Wealth management | alternative investing

 

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We’re committed to supporting clients when they are affected by major incidents.

Coronavirus (Covid-19)

We’re here to help clients who may be affected by coronavirus and have robust plans in place to minimise any disruption to our service. Please find details below about our response to the virus and how we are adjusting our services during this time. You can also find answers to commonly asked questions in the Questions & Answers tab, and important information about how fraudsters are taking advantage of the coronavirus in the fraud tab.

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Coronavirus and our services

 

We’re committed to supporting clients who may be affected by coronavirus and have robust plans in place to minimise any disruption to our service.

 

How we can help you right now

Many of our clients need immediate support due to the impact on them or their businesses. As cornavirus impacts us all in different ways, we’ll work with each client according to their own circumstances

  • we’re able to offer mortgage repayment holidays for up to 3 months to mitigate any financial distress caused by the virus
  • we’re passing on the recent interest rate reductions for any lending that’s linked to base rate
  • we’ll waive the early access penalty for any fixed and notice deposits that need to be broken due to coronavirus
  • we’ll happily refund the 2% cash withdrawal fee (minimum £1.50) if you let us know you’ve used your Coutts Silk Card to withdraw emergency cash

If you’re experiencing any financial difficulties - involving any existing borrowing or you need to set up a new borrowing arrangement - please do speak to your private banker as soon as possible.

 

We’re adapting some of our services

Unfortunately, the majority of our Coutts 24 and Coutts Businessline teams are now having to self-isolate or care for their families which means we only have a skeleton staff at 440 Strand and our other back up sites.

We’re therefore adapting our service so that we can deal with client queries in other ways, which will enable us respond to all client queries that we receive.

Instead of calling our Coutts 24 or Coutts Businessline teams, please:

  • use Coutts Online for all day to day banking transactions
  • contact your private banker with any queries you may have
  • use our secure messaging service within Coutts Online to contact our team and we’ll respond to all queries received before 4pm the same day
  • email your name and phone number to coutts24@coutts.com and we’ll respond to all queries received before 4pm the same day. Please ensure you don’t include any sensitive information or payment instructions in your email.

To help keep our clients and staff safe we’re also adapting some of our other services:

  • from later next week, our bankers will be able to hold meetings via video. If you’re interested in setting up a video meeting, all you’ll need to do is download the Zoom app and create an account. You’ll then be set up ready to arrange your meeting with your banker.
  • from 1 April, you’ll be able to use your Coutts credit and debit cards to make contactless payments up to £45 (provided the merchant is set up to accept the increase in limit from the current £30)
  • it may take a few extra days for any cheques that you post to us to be processed. Please bear this in mind and if you receive any regular income via cheque that could be paid to you electronically - such as dividends or NS&I Premium Bonds - please update your details with them so that any future income is paid electronically
  • as there are a limited number of staff working in our offices, where possible, you should avoid sending us payment instructions via post. The quickest way to make a payment is via Coutts Online or Coutts Mobile. If you’re unsure how to do this or the payment is complex, please send a secure message within Coutts Online and we’ll call you back to talk you through how to do this. If you’re not registered for Coutts Online, please email your name and telephone number (ensuring you don’t include any sensitive information or payment instruction) to coutts24@coutts.com.
  • to help keep clients and staff safe, our offices are now closed to clients. This means our Strand cashier and safe custody services are also closed. If there’s anything you need from our safe custody service, please speak to your banker. You can continue to use the cashier service available at NatWest branches. Please check local branch availability online before visiting.

Coutts Online provides a safe and secure way to carry out your day to day banking 24/7, including:

  • making payments (with lower CHAPS and SWIFT payment charges)
  • sending secure messages to your banker and Coutts 24
  • reporting a lost or stolen card, suspend your card and order a new card
  • switching your bank statements to paperless to reduce reliance on the post
  • cancelling direct debits and standing orders
  • setting up text alerts to help you manage your account

If you’ve not yet registered for our digital services, please email digitalhelpdesk@coutts.com and we’ll arrange to set you up.

