How do millionaires bank?


#21

L-O-D-S-OF-E-M-O-N-E

What does it spell?

(Wop it out)


#22

image


#23

You actually do. There was an interview with the guy who runs the team that handles lottery winners online recently. You have it transferred within 48 hours and the lottery team help you setup a private bank for it to go into, though apparently some have it transferred direct to their normal bank account!


#24

Every time I went anywhere near a cash machine I’d be viewing my balance! :joy: :money_mouth_face::joy:


#25

I also remember seeing a lottery winner on Location Location Location once and they asked him how he found out, he said he played online, and got the normal email you get “We have exciting news about your lottery ticket” - it’s the same email no matter if you won a tenner or the jackpot. He logged in, expecting to see a tenner as normal and in the top corner it just read balance: £2.7m :joy:


(Mr) #26

Lucky for some


#27

@thefithrace Coutts has changed a lot then in 50 years. Back then I had an account there and my sponsor banked at Hoare & Co. They were the first bank to have a fully narative computer statement and it was a marked contrast to their Staff wearing morning dress and qill pens in banking hall. Their high net worth clients had very close attention paid to them and investment and money management advise. Of course even ordinary customers (like me) didn’t have cheque guarantee cards and it was unheard of for a cheque not to be honoured. How times change.


(Chris Beach) #28

How do millionaires bank?

Not with Monzo. Tom Blomfield is clear about his divisive student union populism, and considers the successful to be “abnormal” and undesirable:


(Derpa Derp) #29

There used to be people with Monzo with a Coutts account so yeah he is kinda wrong there :joy_cat:


#30

Is it bad if I were a millionaire I’d probably bank with Starling, do all my spending on a credit card and have the rest of the money in a mix of Freetrade investment funds and physical property?

:joy::joy:


(Adrian) #31

Lol what?

Tom is way out of touch if he thinks cashback is only for rich investment bankers…


(Chris Beach) #32

Tom is also way out of touch if he thinks investment bankers care in the slightest about cashback.


#33

I can understand Avios if you travel a lot, but do you really worry about cashback in a place where its capped to 0.2-0.3%? :joy:


(Don't Bullshirt Me, I know what the Fork is going on here!) #34

Personally I think Tom is just out of touch.

ahem! running quickly to get this back on topic

I wonder if any millionaires out there just have it all sitting in one or two bank accounts?


#35

Very much doubt it, surely if you get millions you get an advisor who makes sure your money stays the same or if not, grows.


(Paul) #36

Not sure about all of it however I do remember speaking to an older lady who had over a million sitting in a standard current account, she said it was just her cheque account… :scream:

If that is her cheque account I’d love to see what was lurking in savings and investments!

Edit: I work in a bank, I’m not just creepy and ask old ladies about their banking! Haha


(l8n.me) #37

Yes you are, don’t lie.


#38

I keep kicking myself to find out if I’m dreaming. I have two friends/acquantances who are both millionaires. One of them has multiple homes in two or more countries. His father lived in the Isle-of-Man and when they conversed (by Facetime) … this was subjected on friends because the son had a weird ( in my personal experience) notion of what one does when communicating privately. To the son it meant holding a supposedly private one-to-one conversation with someone in the presence of a third (unannounced party) [in this case me] but I was a guest and unsure of where this was all going. Well the ansewere to that was they seemed to have a mutual antipathy for each other. The main object of their contact was, at first glance, to make contact but actually it was to score points off each other; about whom was richer and whom was more devout in a religious sence.
I cannot comment on the father’s banking but the sons I can.For someone with his means he could have done so much better even within the legacy banking area. But he was so full of himself he actually missed out on everything.