Not ever going to be rich enough for one of these accounts, but I honestly can’t see why, even if I had millions of pounds, why they would be preferable to a high street bank (I sure as hell wouldn’t put more than a couple of thousand pounds/euros in any one neobank).
I mean, what do you actually get for your posh bank card and cheque book? Investment advice ? (Presumably to services they themselves provide)? Higher withdrawal limit?
I am not rich, but have sufficient investments across the group to trigger Santander to contact me to offer a Santander Select account. For £4pm, I would get
- 24 hour dedicated call centre support - allegedly keen but useless
- Monthly interest of 0.30% on balances up to £20,000 - £5 max
- Up to 3% cashback on selected household bills, capped at £5 each cashback tier each month - so we’ve busted the account cost - woo, and indeed hoo
- £1,000 daily cash machine withdrawal - if the machine supports this - many do not
- Fee-free withdrawals at Santander cash machines abroad when you choose the local currency - already available even with my free pov account
- Up to 15% cashback with Retailer Offers - already available even with my free pov account
- Arranged overdraft facility (subject to status) - already available even with my free pov account
What do these private banks actually offer that is worth the fees they charge ?