Nope the limit is the limit. £85,000 across the board.
However, money has to go somewhere and sometimes people are often above the limits. It’s quite common actually.
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If I had to sum it up it would be they offer bespoke financial services to High Net Work (HNW) and Ultra High Net Worth clients (UHNW).
Different products and services as opposed to retail banking to suit their needs. They often have branches in more than one jurisdiction and can assist with tax planning and wealth management.
Rich people need a bank that is:
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Doesn’t really matter for cash - to have any reasonable liquidity your exposure is with one of the large correspondent banks (most likely a bulge bracket bank or very large British/American commercial banks). I doubt any small bank will be able to survive without state assistance if one of those goes bust.
For securities, it’s a different issue - some private banks can act solely as custodians with fully segregated registration rather than custodians + nominees. If it’s the former, your positions won’t form a part of the bankruptcy estate. UBS even pays you if you choose them as your nominee and let them hypothecate your securities.
Is it NanoOp and NewNewNanoOp? 
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I just wish the bank statements were better with Coutts.
They miss a lot of important information out such as interest rates and overdraft limits etc.
I wish they’d show an overview of all accounts held.
The majority won’t offer cards at all. The ones that do would most likely white label either their retail or commercial cards (respective normal fraud prevention mechanisms will apply). A few would not have any restrictions apart from the overall limit. Travelling with one can be a bit of a gamble.
It’s one of the ways the Centurion card makes sense - 1) does not identify where you bank, 2) could actually assess your income/assets, 3) you can speak to their credit/risk teams and get an idea of where different levels are.
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Coming up in the Monzo 2024 community awards - Thread most likely to descend into flame wars, rich shaming and absolute carnage.
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What is the advantage of having several accounts in multiple locations ? Surely your personal private banker can arrange everything for you anywhere ? Say as a client of JPM WM London you can surely access any product/offering in Asia and elsewhere, as JPM WM must be present in every big wealth center ?
Another question (genuinely curious): if you are say a CEO, or a business owner, with your own management team including lawyers, financial specialists, etc… whom you can ask for advice anytime, don’t you find that sometimes you know more than your private banker…? Making it harder to justify his fee.
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Why would the FSCS have a higher limit for private bankers? That would be outrageous lol
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I won’t go into the advantages or reasoning behind it. However, it works for me for my own circumstances.
In this instance yes. However, I prefer to keep my financial dealings outside of my law firm. It’s personal to me and it’s better if employees and the senior management board are not involved.
My own stance on it obviously.
That’s exactly it. Property is a big one for me, but I also invest funds into classic cars (Jaguar E Type for example) and wine (pre 1999).
Fund manager manages my stock and shares ISA’s etc.
I do like to have a cash buffer limit in my current account and the rest is in savings accounts. At the end of the month if the cash buffer is utilised it will automatically transfer funds from my savings account to bring the cash buffer up to my pre set limit.
Therefore, no need to worry if I have enough funds in my account. As it’s all sorted for me.
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That’s not how HSBC Private Bank works - UK + Guernsey is fine and UK + Geneva/Lux can be done on request. They can refer you to HK/SG but those would be standalone relationships rather than booking centres.
The Private Bank have very limited influence on Premier/high street side. There is no equivalent of global transfers/view for PB.
Most other PB also only offer limited booking centre options depending on where your RM is based - outside of those arrangements different jurisdications are full on comepetitors. The only exception I can think of is Citibank - they can book anywhere irrespective of where the RM is based.
Most private bank clients need maybe 2 or 3 booking centres primarily for tax reasons (i.e. non-dom remittance basis - rest in peace), and that’s what most banks will offer.
You might have more if you need a local mortgage, and the bank wouldn’t lend from the other branches (rarer and rarer these days).
You don’t often see different products being offered, and if there are, the restrictions would mostly likely be your residency (or citizenship in the case of Americans). If you are a UK RDR client and the product isn’t RDR compatible, a Hong Kong-based banker cannot bypass that and sell it to you.
You do see different jurisdictions having different business/revenue models, breakeven points, and risk appetites – and they ended up marketing different products. You could consider diversifying where the desks you deal with are based. However, for the same reasons, different subsidiaries of the same bank want to keep all revenue for themselves and don’t like to work together.
You are far more likely to see someone using completely different banks rather than sticking to the same one.
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All banks claim to “safeguard” all the funds you deposit with them! The point of the 85k FSCS is that it’s safeguarded by the UK government when the banks’ “safeguards” no longer, er, guard safe…
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Except if for whatever reason NS&I went bankrupt they wouldn’t be able to pay you back. So it’s not really protected.
£85k is government guaranteed. The only way really to lose that would be us no longer being a country and the government collapsing along with our legislation and by that point we have bigger fish to fry than our money.
It can’t, it’s state owned which is why it’s safe at any number. Well, at least it can’t unless the U.K. government goes bankrupt, which is incredibly unlikely
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To be fair I have never really looked into that one. Being state owned doesn’t in and of itself stop bankruptcy (look at local authorities that do) but I suppose yes if they guarantee all deposits then £1.5 million it would be.
It actually does, councils don’t technically go bankrupt (I.e they still have to meet their financial commitments), the media calls it bankruptcy but it isn’t actually that for these purposes. So long as the UK state is solvent, NS&I deposits can be withdrawn.
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Interesting. The things I learn on here.
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I suspect that if NS&I went bust we’d all have much bigger things to worry about than access to our savings (they’d likely be worthless even if the were fully protected).
ETA they do protect 100% of your savings with them irrespective of the amount if that hasn’t been made clear in any of the comments above I haven’t bothered to read.
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