Wealth management | Specialist planning services


This Notice of Variation sets out some changes to our agreement with you which will take effect on 1 September 2021 unless otherwise stated. We have referred to the amended clauses in the right hand column to assist you in finding these changes.


Private Client Banking Fee TarifF
What is changing?
Where can I find these changes?

Clarification on how foreign exchange rates are determined. 

Section 2 – Transaction and Service Fees - Payments and transfers

We have updated our terms following Britain’s exit from the European Union and clarify that: the UK is now outside the EEA; if you are sending money outside the UK you may pay Payment Delivery Charges; and intermediary and/or beneficiary banks outside the UK may deduct fees from payments.

Section 2 – Transaction and Services Fees - Sending money outside of the UK


Private Client Core Terms
What is changing?
Where can I find these changes?

Providing clarity on account ownership and what may happen if someone is added or removed from an existing account.

New Clause 2.3

Subsequent clauses have been re-numbered.

Providing clarity on account ownership in the event of a deceased client. 

Clause 2.4

Clarification of when a refund will be made to you when making a payment from an account and adding in changes following Britain’s exit from the European Union.

Clause 5.11 – Payments from an account

We are introducing a guaranteed foreign exchange rate for the majority of payments made online or through the mobile app.

Clause 7.1 – Exchange rates

We have updated our terms to allow us to issue cards with the Visa or Mastercard payment scheme in future.

Clause 8.3 and Schedule Account Operations – Debit Cards

We have updated the instances in which we can close or convert an account to include if we suspect an account is being used to abusively avoid tax, a client’s actions include racist or discriminatory conduct, or if we are exposed to action or censure by any government, regulator or law enforcement agency, including those outside the UK.

Clause 12.4 – Cancelling, closing or converting an account

Confirming the instances in which we will not be liable for losses when there is a delay, failure or refusal to carry out a payment instruction.

Clause 14 – Our liability

Confirmation that you can use the Post Office®

to deposit cash using your debit card.

Schedule Account Operations – Clause 1.1

In the event of any future industry or internal changes to the Faster Payments limit increase, we are removing references to the existing £250,000 limit.

Schedule Account Operations – Payments to your account – Faster Payments (sterling only)and Standing Orders


Following Britain’s exit from the European Union we have clarified that in certain circumstances where currency conversions are required payments may take longer than indicated, except when converting between Euro and Sterling for SEPA payments.

Schedule Account Operations – Clause 2 – Payments from your account

Following Britain’s exit from the European Union we have clarified that when an International Payment is cancelled transfer times for non-SEPA payments will vary.

Schedule Account Operations – Clause 5 – Cancelling an international payment

Coutts Travel Protection Insurance Guide
What is changing?
Where can I find these changes?

From 21 August 2021, we are adding an exclusion to the existing policy for future epidemics/pandemics. Clients will still benefit for future epidemics/pandemics in the same way as the cover introduced for Covid-19.

New General exclusion 19 added – Page 48

A new definition has been added to the loss damage waiver section of the policy around essential travel and travelling against Foreign Commonwealth and Development Office advice.

New paragraph added - Page 58

What is changing?
Where can I find these changes?

Qualifying investments for the calculation of a client’s earn rate for THANK YOU FROM COUTTS Crowns will now include Coutts Invest SIPPs.

Crown Earn Rate – Clause 6

Clarifying that rewards can change at any time and to not wait until the end of expiry to redeem.

Rewards - Clause 14

We have clarified the programme annual calendar and 6 month expiry date.

Rewards - Clause 16

Crowns of Deceased THANK YOU FROM COUTTS Members.

Rewards - Clause 20

Online Service Terms
What is changing?
Where can I find these changes?

We have added that we can suspend, terminate or restrict access to your account or to certain services (such as online banking) if continued access means we could breach a law or regulation we have to comply with.

Clause 10.3 – Termination and suspension

Money Market Deposit Account Terms
What is changing?
Where can I find these changes?

Updated terms to make it clear how and when we can change interest rates and also provide clarity on interest rates for Fixed Term Deposits.

Clause 5 – Changes to interest rates

Advice and Investment Services Terms
What is changing?
Where can I find these changes?

We are clarifying in our Advice & Investment Services Terms and Conditions that we or any Nominee may decide to take the following courses of action in our absolute discretion only, and we reserve the right to recover any applicable amounts from you:

    — instruct a broker to buy securities in order to account to you for a purchase of those securities following a counterparty’s failure to settle;

    — credit any of your settlement accounts with the anticipated proceeds of sale or disposal prior to receipt of the relevant cleared funds;

    — instruct a broker to buy or borrow securities on your behalf to fulfil your obligations to deliver where we do not have possession of the particular investments to which a sale relates on the settlement date;

    — pre fund a purchase where we do not have possession of cleared and sufficient funds of the appropriate currency to which a purchase relates on the settlement date.

Section 1 – Core Terms – Clauses 6.1 to 6.4



We are confirming that any negative interest rates on investment capital and income accounts are available on our website.

Section 1 – Clause 8.7

Advice and Investment Services Fee Tariff
Where can I find these changes?

We are adding to our fee tariff to inform clients that credit cash balances may be charged interest to reflect costs reasonably incurred by us.

Additional information – Other additional charges

Investment Backed Lending Terms
Where can I find these changes?

Investment Backed Lending terms have been updated to reflect the correct interest repayment schedule for the Fixed Advance Facility as follows:

Interest on each drawing under the Fixed Advance Facility shall be calculated on the basis of a 360 or a 365 day year, as determined by us at the prevailing market practice for the currency borrowed, accrue daily and shall be payable by you on the earlier of:-

(a) the expiry of its Fixture Period;

(b) earlier termination or repayment of the Fixed Advance Facility or the drawing; and

(c) if the Fixture Period is longer than three months, on the dates falling at three monthly intervals after the first day of the Fixture Period,

and shall be debited from the Overdraft Facility Account as a drawing under the Overdraft Facility. This may result in interest being charged on interest.

Investment Backed Lending Agreement - new sub-clause 12.2.3 (c)