Private banks with lower required assets

caldi9

It seems that the levels of required assets that private banks require from new clients have skyrocketed in the past years. Are there any private banks that have lower required amounts? Anyone made good experiences with certain banks? Thanks

gt94sss2

You asked a similar question a couple of months ago.

https://forums.moneysavingexpert.com/discussion/6459359/cheap-private-banks/

boingy

I don't understand your obsession with private banking. Private banking is mostly aimed at rich people who are happy to pay a hefty monthly fee for a few conveniences. They don't have a magic door to the markets or access to secret inside information. If you are very rich a bank may offer you advice and/or investment services but you'll pay for it through fees and/or commission. Private banking is not a magic carpet ride that leads to great riches. Private banking is somewhere to keep some of the riches you already have. 

Malthusian

I can offer you a premium banking service for £5. The service is that I send you a Sharpie in the post which you can use to colour your debit card black.
For £100 you can access my "Private" service where you post me the debit card and I'll colour it for you.

caldi9

Malthusian said:

I can offer you a premium banking service for £5. The service is that I send you a Sharpie in the post which you can use to colour your debit card black.
For £100 you can access my "Private" service where you post me the debit card and I'll colour it for you.

That will make the cut for a Saturday night show on linear tv.

wmb194

caldi9 said:

boingy said:

I don't understand your obsession with private banking. Private banking is mostly aimed at rich people who are happy to pay a hefty monthly fee for a few conveniences. They don't have a magic door to the markets or access to secret inside information. If you are very rich a bank may offer you advice and/or investment services but you'll pay for it through fees and/or commission. Private banking is not a magic carpet ride that leads to great riches. Private banking is somewhere to keep some of the riches you already have. 

It’s for access to private debt / equity funds. Seems you don’t know much about it clearly.

There are some good ones listed on the LSE. In recent years 3i's done very well.

https://www.theaic.co.uk/aic/find-compare-investment-companies?sec=PE&sortid=Name&desc=false

k12479

As above, there's listed private equity options and much more limited credit options under the AIC's 'Debt - Direct Lending' sector. Infrastructure would probably also give private credit exposure if so determined to get that.

Beyond that, the level of private banking that does give access to private equity or debt will still have a minimum that you can invest (in a specific vehicle). £100k seems typical. So you still need sufficient wealth to a) invest and b) not have a ridiculously high concentration in a higher risk, illiquid investment.