UK Money News
28th April 2008
Brits missing out on private banking
Britons are missing out on the potential benefits of private banking due to an outdated idea that is reserved solely for the super wealthy, a new study has shown.
According to a survey of 1,000 savers conducted by Cater Allen Private Bank, one in four Britons would opt to deposit their savings with a private bank if they felt such accounts were accessible to them.
However, what prevents them from doing so is that the perception that they are only open to those with large cash sums, with more than half of those surveyed thinking that a deposit of £450,000 was required.
In fact, private bank accounts can be opened with as little as £5,000, according to Richard Dunn, managing director at Cater Allen.
He said: "Private Banking still retains a mystique and aura of exclusivity.
"Therefore many people do not realise they can access the superior services offered by private banks."
As well as offering accounts that enable clients the chance to deposit funds in multiple currencies, Cater Allen also offers a Visa Deferred-Debit Card, which permits users to continue to earn interest on their current account in-credit balance.
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