Coutts, a private bank that caters to ultra-high-net-worth individuals, markets itself as a safe haven for clients with alternative asset bases. It provides solutions that take into account the unpredictable, sometimes lumpy cash flow that many businesses experience. For those folks, this promise translates into far greater repayment burdens. Traditional banks, including Santander, provide repayment options that are calculated according to a typical monthly wage. On the opposite end of the spectrum, Coutts boasts a litany of lavish services and exclusive bonuses. Banking with them could be less a financially beneficial move and more a matter of status.
For clients able to meet Coutts’ stringent entry requirements, at least £1 million in investments or borrowing, or £3 million in savings, the bank promises more than just financial management. The Concierge service really takes it to the next level! It can get you tickets to any sold-out event and it can even book a live elephant to crash your wedding. Coutts can be very generous with their perks and privileges, which could be alluring. Yet these benefits almost always look a lot like the privileges of being rich.
Our clients have found huge financial relief in having the large £900 yearly fee waived. This is a fee normally charged to accounts judged to be unprofitable. This fee underscores the bank’s focus on high-net-worth individuals, potentially limiting its advantages to those whose balances justify this cost. Coutts provides unique investment opportunities that distinguish its rather costly services. They host exclusive networking soirées, providing their celebrated and exclusive clientele an opportunity to both network and broaden their corporate portfolios.
Each customer is assigned a focused private banker. This tailored service is a world away from the robo-replies businesses face across mainstream banks such as NatWest. Yet the personal touch mostly just wraps boilerplate responses in a thin veneer of concern for the customer’s health and wellness. That’s what makes Coutts so enchanting, too—its highly-customized service. Comparable products are already offered by other national banks and non-bank financial companies.
Coutts, on the other hand, has a reputation for being slow to adapt to new technology. Tethering For some of its services, it outsources contracts out to other companies, showing a dependence on outside expertise, not internal innovation. Their customers earn the opportunity to attend world-famous events such as Wimbledon, by way of Coutts’ hospitality boxes. Unlike package delivery, they always have to pay their own bills.
The romancing of Coutts comes from its historical stature and exclusivity. The ostentatious veneer it casts does not always extend into tangible rewards for all of its users. Just as many financial institutions provide better services than she received. At times, they provide far superior tech solutions with higher engagement on lower barriers to entry and cost.