Private banking 'has several advantages'

By Sarah Engle, Tue 16 Sep 2008 - Published in Banking

A financial expert has pointed to the benefits that could be received from a private banking account.

Michelle Slade, an analyst from financial information provider MoneyFacts, said people who qualify for the minimum threshold, which could mean savings of between Ł50,000 to Ł100,000, should consider the products.

She explained: "With the-one on-one personal banking manager you can look at all your other finances a bit more and get a better service."

Features of a private banking account vary, but they tend to give savers access to a personal banking manager and expert wealth management and investment advice.

In addition, some may provide savers with preferential rates on products such as loans and credit cards, as well as discounted insurance cover.

Research by Natwest discovered 3.27 million people in the UK meet the minimum requirements for private banking services, although many are unaware that they are eligible.

However, the sector has recently see an influx of younger investors, linked the general change demographic of the banking world.

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