Private banks help people 'who want to keep hold of their money'?

Private banks may be key to assisting those with private wealth who are reluctant to place it in low-return asset vehicles.

Jason Butler, partner at Bloomsbury Financial Planning, notes the base rate - which has remained at 0.5 per cent since it was cut by half a percentage point in March 2009 - means Britons "[prefer] to keep hold of their money".

However, private banks could change this, by offering those with private wealth bespoke banking services that may provide better rates of returns and more innovative investment options.

Wealth management through property, the stock market or offshore banking are all options people might wish to consider as an alternative to traditional savings accounts.

Moneyfacts.co.uk recently reported current account credit interest rates have dropped to such a level that several providers have decided to stop paying them.

Royal Bank of Scotland and Natwest are among the banks that no longer offer returns in this way, while Santander has ceased offering interest on selected accounts and does not pay credit interest on any balance greater than £2,500 on others.  ADNFCR-2318-ID-800108826-ADNFCR