Can I get an overdraft on my account?

No, none of the Cater Allen Private Bank accounts currently available offer an overdraft facility.

How much will I be charged for using my debit card abroad?

With most Cater Allen accounts, you’ll be charged a foreign transaction fee of 1.75% when you use your card within Europe (including Israel) or 2% when you use your card outside Europe. The same fees apply to cash withdrawals in a foreign currency.

How long does it take to open an account with Cater Allen?

This will depend on the account, but some can be opened within 3-5 days, with no appointment needed.

Cater Allen Private Bank current accounts review

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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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Finder Score for bank accounts

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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

This is an exclusive account that offers unlimited free everyday debit transactions each month and offers a small amount of interest on in-credit balances (tiered rates). You can have up to 4 account holders but the account doesn’t offer an overdraft. There is no account fee.

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 debit 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 debit transactions each month. You cannot set up standing orders or direct debit payments on the account.

Cash Hub account

This current account gives you the option of adding your professional advisor as a signatory on the account and a seamless fee payment schedule. It’s designed to help you manage your cash portfolio and offers unlimited everyday debit transactions for free. There is no overdraft on the account.

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 pounds, 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.

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 £120,000 per person, per financial institution 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 with some accounts
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

Customer service information for Cater Allen Private Bank

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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

Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
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Written by

Rachel Wait

Writer

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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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