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Cater Allen Private Bank

Cater Allen Private Bank current accounts review

No matter what type of current account you’re after, Cater Allen Private Bank could have something that suits your needs.

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By

Rachel Wait

Updated

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Cater Allen Private Bank offers a range of bank accounts, whether you’re looking for a personal account that can be held in a number of currencies, a more exclusive bank account or something for your business or charity.

Compare Cater Allen’s current accounts

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Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Private Bank Account
Private Bank Account
Not yet rated
£0
No minimum funding requirement
0.1% AER

View details
Sterling Bank Account
Sterling Bank Account
Not yet rated
£0
No minimum funding requirement
0% AER

View details
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Types of current accounts from Cater Allen

It’s important to have a good idea about the type of current account you’re after before you start to compare them. Below is an overview of the type of accounts Cater Allen Private Bank offers.

Personal banking

  • Private bank account

    • You can get this account if you hold at least £100,000 of savings and/or banking products with Cater Allen Private Bank. This is an exclusive account that offers unlimited day-to-day banking transactions each month and pays interest on in-credit balances. It does not offer an overdraft. You can manage the account online, by phone or by post.

  • Sterling bank account

    • You can benefit from fee-free currency conversion when transferring funds between your sterling account and your euro and US dollar bank accounts, provided they are held under the same customer number. The account also offers unlimited day-to-day transactions each month.

  • US dollar bank account

    • You can transfer funds fee-free between this account and your sterling and euro accounts when held under the same customer number. It also offers unlimited day-to-day transactions each month. You cannot set up standing orders or direct debit payments on the account.

  • Euro bank account

    • You can transfer funds fee-free between this account and your sterling and US dollar accounts when held under the same customer number. It also offers unlimited day-to-day transactions each month. You cannot set up standing orders or direct debit payments on the account.

  • Investment account

    • This current account offers up to 20 fee-free day-to-day debit transactions each month and pays interest on balances above £500,000. No overdraft is available. You can manage this account online, by phone or by post.

  • Cash hub account

    • This account accepts monies from maturities, disinvestments and dividends. You must apply via your independent financial adviser (IFA). You can include your adviser as a signatory on the account if you wish to help manage the payment of fees. Interest is paid on balances above £2,500 but overdrafts are not available.

Business banking

  • Reserve account

    • This business bank account is available in pounds, euros or US dollars and it allows up to 30 fee-free day-to-day debit transactions per month. There are no monthly account fees and you can transfer money between your pound, euro and US dollar accounts with no conversion charges, provided the accounts are under the same customer number. Interest is paid on balances over £500,000 and there is no overdraft.

Specialist banking

Cater Allen also offers a range of more specialist reserve accounts:

  • Reserve account for trusts

    • This is an account that helps trustees manage funds held in trust on behalf of their clients. It offers up to 30 free day-to-day debit transactions per month and interest on balances above £100,000.

  • Reserve account for charities

    • This is an account for charities that offers up to 30 free day-to-day debit transactions per month and interest on balances above £500,000.

  • Reserve account for pensions

    • This is an account for pension trustees, scheme administrators and authorised scheme practitioners. It offers up to 30 free day-to-day debit transactions per month and interest on in-credit balances at tiered rates. Money can be moved between pounds, euros and US dollars with no conversion charges when held under the same customer number.

  • Investment SIPP account

    • This is a current account for SIPP holders who wish to hold part of their funds in cash. It pays interest on balances and allows transfers to be made from one currency to another without conversion charges.

Benefits of opening an account with Cater Allen Private Bank

  • No annual or monthly fees. The accounts on offer from Cater Allen Private Bank do not have an annual or monthly account-maintenance fee.
  • Multiple ways to bank. You can usually manage your account online, by phone or by post.
  • Multiple account holders. All of Cater Allen’s personal accounts can have up to 4 joint account holders, apart from the cash hub account which can have 2 account holders.
  • No currency conversion fees. Some accounts allow you to transfer money between different currencies without charging a fee.
  • Interest paid. Many accounts will pay interest on balances, depending on how much you keep in your account.

How to open an account

Depending on the account, you can either open it directly with Cater Allen or via your financial adviser or accountant. You will need to complete an application form and mandate and provide proof of ID, such as a passport, and proof of address, such as a utility bill.

Businesses will also need to supply details about what the business does, including the business start date and registered address. You will also need to provide your actual and anticipated turnover for the next 12 months, the number of employees, your VAT number if you are VAT registered, and your GII number if you are registered as an FI or as a sponsored entity.

Account holders must be 18 or older and a UK resident.

Is Cater Allen Private Bank safe?

Cater Allen Private Bank is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and all funds you deposit with the bank are protected under the Financial Services Compensation Scheme (FSCS).

This protects up to the first £85,000 per person, per financial institution (£170,000 for joint accounts) in the event the bank goes bust.

Pros and cons

Pros

  • No monthly or annual account fees
  • No currency conversion fees with some accounts
  • Interest paid on balances
  • Several ways to bank
  • FSCS protection

Cons

  • No overdraft facility available
  • Some accounts limit the number of free day-to-day transactions each month
  • No rewards or cashback on offer
  • Fees apply to foreign card transactions
  • Many accounts have a minimum opening deposit requirement of £5,000

Our verdict

Cater Allen Private Bank offers a wide range of current accounts to suit a wide range of requirements. They are particularly attractive due to their lack of monthly or annual account fees, their lack of currency conversion fees and the fact that many accounts pay interest.

However, the downsides include that there are no overdraft facilities and no accounts that offer rewards or cashback. Some accounts also limit the number of free transactions each month. For this reason, it’s a good idea to compare what else is on offer first before deciding whether a Cater Allen Private Bank account is right for you.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
  1. Financial Services Compensation Scheme

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