Private banking?

[guydewdney]

Getting a bit disillusioned with my current bank, and just wondered what banking institutions the hallowed members on here used. Both for day to day banking and investments.

I understand this is quite a private matter and PMs would not be repeated (or anonymous version if agreed)

 

[Scott_F]

Although I've never used them myself I have heard that B.O.M.A.D* offer highly attractive interest rates. What's more, the terms of any loan are invariably extremely flexible and the bank often doesn't ask for repayment at all.



* Bank of Mum and Dad

 

[Chrishazle]

Day to day banking - Cater Allen, the private banking arm of Santander (although was previously Abbey National's private banking arm). Need to maintain a 4 figure minimum (positive!) balance to avoid charges, but excellent service, beats NatWest all ends up!

 

[developer]

If day to day banking requires a branch, I'd look for the most convenient one.

With rates being so low, they all perform the same basic services.

Investments are a different kettle and you probably need specialist advice.

 

[RWDpetrol]

CitiGold for day to day. Been with them since 1999.

Investment? Buy a fast car and enjoy it.

 

[E270 Owner]

Coutts

The investment side is impeccable.

 

[noy91]

Nationwide for day to day, St James's Place for investments / structural optimisation, although with the latter try to get a meeting with a London based adviser as they are much more clued up than the provincial reps.

 

[paulshep69]

I've used Lloyds for just over 35 years, they've been pretty good with me through the years, I really can't complain about them at all.

 

[guydewdney]

Mine is one of the above mentioned. However of late I have been told to use the 'telephone banking' section for my day to day stuff (when we started, we just called up and said, "Hi Karen, its Guy, can you move five grand from my account into my wife's account please" and it got done. The last time my wife called, she was asked 'loads of security questions' by someone she had never heard of. Plus they have failed over the last year to keep on top of her investments, and its actually dropped by 35 grand to which their response was "well, investments go up and down, or didnt you know that" in a slightly condescending manner. I received a letter saying my portfolio was 'significantly away from our suggested profile' - yet they are supposed to be managing that portfolio!

Makes the Stealers look nice

Thanks for the input.

 

[Palfrem]

I just don't trust any of them.

 

[Charles Morgan]

I recall my old employer's private bankers not being the sharpest tools, poor investment decisions compounded by the superb idea of writing to all their customers just after the crash of 87 to tell those who no longer had the minimum amount invested that their accounts would be closed.

 

[Giantvanman]

I went with Which's recommendation a few years ago; First Direct. Service is impeccable (current account only). Glad I didn't decide to use the second placed recommend…..Cooperative!

 

[grober]

Handelsbanken?? http://www.ft.com/cms/s/0/ff11a4c0-2a2e-11e4-a068-00144feabdc0.html#axzz3Kfk1uyWY

At group level the Swedish lender is one of the best capitalised in Europe however its perhaps worth noting their depositors are covered by the Swedish banking system not the UK?

 

[gIzzE]

Mine is one of the above mentioned. However of late I have been told to use the 'telephone banking' section for my day to day stuff (when we started, we just called up and said, "Hi Karen, its Guy, can you move five grand from my account into my wife's account please" and it got done. The last time my wife called, she was asked 'loads of security questions' by someone she had never heard of.

So you have a Natwest Private account too then??

They are absolutely useless!!
It is now a real chore to have to call them for anything, I thought that was meant to be the main benefit, an easy life where you pick up the phone and you leave them to deal with it all.

I just can't see the point of moving at the moment as I have some loans etc. that are still running till next year, but when they are finished I will start to look around.

The only thing I get out of my account is lots of points, booked over 8 return flights through my points last year, which saved us a few grand.

 

[edstrom76]

Barclays are set to offer a facility that could turn out a popular one - video banking.

That said, I've no experience of banking with them, and I imagine they've got a lot of work to do to repair reputational damages following the Libor scandal etc.

http://m.bbc.co.uk/news/business-30260765

 

[Meldrew2]

I can recommend Barclays Wealth - to my worst enemy.

In my experience I found them totally incompetent, fail to respond to instructions, impossible to deal with without tearing hair out.

On the bright side, they send you a nice hamper as an apology each time they mess up. I've had a few...



.

 

[Red C220]

Unless you're talking serious wealth most of the decent private banks just won't offer you much. The reality is it's not worth their time. I looked in to this for my business banking.

Quite honestly unless it's substantial millions you're better off banking with someone like first direct and having your investments managed privately elsewhere.

Many years ago when I was an employee, C Hoare & Co were one of my employers clients.

Someone had paid for all the original Canaletto's that hang in their boardroom and it's not them.

The most prestigious cheque book I've ever come across wasn't for any private bank, it was a friend dads who cashed a cheque when I worked behind the bar in a rugby club in my teens. It was a "Bank of England" cheque, he worked for them He didn't need a cheque guarantee card as it was a sackable offence to bounce a cheque back then

 

[IanA2]

I went with Which's recommendation a few years ago; First Direct. Service is impeccable (current account only). Glad I didn't decide to use the second placed recommend…..Cooperative!

Yup

So you have a Natwest Private account too then??

Yup :fail

They are absolutely useless!!

Yup :fail

I can recommend Barclays Wealth - to my worst enemy.


In my experience I found them totally incompetent.

Yup :fail

Unless you're talking serious wealth most of the decent private banks just won't offer you much. The reality is it's not worth their time. I looked in to this for my business banking.

Quite honestly unless it's substantial millions you're better off banking with someone like first direct and having your investments managed privately elsewhere.

Yup....tried most of them. Westminster were good in the pre cash/cheque card
days. These days, without doubt FD. Been with them pretty much since they started.

 

[Ted]

Coutts are very very good.

 

[Mrhanky]

Nationwide for day to day, St James's Place for investments / structural optimisation, although with the latter try to get a meeting with a London based adviser as they are much more clued up than the provincial reps.

SJP offer a restricted service and their charges are vastly higher than what an IFA or independent wealth managers charge. Performance and service is better also.