What Are Premium Bank Accounts?

Premium bank accounts can offer higher rates and special benefits, but have requirements like maintaining a high balance.

Ruth SarrealMay 19, 2021
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Key takeaways

  • Premium bank accounts include checking and savings accounts.

  • A premium bank account might reward you for relationship banking — that is, having multiple financial accounts with the same bank.

  • Rewards include higher interest rates on deposit accounts, free or waived fees for ATM use and other services, and higher limits on transactions.

A basic bank account is the right solution for many people's checking and savings needs. But if you’re looking for more perks and have a high balance between your accounts, a premium checking or premium savings account might be the better choice.

Here’s a look at what premium bank accounts offer and what to consider before upgrading your checking or savings account.

What is a premium bank account?

Premium checking accounts and premium savings accounts are the main types of premium bank accounts. These accounts reward you for meeting high minimum balance requirements and/or for relationship banking — having multiple accounts with the same financial services provider, like checking or savings accounts, credit cards, loans or investments. Sometimes premium checking and savings accounts are packaged together.

What are the benefits and drawbacks of premium bank accounts?

Premium bank accounts offer some advantages that you might find valuable. Certain benefits are available for free or at a discount with a premium bank account, while they might cost a fee — or be inaccessible — with a basic checking or savings account.

Common perks of a premium bank account include:

  • Lower or waived fees: Premium bank accounts typically waive some or all fees for out-of-network ATM use, and some waive or discount fees on cashier’s checks, money orders, wire transfers, investment accounts and more. Some premium accounts also waive fees on foreign exchange rate adjustments on ATM withdrawals outside the U.S.

  • Higher limits: Many premium accounts offer higher limits on deposits and transfers. You might also have higher limits on daily purchases and ATM withdrawals.

  • Discounted loan rates: Personal loans, home loans and lines of credit could come at a better rate than you’d get with a basic account.

  • Free financial advice: Some premium accounts offer complimentary financial guidance or investing advice.

But all these benefits come at a price. Here are the key disadvantages of premium bank accounts:

  • High minimum balance requirements: You’ll have to keep a significant amount of money in your account or accounts to avoid monthly fees, which typically cost $25 or more. Banks often require at least $10,000 or $15,000 ($200,000-plus on the high end) to avoid fees. Usually, the minimum balance requirements refer to the total balance across your relationship accounts.

  • Tiered benefits: You might need to meet even higher minimum balance requirements to access some benefits.

  • Basic interest rates: The services and perks, not the interest rates, are the features that earn these accounts the “premium” categorization. You’ll often earn interest rates close to or the same as what you’d earn in a basic account.

» Looking for high-yield options? Check out our favorite high-yield accounts

What are the requirements for a premium bank account?

Here’s a quick look at the requirements and benefits of some top premium checking and savings accounts:

Account

Monthly fee

Minimum balance requirement to waive monthly fee

Key benefits

Bank of America Advantage Relationship Banking with Preferred Rewards: Gold, Platinum and Platinum Honors

$0 ($25 without Preferred Rewards).

$20,000 across linked accounts (minimum to qualify for Preferred Rewards).

  • No fees for up to eight eligible accounts.

  • No fees on common banking services, including standard and cashier’s checks, stop payments and overdraft protection transfer fees from linked accounts.

  • Tiered boosts on savings rate.

  • No fees for out-of-network ATM use, for higher tiers.

  • Tiered boosts on rewards bonuses for credit card purchases.

  • Tiered discounts on investing guidance fees.

  • Reduced rates on home equity and auto loans.

Chase Premier Plus Checking℠

$25.

$15,000.

  • Up to four no-fee transactions with out-of-network ATMs per statement period.

  • Free personal and counter checks, money orders and cashier's checks.

  • Waived or discounted fee for safe deposit box.

  • Waived monthly fee on up to two eligible, linked checking accounts and on eligible, linked savings accounts.

Chase Premier Savings℠

$25.

