These are three big perks ultra-wealthy Americans get from their banks – can you get them too?

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When choosing a bank, most people focus on things like ATM access and monthly account fees. These things are important to rich people – but most expect much more from their bank than just the bare necessities.

In fact, the super-rich often enjoy great perks that make their lives easier and help them stay rich. They do it with private banking.

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Private banking is a step above traditional banks’ standard premium accounts and offers specialized services within regular banks. Wealthy customers gain access to these accounts by meeting high minimum balance requirements. Here are three of the best perks rich account holders can receive.

A dedicated relationship manager

Eligible customers have a dedicated advisor or team, often called a retail advisor or banker, to address their needs, help avoid fees, resolve problems and find appropriate financial products. It’s a personalized service that doesn’t require you to wait in customer service or get help from an online chat.

If you don’t have the millions needed to qualify for private banking, the good news is that you can still find good customer service from the right advisor for a lot less money at services like Advisor.com.

Advisor.com is an online platform that makes it easy to find a financial advisor you can trust. The platform connects you with multiple vetted fiduciary advisors who can create a customized plan based on your current financial situation and future goals.

All you need to do is answer a few questions about yourself and Advisor.com will match you with a financial advisor for free. From there you can book a free, no-obligation consultation to confirm whether your match is right for you.

Also look at credit unions and local banks, as these smaller institutions may have a greater focus on providing top-notch support for account holders compared to large multinational banks. A 2019 Gallup study found that credit unions are far better at supporting the well-being of their members than banks.

If you have those millions, you might be happy to know that you also have options outside of private banking at mega-cap financial institutions, including a more personal touch – options like Arta Finance.

Arta Finance is a digital wealth management service that offers exclusive financial strategies and is primarily aimed at wealthy individuals and accredited investors. One of their goals is to democratize access to sophisticated investment strategies that have traditionally only been available to ultra-high net worth clients.

Arta offers a range of services including alternative asset investing, personalized portfolio management and financial planning, diversified portfolio construction and tax strategy, all aimed at supporting your long-term financial growth.

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Free financial services

Wealthy customers – particularly those working in private banking – often have access to free or discounted advice and support from financial professionals. For example, some private banks offer their customers estate planning services or meetings with financial advisors.

While this can be difficult to replicate without a large bank balance, there are institutions that offer similar types of financial assistance to customers even without seven-figure accounts. For example, online bank SoFi offers member benefits that include free, personalized financial planning advice and a 20% discount on estate planning services.

SoFi also offers FDIC-insured, no-fee checking and savings accounts to help all your available cash grow, too. Their interest rates also beat traditional accounts, so you can earn 4.60% APY on savings and 0.50% APY on your checking balances.

You’ll also enjoy fee-free overdraft protection, early paycheck deposits, and access to over 55,000 ATMs in the Allpoint network.

Sign up now and you can receive a bonus of up to $300 for setting up a direct deposit.

Armed with these options for free financial advice and free high-yield accounts, you should also look for a free trading platform – and Public gives you the best of both worlds.

Public is a commission-free, self-directed investing platform that allows users to manage diverse assets – such as stocks, ETFs, crypto and alternative investments – while making informed decisions through real-time insights and social features.

There’s the added bonus of Public’s high interest cash account with an industry-leading 4.6% APR, no fees and no minimum balance required. This can allow you to grow your uninvested money more effectively over time.

Unlike robo-advisors, Public provides control without automated management and promotes transparency by declining to pay for order flow in favor of an optional tipping model. Public makes it easy for you to do all of your asset management from one place with its partial stock investment features and high-yield cash account.

Ways to save

After all, thanks to their banks, ultra-rich Americans often pay less for services and receive more for investments.

For example, some private banking customers receive higher certificate of deposit (CD) interest rates or may be eligible for fee waivers. These can include monthly service fees, ATM fees, and even wire transfer fees. Customers with high balances are also often rewarded with lower interest rates or reduced loan closing costs.

While not everyone can get the same great deals, tools or financial products as the super-rich, new services and platforms like SavingsAccounts.com continue to level the playing field.

For example, if you’re looking for a good interest rate on fixed income, SavingsAccounts.com can help you shop and compare the best interest rates from different banks and credit unions across the country. Their extensive database shows the most competitive rates without bias, with daily rate updates and earnings calculators that give consumers a range of free tools to help them find the right CD to reach their savings goals.

If you’re still looking for more hassle-free savings options with better returns than big banks, take a closer look at some of the best high-yield savings accounts currently available on our list of the best high-yield savings accounts of 2024.

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This article is for informational purposes only and should not be construed as advice. The provision is made without any guarantee.