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Bank charges: Coutts to charge customers £600

Coutts has announced it will charge its customers £600 a year for a basic current account, it has been revealed.

The firm, who counts a host of celebrities and the Queen among its clientele, will charge current account holders £150 a quarter, reports dailymail.co.uk.

Previously, anyone with a positive balance over £10,000 could bank for free but this will no longer be the case when the new ruling comes into effect in September.

Only customers with £250,000 of savings, investments or a Coutt's mortgage will be eligible for free banking.

Coutts claims it was forced to increase fees following the rising cost of providing bank services.

One customer told the news provider: "If I live for another 20 years, they are going to charge me £20,000 - and what am I actually getting for my money? I have been with Coutts for a quarter of a century, but I shall be moving."

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800001235-ADNFCR



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