Coutts, the prestigious bank used by the King, is raising its entry bar from £1 million to £3 million, effectively shutting out ‘lower–level’ millionaires in favour of the ultra–wealthy.
The 333–year–old institution, which famously ‘debanked’ Nigel Farage before claiming he had ‘too little for an account’, has updated its website to reflect a new £3 million entry requirement.
This unprecedented hike marks the largest wealth–test increase in the bank’s history, signalling a strategic pivot toward ‘ultra–high–net–worth’ clientele.
While the new requirement reportedly came into effect in November, the change applies strictly to new applicants.
Loyal customers who currently fall below the threshold will not be affected.
Visitors to the Coutts website who fall short of the new requirements are now directed toward NatWest, its high–street partner.
This shift reinforces the bank’s legendary ‘wealth test,’ a gatekeeping measure designed to preserve its status as a premier, exclusive institution.
The barrier to entry has climbed significantly over the years; the requirement sat at £500,000 until 2011, when it rose to £1 million in investments.
The updated criteria require clients to maintain a total of £3 million across their combined savings, investments, and borrowings
Loyal customers who currently fall below the threshold will not be affected
Under the new rules, clients must hold £3 million across their combined savings, investments, or borrowings.
However, the bank maintains some level of discretion for applicants who don’t strictly meet these criteria.
This tightening of standards follows a fee hike last year targeting its less affluent members.
Clients with assets under £500,000 now face a £100 monthly charge, a notable increase from the previous tiered system, where fees ranged from £25 to £75 depending on the balance.
Coutts faced a firestorm in 2023 for shuttering Nigel Farage’s account, initially claiming ‘his views did not align with the bank’s values.’
However, a BBC report later indicated the decision was strictly financial, citing Farage’s failure to ‘meet its wealth threshold.’
Addressing its future direction, Coutts stated: ‘Our ambition is to be the UK’s number–one chosen partner for private banking and wealth management. Last year, we set out a strategy that is focused on supporting clients through the right service model for their needs. We are also working towards completing the acquisition of Evelyn Partners, announced in February, with regulatory approvals expected over the summer.’
Despite the controversy, Coutts is doubling down on its growth strategy. The bank is currently finalising the acquisition of Evelyn Partners, a move expected to be cleared by regulators this summer.
Coutts have been contacted for a comment.
