Advertiser Disclosure

Private Banking Perks for the Wealthy

Private banking perks are offered to the wealthy to give those with a great amount of assets incentive to bank with particular places.


In this digital age of online and mobile banking, it seems as if banks are becoming more reluctant to provide face-to-face services.

However, you can still find a way to receive personal attention.

This is known as private banking and it can prove to be extremely valuable to those who take advantage of these perks -- usually wealthier bank customers.

Private banking is provided to people that have plenty of assets.

Private banking refers to private or personal relations in terms of customer service.

Do not get private banking confused with a non-incorporated banking institutions, or a private bank.

Services for private banking can include some form of concierge services, tax advisory, brokerage, asset management, and assistance with financial planning.

What private banking perks typically offer

Private banking means there is one person a customer calls for all of his or her needs.

If checks need to be ordered, an individual would call and contact the bank directly.

There is no need to make a visit to the bank in person or to wait in line on the customer service telephone line to receive assistance.

The same can be said about investments and borrowing money.

When an individual needs to make an investment or take out a loan they speak to their banking professional directly to get started.

Or a representative can sit down with a person to negotiate interest rates on CDs, home loans, or personal loans.

Example of private banking perks

Most banks offer some type of premium checking account.

For instance, Chase has a Premier Platinum Checking account with interest; this is intended for wealthy customers.

The checking account offers interest at 0.01 percent, no fee for a small safety deposit box, no incoming wire transfer fee or stop payment fee, and a variety of other perks.

Open a Chase Plus Savings account and the two become linked.

The interest rate earned on your savings account when the two are linked is significantly higher than if just a savings was opened alone, and that rate increases with the more money held in the account.

A Chase Plus Savings account currently earns an interest rate of 0.05 percent on balances below $10,000.

The interest rate increases to a maximum of 0.15 percent on balances of $250,000 and higher.

Linking accounts together and holding a considerable amount of money provides more return on money saved.

This is one example of the financial benefits and perks private banking can provide for the wealthy, and that's not taking into consideration the personal advice and services.

Here are the top online banks that have highest savings accounts rates and free interest checking accounts:

Where do banks rank?

This is a list of the "best private banking services":

  1. UBS
  2. Credit Suisse
  3. JPMorgan
  4. HSBC
  5. Citigroup
  6. Deutsche Bank
  7. Merrill Lynch Wealth Management
  8. Santander
  9. BNP Paribas
  10. Goldman Sachs Bank USA

The rankings take into account net income and net new assets, assets under management, and other factors into its consideration to rank each company.

Consider looking for a new bank if you are interested in these types of private banking perks.

Compare Best Accounts Now

Ask a Question

Wednesday, 04 Dec 2013 12:11 AM
<p>Absolutely awful and ludicrous article.</p>
Tuesday, 26 Nov 2013 9:25 PM
<p>$37,500 annual interest on $250k @ 0.15% interest? Either Chase can't do math or Mr. Morales needs to read his articles before they are published.</p>
Tuesday, 26 Nov 2013 6:35 PM
<p>For certain asset levels in private banking, you also are able to customize the economics features of your banking accounts. This benefit, typically reserved for asset levels above $1mm is something that has started to be scaled to more and more customers through the use of new technology.</p>

Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all account options available.

Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.