Private Banking Explained
23 Oct 2009Private Banking refers to that type of banking service that is reserved for those who have assets above a certain value.
It depends very much from bank to bank what the threshold limit is.
Typically with most banks and financial institutions the limit is usually having £100,000 of cash there to invest, or alternatively having cash and assets worth over a million pounds.
Clearly these are quite different limits, and therefore the latter is reserved much more for the very rich and offers a much more exclusive service than that for those with £100,000 or more which is of course a much larger number of people.
There are other services that are in this sort of bracket. For instance the Barclays Wealth website at time of writing says that the private banking service is tailored to individuals with a minimum of £500,000 in investible assets.
As a rule private banking services offered by banks and other financial institutions will offer a more tailored service than 'one size fits all' products that most of us have.
There may also be access to better interest rates, and for very wealthy clients then the banks will typically do as much as they can to get them the most attractive rates they can and meet their needs, in extreme cases products may even be almost created to fit the needs of clients if they are seriously wealthy.
More finance news articles:
- Recent Mortgage Proposed Amendments
- Private Banking Explained
- Premier Banking Explained
- Value Added Current Accounts
