High-earners should consider premier private bank accounts, says expert
April 30, 2008 by admin
Filed under News, News-Banking
High-earning individuals should consider opening a premier private bank account since they may benefit from the additional services they offer, says Moneyfacts.
Although such accounts charge higher fees than high street accounts, Samantha Owens, head of personal finance at Moneyfacts, says they may nevertheless be a worthwhile option for people who earn a lot of money because they can receive extra benefits such as advice on investments.
“If you’re in the higher income bracket then you’re not really going to be worried about getting a current account paying 8.5 per cent up to the first thousand pounds,” says Ms Owens.
Premier private bank accounts appear to be increasingly popular, with HSBC and Schroders both reporting recent increases in private banking pre-tax profits.
Tailored services which come with the accounts include a concierge service and a discount on investment advice.
Ms Owens warned that people on an average salary are unlikely to benefit as much from the service, particularly when taking into account the higher fees.
