How to open a private bank account.By. Toby Walne for The Mail on Sunday.Updated. 1. 5 0. BST, 1 May 2.For most of us, private banks seem slightly mysterious, snooty and used only by the extremely rich.Simple Private Money System Exec' title='Simple Private Money System Exec' />But though some are run like exclusive gentlemens clubs, others are surprisingly welcoming and can be a good choice for even ordinary customers.High standards Radio presenter Sarah Kennedy was tired of dealing with spotty individuals.As the name indicates, private banks are supposed to be a cut above the familiar High Street names.The private indicates a personal level of service that is supposed to be more tailored than usual.It does not necessarily mean it is privately owned, as was historically the case.Whiteaway Laidlaw Bank is one of these unusual sounding banks and it focuses on small business clients.As a former subsidiary of Manchester Building Society see below, it has just one branch in the city.Customers can withdraw cash nationwide at any machine with a Maestro sign, but most do their banking online.It claims that what marks it out from High Street rivals is its promise to treat customers as names rather than numbers.Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience for free.Our experts who have.Chief executive Bruce Tyler says Customers have been stuck with the same big banks not providing what they want for far too long. Vmware 7 Uninstall Msi Failed To Update . Its the job of small banks such as ours to change this.Tyler bridles at the snooty image of small, specialist banks that target the wealthy.We are not an exclusive bank, but open to everyone.Get breaking Finance news and the latest business articles from AOL.From stock market news to jobs and real estate, it can all be found here.A private prison or forprofit prison is a place in which individuals are physically confined or incarcerated by a third party that is contracted by a government agency.Spend less invest the bulk of what you save and think longterm.In an increasingly have and havenot world theres a danger in the simple suggestion to spend.Our average starling amount in savings accounts is 2.We are not elitist snobs.You can open a current account for 1 to enjoy competitive savings rates, he says.Duncan Lawrie is another private bank.It has five branches Belgravia in central London Isle of Man Bristol Wrotham in Kent and Calcutta the bank was founded by two businessmen who travelled there in the early 1.Century to make their fortunes.The Kent branch is in a Jacobean manor and the bank keeps a flock of rare Greyface Dartmoor sheep.Clients, who must be recommended by existing customers, have to keep 5,0.Company director Stephen Lord, 5.Powys, mid Wales, moved to Duncan Lawrie last summer after banking for many years with Coutts.Personal Service Stephen Lord I want someone I know when I call who will respond to my requests and you can only get this from a truly small bank, he says.I wanted a bank that is cautious with money and that will not bet the shop on derivatives it may not fully understand.Stephen says he has nothing against Coutts or High Street competitors, but believes their size means they cannot always be so personal.Arbuthnot Latham is a bank with a name to match its exclusive brand.The bank, which is listed on the junior Alternative Investment Market, has branches in London and Exeter.It claims its independence allows it to have a more flexible and pragmatic relationship with customers.Property developer Richard Griggs, 5.Wokingham, Berkshire, moved to Arbuthnot three years ago after many years with Barclays.It was a breath of fresh air compared with my previous bank dealings where I had been told I was a special client, but actually was just a number, he says.Vital for Richard was a bank that could handle all his financial needs an investment portfolio, pension and tax advice.It has enabled him to embark on property development projects without worrying about other finances.A hands on approach, where the bank can respond quickly and have people I enjoy working with, is essential, he says.If I have a question, I get an answer the same day.I have come across real arrogance in banking, but certainly not here.Richard is working on a property in Godalming, Surrey, with funding provided by Arbuthnot.The bank, like other private outfits, does not expect Richard to queue in a branch but makes home visits.Another bank that rubs shoulders with more modestly wealthy customers as well as the super rich is Cater Allen, which targets customers with a range of accounts to suit particular needs.Customers can open a Sterling bank account for as little as 5,0.Private bank account requires 1.Yet behind the flattery is Spanish banking giant Santander, which bought Bradford Bingley, Alliance Leicester and Abbey.Tradition Sir Richard Hoare founder of C Hoare Co Smaller banks often like to keep their personal touch by ensuring that few of us get farther than the polished brass plaque on the door.The office of C Hoare Co in Fleet Street, central London, has Napoleonic muskets and bayonets on the oak panelled walls.The family firm learnt the importance of financial caution when the South Sea Bubble burst in 1.Alexander Hoare, director and eleventh generation boss of the family firm, says You must be introduced by two people we know and typically have assets of 1 million.Former BBC radio and TV presenter Sarah Kennedy, 6.London, is with Weatherbys Bank, a favourite with the horse racing fraternity because of its historic links with the sport.She switched from the private banking arm of a High Street bank a decade ago following a personal recommendation.I was tired of being dealt with by spotty individuals who couldnt string two words together and then being charged for services that I didnt even use such as fees for an overdraft facility, she says.It was only when I moved to a small, private bank that real personal service kicked in.My finances are fairly straightforward, but it is great to speak to someone you actually know by name and who will listen to you.I can ring at seven oclock in the morning and immediately get some help.Sarah believes that the traditional stuffy reputation of a private bank such as Weatherbys is outdated and being interested in horses is not a requirement for having an account.Roger Weatherby is chief executive at the bank and the seventh generation of the family to run the firm.His brother, Johnny, is chairman and was recently appointed Her Majestys Representative at Ascot, the man ultimately responsible for admitting guests to the Royal Enclosure at the Royal Ascot meeting.Roger says We have about 2.We never use money markets to raise funds.Our job is not to squeeze every drop of profit out of customers but to take a long term view where the safety of their money comes first.Small private banks such as ours have a strong heritage we do not wish to risk.Like retail High Street banks, all private banks have a banking licence.This means 8. 5,0.Financial Services Compensation Scheme and the banks must hold guaranteed reserves.Beat the banks. This is Money wants to help consumers fight back against profit hungry banks.Try these links. How much will you need to open an exclusive account like the QueenARBUTHNOT LATHAM.Founded in 1. 83.City and branches in Manchester and Exeter.You need investable assets of 2.Also operates online.Founded in 1. 81.Santander and is based in Aldgate, east London.It does not have a branch network the 1.Starts with a Sterling Bank Account with a 5,0.The de luxe Private Bank Account requires 1.Founded in 1. 69.Queen is based in The Strand, central London, with 2.Monaco. To join the 1.Also operates online.Founded in 1. 86.Belgravia, central London, as well as the Isle of Man Bristol Wrotham, Kent and Calcutta.Owned by the Camellia group, it is listed on the stock market with assets of 4.You need 5,0. 00 to open an account and to be personally recommended.Also operates online.C HOARE CO. Founded in 1.Hoare family, it has a main branch in the City and one in Knightsbridge, west London.To join the 1. 0,0.Also operates online.Founded in 1. 77.Wellingborough, Northamptonshire, with a branch in Mayfair, central London.Customers must have assets of at least 3m or an annual income of 3.Also operates online.WHITEAWAY LAIDLAW BANK.Founded in 1. 97.Royal Bank of Scotlands investment arm in January from Manchester Building Society.Based in Manchester with a commercial lending office in Brentwood, Essex.It has 2,0. 00 customers and 4.Accounts can be opened with only 1.Also operates online.
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