When it comes to choosing a bank, most people focus on things like access to ATMs and monthly account fees. For rich people, these are often important too; But in the end, many rich people want much more than the bare minimum from their banks.

In fact, the ultra-rich often enjoy great perks that make their lives easier and help them stay wealthy. Here are the top three perks rich account holders get.

A dedicated relationship manager

One tier above the premium banking accounts offered by financial institutions is private banking, which is the specialized division of regular banks. The first big advantage that many wealthy people enjoy is access to private banking. There are specific requirements that customers must meet to qualify for private banking, such as maintaining a very high minimum balance.

Eligible customers usually have a dedicated person or team at the bank who manages their business and makes sure their needs are met. They may go by different names, such as private client advisor or private client banker, and help the customer avoid fees, resolve problems and find the right financial products. For these customers, there is no need to wait on a customer service line or chat online.

If you don’t have millions to qualify for private banking, the good news is that you can still find good customer service. Check out credit unions and local banks; because these smaller institutions can have a stronger focus on providing world-class support to account holders compared to large multinational banks. A. 2019 Gallup survey He found that credit unions are much better than banks at supporting their members’ sense of well-being.

Free financial services

Wealthy clients, especially those involved in private banking, often have access to free or discounted advice and support from financial experts. For example, some private banks offer clients estate planning services or meetings with financial advisors.

While this may be difficult to replicate without a large bank balance, there are institutions that offer similar types of financial support to clients even if they don’t have seven-figure accounts. For example, SoFi’s member benefits include free personalized financial planning advice as well as a 20% discount on estate planning services.

If you want your bank to offer assistance with your goals rather than just storing your money, you can research to find a financial institution that will do this. Online banks like SoFi are often the best option because they don’t have traditional office space to pay, so they can use some of the freed-up money to offer more services to members.

savings opportunities

Finally, ultra-rich Americans often pay less for things and get more money for investments, thanks to their banks. For example, some private banking customers receive higher CD rates or may be eligible for waived fees, including monthly service fees, ATM fees, and even wire transfer fees. Often, customers with high balances will also be rewarded with lower interest rates or reduced closing costs on loans.

While ordinary people may not be able to get all the great deals that the ultra-rich do, many banks offer loyalty discounts if you use more than one financial product. For example, Ally Bank regularly offers discounts on home closing costs for those who open a bank account.

As a result, ordinary people will not be able to enjoy all of the many benefits available to high-net-worth individuals, as banks will naturally work harder to earn their business. However, by doing your research and looking into what banks offer, you can often find some of the benefits that are most important to you.

This article provides information only and should not be construed as advice. It is provided without any warranty.