist FX company better for currency transfers such as Wise. Not sure what a private bank can really offer 

Not necessarily, for instance I have found Fineco generally and HSBC GMA (under £1000) to give better net returns on currency exchanges.

Many people here would argue that there are cheap or better options than Private banks, but in reality for the really wealthy, Private Banks offers services that normal banks simply do not. It is common for Private Bankers to visit you at home or at the office to action your banking needs. The most valuable currency for certain type of wealthy is time, so if I can just call someone and in a brief coffee break he can action few bank transfers, an FX transaction, work out a loan for my new Ferrari, than the 0.3% extra cost will be very much worth it.

obviously not a subject meant for MSE board 

Do certain private banks offer access to investments that ordinary retail investors don’t have access to? Would be curious to hear some examples. Thanks