What banks do millionaires use in the UK?

High-net-worth individuals in the UK typically use private banking services offered by institutions such as Coutts (part of NatWest), Hampden & Co, C. Hoare & Co, Barclays Private Bank, HSBC Private Banking, and Santander Private Banking. These banks offer dedicated relationship managers, bespoke lending, investment advice, and wealth planning services not available through standard retail accounts.

What is the minimum wealth needed for private banking in the UK?

Entry requirements vary by institution. Coutts typically requires investable assets or income of at least £1 million. C. Hoare & Co — one of the UK’s oldest private banks, founded in 1672 — has no formally published minimum but in practice serves clients with significant wealth. Hampden & Co, a newer Edinburgh-based private bank, targets professionals and business owners with a lower initial threshold.

Do private banks in the UK use open banking?

Private banks are subject to the same FCA and CMA open banking requirements as retail banks. Many have developed API connections to allow wealth management tools and portfolio aggregation apps to access client account data with consent. High-net-worth clients increasingly use open banking-enabled account aggregators to view assets across multiple private bank accounts in a single dashboard.

Open Banking in Practice: Open banking is increasingly relevant in private banking: FCA-regulated wealth management platforms use AISP access to aggregate a client’s full financial picture — across multiple banks, investment accounts, and pension pots. This is a precursor to the broader open finance vision outlined in the JROC’s 2023 roadmap. Read our guide to open banking and wealth management on openfuture.world.

FAQ

What is the most prestigious bank in the UK?

C. Hoare & Co, founded in 1672, is widely regarded as the UK’s most exclusive private bank — it is still family-owned and invitation-only.

How much money do you need to bank at C. Hoare & Co?

C. Hoare & Co does not publish a formal minimum, but its client base is largely drawn from established wealth and family connections.

Is private banking worth it for someone with £500,000?

It depends on services needed — some private banks accept clients at this level, though dedicated wealth management may offer better value.