Concept
Coutts & Co is a British private bank whose history begins in 1692, when John Campbell set up as a goldsmith-banker on the Strand in London; the bank has been at 440 Strand since 1904 and became part of what is now NatWest Group through the 1969 Westminster Bank / National Provincial merger: Coutts history. Coutts & Co is registered in England and Wales (No. 36695), authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA (FRN 122287): Coutts, legal information.
Eligible cash deposits with Coutts & Co are protected by the Financial Services Compensation Scheme up to £120,000 per eligible person, per bank, from 1 December 2025; accounts under the same banking licence are aggregated. Separately, eligible investment claims may attract compensation up to £85,000 per eligible person, per failed firm. This does not cover poor investment performance.
Joining and service terms
In the UK-resident private-banking route of Coutts' enquiry form, applicants must hold at least £3 million in investments and/or savings, or borrow at least £3 million, within three months of becoming a client and maintain the relevant level thereafter. The US-resident route lists savings of at least £3 million or borrowing of at least £3 million, with the same deadline and continuing requirement; it does not list investments. For other countries, available routes depend on country and service. Meeting the financial criterion does not itself guarantee acceptance.
The monthly Relationship Fee has separate waiver thresholds: £500,000 of combined holdings for UK-based clients and £3,000,000 for clients who live and are domiciled outside the UK (Coutts Private Current Account). Combined holdings include specified borrowing as well as assets; the calculation is explained below.
| Parameter | Details |
|---|---|
| Status | UK private bank, founded in 1692; part of NatWest Group |
| Regulation | PRA authorised; FCA and PRA regulated; FRN 122287 |
| Deposit protection | Eligible deposits: FSCS up to £120,000 per eligible person, per bank |
| Joining criterion | UK route: £3 million savings/investments or borrowing within three months, maintained thereafter; country differences above |
| Relationship Fee | £100 or £125 monthly; client categories and separate waiver conditions below |
| Trust restrictions | Russia-related trust services restricted under regulation 18C |
Regulation and Enforcement Background
- Supervision: PRA authorisation, dual regulation by the FCA and the PRA; part of NatWest Group.
- Deposit protection: FSCS up to £120,000 per eligible person, per bank, for covered deposits from 1 December 2025.
- Group enforcement history: on 13 December 2021 National Westminster Bank Plc was fined £264.8 million after convictions for three offences of failing to comply with the money laundering regulations: FCA.
UK Tax Context: The FIG Regime
From 6 April 2025, the four-year foreign income and gains (FIG) regime replaced the remittance basis. Eligible individuals can claim relief on qualifying foreign income and gains during their first four consecutive tax years of UK residence after at least ten consecutive tax years of non-UK residence (GOV.UK). If they remain UK resident afterwards, worldwide income and gains are normally subject to the general UK rules, including applicable reliefs and tax credits (residence and tax). Details: UK FIG regime.
For a client relocating to London and buying property, this makes the end of the FIG period a useful point to plan for with a tax adviser.
Relationship Fee and Product Line
| Client | Monthly Relationship Fee | Waiver threshold |
|---|---|---|
| UK-based | £100 (sole or joint) | £500,000 |
| Lives and is domiciled outside the UK | £125 (sole or joint) | £3,000,000 |
Since 1 June 2026, Coutts calculates combined holdings on the last working day of each month. It adds current and savings deposits, qualifying investments and drawn mortgage and loan balances; overdrafts and credit cards are excluded. This is not the client's net asset value. Any fee is debited at the end of the following month. A joint relationship is exempt if every named party also has a sole relationship with Coutts.
Main services on coutts.com:
- Private Current Account in 22 currencies; secured or unsecured overdrafts up to £1 million, subject to status.
- Silk Cards: a credit card and a charge card with no annual fee.
- Mortgages, investment-backed lending and loans.
- Investment management, private markets, wealth planning, inheritance planning with trusts, philanthropy and Coutts Family Office.
