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Consumers choose private banks for better banking experience
28 April 2008
Private banking could be the future for UK consumers who are looking for a superior "banking experience".
Better customer service and an ability to avoid queuing is the main reason why people turn to private banks.
Samantha Owens, head of personal finance at Moneyfacts, said: "When people take out bank accounts with private banks it's more for the package that they receive. There's going to be additional benefits which are going to be tailored to the individual and its part of the whole banking experience."
A poll by private bank Cater Allen revealed that one in four people would choose a private bank account if they had enough money.
Many people are still unaware that it can take as little as £5, 000 to open a private account, just three per cent of people identified the minimum balance to access the superior services offered.
"You get that level of customer service where you go in and you're not in the queue for two hours over lunch time," added Ms Owens.
