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Private banking 'may have benefits'

By Sarah Engle, Mon 28 Apr 2008 - Published in Banking

People that earn large sums of money should consider opening a premier private bank account, an expert has said.

Head of personal finance at independent financial advice group Moneyfacts, Samantha Owens, said that high earners should consider the benefits a private bank account may bring, such as advice on possible investments.

"If you've got several million pounds in the bank then you don't want to be queuing up at your local branch for an hour and a half. You actually get treated like a customer. It's where time is worth more than a little bit of interest," said Ms Owens.

She added that private banking offers more of an overall package, although interest rates on sums left in accounts may not be as high as in high-street account promotions.

And people that get invited to be private bank customers would probably benefit from the services such accounts offer over everyday banking, Ms Owens suggested.

Statistics from eFinancialCareers released earlier this month indicate that more than half of the £49,731 billion held by affluent individuals is being invested.