With Nigel Farage not having enough money to keep his account open, how much is required to bank with Coutts?

Ever had one of those moments in your life where you just don’t think you’ve enough tucked away in your bank account to even warrant having one open? No? Well spare a thought at least for the plight that Nigel Farage has found himself in as his bank has decided for him he’s not enough to keep his account open - with them, at least.

Per the BBC, Farage’s account with Coutts, a prestigious private bank for the affluent, has been shut down for not having the “wealth limit” it requires as part of it’s terms and conditions; instead, the former UKIP leader was offered a standard NatWest account, who just so happen to own Coutts. 

That seemed to irk Farage, who believes that he is being persecuted by banks for his stance during Brexit, likening someone without a bank account to a “non person.” Speaking to the BBC, Farage stated that Coutts had given him "no reason whatsoever" when they wrote to say that his accounts would be closed, and he was given two months to find a new bank.

"Well what use to me is that?" he told the broadcaster regarding a personal account offered to him by NatWest. "I operate through a business, that's how I live. Any income that comes to me personally comes through my business." Farage also claims other banks have refused to take him on as a customer on the grounds that he is a "politically exposed person" (PEP).

But those that have a bit more knowledge about commercial banking will point out that Coutts do have within their terms and conditions the ability to close or move an account should there not be an amount they deem as warranting their private banking needs. 

Coutts requires its customers to borrow or invest at least £1 million GBP with the bank or hold £3 million GBP in savings, which Farage admitted during his BBC Radio 4 World at One interview that he did not have, but that it “wasn’t an issue ten months ago.” There are also rules regarding a PEP in the banking sector that Farage might want to read up on once again…

A PEP generally presents a higher risk for financial institutions as regulators consider such people to be more exposed to the risk of potential involvement in bribery and corruption by virtue of their position and the influence they may hold. As such, there is more than a modicum of caution when it comes to these potential bankees holding accounts with some illustrious private banking groups.

Maybe that NatWest account shouldn’t be sneered at in the end, as the “man of the people” continues his discussion on being a political pariah through the banking system?