Monday April 28, 11:24 AM
Private banking not so inaccessible
By Pauline McCallion
If they had the money, 24% of people would switch to a private banking service according to recent research from private bank Cater Allen.
Despite this interest in such services, however, UK adults believe they need a minimum of £451,900
on average to become a private bank customer. More than 16% of people thought in excess of £1m would be required. Only three per cent of those surveyed correctly identified that private banking can be accessed for a minimum balance of £5,000.
Richard Dunn, managing director of Cater Allen, said: Private Banking still retains a mystique and aura of exclusivity. Therefore many people do not realise they can access the superior services offered by private banks.
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