Premium checking accounts offer various perks that can make your financial life much more rewarding. Depending on where you decide to bank, premium checking accounts come with different fees and rewards.
Consider a premium checking account in the same way you would a new credit card. You have to do your homework to figure out which is going to best match your financial lifestyle. Most premium checking accounts offer interest rates of 0.01 to 0.10 percent, and there are also unique perks such as free money orders and cashier’s checks (depending on the bank).
Find out what the largest banks in America are offering you, if you sign up for a premium checking account.
Premium checking account overview
Bank of America: Called the Premium Solution, this account grants you the ability to easily maintain multiple interest-bearing accounts to help you organize your money, as well as expand your banking services to a variety of investments. There is still a $2 fee for using non-Bank of America ATMs within the United States, and a $5 fee for using non-Bank of America ATMs outside of the United States.
By maintaining a premium account with Bank of America you are eligible to special rates on loans, as well as offered an assortment of fees waived. For more information, see the Premium Solutions account information. This account has value if you stick to using Bank of America ATMs and you are interested in the special loan rates available.
BB&T: The Elite Gold account offers competitive checking interest rates, easily waved maintenance fees and special offers on IRAs, credit cards, CDs and more.
A unique feature is the fact that you can receive a five percent discount on stock trades through BB&T investment services. Other valuable perks such as no-fee appraisal on real estate secured loans, no penalty for withdrawing money from a CD for emergency medical use and no fee for a small deposit box make it an account you should not overlook, it has a variety of valuables for you.
Capital One: Have a Capital One credit card that you love to use? If so, the Capital One Premier Rewards Account is going to double to value of the plastic in your pocket, as you can earn double rewards miles when you swipe. The downside is that this account does not collect interest, which is interesting, given the fact that Capital One’s 360 Checking collects interest. The account is best for people who maintain multiple credit cards with Capital One.
Chase offers two different premium accounts. The first is the Chase Premier Plus Checking Account. The biggest benefits of opening this checking account is the fact that you get a free small safe deposit box, your account earns interest, and fees for traveler’s checks, cashier’s checks, money orders and counter checks are all waived.
The other account is the Premier Platinum Plus Account. This account has many of the same features as the Premier Plus, with a few key differences. While the plus account charges $2 for non-Chase ATM usage in the United States, the platinum version does not. Other fees that are waived include domestic and foreign wire transfer fees, as well as domestic and foreign collections. The major benefit of the premier platinum account over the premier plus is the amount of fees waived for receiving funds from outside sources, which benefits you if you constantly receive money elsewhere.
Citibank: The Citibank Elite Gold Checking Account grants you access to priority processing on credit applications, as well as the unique feature of earning rewards for linking qualifying services to your checking account. Qualifying services include things such as a linked Citi credit card to your account. There is an option to open an Elite Gold interest-bearing checking account, which makes this premium account very appealing. Not only can you earn interest for the money you store, but you have the ability to earn rewards that can be redeemed for anything from electronics, to hotel and flight.
PNC has Performance Checking, which costs $15 a month to maintain. Perks for opening the account include allowing you to receive bonus rates on IRA CDs and CDs, interest on the balance of your account if it is greater than $2,000 and the ability to earn bonus rewards from your PNC Visa Credit Card. The interesting feature of this account is that it allows you to earn cash with PNC Purchase Payback. According to a PNC representative, “As you use your card for purchases, special offers are made to you via online banking. You can view and activate them on the activity page.”
The Performance Select Checking option has more features at a slightly higher cost than the Performance Checking, with additional features of course. For $25 a month you can open up to eight checking, savings, or money market accounts, have free ATM use around the world and identity theft protection valued up to $10,000, among other benefits.
The ability to access any ATM for free anywhere in the world is an appealing feature. Even more appealing is the ability to receive protection of up to $10,000 in your account, which can protect a portion of your money in the event you become the victim of fraud and do not realize it right away. This account is perfect for frequent international travelers who want to lower their spending on global ATM usage and who want protection in the case of fraud.
SunTrust’s Signature Advantage Banking checking account offers all the same features most other premium accounts offer such as a discount on a safe deposit box, no fee for out-of-network ATM usage and of course, interest. There are no unique features offered from SunTrust that make it more appealing than any other premium account. Consider opening an account at SunTrust if you prefer to visit your bank often and there are multiple locations in your area.
TD Bank’s Premier Checking account has no minimum balance required to open the account. You can also earn interest for their checking, as well as enjoy free incoming wire transfers, unlimited ATM surcharge rebates and the first order of checks for free. There are no features that stand out enough to differentiate this premium account from any others — it’s only worth opening for convenience purposes.
U.S. Bank’s Premium Checking account earns interest and you can get 50 percent off on safe deposit box rentals annually. Members also enjoy unlimited free transactions at non-U.S. Bank ATMs, and comes free of charge if you are 65 or older. If you are not 65 or older, or do not maintain at least $5,000 in your account there is a monthly $12.95 fee for paper statements, or $10.95 for online statements.
Wells Fargo’s PMA Premier Checking account allows you to earn interest as well as receive bonus rates on linked IRAs, mortgages, CDs, and savings accounts. Additionally, you get to receive exclusive credit card benefits with special travel and purchase protection coverage. If you prefer to invest through Wells Fargo, opening a PMA Premier Checking account can both help maximize your savings investments and reduce the amount you pay on loans.
Most of the premium checking accounts mentioned in this article are interest-bearing accounts, however, big banks don’t offer the most competitive rates. If you are mostly concerned about interest rates, visit our High Interest Checking Account page and see which banks are offering the most bang for your buck.