Banking: Private banking option open for not so super-rich
Private banking 'not preserve of super rich'
Monday, 28 Apr 2008 11:27
One in four people would opt for private banking if they had enough cash.
As the Sunday Times reveals the
UK's richest 1000 are now worth £400 billion, the UK's private banks are seeing good business but it seems the masses would also like to enjoy the service.
A poll by private bank Cater Allen reveals 24 per cent of people would switch to private banking if they had enough money – with a third of these very likely to do so.
However, the cash bar blocking their way is not so high. Only three per cent of people correctly identified the minimum balance for private banking services was just £5,000.
Some 16 per cent of people thought £1 million was needed, and on average people believed £451,900 was necessary.
Richard Dunn, managing director at Cater Allen, 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.
"Cater Allen clients benefit from the service that you would expect from a traditional private bank with dedicated account handlers, based here in the UK, but at a low minimum investment level of £5,000."