Personalised special accounts??

  rickf 10:39 25 Feb 14
Locked

Out of curiosity do banks offer very rich people special accounts with special rates?? If I won the lottery that is./ or some rich unknown relative from far and beyond were to leave me a juicy legacy. No harm dreaming. BTW, listen to my son's band doing the rounds in London. 2 debut tracks. Very proud Dad. Its a very difficult industry to make it of course but its what he has chosen to commit himself to. Seems they are moving in the right direction at least. Link: click here

  spuds 11:03 25 Feb 14

Bank's and other finance house do offer and give special accounts, rates and other incentives and services to rich people. Tax avoidance services and information is perhaps one method of securing an account from someone with an healthy money balance that could expand further?.

  wee eddie 11:07 25 Feb 14

rickf: that's Spam - The best of luck to them. Many of my friends tried, none succeeded, but all have had a lifetime of quality "After Dinner" tales.

As to the Banking Question: You don't have to be that rich to get special Terms. Just a give them a guarantee of a considerable turnover or a minimum level of deposit, in the Account, will have your average Banker drooling.

  lotvic 12:28 25 Feb 14

wee eddie: that's not Spam, it's forumite proud dad sharing. Hope they do well.

  rickf 12:42 25 Feb 14

Thanks Lotvic. Its not Spam nor was it intended to be. I have seen other Dads posting threads to their children's bands before. I f it is then FE should remove it. Banking info is interesting. I did think such a thing exists.Ahhhhhh what money brings!!

  fourm member 12:57 25 Feb 14

I don't know about special rates but banks will certainly give some customers special terms.

For historical reasons, I'm tagged as 'special' by my bank and have instant access to a substantial overdraft if I ever wanted it. I don't know if the interest rate would be any lower because I've never used it but I would be spared arrangement fees or unauthorised overdraft penalties or even getting a payment bounced if I made an error.

These days, you can pay a monthly fee to get the same sort of service.

  Woolwell 13:06 25 Feb 14

"These days, you can pay a monthly fee to get the same sort of service." And they may well waive the monthly fee too.

  lotvic 13:31 25 Feb 14

Tagged as 'special' - that just means 'pre-approved' due to the info the bank has on record.

  Batch 13:37 25 Feb 14

In general, if you only keep a few hundreds (or even low thousands) of pounds in a bank account the bank is making very little, if anything, out of you unless you use other (chargeable) services.

If you were to have (say) a few hundred thousand pounds in a bank current account you would be in a strong position to negotiate special terms (not necessarily special rates). But it probably would not make sense to do so as one would be better off moving the money into a savings account (and you will just get the going rate - but you should shop around).

In fact, at the moment, those with less money (in a current account) tend to get better rates in many cases, such as Lloyds and Santander.

High net worth individuals may also be offered special accounts that have all sorts of included facilities. Normally these accounts incur a hefty fee. See Investec Voyage @ £500p.a.

BTW, you can get free (for life) credit reports from Noddle

  fourm member 13:58 25 Feb 14

lotvic

'that just means 'pre-approved''

No, it doesn't. Not in my case, anyway.

  spider9 14:18 25 Feb 14

I must say I do prefer to think of fourm member as "special" rather than just "pre-approved" !!! (;-)

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