Private Banking by Monzo?


#1

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


(Tristan Thomas) #2

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


(Andy Little) #3

For those of us unfamiliar with the term ‘private banking’, I assume it’s a case of “if you haven’t heard of it, you can’t afford it”? :stuck_out_tongue_closed_eyes:


#4

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:


(Oliver Ford) #5

@Andy1 in most contexts it’s just synonymous with “wealth management”, which is exactly what it sounds like. The higher end of such providers seem to prefer “private banking services” as a term - at a guess because ‘wealth’ is something of a faux pas.


(Andy Little) #6

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.


#7

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


(Oliver Ford) #8

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 ‘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 ‘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 ‘life savings’-sized sum.