Well I can deal with a Visa. Its not my personal preference but I can deal with it!
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Supposedly, the benefit would be better service in general.
The fringe benefits would be: access to currency accounts, possible requirement for niche features as I explained above which other banks couldnāt fulfil, unusual banking brand, unusual debit card - which would please card collectors.
@N26throwaway Do you have a Cater Allen account?
The other big benefit is that if you do have an accountant or independent financial advisor to manage your affairs, Cater Allen will deal directly with them on your behalf - with your permission. This is not routinely available at ānormalā banks.
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As a Card Collector, I would be very pleased!
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Does anybody know what the published pay in requirements used to be? Just because they arenāt published doesnāt mean they arenāt still enforced.
The PDF says you just need to be 18 and in the UK
There was a Ā£5,000 minimum balance most recently. But they used to have a āSterling Bank Accountā, with no specific requirements, alongside the āPrivate Bank Accountā.
It looks like they may have removed requirements from the Private Bank Account now that the Sterling Bank Account is no longer available.
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Thatās what I can see as well. I know that they used to have a Minimum Balance. But that was displayed on their site and in PDFs.
But now I see nothing about it at all!
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Itās difficult to know how much of a change in policy it really is, as they may simply be declining applicants who they donāt think will keep significant balances.
The account is still subject to status and only available after a credit check. We donāt know what criteria they are assessing the credit data against.
One quirk of Cater Allen is that they donāt offer overdrafts, at all, so I doubt theyād want to take on anybody who they felt was at-risk of going into an unauthorised overdraft!
Thatās alright for me.
I only have an Overdraft with 2 banks and Iām fine with the limits I have.
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For this reason I think Iāll keep an eye on how this goes for others before jumping in.
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Yeah, the requirements have changed!
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As long as you are honest on your application, the worst they could do is decline you.
Apply if you want, I think.
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Also, from what I can tell.
All of the official documentation has been changed as well last year!
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Iām just wanting to save myself a hard credit check if there is no hope.
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The website has certainly been updated across the board. The header used to say āCater Allen Private Bankā and now just says āCater Allenā.
So perhaps they are opening up the bank to wider custom?
Why they would want to do that, I have no idea, but perhaps itās a shift in strategy. Historically, they acquired new customers via accountant and advisor referrals, much like other private banks, and they may want to expand and acquire more customers directly.
Ah @ndrw, thatās fair enough.
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Yeah, thatās what I think.
I try to avoid Hard Credit Checks but never works xD
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No chance!
Itās still just Santander under the hood and I canāt stand Santander.
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