Onboarding
Format
Coutts meets clients at home, at work or in its offices: London, Bristol, Royal Tunbridge Wells, Norwich, Cambridge, Manchester, Leeds, Newcastle upon Tyne, Aberdeen, Edinburgh and Glasgow: Coutts locations. Joining starts with a short online questionnaire, after which an adviser contacts the applicant if the profile fits.
Timeline
The Coutts form says the bank aims to respond within one working day. This is initial contact, not a promised account-opening timeline. The form allows for requests for further information to progress an application; the final document requirements and opening timetable need confirmation for the individual profile.
Clients with a Russian Connection
UK financial sanctions are administered by OFSI. Under regulation 18C, as explained in OFSI's guidance, UK persons anywhere and any person in the UK must not provide trust services to or for the benefit of a person connected with Russia. A continuing arrangement may qualify where the same provider was already providing those services immediately before 16 December 2022. A separate prohibition applies to persons designated for regulation 18C; an older arrangement does not itself remove that prohibition. Exceptions and licensing provisions apply.
For individuals, being connected with Russia in this definition means being ordinarily resident or located in Russia, not merely holding Russian nationality. For entities, Russian incorporation or constitution, or Russian domicile, is relevant. A proposed UK trust therefore requires an assessment of the participants, services and applicable restrictions. Nationality alone cannot establish whether Coutts will accept a client.
When to Consider Coutts
Appropriate
- UK residents under the new FIG regime or relocating to the UK.
- Buyers of UK property who need sterling lending.
- GBP-denominated wealth that benefits from a UK private bank.
- UK estate and inheritance planning.
Points to compare with alternatives
- The usefulness of UK services depends on the client's financial needs; limited UK needs do not themselves amount to a published admission exclusion.
- The financial terms include a separate joining criterion, the £100–125 monthly fee and the waiver conditions.
- The permissibility of a trust structure with a Russian connection depends on regulation 18C, exceptions and any required licence.
Alternatives
| Bank | Profile | Published entry criteria |
|---|---|---|
| HSBC UK Premier | affluent international, multi-currency | £100,000 individual annual income paid in; £100,000 savings/investments with HSBC UK; or existing Premier abroad |
| Barclays Premier | UK premium banking | £75,000 gross annual income paid in, or £100,000 in Barclays savings and/or eligible investments |
| C. Hoare & Co | independent UK family-owned private bank | see profile |
| JPMorgan Private Bank UK | US-origin private bank in London | see profile |
| UBS | Swiss universal bank | see profile |
| DBS | Singapore private banking | US$5 million in investible assets for DBS Private Bank |
Q/A
Banking, tax and planning
How does Coutts differ from Swiss private banks?
Coutts is a UK bank authorised by the PRA and regulated by the FCA and PRA, with FSCS protection for eligible deposits up to £120,000 per eligible person, per bank. For UK residents it adds sterling banking, UK mortgages and UK estate planning in one relationship. Swiss banks sit under FINMA and the Swiss deposit guarantee regime.
Is there a £3 million minimum?
Yes. The UK-resident route requires £3 million in investments and/or savings, or borrowing, within three months of joining, maintained thereafter. The US-resident route lists savings or borrowing at the same amount. Other routes depend on country and services. Fee waivers are separate: £3 million for clients living and domiciled outside the UK, and £500,000 for UK clients.
Does Coutts offer multi-currency banking?
Yes. The Private Current Account is available in 22 currencies, and the accompanying debit card can be linked to most of them.
How does the FIG regime affect a Coutts client?
An eligible UK resident can claim relief on qualifying foreign income and gains during the first four consecutive tax years after ten consecutive tax years of non-UK residence. If UK residence continues afterwards, general rules for worldwide income and gains apply, subject to other reliefs and tax credits. The end of FIG is a point to discuss with the client's tax adviser.
Can Coutts help with trusts?
Coutts advises on inheritance planning, including the use of trusts. For persons connected with Russia, UK trust services are restricted by regulation 18C of the Russia (Sanctions) (EU Exit) Regulations 2019.