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Private banking has its benefits
16 September 2008
Customers who qualify for private banking can benefit from better advice and a host of financial incentives, but should ensure this type of account is suitable for their needs, claims MoneyFacts.
According to MoneyFacts, when you compare bank accounts, private banking is preferable as it has extras such as access to a personal banking manager, expert investment advice and over the phone banking
Michelle Slade, an analyst from MoneyFacts, said: "With the one on one personal banking manager you can look at all your other finances a bit more and get a better service."
Ms Slade claims that most private bank accounts come with a similar level of benefits, but the advantages are only actually good if people are using them.
"If it meets your circumstances and you are going to use the benefits, whatever they are, it could be a good product for you, but make sure you use it properly," she added.
Research by Natwest found that 3.27 million people in the UK are eligible for private banking.
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