Chief executives and wealthy landowners are not put on hold for hours when they call their banks, or transfered to call centres on the other side of the world. The wealthy elite keep their fortunes in private banks - small boutique financiers who take care of everything from credit for a new yacht to a new unit trust for the grandchildren.

Despite the continuing credit crunch, a booming economy in the preceding years has led to increased demand for premium financial services, which has fuelled strong growth in private banking.

Andy Cowan, of Towry Law, the independent financial adviser, says: “Private banks have experienced a big rise in customer numbers as the wealth of many middle-income consumers has risen exponentially in recent years. People have become more sophisticated about their financial requirements.”

At the top end, private banks offer wealthy customers bespoke day-to-day banking services and wealth management, such as handling investments. Coutts & Co, which is famed for looking after the money of members of the Royal Family, says that a third of its customers are business owners, but it also has teams dedicated to client groups such as sports stars, landowners and senior executives. Brian Mairs, of the British Bankers' Association, says: “Customers entering into private banking relationships want to ensure that their money works for them, be it through investments, tax plans or day-to-day banking.”

The services of private banks match the lifestyles of their desired customers. For example, most offer international currency accounts for those who travel regularly and have homes overseas. Specialist products also include credit arrangements for buying yachts and small aircraft.

Private banks might be the preserve of the rich, famous and powerful, but that does not mean that people with less impressive balances can't enjoy better services. Hundreds of thousands of customers with good salaries, or investible assets, could qualify for free premium financial services from the big high street banks.

There are almost half a million UK households with a joint income of more than £100,000 and 2.7 million people with more than £100,000 of liquid assets available to invest. For little or no fee these consumers could receive priority customer service, have direct access to an account manager over the phone or in branch and have the option of speaking to independent financial advisers.

Cater Allen, the private banking arm of the Santander group, the owner of Abbey, will accept you as a customer provided that you maintain £5,000 in your current account. The bank offers a deferred-debit card, which takes payments from your account only at the end of each month, allowing you to earn interest on the money in the meantime.

Royal Bank of Scotland and its sister bank, NatWest, share a service designed for wealthier customers. The Private Banking service is free to customers who earn more than £75,000 a year, or £100,000 with their partners. As well as the usual investment advice and a priority helpline, there are extra features including worldwide travel insurance, fraud protection, mobile phone cover and handbag insurance, although these incur a charge. Customers should also be wary of signing up to the NatWest Advantage or RBS Royalties Private current accounts, which seperate from the Private Banking service and cost £18.50 a month.

HSBC customers qualify for its Premier service if they earn more than £75,000, or have £50,000 of savings and investments or have a mortgage of £250,000 or more with HSBC. Customers can speak to advisers in exclusive lounges in 50 plush Premier branches. Frequent flyers can also take advantage of a debit card with no fee when used overseas, although the bank imposes a handling charge of 2.75 per cent.

Samantha Owens, of Moneyfacts.co.uk, the financial website, says: “These accounts focus on high standards of service and benefits, so it is certainly not the interest rates that are the draw. If that were the case, an Alliance & Leicester account would offer much better returns.”

Barclays recently introduced its Premier Life service. But unlike HSBC and RBS/NatWest, it charges £17.50 a month. If you do not earn £100,000 a year (£60,000 for those under 35) or have £50,000 to invest, the fee rises to £25 a month.

However, David Black, of Defaqto, the financial information company, says to think twice before paying for services that you may not need. “If there is a monthly fee, figure out what you want from the account, and whether it is worth paying extra for the incentives,” he says.

CASE STUDY

Jenna McRae works as a creative producer, setting up and directing photo shoots for magazines. The 28-year-old opened a Cater Allen current account in January after a recommendation from a friend who praised the bank's customer service.

“I was under the impression that I would need lots of money to open a private bank account, but I actually needed only £5,000,” she says. “I don't have pots of money, but I did have enough to meet the criteria, so I thought it was worth switching.”

Miss McRae joined the bank because of the level of customer service and the different accounts on offer, including the multi-currency account, which she uses when she organises shoots abroad.

“I was interested in the personalised service,” she says. “I know that I won't be waiting on the phone for hours when I call telephone banking - the service is a lot more attentive.”

Miss McRae previously had a current account with NatWest. She still holds a savings account with NatWest but does most of her day-to-day banking with Cater Allen.

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