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If you bank with Coutts & Co, and you don’t want to pay charges, you will have to keep £10,000 in your account from 1 September. That is double the previous amount required by the private banking arm of Royal Bank of Scotland.
A quarterly charge of £150 will be levied on current account holders whose average balance falls below that amount. Under the present arrangement, the quarterly charge is £60 plus 75p for every transaction if the balance falls below £5,000.
Current account customers with less than £10,000 will not have to pay the charge if they have £250,000 separately invested with, or borrowed from, the bank.
RBS is due to announce this week that it suffered losses of up to £1.5bn in the first half of 2008, because of the credit crunch.
Coutts has not increased charges since 2003. Only 20% of the bank's 68,000 British customers currently pay charges, according to spokesman Nick Gill.
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