Private Banking by Monzo?

When Monzo are a bank we will just provide Personal banking or we will also provide Private banking to attract higher income customers?

We definitely won’t be providing private banking :slight_smile:

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For those of us unfamiliar with the term ā€˜private banking’, I assume it’s a case of ā€œif you haven’t heard of it, you can’t afford itā€? :stuck_out_tongue_closed_eyes:

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Correct :joy: I enquired not for me…I am not in that league…but to answer a question put to me by someone with a car worth more than my home :smiley:

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@Andy1 in most contexts it’s just synonymous with ā€œwealth managementā€, which is exactly what it sounds like. The higher end of such providers seem to prefer ā€œprivate banking servicesā€ as a term - at a guess because ā€˜wealth’ is something of a faux pas.

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Yeah. I’ve got a job with a decent salary, but I wouldn’t say one got sufficient wealth to require someone to manage it.

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If one had lots of jewellery, property in England and Scotland, and lots of pet dogs and horses, one might. Pass me my coral card Philip I need to pay the window cleaner

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You could have a fortune and choose not to, probably because it interested you to handle it yourself.

Equally, you could earn a decent but modest salary for a career-life, and having judiciously put some aside decide ā€˜managing’ it didn’t interest you, and sacrificing some of it to ensure decent growth or security was worth it for the value of your estate.

I imagine less-than-stupendous sums would be better-off invested ā€˜manually’ in a tracker fund for almost as little interaction, but it’s a personal decision of course, and for some people it makes sense even for a ā€˜life savings’-sized sum.