If they had the money, 24% of people would switch to a private banking service according to recent research from private bank Cater Allen.

Despite this interest in such services, however, UK adults believe they need a minimum of £451,900 on average to become a private bank customer. More than 16% of people thought in excess of £1m would be required. Only three per cent of those surveyed correctly identified that private banking can be accessed for a minimum balance of £5,000.

Richard Dunn, managing director of Cater Allen, said: “Private Banking still retains a mystique and aura of exclusivity. Therefore many people do not realise they can access the superior services offered by private banks.”