Frequently Asked Questions
Your questions answered:
Managed banking
- What is a Managed Bank Account?
The AES Managed Banking Service provides two types of client accounts. A client monies account which incorporates your multi-currency cash and deposit accounts and is held in our in our name on your behalf with one or more onshore or offshore banks and a card account’. This means that you may benefit from:
- Higher basic interest rates and access to the leading savings offers from the whole of market (without having to keep opening lots of different savings accounts)
- Unrivalled integration and control of your cash balances with your other assets/liabilities, investments and protection plans. Your other advisers such as your IFA, investment manager and accountant can also often work with you more effectively
- Timely and accurate information on all your assets
- Multi Currency Functionality
- Very high levels of service
- Enhanced Protection – each underlying institution has its own banking licence and therefore the statuary protection for eligible claimants can be greatly enhanced through the diversification of funds into designated sub accounts
- Unparalleled peace of mind, confidentiality and security
- What is private banking?
Private banking services are aimed at affluent individuals who are serious about making their assets work effectively for them and if applicable their family. Our services are central to the overall financial well being of our clients and integrate all assets and liabilities into a system that provides the facilities of a retail bank along with much more. This includes wealth and investment management, foreign exchange, protection, loans, trust and estate planning services
- What is different about AES Private Banking?
AES Private Banking is completely unique. As the worlds first provider of managed banking services to high net worth individuals we have pioneered this innovative and revolutionary service. The key to our success is that we work on behalf of our clients to secure them the best terms from the whole of market – not on behalf of our own financial institution. This independence makes us very different and we believe that by demonstrating the transparent, value added benefit our services deliver – we can help our clients understand, protect and build their assets better than any other financial services organisation worldwide
Online
- Do you offer internet services?
We offer uniquely integrated account viewing facilities via the internet. You can securely view all your assets and liabilities including cash account balances, investment, insurance plans, fixed assets and liabilities online from anywhere in the world, round the clock, removing the need for printed and posted statements. The most up to date password protection and message encryption systems are used to give total confidence
- How often does the password change?
We recommend that all clients change their online password at least every 90 days to help maintain the security of your account
- How can I get more help?
Please contact our client services team on centre on +44 (0) 203 0517990 between 8am and 6pm (UK time), from Monday to Friday, who will be able to offer support
- What if I forget my access codes?
Please contact our client services team on centre on +44 (0) 203 0517990 between 8am and 6pm (UK time), from Monday to Friday, who will be able to offer support
Security
- How financially robust is AES?
AES Private Banking is a trading style of AES Financial Service Ltd which is authorised and regulated by the UK Financial Services Authority. This means that we have agreed to maintain very high standards in relation to both providing you with financial management, planning, and in administering your financial affairs thereafter. We are a MIFID Firm that is also authorised throughout the European Economic Area. This means we meet pan-EEA capital adequacy requirements and maintain 1.5 Million Euros of professional indemnity insurance.
- Is (are) my money / investments safe?
Client funds are held in separate statutory trust accounts with one or more underlying banks. Each of these banks has confirmed in writing that money held with them on behalf of each AES client (who is an eligible claimant) is protected by the by the UK Financial Services Compensation Scheme. Diversifying your funds between statutory trust accounts means that you benefit from multiplying the protection (currently maximum on a single banking license is £50,000) that you are may be entitled if you kept your funds in a single institution. If you are holding investments with us through our custody and nominee service, or indeed our investment management services, your investments are held outside AES within a nominee company. Therefore your assets are securely ring-fenced in such a manner as to clearly indicate that they do not belong to AES. In addition, our very low risk business model means that we do not lend funds but instead arrange suitable loans from the best available provider within the whole lending market. Likewise our organisation does not borrow any money to fund our operations. As such, our business has significantly less risk than many actual banks and maintains 100% liquidity at all times. As a consequence, we are not impacted adversely by the current market conditions
Services
- How do I open an account?
We like to really know our clients and understand their expectations and aspirations. As such, we ideally like to meet and where this isn’t possible to speak with all prospective clients. If you are interested in learning more about the potential benefits of becoming an AES client please contact our team on +44 (0) 203 051 7990. They will be able to email you an application form, our terms and conditions and explain what documentation will be required
- Can I open a company account?
We accept applications from companies and have a range of very beneficial services tailored to our corporate clients
- What other accounts are available?
Accounts can be opened for personal and corporate trustees, charities, clubs and unincorporated associations
- Where can I find details of interest rates?
AES can place your funds with a number of deposit taking specialists. This means that you benefit from much higher rates of return than a normal bank and don’t have the headache of continually opening and tracking lots of different accounts as they change their interest rates. The rates available constantly change and list of those available is obtainable by contacting our Client Services team
- In which currencies can I bank and/or invest?
We can offer our services in any of the world’s major currencies and provide a Mastercard in sterling, euro and US dollars. Where required, a full commission-free foreign exchange service is available, with no minimum or maximum size of deal
- How do I deposit and gain access to my money?
Bank transfers are the accepted forms of deposits. For withdrawals, sterling accounts can have standing orders and direct debits set up for regular payments within the British Isles. Banking and investment instructions can be taken by telephone, letter or fax (the latter subject to a special withdrawal mandate). Telephone instructions and requests for information will only be accepted if we can adequately identify the caller as the accountholder. Investment instructions are time-bound and we can only act on such instructions if sufficient time is allowed
A Pre-Paid Mastercard allows you to make purchases and cash withdrawals. The balance on the card will be set each month in accordance with your wishes subject to a maximum load limit. We will organise for this to be re-set avoiding any chance of being overdrawn and bank charges
NB: The purpose of these Frequently Asked Questions (FAQs) is to give general information about our products and services only. The information contained in these FAQs is not intended to and does not constitute any offer by us to sell, neither is it intended to be an invitation or solicitation to buy, any product or service and must not be relied upon in connection with any investment or other decision. Nothing contained in these FAQs constitutes investment, legal, tax or other advice and is not to be relied on in making an investment decision. The full website disclaimer notice provides more information on legal and regulatory issues and other matters which you should be aware of when reviewing the content of this Website