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    • dont shoot me
    • By dont shoot me 8th Apr 18, 7:19 PM
    • 4Posts
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    dont shoot me
    >100k pa best bank account?
    • #1
    • 8th Apr 18, 7:19 PM
    >100k pa best bank account? 8th Apr 18 at 7:19 PM
    Hi all,

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

    Thank you.
Page 1
    • Shakin Steve
    • By Shakin Steve 8th Apr 18, 9:42 PM
    • 1,506 Posts
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    Shakin Steve
    • #2
    • 8th Apr 18, 9:42 PM
    • #2
    • 8th Apr 18, 9:42 PM
    Ask your accountant.
    I came into this world with nothing and I've got most of it left.
    • Thrugelmir
    • By Thrugelmir 8th Apr 18, 10:57 PM
    • 59,543 Posts
    • 52,841 Thanks
    Thrugelmir
    • #3
    • 8th Apr 18, 10:57 PM
    • #3
    • 8th Apr 18, 10:57 PM
    What benefits are you expecting from being an above average wage earner
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Lokolo
    • By Lokolo 9th Apr 18, 9:50 AM
    • 19,998 Posts
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    Lokolo
    • #4
    • 9th Apr 18, 9:50 AM
    • #4
    • 9th Apr 18, 9:50 AM
    HSBC give preferential rates to those with Advance or Premier accounts.
    • colsten
    • By colsten 9th Apr 18, 2:24 PM
    • 9,115 Posts
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    colsten
    • #5
    • 9th Apr 18, 2:24 PM
    • #5
    • 9th Apr 18, 2:24 PM
    HSBC give preferential rates to those with Advance or Premier accounts.
    Originally posted by Lokolo
    Preferential rates for what?
    • Lokolo
    • By Lokolo 9th Apr 18, 2:24 PM
    • 19,998 Posts
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    Lokolo
    • #6
    • 9th Apr 18, 2:24 PM
    • #6
    • 9th Apr 18, 2:24 PM
    Preferential rates for what?
    Originally posted by colsten
    Savings and mortgages.
    • 8i6daddy
    • By 8i6daddy 9th Apr 18, 3:46 PM
    • 86 Posts
    • 59 Thanks
    8i6daddy
    • #7
    • 9th Apr 18, 3:46 PM
    • #7
    • 9th Apr 18, 3:46 PM
    So the ones that don't need a cheap mortgage are the ones offered the lower rates? genius...

    so the rich get richer....
    • AstroTurtle
    • By AstroTurtle 9th Apr 18, 4:04 PM
    • 195 Posts
    • 619 Thanks
    AstroTurtle
    • #8
    • 9th Apr 18, 4:04 PM
    • #8
    • 9th Apr 18, 4:04 PM
    So the ones that don't need a cheap mortgage are the ones offered the lower rates? genius...

    so the rich get richer....
    Originally posted by 8i6daddy

    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.
    • dont shoot me
    • By dont shoot me 9th Apr 18, 8:28 PM
    • 4 Posts
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    dont shoot me
    • #9
    • 9th Apr 18, 8:28 PM
    • #9
    • 9th Apr 18, 8:28 PM
    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
    • By YorkshireBoy 9th Apr 18, 8:37 PM
    • 30,177 Posts
    • 18,068 Thanks
    YorkshireBoy
    Looking for best packaged accounts, or alternatively best APR on current account/ savings etc.
    Originally posted by dont shoot me
    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
    • By glider3560 9th Apr 18, 8:37 PM
    • 3,631 Posts
    • 2,303 Thanks
    glider3560
    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).

    • dont shoot me
    • By dont shoot me 9th Apr 18, 9:16 PM
    • 4 Posts
    • 0 Thanks
    dont shoot me
    I was completely unaware of the difference between AER and EAR - thank you for clarifying.

    APR I do understand to be the cost of your debt.

    Coutts - I don't qualify; I think you require excess >1m to be considered.

    Thanks for the replies; l'll look at Barclays.
    • Heng Leng
    • By Heng Leng 10th Apr 18, 2:35 AM
    • 4,585 Posts
    • 1,444 Thanks
    Heng Leng
    I was completely unaware of the difference between AER and EAR - thank you for clarifying.

    APR I do understand to be the cost of your debt.

    Coutts - I don't qualify; I think you require excess >1m to be considered.

    Thanks for the replies; l'll look at Barclays.
    Originally posted by dont shoot me
    Most of the services (at 100k) are simply tarted up standard banking - relationship managers etc are there to sell the mass affluent more products...
    • mrchiggles
    • By mrchiggles 12th Apr 18, 11:22 AM
    • 103 Posts
    • 21 Thanks
    mrchiggles
    Barclays Premier is free and gives you free English Heritage membership, gourmet society, free coffee and chocolates, etc, etc which is better than nothing (also some exclusive rates). HSBC gives you free travel insurance and the international stuff.

    Personally I use Barclays and we use the benefits quite a lot!
    • dont shoot me
    • By dont shoot me 4th May 18, 3:40 PM
    • 4 Posts
    • 0 Thanks
    dont shoot me
    Thanks Mrchiggles - I'll look at Barclays Premier
    • 18cc
    • By 18cc 4th May 18, 4:27 PM
    • 687 Posts
    • 460 Thanks
    18cc
    Have looked into this in the past and 100k a year whilst very nice and a lot of people would like to have it just isn't that good

    100k a week and maybe the banks would be interested

    By all means go to a premier account or the equivalent with other banks but just be careful you are not signing up to some glorified sales platform that just makes you feel good but really offers you nothing
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