Premier Banking Explained
23 Oct 2009Premier Banking services have two meanings. The first is related to current accounts with extras added to them which you pay for, this is covered in the article value added current accounts.
The other type of premier banking is the name that can be given to the service that is offered to customers who have been with a bank for a long period of time.
It is essentially a reward for being a good customer who has had a good account, and it offers a few benefits for free over those other customers have. The idea is to make the customer feel valued and special, and therefore hopefully from the banks point of view ensure that they remain as a client for longer.
These bank accounts will typically have something like a small interest free overdraft, or maybe it will offer slightly lower rates on loans. In other words there will be some little perks attached for free which can make the customer feel special.
The other complexity is around language, as premier banking can also be a title that applies to a service for customers who have money but are nowhere near the eschelons yet of private banking. For instance if you have around £70,000 or more of investible assets in total then some banks will try to convert you to their premier banking service, or at least you will be eligible for that service, which again offers a slightly more personal service than standard banking and current accounts.
More finance news articles:
- Recent Mortgage Proposed Amendments
- Value Added Current Accounts
- Premier Banking Explained
- Private Banking Explained
