Cater Allen introduces new multi-currency account

Called the Private Bank Account, it allows funds to be held in Sterling, US dollars, euro, or all three. This means that multiple currencies can be held in linked accounts under just one customer reference number. Offering full banking facilities and an unlimited number of free transactions, the Private Bank Account also provides Gold VISA deferred debit cards2 in each currency so that customers can make payments or cash withdrawals when overseas in the same currency as their account, without having to pay currency conversion charges. Customers can also get up to 30 days extra interest on money already spent since VISA purchases are not debited to the customers accounts until the day their monthly statement is produced. In addition, the Gold VISA deferred debit card provides free personal accident insurance. The Private Bank account requires a minimum opening balance of £5000 (or US$ or equivalent). Renewal commission of 0.5% every year is also available to intermediaries and may be partially or fully rebated to clients to enhance rates.