SunnySideUp

Are these accounts worth having?

Are the 'benefits' used, or are the Services too limited (not Whole of Market?)

john banks

It is just another way for insolvent banks to take your money off you, in this case trying to make you feel specially selected because you have a bob or two. The benefits and poor advice did not appear to me to be worth the control I would be giving up when it was offered.

SunnySideUp

Thanks John.

I did wonder about the quality of the 'extras'. The Tax advice and Family Wealth Transfer schemes seemed attractive.

But, obviously, they will want the funds to remain with them ... I doubt they would recommend other financial products other than their own (or do they have a duty of care to actually advise on whole market options?).

There is no charge for the Account if certain conditions are met.

what would scooby do

You have to add up what the benefits are really worth e.g. do you really need them.

It's also nice to walk in the branch of TSB on the Kings Road and get the lift to the private banking area in the basement lower ground floor away from the great unwashed...

Jer

I have private banking With the RBOS because they were offering a better rate on my morgage. I don't go into the bank they come and see me.



Runs of to find ***** waving smiley..

what would scooby do

TSB sends me a private jet and a maybach to take me to the bank

Steve vRS

First Direct send a jet, a Maybach and I get a blow job on the way to the branch off a Kelly Brook look-a-like.

And a porcelain pig

Steve

pimmo2000

iTrader: (6)

You get a BJ off a Kelly Brook look-a-like and a porcelain pig.. not sure I like the sound of that ..

Trout

iTrader: (1)

There are many variants on the spectrum of 'premier' to 'private' banking.

Premier banking brings some good free benefits.

Private banking is a whole different kettle of fish - usually done with a private bank - so you never even see the great unwashed

TopBanana

I use Cater Allen, but don't use an IFA as I prefer to look after my own money.

The most striking difference is being able to reach someone. First, a real person answers the phone. Second, they actually know what they're talking about. Third, you get the impression they're not a complete retard.

TelBoy

I used Morgan Stanley's private banking service for a while, but to be honest i'm not of the calibre to make the most of the services they offered. If i want to book a plane flight, i book one. I don't need somebody to do it for me. It's a clever marketing tool to make people think "they're worth it" but in reality you're just being lazy if you think these private banking schemes can add value to your lifestyle, in my opinion.

SunnySideUp

I've not been offered a private jet or a BJ off a porcelain pig .. wouldn't be too keen on either, to be honest

I very rarely have contact with the Bank, except via online Banking. The Private Banking would be free for me, except that I currently get 4% on my Current Account - it's a lot less on the Private Banking Current Account (I guess that could be considered the 'charge'?).

Thanks for your comments.

TelBoy

Staggering. Sorry, but it is.

what would scooby do

Could have been an unfinished collective noun?

A run of diarrhoea perhaps ?

dpb

I reckon you may ave to 'sign off' before you sign on with Coutts and co. Pete

hodgy0_2

It’s the banking equivalent of Business Class travel

Normal Banking -- with added peanuts





PS the really nice thing about it is you get a dedicated person to speak to -- so no need to remember your mothers maiden name together with your favourite holiday destination and your last 5 transactions – before you can order a cheque book

Fat Boy

As mentioned above, there is a whole world of difference between premium banking (business class) and private banking (private jet) - most of you are just talking about forms of premium banking e.g. HSBC premium, where the qualifying tests are income of circa £75-100k and net assets ( i.e. unencumbered assets of £1/4m+.

HSBC Private Bank requires net assets of £5m+... and the level of service is totally different - for starters, you wouldn't dream of going to anything as vulgar as a branch whether it's to a "premium" room in the basement with a far more sophisticated a/c manager (i.e they have a self tied rather than clip on tie and their shirts are guaranteed to be no more than 40% polyester ). They will come to you wherever and whenever you want.


As another example, Citibank has a "Personal" banking sub brand for the £1m -£5m types and Private banking above that.

EddScott

Not really sure I see the need. Most of the "benefits" you already get with other insurances and the like.

As for speaking to one person, my recent dealings with HSBC business accounts manager have been all with one person and always very good service.

My current bank is Halifax and I'm so looking foward to going in there and sticking two fingers up at them. Flaming shower of a bank and the new OD charges have tipped the scales for me to move. I think HSBC will want me to change to them as a previso that they'll lend me a big wodge of cash for a business. If they don't mind I'll be using First Direct.

We use Cater Allen quite a bit but they've gone off the boil recently since becoming part of the Santander group. Scottish Widows 7 day business bank account is offering 2% if you go through an intermediary.

Coffin Dodger

PSLewis posts thread alluding to his massive (fictional) wealth......... Troll

Those of us that actually have that sort of cash don't brag about it It's considered quite vulgar. Only council estate lottery instant millionaires need apply.....

Fat Boy

PSLewis posts thread alluding to his massive (fictional) wealth......... Troll

....and blows it by mixing up only one step up from ordinary banking with real private banking, which is about 10 steps up...

DJ_Jon

iTrader: (7)

+1 - Cater Allen are very good indeed, they answer the phone in 2-3 rings and I have never spoken to anyone that wasn't based in this country and had a very good grasp of the English language. The only downside is they don't pay any interest on balances less than £250k

Midlife......

iTrader: (2)

http://www.natwest.com/private/priva...xperience.ashx

dubious value for money...........but I can just pick up the phone and speak to Mike or Craig without having all that call centre malarkey

Shaun

Dingdongler

Why do you guys need to talk/liase with your banks so much? I just have to make sure my moooooooosive wedge of cash is in the highest yielding acct. Simple really. You guys should have tried harder at school.

Spoon

Having cash brought to the house and never having entered a bank has its merits. As does the thrown in tax service, cheaper mortgages (if required) and dedicated phone line. All the other concierge services are gimmicks for the lazy really.

what would scooby do

Because some people don't need to rely on interest rates...

Midlife......

iTrader: (2)

Why can't Dingdongler drop the pretence he is Sunnysideup / Mr ree / PSL Etc

Devildog

For me, yes.

Many of the "benefits" are superfluous to my requirements, but the quality of service - I arranged two mortgages and three unsecured loans (as part of a major relocation) over the phone - is well worth the £18 a month charges alone.

Factor in free insurance, reduced loan rates, enhanced savings rates, free warranties on electrical goods, travel insurance, etc, etc, etc, and it pays for itself many times over.

Not sure what he "control" issue is? I have full control over all aspects of my banking.

TelBoy

But again, DD, that's premier banking you're talking, not private banking, right?

TelBoy

Oh and who still does extended warranties please? I was flippin' annoyed when Barclays jacked that in about three years ago! I would consider an account with somebody who still offered that benefit.

EddScott

Apart from the rates, you get the above with credit cards. Much of the "add ons" most people already have with other services they pay for. The banks work on the basis you don't realise this and pay twice.

We have clients with vast amounts of wealth who are perfectly happy with the mundane run of the mill accounts and have managed quite nicely without these extra gimmicks.

Oh, and you most certainly don't need 6 figure sums to get bank staff to come to your house. I arranged for a bank clerk to go to a clients house to pick up a mere 5 figure cheque as the client was pretty much house bound.

I have nothing even remotely interesting in my bank account but I speak to one person in our local HSBC regarding business matters - and the business isn't international diamond mining.

These things are more a symbol of status rather than bank accounts and thats another reason why the banks win again because people think its cool to have a posh sounding bank account.

Its such cobblers its untrue.