Top Banks for Wealthy Clients

Premium Banking Services for High-Net-Worth Individuals

High-net-worth individuals often seek more than just basic checking or savings accounts. They look for premium services, personalized financial advice, exclusive rewards, and wealth management options that grow with them. Banks that cater to this demographic understand the importance of offering robust perks tailored to affluent customers, from concierge-level service to investment support and higher-yield products.

Several banks stand out for their exceptional offerings, providing a range of benefits that can significantly enhance the banking experience for those with substantial assets. Here are some of the top picks and the standout accounts they offer.

Bank of America: Preferred Rewards Program

Bank of America’s Preferred Rewards program is a standout for its tiered benefits that increase as your balance grows. With over 3,700 branches across nearly 40 states and Washington, D.C., the bank offers a comprehensive suite of services designed for high-net-worth clients.

The program includes four tiers: Gold, Platinum, Platinum Honors, and Diamond Honors. Each tier comes with unique perks. For example, the Gold tier offers a waiver of monthly maintenance fees on up to four eligible checking and savings accounts, free standard checks, incoming wire transfers, and stop payments, along with a 25% bonus on rewards earned with an eligible Bank of America credit card.

At the Platinum Honors tier, clients receive additional benefits such as a 20% boost on the interest rate earned with the Advantage Savings account, a 0.5% rate discount on an auto loan, and a 75% bonus on rewards earned with a BofA credit card. There are also significant discounts on mortgage origination fees and reimbursement for out-of-network ATM surcharges.

Citibank: Citigold Banking Package

Citibank’s Citigold program is another top choice for affluent customers. This banking package offers plentiful perks, including wealth management services, fee waivers, and access to special cultural events. With about 650 branches in the U.S., many located in major cities like Chicago, Los Angeles, New York City, Miami, San Francisco, and Washington, D.C., Citibank provides a wide network of services.

To qualify for Citigold, clients must maintain a combined balance of at least $200,000 in eligible deposit, retirement, and investment accounts. The program offers access to a wealth management team that provides investment guidance and financial planning services. Additional perks include the Citigold Culture Pass, which provides free tickets to cultural institutions like the New York Botanical Garden, the Guggenheim Museum, and the Museum of Modern Art.

Clients also enjoy access to Citigold lounges, where they can relax or meet with financial professionals. Annual reimbursement for subscriptions and memberships, such as Amazon Prime, Costco Wholesale, Hulu, Spotify Premium, TSA Precheck, and Global Entry, adds further value. Citigold customers pay no monthly service fees for checking or savings accounts and receive unlimited reimbursement for global out-of-network ATM fees.

For those with combined account balances of at least $1 million, the Citigold Private Client tier offers enhanced benefits, including advanced wealth planning services and up to $400 in annual subscription rebates.

Methodology

The evaluation process involved data from Curinos, a financial-data provider, as well as from financial institutions and other sources. We reviewed checking accounts, savings accounts, money market deposit accounts, and certificates of deposit from 13 national banks, 14 internet banks (including online accounts from brokerage firms), and 13 credit unions.

Key factors considered included interest rates, minimum deposit and balance requirements, monthly maintenance fees, ease of waiving those fees, ATM benefits, free or discounted benefits, overdraft fees, online and mobile banking features, and peer-to-peer payment services. Yields and other data listed in the article are as of early July.

Curinos LLC. Data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.

Additional Resources

For more information on the best banks, internet banks, credit unions, and specialized banking options for retirees and travelers, readers can explore the following categories:

• Best National Banks
• Best Internet Banks
• Best Credit Unions
• Best Banks for Retirees
• Best Banks for Travelers

This content was originally featured in HAWXTECH Personal Finance Magazine, a monthly source of trustworthy advice and guidance. Readers can subscribe to gain more insights into making and keeping more money.