Many UK investors may be needlessly shunning traditional private banks because they overestimate the level of investment needed to become a customer, according to new research by UK-based Cater Allen Private Bank. Cater Allen surveyed 1,050 UK adults as to their views on private banking. About a quarter claimed that they would be likely to switch to a private bank if they had the money. However, those surveyed thought that the entry level for becoming a private bank customer was much higher than it actually is, believing that they needed a minimum of £451,900 ($898,500) on average. About 16 per cent thought that you needed in excess of £1 million to become a private banking customer. Richard Dunn, managing director at Abbey National/Grupo Santander-owned Cater Allen, said: “Private banking still retains a mystique and aura of exclusivity. Therefore many people do not realise they can access the superior services offered by private banks.”