EXCLUSIVE: Radar Reveals Why King Charles' Exclusive Bank Has Sparked Outrage — By Going Even More Exclusive
King Charles' bank has ruffled feathers.
April 18 2026, Updated 3:00 p.m. ET
Coutts, the elite bank long associated with King Charles, has triggered outrage after dramatically raising its entry requirement to around $3.75million, effectively shutting out many millionaires in a move critics said makes the bank even more exclusive.
RadarOnline.com can reveal the 333-year-old private bank has increased its minimum threshold from roughly $1.25million to $3.75million for new clients, marking the steepest jump in its history.
Coutts Bank has triggered outrage after dramatically raising its entry requirement to $3.75million.
The change, introduced in November, applies only to new applicants, with existing customers unaffected, even if they fall below the new requirement.
Prospective clients who do not meet the criteria are now redirected to NatWest, Coutts' high-street partner, reinforcing the institution's longstanding "wealth test" – a hallmark of its exclusivity.
New $3.75M Requirement Signals Shift to Ultra-Wealthy Focus
Critics have accused the elite bank of 'pulling up the drawbridge' to shut out many millionaires.
A financial sector source said: "This move is being interpreted as a deliberate shift to position Coutts firmly at the very top end of private banking – it is no longer about catering to millionaires broadly, but specifically about attracting the ultra-wealthy."
The insider added: "By raising the bar so significantly, the bank is signaling that even high-net-worth individuals may no longer meet its definition of exclusivity."
The updated requirement means applicants must now hold approximately $3.75million across savings, investments or borrowing arrangements to qualify. While the bank retains discretion to admit certain clients who fall short, the revised threshold represents a clear tightening of access.
Historically, the entry point stood at about $625,000 until 2011, when it was raised to $1.25million, highlighting how sharply the barrier has increased over time.
Customers React as Bank 'Pulls Up the Drawbridge'
The bank implemented the steepest jump in its history, marking a sharp tightening of access since 2011.
Another insider said the decision has fueled frustration among those who previously viewed Coutts as an aspirational but attainable institution.
They said: "There is a growing sense that the bank is pulling up the drawbridge – people who would once have been considered valuable clients are now being told, implicitly, that they are not wealthy enough."
The insider added: "That perception risks alienating a segment of customers who feel pushed aside in favor of a narrower, more elite clientele."
The move follows a separate fee increase targeting less affluent members. Customers with assets below roughly $625,000 now face a monthly charge of about $125, up from a previous tiered system that ranged between approximately $30 and $95 depending on balances.
Analysts say the combined effect of higher fees and stricter entry criteria underscores a broader strategy to reshape the bank's client base.
Past Controversy and Strategy Shift Raise Transparency Concerns
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The bank finalized plans to acquire Evelyn Partners to further expand its wealth management capabilities.
Coutts has faced intense scrutiny in recent years, most notably in 2023 when it closed the account of British right-wing politician Nigel Farage. The bank initially suggested the decision was related to his political views, but a later report indicated it was due to his failing to meet the financial threshold.
A banking analyst said: "That episode put a spotlight on how these wealth thresholds operate behind the scenes, and this latest increase only intensifies questions about transparency and fairness."
The expert added: "For many observers, it reinforces the idea that access to elite financial services is becoming more restricted than ever."
In a statement outlining its direction, Coutts said: "Our ambition is to be the UK's number-one chosen partner for private banking and wealth management. Last year, we set out a strategy that is focused on supporting clients through the right service model for their needs. We are also working towards completing the acquisition of Evelyn Partners, announced in February, with regulatory approvals expected over the summer."
The bank is currently finalizing its acquisition of Evelyn Partners, a move seen as part of its broader effort to expand its wealth management capabilities while refining its focus on ultra-high-net-worth clients.
