It’s no secret that banks appreciate affluent depositors and their high account balances. To attract and keep these wealthy customers, many banks and credit unions have established premium banking services, also known as premier banking.
Premium banking typically brings high-dollar clients a suite of benefits such as higher savings yields, waived account fees, dedicated customer service, and no-charge ATM access.
If your balance is big enough, you can receive extra privileges and services. Here’s what to know if you’re looking to pursue deluxe status.
Key Points
• Premium banking gives special perks to customers who keep substantial funds in their accounts. Those perks may be reward bonuses, better credit card offers, discounted rates on loans, and more.
• Additional benefits often include higher interest rates on savings, no monthly account fees, a personal banker to help you, and free ATM access anywhere.
• Qualifying for premium banking requires keeping very large account balances across checking, savings, and other bank accounts daily.
• There are often extra perks such as travel benefits, help in booking reservations, free financial planning advice, and better rates on loans and mortgages.
• Whether these benefits are worth it probably depends on how much money you have and what bank services you regularly use.
What Are Premium Banking Services?
Premium banking services are elite privileges that a bank extends to its loyal and financially comfortable customers. The benefits often center on a rewards checking account paired with a rewards savings account; qualified customers may also receive exclusive deals on bank credit cards or loans.
Amenities may include:
• Dedicated personal bankers
• Investment consultations
• Lower fees for other financial products within the same bank or credit union
• Higher annual percentage yields (APYs) on savings accounts
• Reduced annual percentage rates (APRs) on loans
• Increased daily or weekly limits for withdrawals, purchases, and money transfers
• Free or low-cost wire transfers
• Overdraft protection
• ATM fee reimbursements
How Does Premium Banking Work?
As noted above, premium banking enhances services and lowers costs for preferred customers. To qualify for these perks and price breaks, clients generally must keep high average daily balances in their checking and savings accounts; they may also maintain investment accounts and have multiple bank loans.
The required balances vary, but amounts between $10,000 and $15,000 are common. Clients can use the total of their balances from different types of bank accounts to meet these financial requirements.
In exchange, the bank may waive monthly fees, pay higher APYs on savings accounts, and provide discounts on loans. A designated personal banker typically handles the client’s account needs and coordinates perks and services such as credit card bonus offers and free financial consultations.
Types of Premium Banking
The phrase “premium banking” usually refers to upgrades and privileges made available to banks’ affluent or relationship-focused clients. Sometimes, though, the term has a broader meaning. It may encompass the top-tier services of private banking and wealth management for depositors with high or ultra-high net worth.
Premium Banking
In brief, premium banking typically bundles premium checking accounts and savings accounts with loans, mortgages, or other financial products. Clients enjoy discounted loan APRs or lower fees across the board due to their many connections to the bank.
If a high-yield savings account is part of the premium banking package, it’s likely to have an amped-up APY and few or no fees.
There may also be other special deals, including enhanced credit card rewards.
Banks generally assign dedicated financial officers to manage relationships with premium clients. Your personal banker can troubleshoot for you and act as a point person for exclusive perks (e.g., airport lounge access when traveling) as well as ordinary bank business like wire transfers or safe deposit box rentals.
Private Banking
A more rarefied version of premium banking is private banking. This type of retail banking caters to wealthy individuals, so minimum balance requirements can be quite steep. Clients may need to maintain average daily balances ranging from $100,000 to $10 million or more, depending on the bank.
Some institutions have established service tiers (such as gold, platinum, or diamond) that reflect the client’s combined balances. As a rule of thumb, the higher the balance, the more exclusive the tier and the more extensive the benefits.
The assistance provided by private bankers can be narrowly focused or expansive. It may include anything from strategizing to maximize credit card rewards for lavish travel to facilitating a jumbo mortgage to setting up a financial plan.
Wealth Management
Wealth management can be seen as an extension of private banking, so the two are sometimes marketed together to high net worth and ultra-high net worth individuals. In addition, wealth management professionals may work with private family trusts, including those with governing boards.
Wealth management goes beyond banking functions, however. A private banker might help you with various bank accounts, credit cards, and loans, as discussed above. A wealth management specialist would get familiar with all the ins and outs of your financial life in order to advise you on investments, trusts, retirement planning, or estate planning. These issues can be extremely complex, especially for ultra-high net worth clients.
Benefits of Premium Banking Services
Talking and teaming up with a personal banker can be beneficial in itself — and not just for tips on saving or making money. A personal banker can teach an affluent person how to move from being a depositor to being a steward of their wealth.
The banker uses their deeper expertise to give you individually tailored support and guidance. Meanwhile, you can learn from their knowledge and experience.
The banker may also have a network of contacts you can work with on larger issues such as estate planning or tax strategy.
Examples of Premium Banking Services
Premium banking services can include any number of price breaks and lifestyle bonuses. Some familiar examples are:
• Preferential rates: These could be higher interest rates on savings accounts and certificates of deposit (CDs) or discounts on loans, insurance, mortgages, and lines of credit.
• Upgraded credit cards: Visa Signature and Mastercard Platinum are examples. Preferred customers can thereby access more advantages of credit cards, such as enhanced rewards, discounts, and travel perks.
