Priority banking, preferred clients, premier accounts – these are all terms you might be familiar with if you have or are ready to transact large amounts of money with a bank.
Essentially, it makes you a VIP customer within the bank. But what exactly does it offer, and how do you go about choosing the right one?
What Priority Banking Offers
A priority account can get you preferential service, free financial advice, and a host of other benefits from your consumer bank. You would be eligible for this category of account if the total of your assets under management with the bank exceeds a certain threshold.
To be qualified for a priority account, you usually need to have about USD$200,000 deposited with the bank. This sum may be in the form of deposits, financial securities, or other accounts such as retirement accounts.
Of course, the base amount you are required to deposit to qualify for a priority account varies between different banks – but typically is around the USD$250,000 mark.
Although the benefits vary between banks, these are some of the privileges that you could be entitled to:
- Dedicated Relationship Manager
Assigned to handle your account, this is part of the bank’s effort to ensure that you get prompt service for all your requirements.
If you need anything at all from the bank, all that you would have to do would be to contact your relationship manager directly.
This person would answer your query and provide any assistance needed. In the event that some other department in the bank is involved, the relationship manager would play the role of a coordinator.
- Designated Financial Advisor
This person will help you to identify suitable investments and would provide you with guidance on the best way to manage your money. In some banks, your relationship manager may play a dual role and act as your financial advisor as well.
- Preferential Rates
As a preferred customer, you might be entitled to preferential rates on some banking services including lower ATM fees or a waiver of these fees altogether for out-of-network ATMs, reduced foreign exchange fees, and free chequebooks.