Private Bank Question. Coutts & Co

[chris2982]

HI All,

I was just wondering what the benefits of having an account with a private bank is over a normall high street bank,,
I have found one that has a brach local , Coutts & Co.

Cheers,
Chris.

[Backward point]

You would almost certainly have a close relationship with a dedicated manager, who would be looking to manage your investments. Credit criteria may be more flexible than the High Street banks, but to qualify you would almost certainly need to be a "High Net Worth Individual" and willing to pay their fees.


Regards

Ian

[ASW1]

They charge you more money and/or require you to have more products/value with them, and they sell you more expensive products.

I'm not a private banking customer, but "mass affluent" - for which I think they've transposed the term 'mass effluent'. In 9 years I've had 8 or 9 relationship managers, and frequently not been told about services that are relevent, and been approached to buy ones I already have :roll: . I recently joined the International Wealth part of the business and have found the level of sevice to have fallen through the floor - in addition to not having the interpersonal relationships sorted, they don't even have the servicing capability that the UK part of the business has. My brother is a private bank customer of the same business, and what they offer is very lacking - they just want to sell him investments.

I've spent 17 years as a retail banker (23 years in all in financial services) and have reviewed sales/servicing processes (as a consutlant and as an employee, for mass retail and wealth), and my conclusion is that:

1) If you have someone that you have a good personal relationship with - hold onto them.

2) If you don't, then you need to accept that at best you are just a number, and you need to take care of yourself. Do your reserch, ask opinions, manage your expecations and assume that you have to sort yourself out.

Sorry to be a cynic, but that's what I've concluded. I doubt any of these emerging new banks will be any better, as most of their management are the same people that presided over the main banks dumbing down their service proposition over the past 15 years or so.

[jonny]

Its £150 a quarter if you qualify.

Go for a real private bank;

http://www.hoaresbank.co.uk/ :D

[chris2982]

Cheers guys,

well i am certainly not a "High Net Worth Individual" l, thaought that you would have to pay for the privilage,,, just had another look on their site and it costs £600 a year for a currant account.

chris.

[jonny]

They charge you more money and/or require you to have more products/value with them, and they sell you more expensive products.

I'm not a private banking customer, but "mass affluent" - for which I think they've transposed the term 'mass effluent'. In 9 years I've had 8 or 9 relationship managers, and frequently not been told about services that are relevent, and been approached to buy ones I already have :roll: . I recently joined the International Wealth part of the business and have found the level of sevice to have fallen through the floor - in addition to not having the interpersonal relationships sorted, they don't even have the servicing capability that the UK part of the business has. My brother is a private bank customer of the same business, and what they offer is very lacking - they just want to sell him investments.

I've spent 17 years as a retail banker (23 years in all in financial services) and have reviewed sales/servicing processes (as a consutlant and as an employee, for mass retail and wealth), and my conclusion is that:

1) If you have someone that you have a good personal relationship with - hold onto them.

2) If you don't, then you need to accept that at best you are just a number, and you need to take care of yourself. Do your reserch, ask opinions, manage your expecations and assume that you have to sort yourself out.

Sorry to be a cynic, but that's what I've concluded. I doubt any of these emerging new banks will be any better, as most of their management are the same people that presided over the main banks dumbing down their service proposition over the past 15 years or so.

Are they actually any good for investment?. I always viewed banks tried to sell you investments as a bit dubious (probably crap investments) and Keith Mills is suing Coutts at the moment for bad investment advice.

[cmcm3]

I'm with HBoS and I managed to blag a private banking manager a while back on the back of having my flat deposit money in my account for a few months before making the purchase, thus managing to meet their desirable individual criteria to get such a service. I'm not charged for it and the real benefit of it is they do all the same stuff you would try to get some call centre monkey to do, but they actually get it done, quickly, and get back to you to let you know if there are any problems. For that service they are worth their weight in gold. I'd imagine the Coutts service to be much of the same but with increased pushing of investment opportunities and advice, and a flash card to impress your mates and fellow diners etc.