• Global and international banking support: Assistance with currency services and offshore accounts may be available, plus sweeteners such as zero foreign transaction fees and access to emergency cash services.
• Travel privileges: Premium status may mean priority boarding at airport gates, free lounge access, or rental car discounts.
• Concierge services: These include assistance with booking travel, making dining reservations, and getting tickets to exclusive events such as SoFi Plus Experiences.
• Advanced cash management and financial planning: Wealthy customers can sort out complex cash flow issues and, if needed, get professional advice from investment and insurance experts.
• Waived banking fees: Monthly maintenance charges, out-of-network ATM fees, wire transfer fees, foreign transaction fees, and charges for cashier’s checks or money orders may all be reduced or waived.
Alternatives to Premium Banking Services
Bank customers who don’t have thousands of dollars to park in a checking, savings, or investment account can still score better loan APRs, fewer fees, or specific financial benefits if they’re willing to cast a wider net.
• Credit unions: For comparatively low loan rates and fewer fees, some people consider credit unions. They offer many of the same in-person services as traditional banks, and customer deposits are federally insured by the National Credit Union Administration.
• Online banks: These banks typically have lower overhead costs because they operate entirely online. Customers may not mind the lack of physical branches if their bank saves them money on fees and gives them higher APYs on savings and checking accounts. Like traditional bank accounts, online bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC). Some online institutions also give you access to premium banking perks through membership programs such as SoFi Plus.
• Financial technology (fintech) firms: For convenience, cash-back rewards, fewer monthly fees (e.g., fee-free overdraft coverage), and digital features such as budgeting tools, you might want to look into fintech options. These companies partner with traditional banks to provide app-based financial services along with FDIC insurance for customer accounts.
• Brokerages: Financial giants such as Fidelity and Schwab offer cash management accounts that function like checking accounts but often provide better interest rates. That’s because these accounts keep a customer’s uninvested cash in money market funds. A brokerage account can work well for people who want to consolidate their investments and banking in one place.
• Community banks: These local institutions focus on the needs of the communities they serve. They provide personalized service and a full range of banking products, often balancing the friendly feel of a credit union with the features of a traditional bank.
In weighing these and other options, it’s important to consider your specific needs. A credit union or community bank may be a good fit, for example, if you particularly want in-person support. Online banks or brokerage cash management accounts could be appropriate if high interest on savings is a priority.
Premium Banking Tips
• Strategizing your spending — with or without guidance from your personal banker — could help you unlock additional value. For example, if you have augmented credit card points, exchanging them for cash often gives you the worst conversion rate. A banker might note that using those points for travel could get you a lot farther.
• Get familiar with the less splashy perks that go along with your accounts. Examples might include early credit for direct deposits or transfer fee waivers.
• If premium plastic is one of your benefits, you’ll want to stay current on relevant credit card rules, as some perks may be limited-time-only or have stringent terms and conditions.
• Use your banker to coordinate with tax, legal, and investment specialists within the bank. Not only will this ensure that you get cohesive advice, but it should also save you time and effort.
The Takeaway
Premium banking offers affluent customers enhanced services, privileges, and perks. To qualify, customers usually must maintain very high average daily balances across their accounts; in exchange, they get added convenience and savings. Three common benefits are waived fees, higher savings rates, and free consultations with a dedicated personal banker.
FAQ
What is the meaning of premium banking?
The phrase “premium banking” refers to special account benefits and personalized financial services for high net worth individuals. These may include consultations with dedicated relationship managers, wealth management assistance, investment advice, and account perks like waived fees and better loan rates.
Is premium banking worth it?
The answer depends on your assets and your lifestyle. If you can easily maintain the necessary minimum balances or if you use multiple services from the same bank (such as loans, credit cards, and investments), the convenience and perks of premium banking may be worth the costs. Other customers may find that, for them, premium banking’s particular benefits don’t warrant the high fees or balance requirements.
What does a premium bank account mean?
A premium bank account is a bank account that offers extra features such as higher interest on deposits, discounts on loans, low or no fees on many transactions, and dedicated support from a personal banker. It’s generally marketed to customers who can maintain substantial balances or who contract for multiple bank products and services.
What are the four types of bank accounts?
The four types of customer accounts that are available at a bank or credit union are:
• Checking accounts: This essential account provides quick access to funds for everyday spending and transactions.
• Savings accounts: People often use this type of account to store money for emergencies and short-term goals while earning interest. High-yield savings accounts are widely available.
• Certificates of deposit (CDs): This is a more constrained form of savings account in which customers lock up funds for a set period of time in exchange for fixed interest rates and guaranteed returns. Credit unions’ version of a CD is called a share certificate.
• Money market accounts (MMAs): This type of savings account combines higher interest rates with checking account features.
What are the advantages of a premium bank account?
Common advantages of premium bank accounts include waived or reduced fees (e.g., for ATM use or overdrafts), higher APYs on savings account balances, lower rates on loans, and complimentary perks such as priority customer service, financial planning consultations, travel benefits, or identity theft protection.
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