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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 matter — but most 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. They do it with private banking.
Private banking is a tier above standard premium accounts at traditional banks, offering specialized services within regular banks. Wealthy clients gain access to these accounts by meeting high minimum balance requirements. Here are three of the best perks that rich account holders can get.
A dedicated relationship manager
Eligible clients have a dedicated advisor or team, often called a private client advisor or banker, who manage their needs, help to avoid fees, resolve issues, and find suitable financial products. It’s personalized service that doesn’t involve waiting on customer service lines or getting help from an online chat.
If you don’t have the millions it takes to become eligible for private banking, the good news is that you can still find good customer service from the right advisor for much less, with services like Advisor.com.
Advisor.com is an online platform that simplifies the process of finding a financial advisor you can trust. The platform matches you with several vetted fiduciary advisors who can provide you with a personalized plan based on your current financial situation and future goals.
All it takes is a few minutes to answer some questions about yourself, and Advisor.com will match you with a financial advisor for free. From there, you can book a free, no-obligation consultation to confirm if your match is right for you.
Also 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.
If you do have those millions, you might be pleased to learn that you do have options outside of private banking at mega-cap financial institutions, including a more personal touch — options such as Arta Finance.
Arta Finance is a digital wealth management service that offers exclusive financial strategies, primarily serving affluent individuals and accredited investors. One of their aims is to democratize access to sophisticated investment strategies traditionally available only to ultra-high-net-worth clients.
Arta provides a range of services, including investment in alternative assets, personalized portfolio management and financial planning, diversified portfolio building and tax strategy, all aimed at supporting your long term financial growth.
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 advisors.
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. For example, online bank SoFi has member benefits that include personalized financial planning advice at no cost, as well as a 20% discount on estate planning services.
SoFi also offers FDIC insured, no-fee checking and savings accounts so that all your accessible cash can grow, too. Their rates also outpace traditional accounts, so you can earn 4.60% APY on savings balances and 0.50% APY on your checking balances.
You also enjoy no-fee overdraft protection, early paycheck deposits and access to over 55,000 ATMs within the Allpoint network.
Sign up now and you can get a bonus up to $300 for setting up direct deposit.
Armed with these options for free financial advice and free high-interest accounts, you should also look for a free trading platform — and Public offers you the best of both worlds.
Public is a commission-free, self-directed investing platform that lets users manage diverse assets — like stocks, ETFs, crypto, and alternative investments — while making informed choices through real-time insights and social features.
There’s the added bonus of Public’s high-yield cash account with an industry-leading 4.6% APY and there are no fees and no minimum balance required. This can allow you to grow your uninvested cash more effectively over time.
Unlike robo-advisors, Public provides control without automated management, promoting transparency by rejecting payment for order flow in favor of an optional tipping model. Public makes it easy to do all of your wealth management from one place with their fractional share investing features and high-yield cash account.
Opportunities to save
Finally, ultra-rich Americans often pay less for services and are paid more for investments thanks to their bank.
Some private banking clients receive higher Certificate of Deposit (CD) rates, for example, or may be eligible for waived fees. These can include 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 not everyone can get all of the same great deals, tools or financial products that the ultra-rich do, new services and platforms like SavingsAccounts.com continue to level the playing field.
For instance, if a good rate on fixed income is what you’re after, SavingsAccounts.com can help you shop and compare top rates from various banks and credit unions nationwide. Their extensive database shows the most competitive rates without bias, with daily rate updates and earnings calculators which give consumers an array of free tools to help them find the right CD to meet their savings goals.
If you’re still hungry for more set-it-and-forget-it savings options with better yields than big banks, take a deeper look at some of the best high-interest savings accounts available right now on our list of the Best High-Yield Savings Accounts of 2024.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
