Oct 31, 2024
When it comes to picking a bank, most people focus on things like access to ATMs and monthly account fees. For rich people, those things often matter too — but ultimately, many wealthy people are looking for much more from their bank than just the bare minimum.
In fact, the ultra-wealthy often enjoy awesome perks that make their lives easier and help them stay rich. Here are three of the best perks that rich account holders get.
A dedicated relationship manager
A tier above the premium banking accounts offered by financial institutions is private banking, the specialized division of regular banks. The first big perk many rich people get is access to private banking.There are specific requirements customers must meet to be eligible for private banking, such as maintaining a very high minimum balance.
Thanks for subscribing!
Read the best of Moneywise in 5 minutes or less.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
Eligible clients usually have a dedicated person or team who manages their business with the bank and makes sure their needs are met. They may go by different names, like private client advisor or private client banker, and can help the client avoid fees, solve any problems, and find the right financial products. There's no waiting on the customer service line or doing an online chat for these customers.
If you don't have millions to become eligible for private banking, the good news is that you can still find good customer service. Check out credit unions and local banks, as these smaller institutions may have a stronger focus on providing top-notch support to account holders compared with large multinational banks. A 2019 Gallup study found that credit unions are far better at supporting their members' feelings of wellbeing than banks are.
Advertisement
Must Read
- The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100
- Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?
- Insurance companies profit most from drivers who auto-renew without shopping around. Comparing 100+ quotes takes 2 minutes and costs nothing
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Financial services at no charge
Rich clients — especially those involved in private banking — often get access to free or discounted advice and support from financial professionals. For example, some private banks offer clients estate planning services or meetings with financial advisers.
While this can be hard to replicate without a big bank balance, there are institutions that offer similar types of financial support to clients even without seven-figure accounts. SoFi's member benefits, for example, include personalized financial planning advice at no cost as well as a 20% discount on estate planning services.
If you want your bank to offer help with your goals rather than just store your money, you can shop around to find a financial institution that will do that. Online banks like SoFi, are often the best option, as they don't have traditional office space to pay for so they can use some of the money that frees up to offer more services to members.
Opportunities to save
Finally, ultra-rich Americans often pay less for things and are paid more for investments thanks to their bank. Some private banking clients receive higher CD rates, for example, or may be eligible for waived fees, including monthly service fees, ATM fees, and even wire transfer fees. Often, clients with high balances will also be rewarded with lower interest rates or discounted closing costs on loans.
While regular people may not be able to get all of the same great deals that the ultra-rich do, many banks do provide loyalty discounts if you use multiple financial products. For example, Ally Bank routinely offers discounts on home closing costs to those who open a bank account.
Ultimately, regular people are not going to be able to get all the many benefits available to high-net-worth individuals since banks are naturally going to work harder to earn their business. However, by shopping around and researching the features that banks offer, you can often find some of the benefits that matter most to you.
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