Thank you for your support.

 

Please do speak to us if you’re experiencing financial difficulties

If you’re having any financial issues – involving an existing lending facility or the need to set up a new borrowing arrangement – please speak to your private banker as soon as possible. We’re here and ready to do everything we can to support you.

 

Click here for information about Coutts Travel Protection and the Coronavirus

 

Help with food deliveries and keeping everyone entertained

Our Concierge Service, which ordinarily helps Coutts Silk cardholders, have been busy researching businesses who can still deliver food and have also created some fantastic guides which we’re making available to all our clients to help keep everyone occupied during this difficult time.

From companies offering deliveries of groceries and fresh produce to the 70 best films of all time, plus suggestions for keeping children (and the young at heart!) entertained at home, there’s a wealth of information available to help you here.

Commercial Clients

 

Coronavirus Business Interruption Loan Scheme

We’re continuing to work with the British Business Bank to become an accredited provider of the Coronavirus Business Interruption Loan Scheme (CBILS) so that we can help those clients in financial distress and where there are no alternative finance options available. We’re hoping to become an accredited provider very soon and will let you know when the process is complete. In the meantime, if you’re experiencing any financial difficulties, please do speak to your commercial banker to explore the options that are available and how we may help. Further information about CBILS can be found on the British Business Bank website: https://www.british-business-bank.co.uk https://www.british-business-bank.co.uk

Coronavirus Questions & Answers

 

Q. Are there any other ways of contacting Coutts apart from using Coutts 24 or calling my private banker?

A. Yes. Unfortunately, the majority of our Coutts 24 team are now having to self-isolate or care for their families which means we only have a skeleton staff here at 440 and our other back up sites. We’re therefore adapting our service so that we can deal with client queries in other ways.

Instead of calling our Coutts 24 team, please:

  • use Coutts Online for all day to day banking transactions
  • use our secure messaging service within Coutts Online to contact our team and we’ll respond to all queries received before 4pm the same day
  • email your name and phone number to coutts24@coutts.com and we’ll respond to all queries received before 4pm the same day. Please ensure you don’t include any sensitive information or payment instructions in your email.

Also, if you’ve not yet registered for Coutts Online we can arrange this for you so that you can carry out your day to day banking wherever you are. Please email digitalhelpdesk@coutts.com who will arrange for you to be set up.

We also have a number of other ways of contacting us. These can be found at coutts.com/contact.

 

Q. I’ve booked a holiday but now I don’t want to go even though there are no travel restrictions in place to where I’m supposed to be going. Will my Coutts Travel Protection policy cover me?

A. Coutts Travel Protection does not cover you for cancelling a trip to a destination where the Foreign and Commonwealth Office have not advised against all travel or all but essential travel. Full guidance about what our policy covers can be found at coutts.com/ctp

 

Q. I’ve booked a holiday to a destination where there are travel restrictions in place. Unfortunately, I forgot to take out travel insurance but I paid for my trip using my Coutts Silk Card. Will I be covered?

A. No, your Silk Card will not cover you for the cancellation of your trip. However, if you have previously purchased Coutts Travel Protection you may be covered.

 

Q. What plans do you have in place to deal with coronavirus? 

A. We have robust plans in place to minimise any disruption to our service and are prioritising support for both our staff and clients. We’re following advice from the World Health Organisation and local health authorities, like Public Health England.

 

Q. Are you going to be shutting your offices?

A. Our offices are currently closed to clients.

 

Q. I have a meeting with my banker at your offices next week. Should I still come in?

A. Our bankers are no longer meeting clients face to face. They continue to be available for telephone meetings at a time that is suitable to you and we’re looking to introduce video conferencing shortly.

 

Q. What will happen if I need to access my items that are stored in your safe custody service?

A. Our safe custody service is now closed until further notice.

 

Q. Can you increase the limit on my Silk Card?

A. We’re doing everything possible to support our clients during this time and will be happy to increase limits on our Silk Cards wherever possible, subject to status.  

