Private banking, compared
Twenty two private banks on what they tell a prospective client before the first meeting. Minimums are the banks' own words on their own pages, read on 1 and 2 November 2026. Complaints are the FCA's firm-level data and cover the whole regulated entity, not the private bank alone. Fines are FCA and PRA penalties since 2021. Where a cell says Not published, the bank has published nothing. Noted, and scored.
| Bank | Minimum, as stated | Read | Publishes a fee schedule | Complaints per 1,000 accounts | Fines 2021 to 2026 | Score |
|---|---|---|---|---|---|---|
| Goldman Sachs | $10m2 | 1 Nov 2026 | Partly | Below FCA threshold | None in the period | ●●●●○ |
| JPMorgan Chase | Not published | 1 Nov 2026 | Yes | 1.273 | None in the period | ●●●○○ |
| Morgan Stanley | Not published | 2 Nov 2026 | Partly | Below FCA threshold | None in the period | ●●○○○ |
| Bank of America | $250k4 | 1 Nov 2026 | Partly | Below FCA threshold | None in the period | ●●●●○ |
| Citigroup | $5m5 | 1 Nov 2026 | Partly | Below FCA threshold | £74.2m67 | ●●●○○ |
| Barclays | £3m8 | 1 Nov 2026 | Yes | 2.149 | £83.2m1011 | ●●●●○ |
| HSBC | £1.5m12 | 1 Nov 2026 | Yes | 2.2613 | £127.6m1415 | ●●●●○ |
| UBS | Not published | 2 Nov 2026 | No | 3.7616 | None in the period | ●●●○○ |
| Deutsche Bank | Not published | 1 Nov 2026 | No | Below FCA threshold | None in the period | ●●●○○ |
| BNP Paribas | €250k17 | 1 Nov 2026 | No | Below FCA threshold | None in the period | ●●●●○ |
| Coutts | £3m1 | 1 Nov 2026 | Partly | 4.9818 | None in the period | ●●●●○ |
| Lloyds Banking Group | £250k19 | 1 Nov 2026 | Yes | 3.1620 | £90.7m21 | ●●●●○ |
| C. Hoare & Co | Not published | 1 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●○○ |
| Arbuthnot Latham | £750k22 | 1 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●●● |
| Weatherbys | Not published | 1 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●○○ |
| Hampden & Co | Not published | 1 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●○○ |
| Schroders Personal Wealth | £100k assets, for advice23 | 1 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●●● |
| Santander Private | £500k24 | 1 Nov 2026 | Partly | Below FCA threshold | None in the period | ●●●●○ |
| NatWest Premier | £100k25 | 1 Nov 2026 | Partly | Below FCA threshold | None in the period | ●●●●○ |
| Investec | £3m net worth26 | 2 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●●○ |
| Brown Shipley | £1m27 | 1 Nov 2026 | Yes | Below FCA threshold | None in the period | ●●●●● |
| Rathbones | £150k28 | 1 Nov 2026 | Partly | Below FCA threshold | None in the period | ●●●●○ |
Score: a weighting of what is published, what it costs, the complaints record and the conduct record. The weights are on the methodology page. The Secret Banker's view of each bank is on its page. The table as a file: private-banking.csv.
Figures as published. Where none are published, the cell says so.
The Panel Six firms I deal with. Terms as discussed with me.
| Firm | Minimum | Indicative fee | Retainer |
|---|---|---|---|
| Harrowgate Lennox A lobby people photograph, and a pitch team of eleven who rarely see it. | £1.35bn deal sizeP1 | IPO 3.84% to 4.69%P1 | £53,250 a month, creditedP1 |
| Thornleigh Aubert A long tradition of never quite saying no. | CHF 9mP2 | Discretionary 0.64% to 0.37% by tierP2 | None stated. The relationship is the retainer.P2 |
| Lockridge Hartwell American to the core and billing in quarter hours, including the quarter hour spent reading this. | $1.85bn deal sizeP3 | IPO 6.77% to 7.22%P3 | $92,750 a month, not creditedP3 |
| Dunmore & Rook Proudly independent, right up to the fee letter. | £150m deal sizeP4 | M&A 1.81% success feeP4 | £34,250 a month, credited against the success feeP4 |
| Marchbank Private A royal warrant, a brass plate and a door with the minimum on it. | £9mP5 | Discretionary 0.56% to 0.26% by tierP5 | Account fee £110 a monthP5 |
| Linnet The challenger, with a chatbot called Ned who is always available and occasionally right. | £400,000P6 | 0.29% platform fee, funds extraP6 | None. Ned does not charge for his time.P6 |