£>100k pa best bank account?

dont_shoot_me
dont_shoot_me Posts: 4 Newbie
in Budgeting & bank accounts
Hi all,

As per the title. What is the best bank account for those fortunate enough to earn >£100k pa, and why?

Thank you.
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Comments

  • Shakin_Steve
    Shakin_Steve Posts: 2,700 Forumite
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    Ask your accountant.
    I came into this world with nothing and I've got most of it left.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    What benefits are you expecting from being an above average wage earner
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    HSBC give preferential rates to those with Advance or Premier accounts.
  • colsten
    colsten Posts: 17,597 Forumite
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    Lokolo wrote: »
    HSBC give preferential rates to those with Advance or Premier accounts.
    Preferential rates for what?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    colsten wrote: »
    Preferential rates for what?

    Savings and mortgages.
  • 8i6daddy
    8i6daddy Posts: 89 Forumite
    So the ones that don't need a cheap mortgage are the ones offered the lower rates? genius...

    so the rich get richer....
  • AstroTurtle
    AstroTurtle Posts: 290 Forumite
    8i6daddy wrote: »
    So the ones that don't need a cheap mortgage are the ones offered the lower rates? genius...

    so the rich get richer....


    Well that's a silly statement.


    Higher salary usually means bigger mortgage so % wise they are probably the same as "Non rich" people in terms of income to outgoings.


    Bill earns £1000 a month but has a £500 mortgage.
    Ted earns £10,000 a month but has a £5,000 mortgage.


    They are probably cheaper APR because there income is likely more stable and default rates/repossessions are less frequent.
    Save £12k in 2019 -
  • dont_shoot_me
    dont_shoot_me Posts: 4 Newbie
    Thank you for the replies.

    Accountants are not much use at suggesting bank accounts regrettably.

    Looking for best packaged accounts, or alternatively best APR on current account/ savings etc.

    Have looked at HSBC Premier and RBS so far.

    Are there any niche ones that don't come up on a basic google search?

    Regarding mortgage rates - I suppose it's like buying any product. Would you expect to pay supermarket prices for toilet rolls if you purchased thousands in bulk? The work required for cashier is similar, but the value of the transaction, and profit, is greater.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    dont_shoot_me wrote: »
    Looking for best packaged accounts, or alternatively best APR on current account/ savings etc.
    What is important to you in terms of packages? Assume you mean breakdown cover, travel insurance, etc? Concierge service perhaps?

    And APR relates to loans, mortgages, credit cards, etc. In other words, debt. AER relates to savings account interest. EAR relates to debit interest (ie overdraft charges), but I wouldn't imagine someone on £100K would be too concerned with that.
    Have looked at HSBC Premier and RBS so far.
    What's next on your list?...Barclays? Coutts?
    Are there any niche ones that don't come up on a basic google search?
    I'd imagine there are, yes. But perhaps you could list your requirements. And also why you'd want everything with one bank? Most here will have different products from different providers, because that's how it works for the masses. You're looking at a pretty niche market by the sound of it.
    Regarding mortgage rates - I suppose it's like buying any product. Would you expect to pay supermarket prices for toilet rolls if you purchased thousands in bulk? The work required for cashier is similar, but the value of the transaction, and profit, is greater.
    And so is the risk! Lending £300-400K has much more risk than lending £120K I'd imagine. £30-40K jobs are more readily available than £100K jobs, therefore those unfortunate to lose them might return to their previous income quicker than those on £100K.
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    One of my ex-colleagues had HSBC Premier (her husband is a CEO at a large organisation).

    TBH, it didn't seem to come with many benefits. You had to either have £500k of savings in an uncompetitive product, or hold some other product with them such as a mortgage.

    The main selling point seemed to be the international aspect, which they never used since they lived and worked in the UK.

    I honestly think most people would be fine with a normal bog standard bank account. Ask yourself why you need a "personal relationship manager" (read as personal salesperson), other than convenience or laziness (which will generally get you a product that can be beaten by shopping around).
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