 

Q. Are you reducing the opening hours of Coutts 24?

A. Unfortunately, the majority of our Coutts 24 team are now having to self-isolate or care for their families which means we only have a skeleton staff here at 440 and our other back up sites. We’re therefore adapting our service so that we can deal with client queries in other ways.

Instead of calling our Coutts 24 team, please:

  • use Coutts Online for all day to day banking transactions
  • use our secure messaging service within Coutts Online to contact our team and we’ll respond to all queries received before 4pm the same day
  • email your name and phone number to coutts24@coutts.com and we’ll respond to all queries received before 4pm the same day. Please ensure you don’t include any sensitive information or payment instructions in your email.

Also, if you’ve not yet registered for Coutts Online we can arrange this for you so that you can carry out your day to day banking wherever you are. Please email digitalhelpdesk@coutts.com who will arrange for you to be set up.

 

Information last updated 26/03/20

Beware of fraudsters attempting coronavirus-related scams

 

Unfortunately, fraudsters are taking advantage of the current situation and are using the coronavirus outbreak to try and trick people and businesses into parting with their money or sensitive information.

You can learn more about the common scams we’re seeing below. Please remain vigilant and contact us straight away if you think you’ve been targeted.

Fraudsters are sending out coronavirus-themed phishing emails to trick people into opening malicious attachments or revealing sensitive personal and financial details.

Emails purporting to be from medical or government research organisations should be treated with caution.

Vishing is fraudulent contact made by phone. 

Be alert to bogus calls linked to coronavirus as these could be from fraudsters who claim they’re from organisations such as the Bank, the Police, an official health organisation or a company that you trust.

Fraudsters are targeting those who are ill or self-isolating by offering to do their shopping. The fraudster will ask for their victim’s card and PIN to enable them to purchase the groceries but will use this to access the victim’s account. Of course, the groceries will never arrive.

Protect your business from coronavirus-related scams

With remote working increasingly common, remember that anywhere your staff work is an extension of your workplace. It’s therefore especially important for employees to be aware of the need to maintain security and that fraudsters are exploiting the spread of the coronavirus to facilitate various types of fraud and cybercrime.

Fraudsters pose as a creditor or supplier and advise you that because of the coronavirus outbreak their company’s bank details have changed and that you should update the sort code and account number you hold.

Bogus emails, claiming to be from a senior member of staff, such as a Director, CEO or Chairman, are sent to the accounts team requesting an urgent payment. 

The fraudster will often claim that an urgent payment is needed due to exceptional circumstances, such as the spread of coronavirus.

 

Coronavirus investment insight articles

 

  • Coronavirus: An investment update

    • Asia
    • Equities
    • Investment
    • Economy
    • Emerging Markets
    • Portfolio
    • Investments
    25 Feb 2020
    weekly update washington trade As the Coronavirus spreads further beyond China, there’s short-term market volatility but we think investors have reason enough to stay calm
  • Three lessons from February’s market turbulence

    • Investment
    • Equities
    • Economy
    • Portfolio
    • Investments
    • CMAF
    12 Mar 2020
    weekly update washington trade With the coronavirus disturbing share markets across the world, we consider what lessons investors can draw from the current market turbulence.
  • What the budget means for you

    • Equities
    • Bank of England
    • Pension
    • Interest Rates
    • Investment
    • Economy
    • Portfolio
    • Investments
    • Politics
    12 Mar 2020
    weekly update washington trade What does the Budget 2020 mean for you? We’ve had a look at the details to find out the measures that are going to have the most impact on you.

Flybe Ceases trading

Flybe ceased trading on Thursday 5th March and has now entered administration. For information on what to do if you've been affected by the collapse of Flybe please read the article below. 

 

Visit coutts.com/contact for the different ways to contact us

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06 Mar 2020

Have you been affected by the collapse of Flybe?

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