$15,000.

  • Interest rate boost if you link to an eligible checking account and make five eligible transactions per month in that account.

Chase Sapphire℠ Checking

$25.

$75,000.

  • No ATM fees and no foreign exchange rate adjustments on ATMs worldwide.

  • Waived wire transfer and stop payment fees.

  • Free personal and counter checks, money orders and cashier's checks.

  • Early access to tickets for and access to priority seating at entertainment events.

  • Interest rate boost on linked Premier Savings account when you make five eligible transactions in the checking account.

Chase Private Client Checking℠

$35.

$150,000.

  • No fees on common banking services, including wire transfers, non-Chase ATM transactions and foreign exchange rate adjustments.

  • No fees on eligible linked accounts, including a Chase Total Business Checking® account and a Chase Business Complete Checking℠ account.

  • Higher purchase and ATM limits.

  • Free personal and counter checks, money orders and cashier's checks.

  • Waived or discounted fee for a small safe deposit box.

  • Access to complimentary Arts & Culture Passes in select cities.

Citibank Citi Priority Package

$30.

$50,000.

  • Guidance from Citi Priority Advisors.

  • Interest rate boost on checking and savings accounts.

  • Discounted pricing on some deposit products and services.

  • Waived fees on services including overdraft protection transfers, personal stop payments, incoming wire transfers and money orders.

Citibank Citigold Package

None, but account will be downgraded if balance doesn’t meet minimum requirement.

$200,000.

  • Unlimited refunds of non-Citi ATM fees.

  • Waived fees on services including overdraft protection transfers, personal checks, stop payments, incoming wire transfers and money orders.

  • Waived foreign exchange fees, plus access to emergency cash and international travel services, including World Wallet foreign currency delivery.

  • Interest rate boost on checking and savings accounts.

  • Discounted pricing on some deposit products and services.

  • Dedicated relationship manager.

  • Dedicated wealth advisor for investing strategies.

  • Exclusive travel services.

Citibank Citigold Private Client

None, but account will be downgraded if balance doesn’t meet minimum requirement.

$1 million.

  • Unlimited refunds for non-Citi ATM fees and reimbursement of fees charged by ATM owners.

  • Waived fees on services including overdraft protection transfers, personal checks, stop payments, incoming wire transfers and money orders.

  • Citi’s highest cash withdrawal and transfer limits.

  • Access to wealth management advisor, relationship management advisor, advanced wealth planning and premier investing services.

  • Access to exclusive experiences.

  • Waived annual fees on select premium credit cards.

  • Access to Citigold travel lounges worldwide.

HSBC Premier Savings

$50.

$75,000.

  • Tiered interest rates for higher balances.

  • Access to banking and investment services.

Portfolio by Wells Fargo

$30.

$25,000.

  • No fees for using out-of-network ATMs worldwide.

  • Waived fees on some additional linked checking and savings accounts.

  • Waived fees on services including personal checks, cashier's checks, money orders and overdraft protection advances from an eligible linked home equity line of credit.

  • Discounted rates on select loans and lines of credit.

  • Additional benefits with Wells Fargo credit cards and with balances over $250,000.

Should I use a premium bank account?

A premium bank account could be the right choice if you’re able to meet the high minimum balance requirements and can take advantage of the perks of having multiple accounts with the same bank. So if you tend to use out-of-network ATMs or personal and official checks, and you want access to free or discounted investing or financial guidance, a premium bank account could fit the bill.

» Prefer a rewards account with lower balance requirements? Consider a rewards checking account

Frequently asked questions

A premium savings account offers perks for meeting a high minimum balance requirement and/or having a relationship with the bank, meaning that you have multiple accounts with the same bank. These accounts could include bank accounts, credit cards and loans.

A common benefit of premium bank accounts is waived fees for out-of-network ATM use, personal and official checks, overdraft protection transfers and foreign exchange rate adjustments. Some premium accounts offer access to professional investing advice and financial guidance.

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