As it happens my lot have never been rude enough to mention the fact I'm now permanently skint and have never enquired what the multiple thousand pound transfers of cash into and out of my account labelled along the lines of "TZUK - 14060m" are actually for... :)

[Seamaster73]

I had Private Banking with NatWest for several years, and it was as cmcm3 has described above — until my longstanding relationship manager, who was fantastic, retired. After that it went downhill fast as the service offering was cut back. First there was no local private banking office, then it was obvious no relationship manager was going to last longer than a few weeks. Worst of all was the irritating shift from Private Banking being about giving a premium service to a being about trying to flog me financial products I either already had, or didn't want. When I was told no longer would a mortgage specialist be available to meet me in person as in previous years, and that I should just call the call centre (who were worse than useless), I knocked it on the head and went back to a bog standard current account.

[ASW1]

I had Private Banking with NatWest for several years, and it was as cmcm3 has described above — until my longstanding relationship manager, who was fantastic, retired. After that it went downhill fast as the service offering was cut back. First there was no local private banking office, then it was obvious no relationship manager was going to last longer than a few weeks. Worst of all was the irritating shift from Private Banking being about giving a premium service to a being about trying to flog me financial products I either already had, or didn't want. When I was told no longer would a mortgage specialist be available to meet me in person as in previous years, and that I should just call the call centre (who were worse than useless), I knocked it on the head and went back to a bog standard current account.

Well, I thinks this is the 'Case Study' that proves my points above - it's such a shame for something that is classified as a 'service industry'. As for Cliff - I would guess that the clock is ticking for the day you feel they've lost the plot - for now though milk it for all you can.

[abooth2909]

HI All,

I was just wondering what the benefits of having an account with a private bank is over a normall high street bank,,
I have found one that has a brach local , Coutts & Co.

Cheers,
Chris.

Have a look at the criteria for having an account with them too!! :wink: :shock:

My mate tried to get one and was laughed off the phone almost!

[miked10270]

There is one good independent bank:

http://www.airdriesavingsbank.com/

I'm looking to move to them this summer. 8)

Mike.

[bonzo697]

Try Cater Allen, Chris. I had an account there in the late 90s. Part of Abbey and a more realistic proposition than Coutts, Hoare & Co, Childs etc. as you can start an account with £5K.

[VDG]

as it was already mentioned there is a certain criteria to satisfy in the first place.. the main difference i suppose is that you have access to YOUR money where ever and whenever. Not to be confused with offshore banking which is a different kettle of fish .. oh and I am not a customer just read about it in the Metro :wink:

[rabbitinheadlights]

They charge you more money and/or require you to have more products/value with them, and they sell you more expensive products.

I'm not a private banking customer, but "mass affluent" - for which I think they've transposed the term 'mass effluent'. In 9 years I've had 8 or 9 relationship managers, and frequently not been told about services that are relevent, and been approached to buy ones I already have :roll: . I recently joined the International Wealth part of the business and have found the level of sevice to have fallen through the floor - in addition to not having the interpersonal relationships sorted, they don't even have the servicing capability that the UK part of the business has. My brother is a private bank customer of the same business, and what they offer is very lacking - they just want to sell him investments.

I've spent 17 years as a retail banker (23 years in all in financial services) and have reviewed sales/servicing processes (as a consutlant and as an employee, for mass retail and wealth), and my conclusion is that:

1) If you have someone that you have a good personal relationship with - hold onto them.

2) If you don't, then you need to accept that at best you are just a number, and you need to take care of yourself. Do your reserch, ask opinions, manage your expecations and assume that you have to sort yourself out.

Sorry to be a cynic, but that's what I've concluded. I doubt any of these emerging new banks will be any better, as most of their management are the same people that presided over the main banks dumbing down their service proposition over the past 15 years or so.

Ahh the good old 'service sacrifice' I worked as an Operations manager for a large Retail Bank and the term was banded about with gay abandon it was almost a badge of honour :wink: Almost became a mantra for lack of vision or inspiration.

[Omegamanic]

There are a few big true private banks.

Nat west and others don't really have true private banking - only elevated status. The private banks are after true High net worth and ultra high net worth clients.

Fairbairn seem to win a few awards these days.

Like most industries, staff turnover plays a big part of relationship management - high staff turnover usually gives an idea of the service supplier.

