Coutts, the state-owned private bank whose clients famously include the Queen, is withdrawing free banking from anyone who doesn’t do at least £250,000 worth of business with it, The Independent has learnt.
Coutts, the state-owned private bank whose clients famously include the Queen, is withdrawing free banking from anyone who doesn’t do at least £250,000 worth of business with it, The Independent has learnt.
The company, which has been owned by Royal Bank of Scotland since it took over the National Westminister Bank, had previously not imposed charges on anyone who maintained a balance of at least £10,000 in their current account. However, these customers have been told they will now be charged £150 every three months for maintaining their accounts unless their borrowings, investments or deposits with Coutts total a combined £250,000 or more.
In a letter to customers, the bank described the change in terms as “a difficult decision to make”. However, it blamed the move on “the increased costs of providing a full private banking service”.
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