We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
£>100k pa best bank account?
dont_shoot_me
Posts: 4 Newbie
Hi all,
As per the title. What is the best bank account for those fortunate enough to earn >£100k pa, and why?
Thank you.
As per the title. What is the best bank account for those fortunate enough to earn >£100k pa, and why?
Thank you.
0
Comments
-
Ask your accountant.I came into this world with nothing and I've got most of it left.0
-
What benefits are you expecting from being an above average wage earner0
-
HSBC give preferential rates to those with Advance or Premier accounts.0
-
So the ones that don't need a cheap mortgage are the ones offered the lower rates? genius...
so the rich get richer....0 -
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 -0 -
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.0 -
What is important to you in terms of packages? Assume you mean breakdown cover, travel insurance, etc? Concierge service perhaps?dont_shoot_me wrote: »Looking for best packaged accounts, or alternatively best APR on current account/ savings etc.
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.
What's next on your list?...Barclays? Coutts?Have looked at HSBC Premier and RBS so far.
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.Are there any niche ones that don't come up on a basic google search?
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.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.0 -
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).0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards