Any bank with a metal card is popular 
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Why are the poors discussing something we’ll all never be using 
well unless we win some cash on the lottery or find some mystery money to put into the account
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Reminds me of Glint
Why not?
It’s still interesting from a “what’s their model and will it work?” perspective.
I think a more digitally-minded, Coutts-type bank could work, as some young UHNWI are YouTube stars, etc, who might be tech-savvy and want private banking with wealth management, but not be so interested in wasting time with face to face meetings in “traditional” offices, etc.
Covid, like with everything, adds a new dimension to this argument too.
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Speak for yourself.
This is not an unusual amount for premier banking services these days… late 90s they used to say 75 or 100k to access the premier HNW services, concierge, personal relationship manager etc… But I had to change primary banks a couple of years ago and most of the decent offerings were not only looking for those amounts but fairly inflexible on the offerings also, most had something like 150 - 250k cash or cash like assets needed. Swiss banks can be even more onerous and the cheaper entries in the market do things like take 0.5% of all funds you move through them !! Bounce half a mil in and out and thats a 2500 transfer (got caught by HSBC in singapore with one of those on an investment) !!
Ended up with CITI wealth management but thier ‘private client group’ needs 650k GBP, this way they can push you into citi managed investment products. Plus they dont let you even keep more than 75k eur without fees on holding the balance.
Having had to leave Barclays IoM I was actually kind of shocked how hard it was to open HNW facility accounts, many were turned off by holding euros, or had large cash needs and yet little to no perks. Given fintecs like revolut gives you airport lounges and things, which are common cheap perks for these account packages, the token freebies are not that valuable and so a high end offering with correct relationship management is not a niche that is well filled IMO.
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I could see a per client personal relationship manager (and backup staff for when they are not online) handled via app and messenger (video calls ??) just as a replacement for phoning, but still the same person each time so they are aware of your needs and handle your instructions and ensure they are completed efficiently.
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I wonder if they already pivoted.
And you will be able to open an account instantly with £25,000.
Looks like they dropped a zero there?!
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So let’s say, for the sake of argument, I’m planning to open an account next year. How is my money kept secure (FSCS-style)?
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Surely there’s a huge opportunity for the neobanks to offer whitelabel packages to existing boutique banks. No?
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Thanks opened 10 accounts with 4.999999 million in each for ebay.
A place to discuss the bank: Monument Bank
Any more info at all you’re willing to share?
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Interesting. I was initially a little confused as I thought I’d heard of them before, and I had.
@AlanDoe can we merge the two topics please.
Looks like they haven’t really progressed much since pre COVID and also a change of CEO with Joe Gordon heading out of the banking sector completely.
Seems like a weird mix of Coutts & Fintech.
Given I only have £24,999 to save
I wish
and don’t quite meet the minimum £25k deposit, I think I’ll pass
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An uphill struggle with SEO
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I was just idly looking at the best-buy savings tables. Monument is leading the pack for a six month fix with a rate of 4.7% AER. (And there’s a Monzo pot with Paragon at 4.51% that’s even beating Atom. Forgive the digression).
I have to say they’ve got the design of the app spot on - from what I can see without opening an account, at least. It’s calming, subtle and feels the way that I’d love a banking app to feel.
You do need a minimum of £25k to open an account though - that’s a factor of 10 less than the original post implied. It’s still not for everyone but seems in reach for more now.
Oh, and they seem to be offering something called Lifestyle, which seems a bit like a digital concierge service (or something that would come as part of a mass affluent packaged account or credit card). It seems (I think) to be free right now, but I imagine that’s just a trial.
Right, I’m off to see if there are any pennies down the back of the sofa. Gotta find some way of reaching their minimum deposit levels…
Actually if someone were to receive an inheritance or similar this could be a decent way of looking after it.
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You can get 4.9% from Al Rayan Bank via https://www.raisin.co.uk/savings-accounts/ so not that attractive to me
For which it seems you don’t need a savings or loan with them.
No idea if it’s any good though
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A new bank requiring minimum assets of £250,000 up to £5M but FSCS only covers up to £85,000 