Cater Allen Private Bank has launched a new bank account designed to appeal to individuals who have at least £25,000 (around $38,934) to deposit with the firm, in a move to make further develop its services for private clients.

The Santander subsidiary has unveiled the Prestige Bank Account, which offers tiered interest rates and unlimited transactions amongst other standard private banking features.

Clients who take out the new Prestige Bank Account will also be automatically eligible to apply for an American Express Preferred Rewards Gold Card, which normally costs £95 per annum, for free for the first year, and fee-free subsequently, subject to conditions.

"Private banking clients want more than just a bank account, they want a membership offering service enhancements and benefits they would not always receive through a typical high street bank, ” said Sally Ann Watts, head of banking and savings products at Cater Allen Private Bank.