Cater Allen - worth it?

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ConstantineXII
ConstantineXII Posts: 15 Forumite
in Savings & investments
Hi ! I have read quite a few complaints about the problems some people have had with Abbey (and right now I'm having my fair share of problems!), so I was wondering if banking with private banks like Cater Allen is worth it. I know it belongs to Santander anyway, but I would say they should offer a better service...

Any experience with that kind of private banking?

Thanks!

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  • robp
    robp Posts: 221 Forumite
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    Aside from the slow transfers, they are a comparative delight to deal with.

    Their Internet Portal is not as good as others - passwords are a pain, but it all works.

    BTW, I only use them for Business Banking only due to the password reason.
  • purch
    purch Posts: 9,865 Forumite
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    Any experience with that kind of private banking?

    They'll probably charge a Monthly Fee for an account (subject to minimum balances being held), and hopefully they will have an agreement with someone other than Abbey so you can do OTC Banking Transactions.

    The personal service these Private Banks offer far exceedsanything you will get from a 'bog standard' High Street Bank.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • dunstonh
    dunstonh Posts: 116,581 Forumite
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    What services of a private bank are you likely to use?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • ConstantineXII
    ConstantineXII Posts: 15 Forumite
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    dunstonh wrote: »
    What services of a private bank are you likely to use?

    I'm just a bit upset with the general level of service offered by banks, according to my experience and some others on this forum, and would like a reliable service. I wouldn't be using premium baking, just the usual (Direct Debits, every day expenses...). I understand that Cater Allen doesn't charge monthly fees but need to keep £5k credit.

    (Thanks for your advice!)
  • Stompa
    Stompa Posts: 8,348 Forumite
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    ConstantineXII wrote: »
    I understand that Cater Allen doesn't charge monthly fees but need to keep £5k credit.

    Though given that their interest rates seem very poor, the loss of interest on the £5k you'd have to keep with them would be much the same as paying a fee!
    Stompa
  • purch
    purch Posts: 9,865 Forumite
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    is worth it

    That question can only be answered by yourself.

    I used to Bank with Hoare & Co who are one of the oldest Private Bankers. It's not cheap, but you get the service you pay for, and for me at the time I considered it 'worth it'

    The Banking services you get from the 'High Street' Banks is rubbish, but they don't directly charge you for....

    You get what you pay for !!!!!
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • Stompa
    Stompa Posts: 8,348 Forumite
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    purch wrote: »
    The Banking services you get from the 'High Street' Banks is rubbish,...

    In what sense is it rubbish? My bank seems to do what I require.....
    Stompa
  • purch
    purch Posts: 9,865 Forumite
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    My bank seems to do what I require.....

    ...........how wonderful for you :T
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • Pennywise
    Pennywise Posts: 13,468 Forumite
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    Stompa wrote: »
    Though given that their interest rates seem very poor, the loss of interest on the £5k you'd have to keep with them would be much the same as paying a fee!

    Most good intermediaries (i.e. accountants and solicitors) will have an agreement in place for their clients. In our case (accountancy practice) for our clients, we have a minimum balance waiver (so no fee if the balance is below £5k) and we also have an agreement that the interest paid on the account is 0.25% higher than the published figures. Ask your accountant or solicitor if they are Cater Allen introducers. If not, ring around, most will probably let you open an account through them even if you're not their client for anything else.
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