Coutts: One needs £250k to qualify for free account
THE Queen’s bank Coutts has withdrawn free banking to customers with less than £250,000 in their accounts.
The private bank, which is majority-owned by the taxpayer after the government bailed out its owner, the Royal Bank of Scotland, used to offer free banking to anyone who kept at least £10,000 in their current account.
But customers are now being told they must pay £150 every quarter to keep their accounts open unless their borrowings or investments with the bank come to £250,000.
The bank said the decision was down to “the increased costs of providing a full private banking service”.
A spokesman said the bank was now “looking for clients with £500,000 of liquid assets upwards”.
Coutts would not say whether the new terms affect the Queen, who this year took £6.5m out of her reserve funds to boost her civil list income.