[AndyMilts]

You get better coffee and sandwiches some times when you visit, costs a bit more and unless you really need the facilities they provide, stay with a normal bank, I am with First Direct who are great

[PipPip]

Interesting thread for me as I've considered private banking but would not go with a high street bank, even Coutts is part of RBS and I understand the service is only any good if you are true high net worth and deal with a whole of market investment advisor. My banking is, to be honest, a total shambles: an old current account with Lloyds that I don't use now which has an online savings account attached, a Nationawide current account used for UK mortgage and life insurance payments and several online savings accounts, a Coventry building society mortgage with an offset savings account, an old ING savings account, old Bradford & Bingley savings accounts, a French current account for my french living costs/mortgage and an associated online savings account. Then there are credit cards from each of the above banks plus an Amex card. Looks like I will move to Prague in the summer and will need yet another current account/savings account there. Thinking of shutting down the whole lot and just getting a private banking set up with multiple currency accounts as will have living costs in Prague, UK and Paris to cover. There has to be an easier way.

[Tokyo Tokei]

[ ... ] Thinking of shutting down the whole lot and just getting a private banking set up with multiple currency accounts as will have living costs in Prague, UK and Paris to cover. There has to be an easier way.

HSBC and Citibank have reasonable ( ie, free if you keep a minimum amount invested ) current accounts, both with multiple currency options as standard. Also with credit and ATM cards in specific currencies too if needed. I've used both, and marginally prefer HSBC ( who give you a dedicated "relationship manager" and realtime quotes on currency transactions online ), but service probably depends on your actual branch staff.

Both are good at setting up accounts for you in other countries prior to moves. HSBC's online service will let you see your full "global portfolio" of accounts as one.

Thankfully neither HSBC nor Citi ever tried to sell me any other investments. I think I'm not rich enough. Though HSBC did send me a magnum of champagne and two flutes for Christmas :shock:

Paul

[PipPip]

[ ... ] Thinking of shutting down the whole lot and just getting a private banking set up with multiple currency accounts as will have living costs in Prague, UK and Paris to cover. There has to be an easier way.

HSBC and Citibank have reasonable ( ie, free if you keep a minimum amount invested ) current accounts, both with multiple currency options as standard. Also with credit and ATM cards in specific currencies too if needed. I've used both, and marginally prefer HSBC ( who give you a dedicated "relationship manager" and realtime quotes on currency transactions online ), but service probably depends on your actual branch staff.

Both are good at setting up accounts for you in other countries prior to moves. HSBC's online service will let you see your full "global portfolio" of accounts as one.

Thankfully neither HSBC nor Citi ever tried to sell me any other investments. I think I'm not rich enough. Though HSBC did send me a magnum of champagne and two flutes for Christmas :shock:

Paul

Paul
Thanks for this advice. I was just looking at which banks provide expat banking in Prague and funnily enough both Citi and HSBC seemed to be in the top three recommendations from expats there. Citi seems quite interesting - like all banks in Prague they have quite high charges even for regular current accounts, but if you stick a reasonable but not excessive sum in a high interest savings account with them then all charges are waived. Could be the winner if they can also provide me with a bank account in both France and UK.

[Lyndhurst]

HI All,

I was just wondering what the benefits of having an account with a private bank is over a normall high street bank,,
I have found one that has a brach local , Coutts & Co.

Cheers,
Chris.

Well, one benefit is being able to send your nieces & nephews cheques from the same bank as HM the Q uses, on their birthday. Just ( a couple of weeks ) after I first met my wife, her son got a cheque from his aunt, courtesy of Coutts & co. I really did wonder what sort of a family I was getting involved with....

[lewisanderson]

+1 on HSBC and CitiBank, especially if you spend any time overseas. HSBC have never charged me whenever I have transferred funds either to or from the UK, unlike any of the local banks I use in Thailand and SIngapore.

[Tahiti]

The bank (Coutts) is now asking for new customers to have investable assets of £1m plus (according to the FT this week).

Oh how nice it would be to be in the position to have a spare million or so to invest...

[sundial]

Find a job with The Bank of England ... then you have the privilege of a Bank of England bank a/c and cheque book 8)

dunk