Cash management accounts: Some firms that traditionally served brokerage needs now want your banking business.They might even make exceptions when you don’t fit the standard profile. Still, banks are willing to waive origination fees and other closing costs, as well as move your application through underwriting quickly. Better borrowing: Look for lower interest rates on loans, but don’t expect free money.But private banking arrangements typically allow for much larger debit card purchases, higher ATM withdrawal limits, and generous ACH transfers. Higher payment limits: Standard bank rules may be inconvenient for millionaire customers, who often need to move large sums.ATM rebates are more or less standard for HNW customers. With a sizable account balance, you should automatically enjoy no monthly fees, free cashier’s checks, free stop payment requests, a safety deposit box, and more. Free services: Although you can afford to pay $35 for a wire transfer, it’s nice to get things for free.You get access to experienced individuals who have excellent customer service skills and are more empowered to solve problems for high-priority clients. Dedicated customer service: Most financial institutions have specialized departments for HNW customers, and it pays to work with those teams.But you may find that, even as a millionaire, online banks are the best place for idle cash. Evaluate how much banks pay at different levels and shop around. Higher APY: With a significant savings account balance, you should be eligible to earn more-a higher annual percentage yield (APY)-on your deposits.
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