Royal Bank of Scotland (RBS) chat

I’m starting to think we should start a private bank chat. I think it would be a good source of discussion!

Plenty of private bank offerings out there too. Some others less known than others, but as equally as good!

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Applied for a drummonds account Monday got letter in app yesterday showed up in app today just waiting for card to appear in app

Shame the service is standard RBS.

I wonder how many people that bank with Drummonds or Child & Co actually have private banking services and facilities. It’s a thought??

The Coutts card always gets the eye glances! :eyes:

The vast majority (all) of us here don’t “bank with Drummonds or Child & Co”. We have RBS accounts with Drummonds and Child & Co branding.

I also don’t think many people here have private banking at all.

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Quite a few people do actually have those facilities within this thread/chat. Myself being included in that.

However, my point was more so that do those brands still offer private banking? You don’t hear much about them these days and their private baking services.

Do branch staff offer a preferential service for example?

Is premier classed as private?

Holt’s Military Banking Card turned a few heads on Monday in CEX, Tesco and at the local bakery. Felt weird!

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Bet they was like how in the fuck? One day you’ll day “Where did you serve?”

That’s what i’m scared of.

All i can say is.

“My dad served”

I wouldn’t say so no. That is more mid tier banking, so most offer discounted products, preferential rates on savings but that’s about it.

Private banking would be a named contact you can speak with via phone/in person and email. They are also able to offer banking arrangements overseas and provide banking/lending facilities above and beyond everyday banking.

For example, I have a bank account (private account) overseas that has a euro overdraft of a modest amount, as well as a euro mortgage.

Just to name a few features

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No. Premier is “mass affluent” private is “filthy rich”.

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Every bank has different requirements and I’ve been/am with a few different ones.

I’ll highlight the ones I’m with below:

Coutts is good but they don’t just offer banking facilities you must either borrow £1M plus fork the bank or invest £1M plus. They will not take you on as a client just for everyday transactional banking (not sure why, as surely some savings with them of £1M plus should entertain a banking relationship)

Arbuthnot will take you on if you’re looking to borrow or invest £500K plus, the same goes for Hampden & Co.

HSBC Private you need to invest £1M minimum, although I think that’s gone up to £1.5M minimum as of recent months.

Assuming that they count managed pensions, I suspect a surprising number of people would meet some of those thresholds. Used to work with pensions and it’s not long before you’re into telephone numbers for the balances.

They don’t as far as I’m aware.

Investments have to be put into an investment fund or stock and share isa/general investment account.

Mortgages don’t count obviously.

Borrowing is usually in the form of a loan of some sort.

Which I approached Coutts for example they asked how much would I be looking to invest in their managed investments with a portfolio manager which I said was £x amount then I enquired about their borrowing facilities and went from there.

They didn’t seem bothered about other holdings I mentioned elsewhere, just what I could deposit and l that they could manage.

Don’t see why they wouldn’t count something like a SIPP which is, in practical terms, just like a really big ISA. I know some of the American firms would take it. Thinking Canaccord but there’s loads operating in the UK. JP Morgan (Chase) of course probably being the best known here, albeit via Chase.

I’m not sure either in all honesty.

They’re more interested in what you can invest with them as a bank.

What you have elsewhere, isn’t going to benefit them as a financial institution I guess.

They’re very picky, however once you’re in there (the bank) you’re good to go and I did jump through a lot of hoops to get there, but it was worth it for the banking relationships I now have.

Does the view pin function work for anyone else in app?

Mine shows me the little screen saying will show you for 10 seconds; but then doesn’t do anything :upside_down_face:

Not sure where my pin is :grimacing:

Yeah mine works, can you edit the nickname of accounts? Set up biometrics? I think both those things are tied behind biometrics.

My wife still hasn’t got access to it so she had to wait for her pin to come in the post and still can’t change the account nicknames.

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Na I get an error when I do that, and cuz I reinstalled the app lately it doesn’t let me set biometrics cuz it’s too soon :man_shrugging:t3::joy:

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My wife has never had biometrics, been a couple of weeks or something since she got the app set up, she also gets an error when trying to change account nickname lol.

I’m hoping/assuming in time it’ll let her set up bio then she can do the other stuff in app.

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