Best private banks in the UK

If you're looking for a more exclusive way to bank, private banking could be for you.

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Rachel Wait

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If you earn a high income and have significant savings and investments, you might be looking for a better way to bank, with access to exclusive products and services. That’s where private banking comes in.

Latest reviews of private bank accounts

Cater Allen Private Bank Account

Cater Allen Private Bank Account

Minimum opening balance£0
Account fees£0
Interest (AER)0.3% AER

Choose the Private Bank Account from Cater Allen and you’ll pay no fees to maintain the account, plus enjoy unlimited free everyday debit transactions each month. You can have up to 4 account holders and interest is paid on your account balance. There is no overdraft on the account. You can open the account if you’re at least 18 years old and a UK resident. To apply, you’ll need to fill in the online application form, providing some personal details. Your account will be up and running within 7 days - less if you already hold an account with Cater Allen.

Santander Private Current Account

Santander Private Current Account

Minimum opening balance£0
Account fees£5 per month
Interest (AER)3% AER
£150 cashback for accounts switched using the Current Account Switching Service provided at least £1.5K credited and 2 direct debits active within 60 days of request.

The Private Current Account from Santander comes with a dedicated private banker to work with you to tailor your banking experience and create personal introductions to help meet your needs. You’ll get a premium debit card which you can use fee-free in the UK and abroad, and you’ll earn interest on your balance. You must pay a £5 monthly account fee. To qualify, you will need to pay in £1,500 or more a month and have 2 direct debits on the account. You must also have savings and investments of more than £500,000 with Santander or an annual income of more than £250,000.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable. Account fee of £5 per month.

Investec Private Bank Account

Investec Private Bank Account

Minimum opening balance£0.01
Account fees£10 per month
Interest (AER)0% AER
Free 24/7 emergency cash service.

To open this private bank account from Investec you must have an income of at least £300,000 a year and a minimum net worth of £3 million. You’ll have access to a team of experts 24/7 who can help you with all your banking enquiries, and you’ll be able to use your debit card in certain countries fee-free. You’ll also have emergency assistance which can help you if you lose your card and give you a card replacement or emergency cash. Note that there is a monthly account fee of £10. You can manage the account online and through the app.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 13.52% EAR variable plus an arranged overdraft usage fee of £0per charging period. Account fee of £10 per month.

Weatherbys Private Bank Account

Weatherbys Private Bank Account

Minimum opening balance£0.01
Account fees£75 per month (Fee waived if the client maintains assets, loans, deposits or investments with Weatherbys Bank totalling £300000 or more).
Interest (AER)0% AER

You’ll typically need to have an income of at least £300,000 a year or assets worth more than £5 million to open an account with Weatherbys. You can manage the private bank account online or via the app, and you can switch using the Current Account Switch Service. What’s more, you’ll be able to benefit from competitive foreign currency exchange rates for international payments and you won’t be charged for using your debit card to make purchases or withdraw cash abroad. You’ll have a Private Banker who can help with all your banking needs and you may be able to have an overdraft on the account. You’ll need to fill in an enquiry form before you can open your account.

interest at EAR variable

Ulster Bank Private Current Account

Ulster Bank Private Current Account

Minimum opening balance£1
Account fees£0
Interest (AER)0% AER
Free 24/7 Emergency Cash Service to withdraw up to £300 for online and telephone banking customers or £60 if not.

This private account from Ulster Bank gives you access to your own premier banking manager to personally assist with opening accounts and arranging mortgages, loans or an overdraft. You can also be referred to members of Ulster Bank’s private tax panel to help with tax issues. You’ll have access to preferential rates and services, as well as an exclusively branded chequebook and serviceCARD. There is no monthly fee for the account. You will need an income of at least £75,000 a year or savings and investments of at least £100,000. You must also have an existing Ulster Bank current account to change to a Private account

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 19.49% EAR variable.

What is private banking?

Private banking is a type of banking designed for high-net worth individuals. You can find private banking options with high-street banks, as well as specialist online providers.

To qualify, you’ll usually need to meet specific criteria regarding your wealth, such as having several thousand pounds in savings and investments with the provider, and/or a large mortgage with the bank. You’ll often need to meet strict income requirements.

In return, you’ll get access to exclusive products and be assigned a dedicated relationship manager to provide a more tailored banking experience.

How is private banking different from other banking services?

The key difference is that private banking is bespoke. You’ll typically have at least one person working with you to help you better manage your money, achieve your financial goals and open the most suitable accounts. Many of these accounts will be exclusive to private banking customers, potentially with more generous rewards or lower fees.

What’s more, you’ll usually have access to financial, tax and estate planning advice – none of which you’d get with a traditional banking service.

What services can a private bank offer?

Some of the services you might be able to benefit from include:

  • Exclusive bank accounts, credit cards, unsecured lending, mortgages, savings accounts and multi-currency accounts
  • Advice on a range of investments, including special investment rates
  • Personal introductions to specialist partners, tax experts and financial advisers, including estate planning support
  • Wealth management services to help you protect and grow your wealth and assets

How do private banks differ from premier banks?

Private and premier banking are both more exclusive than standard, everyday banking. And some high street banks offer both premier and private banking services. However, the eligibility criteria for private banking is stricter than for premier banking, with their services aimed towards wealthier clients.

Although you will still need to have a high income to access premier banking, you won’t need to hold quite as much in savings and investments – say, £75,000 to £100,000 versus the £250,000 to £500,000 you might need for private banking.

Premier banking can still give you access to exclusive savings and bank accounts, plus rewards and other perks. These could include travel insurance, airport lounge access, breakdown cover and mobile phone insurance, although you will often need to pay a monthly fee for your account. But you won’t get the dedicated financial advice and support that you get with private banking.

If you’re interested in premier banking, check out our guide to the best premier and premium bank accounts in te UK.

Pros and cons of private banks

Pros

  • Gives you access to exclusive accounts and rates, as well as alternative investments
  • Often includes financial advice, tax guidance and estate planning
  • All financial transactions and advice are confidential
  • Dedicated relationship manager means you’ll have a single point of contact

Cons

  • Strict eligibility criteria
  • You may have to pay a fee for certain services – these aren’t always transparent on the bank’s website
  • Banks could prioritise their own interests over their clients, causing conflicts of interest
  • Financial advice is often less specialised

Bottom line

Private banking could suit you if you’re looking for bespoke banking services, access to exclusive rates and help with financial, tax and estate planning. However, you’ll need to meet the eligibility criteria, understand what fees are involved, and be aware that the advice you receive can be less comprehensive than you’d get if you approached a specialist in a particular area.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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