Best Banks for High-Net-Worth Clients

High-net-worth clients often look for more than just basic checking or savings — they want premium service, personalized financial advice, exclusive rewards and wealth management options that grow with them.

The banks on our list stand out for offering robust perks tailored to affluent customers, from concierge-level service to investment support and higher-yield products.

Further, we'll show you which standout accounts each of our top picks has, as well as how we reached our findings.

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Bank of America

Standout account: Bank of America’s Preferred Rewards program layers on more benefits as your balance grows.

Where it is: About 3,700 branches in nearly 40 states and Washington, D.C.

Bank of America takes honors thanks to its Preferred Rewards program, which offers benefits that increase along with your three-month average daily balance in combined Bank of America deposit accounts and Merrill investment accounts.

The program includes four tiers: Gold, for balances of $20,000 to less than $50,000; Platinum, for balances of $50,000 to less than $100,000; Platinum Honors, for balances of $100,000 to less than $1 million; and Diamond Honors, for balances of $1 million or more.

With the Gold tier, for example, perks include a waiver of monthly maintenance fees on up to four eligible checking and savings accounts; free standard checks, incoming wire transfers and stop payments; and a 25% bonus on rewards you earn with an eligible Bank of America credit card. You also get an interest rate discount of 0.25% on a Bank of America auto loan and a $200 discount on a mortgage origination fee.

If you qualify for the Platinum Honors tier, you get additional benefits, including a 20% boost on the interest rate you earn with the bank’s Advantage Savings account, a 0.5% rate discount on an auto loan, a 75% bonus on rewards earned with a BofA credit card, a $600 discount on a mortgage origination fee, and reimbursement of out-of-network ATM surcharges. For more on the perks that come with each tier, go to www.bankofamerica.com/preferredrewards

Citibank

Standout account: The Citigold banking package offers plentiful perks, including wealth management services, fee waivers and access to special cultural events.

Where it is: About 650 branches in the U.S., with many in the Chicago, Los Angeles, New York City, Miami, San Francisco and Washington, D.C., metro areas.

Citibank’s Citigold program offers a host of alluring benefits. To qualify, you must keep a combined balance of at least $200,000 in eligible deposit, retirement and investment accounts. Clients get access to a wealth management team, who offer investment guidance and financial planning services.

You also enjoy perks such as the Citigold Culture Pass, which provides free tickets to the New York Botanical Garden, the Guggenheim Museum and the Museum of Modern Art. Other lifestyle benefits include access to sporting and cultural events.

Relax or meet with financial professionals at Citigold lounges — you’ll find them in a handful of U.S. cities, as well as a few international locations. Each year, get up to $200 in reimbursement for certain subscriptions and memberships, including Amazon Prime, Costco Wholesale, Hulu, Spotify Premium, TSA Precheck and Global Entry.

Citigold customers pay no monthly service fees for a checking or savings account, and they get unlimited reimbursement of global out-of-network ATM fees. Citigold also waives foreign-exchange fees on debit card purchases and ATM withdrawals, and it provides complimentary online wire transfers, standard checkbook orders, stop payments and money orders.

If your combined account balances total at least $1 million, you qualify for Citigold Private Client, which provides access to enhanced benefits, such as advanced wealth planning services and up to $400 in annual subscription rebates.

For more on the benefits that Citigold offers, visit https://citigold.citi.com. And to get additional details on Citigold Private Client, go to https://citigoldprivateclient.citi.com.

Methodology

With data from Curinos, a financial-data provider, as well as from financial institutions and other sources, we evaluated 13 national banks, 14 internet banks (including online accounts from brokerage firms) and 13 credit unions. We reviewed checking accounts, savings accounts, money market deposit accounts and certificates of deposit from each institution.

We looked at interest rates; minimum deposit and balance requirements; monthly maintenance fees and the ease of waiving those fees; ATM benefits, such as waived or reimbursed fees for out-of-network withdrawals; free or discounted benefits, such as personal checks, cashier’s checks, paper statements and overdraft-protection transfers; overdraft fees and concessions, such as cushions; and online and mobile banking features, such as the availability of peer-to-peer payment services. Yields and other data listed in the article are as of early July.

Curinos LLC. Data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.

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Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.