Generally, we have access to a checking account that can look after our need for spending money on a daily basis. But if you have enough assets to qualify and are eligible for a premium checking account, you can take advantage of additional benefits. Here is all that you need to know about the best premium checking accounts and whether you should consider this option or not! Let’s dive into it.
A Premium Checking Account
A premium checking account can also be called a premier checking account. It is a one-stop destination for all your banking needs where you can find an umbrella of services such as savings accounts, checking accounts, investment accounts, credit cards, and loans such as home loans, auto loans or any other personal loans under one roof.
In this way, the bank maintains a relationship of benefits because they have significant power over their consumers’ wealth. And for that, they waive certain charges and provide a few incentives and bonuses to please the customer and continue this relationship. It becomes a win-win situation for the bank and for the consumer.
Are There Any Advantages of a Premium Checking Account?
Yes, there are certain advantages that you can gain by opening a premium checking account with which can lower fees, waive off convenience charges, and get all the services in one place.
You can get discounted interest on your mortgage loan which can reduce your closing cost and you can overall get a better deal for your house. You can also get discounts on many financial products offered by the banks such as low-cost wire transfers, zero charges on currency exchange, and lower fees for international money withdrawal.
How Do You Qualify?
To qualify for a premium checking account you need to have a combined account balance of a minimum of $10,000 in at least one of the linked accounts. Below are the details on what the top five banks of the United States require you to fulfill in order to provide you with a premium checking account.
Bank of America
- Checking account type: Advantage relationship
- Monthly charges: $25
- Requirements: You need to have a minimum of $10,000 in any of the linked Merrill Lynch or Bank of America accounts.
Bank of America
- Checking account type: Preferred Rewards
- Monthly charges: Not mentioned
- Requirements: You need to have a minimum of $20,000 in any of the linked Merrill Lynch or Bank of America accounts.
Chase
- Checking account type: Chase Sapphire Banking℠
- Monthly charges: $25
- Requirements: You need to have a minimum of $75,000 in any of the linked Chase accounts
Chase
- Checking account type: Chase Premier Plus Checking℠
- Monthly charges: $25
- Requirements: You need to have a minimum of $15,000 in any of the linked Chase accounts. nd a linked first mortgage on automated pay
Citibank
- Checking account type: Citigold
- Monthly charges: Not mentioned
- Requirements: You need to have a minimum of $200,000 in any of the linked Citi accounts. Such as a deposit account, retirement account, or investment account.
U.S. Bank
- Checking account type: Platinum Checking
- Monthly charges: $24.95
- Requirements: You need to have a minimum of $25,000 in any of the linked accounts. Such as a deposit account, credit account, or investment account.
Wells Fargo
- Checking account type: Portfolio
- Monthly charges: $30
- Requirements: You need to have a minimum of $25,000 in bank deposits. And $50,000+ in any of the linked accounts such as a brokerage account, loan accounts, etc.
Additional Benefits
Along with all the stated benefits, you can also get the benefit of ATM reimbursement. For instance, Citibank’s Citigold Account provides you with unlimited reimbursements on ATM charges for withdrawing money from non-network ATMs.
A few premium checking accounts also provide interest rates such as Wells Fargo’s Portfolio Account. It pays an annual yield of 0.01% on your money.
One drawback of having a premium checking account is that you will also have to maintain a higher minimum balance that can be more than $10,000. If you don’t maintain this amount, you will be liable to pay monthly charges.
Conclusion
The question is, should you really open a premium checking account? The answer depends on your needs. It is better if you open a premium checking account because you don’t have to maintain the entire balance in the checking account. It can be kept in any of the accounts such as savings or investment accounts or in your retirement account, too. Decide what are your needs and based on that make a decision that suits your preferences.
