Experience Elite Banking: The UK's Most Accessible Private Banks in 2024

Although Compare Wealth Managers isn’t a bank, it works with a range of private banking services and will give you recommendations tailored to your needs.

Whether you’re looking for wealth management advice, specialist lending, structured products, or preparing your estate for future generations, the company can connect you with premium institutions and professionals. You’ll even be able to find highly specific services such as yacht coverage or ransom insurance.

All you need to do is complete a quick online questionnaire or have a phone-based consultation. After that, you’ll receive free impartial advice on the most appropriate private banks for your circumstances.

Cater Allen has been providing private banking services in the UK for over 200 years and prioritises high-quality customer service. As a subsidiary of Santander, Cater Allen combines its traditional roots with modern security.

Cater Allen’s Private Bank Account can have up to four account holders and comes with a contactless Visa Debit card. You’ll also receive interest on your balance paid monthly at an annual rate of 0.4% for balances below £100,000; 0.95% for balances between £100,000 and £500,000; and 1.1% for balances over £500,000. On the downside, though, overdrafts aren’t available.

One of the best features of the account is the pricing. There are no fees for maintaining the account or making everyday debit transactions. In fact, the only fees you could encounter are for withdrawals and payments abroad (1.75% or 2%), sending CHAPS or non-euro SWIFT payments (£25), or receiving money from abroad (£2 or £7.50).

If you need more than a current account, you can open a variety of other accounts with Cater Allen, from savings and business accounts to trust and pension accounts.

Coutts’ history of providing exceptional service to international and ultra-high-net-worth clients dates back over 300 years, but the bank has moved with the times, winning awards for its innovative mobile app.

The Private Current Account is available in all major currencies including euro and US dollars, and you’ll be able to spend like a local when travelling thanks to the multi-currency capability of the accompanying debit card. The current account comes with the Coutts chequebook and an annual tariff of £900 for UK residents.

If you want to compound your wealth, there are a variety of private savings accounts available. The Private Reserve Account and Cash ISA are ideal for those who want instant access to their funds, while the fixed-term deposit and notice accounts provide interest on locked-up funds.

Coutts’ bespoke lending services are where the bank particularly stands out. You’ll be able to borrow for the short term with overdrafts and digital loans, and access funds and privileges with the Silk Credit Card or Silk Charge Card, with representative APRs of 0% and 14.7%, respectively. Other types of borrowing offered by Coutts include a variety of mortgages, borrowing against your investments, and tailored borrowing involving foreign currencies, specialist assets, and more.

As one of the largest banks in the world, the global reach of HSBC enables it to bring to its private clients products and solutions from almost any corner of the world as well as its local expertise. Additionally, clients have a private banking support centre close at hand when they travel.

Owing to its scale again, HSBC is able to provide several specialist services with the help of in-house resources, unlike some other private banks that need to collaborate with partners and external providers. This further ensures the confidentiality of the client’s information.

Whether it is succession planning, tax advisory, providing short-term liquidity, or financing for exclusive assets such as yachts and art, HSBC has the smarts to do it all in the most efficient manner.

Barclays Private Bank supplies clients with a dedicated private banker backed by a team of specialists in order to provide tailored services. A leading financial innovator, Barclays Investment Bank has been ranked best in the UK multiple times.

The private bank accounts are available in GBP, USD, or EUR and are easily accessible from computer or mobile devices. Barclays offers current accounts as well as savings accounts ranging from instant access to long-term fixed-interest deposits.

Where Barclays really stands out is its investment services. The bank offers discretionary, advisory, execution-only, and direct access services, as well as expert Wealth Planners to help you navigate tax. Clients also get access to sophisticated investment analytics and tailored solutions for complex structuring and hedging.

Barclays even offers access to exclusive investment opportunities such as off-market real estate, private equity, private debt, and co-investments. Other services provided by Barclays include securities-backed lending, real estate financing, and a philanthropy service.

Rothschild & Co is a family-controlled business that has a long-term perspective on wealth management. Client advisers are on hand to assist in matters from generating an income to estate succession planning.

Wealth can be organised across current accounts, notice accounts, and fixed deposit accounts in all major currencies, depending on your needs. Accounts come with Visa debit or charge cards, which can be managed through Rothschild & Co’s CardAssist app. You can also securely access accounts at any time through online or mobile banking.

When it comes to foreign exchange, there are no fees for currency conversions and clients can take advantage of spot and forward dealing across all major currencies, as well as margined dealing by special arrangement. What’s more, Rothschild & Co’s worldwide correspondent bank network enables the fast and secure transfer of funds in any major currency.

The oldest private bank in the UK, C Hoare & Co is family-owned and has been providing bespoke banking services since 1672. The bank is small enough to know what’s important to each client and craft a holistic service tailored to individual needs.

C Hoare & Co values human connection and each client will be looked after by a relationship manager who can be contacted at any time.

Current accounts are provided in a number of major currencies and can easily be accessed through online banking or a mobile app. They even come with environmentally friendly non-plastic credit or debit cards.

You’ll have the option to set up a sweep facility to easily move funds between your current and deposit accounts. The deposit accounts on offer comprise instant access accounts, fixed-term deposit accounts, children’s savings accounts, and 35-day and 95-day notice accounts.

Other services offered by C Hoare & Co include foreign exchange, estate planning, and philanthropy. There is also a bespoke lending service that offers a variety of currencies, terms, and interest rates.

The private banking arm of Lloyds offers two tiers of service. The standard Private Banking service is the more accessible with customers requiring £250,000 in savings/investments or a £750,000 mortgage to be eligible. The Mayfair service, meanwhile, is only for clients with £2 million of assets or £500,000 of annual income.

In either case, you’ll have access to a current account that pays interest on some or all of the balance. You’ll also get to choose a Lifestyle Benefit each year, with your options being a magazine subscription, a Disney+ subscription, six cinema tickets, or membership of Coffee Club and Gourmet Society.

You’ll also benefit from a savings account, internet banking, access to a Specialist Lending team, and personal introductions when you need access to specialist partners, financial advice, or tax experts.

UBS is a leading wealth manager on the international stage. In fact, the firm has won an industry award for ‘Best Services for Hight Net Worth Clients’ seven years in a row.

Anyone who can stump up £1 million in investable assets could qualify for UBS wealth management. Those who bank in the UK can expect extensive legal protection and comprehensive tax advantages, but it's also possible to bank in Jersey and Switzerland with UBS.

UBS excels in financial planning and investment advice. Investment experts can manage your portfolio, and wealth experts can help you meet your financial goals and offer tax guidance.

The most comprehensive services, however, are reserved for those who have at least £20 million in investable assets. These individuals will also get access to art advisory and family advisory services.

Santander gives you a private banker who acts as your guide as you navigate the financial world and helps you make the most of your money. They are available to fit your schedule around the clock. Private banking clients can access exclusive banking and savings accounts and hold accounts in multiple currencies in their Global Currency Account.

The Current Account comes with a premium debit card through which you can make fee-free cash withdrawals and payments outside the UK. Additionally, there is no currency conversion fee (applicable 3 days after the account is opened). However, local bank fees will be charged at their discretion.

The Model Portfolio Service, which is exclusive to Private Banking clients, provides advice on a range of investments.

The bank sponsors marquee sporting events such as the Estrella Damm Andalucia Masters golf tournament, the Extreme E electric off-road series, and tennis legend, Rafael Nadal. Thanks to these sponsorships, private clients get access to monthly events on a range of subjects.

Clients are also eligible to get the World Elite™Mastercard which has its own built-in privileges like a 24/7 concierge and access to 1 million Boingo Wi-Fi hotspots worldwide.