Best Banks for High-Net-Worth Families, 2018
These are the best financial institutions for high-net-worth families in 2018
Banks are eager to lure customers who tuck away considerable sums in deposit and investment accounts.
Clients who hold big balances with these banks are rewarded with lots of fee breaks, higher yields on savings, lower rates on loans and financial-planning assistance.
Here's a look at our top bank picks for high-net-worth families.
Disclaimer
All rates as of June 22, 2018.
BEST: Citibank
With a global footprint and a premium account package that's loaded with perks, Citibank shines for customers who can maintain high balances. The Citigold package requires a minimum combined balance of $200,000 in eligible Citi deposit, retirement and investment accounts. Citigold members get unlimited reimbursement of out-of-network ATM fees that other institutions charge, both in the U.S. and abroad; free standard checks, stop payments, incoming wire transfers, money orders and transfers from other accounts to cover overdrafts; discounted commissions on online stock trades ($4.95 each) and a waived annual fee on linked investment accounts; and preferred rates on loans and deposit accounts.
If you travel or do business internationally, you'll have access to more than 1,700 overseas branches, you'll pay no foreign-transaction fees on debit card transactions, you can arrange no-fee transfers from your Citi account to a Citi account abroad, and you can get free next-day delivery of foreign currencies to your home, office or a nearby Citi branch. Citigold clients work with a dedicated financial adviser and get access to special events, such as market-outlook seminars and private dining, sporting, concert and cultural events.
RUNNER-UP: Fifth Third Bank
We consider Fifth Third a regional bank, but it covers a decent swath of the country, with more than 1,200 full-service branches in 10 states. And for affluent customers, the Preferred Program is appealing. A $100,000 combined balance in investing and deposit accounts lets you avoid the program's $25 monthly fee and qualifies you for the Preferred Checking account.
Among the program's perks are free standard checks, notary services, money orders and cashier's checks; a free or discounted safe-deposit box (depending on size); reimbursement of up to 10 out-of-network ATM surcharges monthly; preferred interest rates on savings products and loans; and discounts on online investment trades.
Plus, Preferred members can get free identity-theft services, including daily monitoring of your credit report from one credit bureau, monthly credit reports from all three bureaus, and monitoring of your Social Security number on the dark web. The package also comes with investing guidance from financial advisers.
The Best Banks and Credit Unions for You, 2018
These stellar banks and credit unions are making all the right moves to win satisfied customers:
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.
-
Farewell Paper I-Bonds: Savings Bonds Are Going Online-Only
The last remaining way to buy a paper savings bond in the U.S. (with your income tax refund) won't be available from January 2025. Tax filers will still be able to buy I-bonds online, however.
By Lisa Gerstner Published
-
Is Medicare a Good Reason to Wait Until 65 to Retire?
The average retirement age is 62, but many people wait until Medicare starts at 65. Should health care be the key driver of your retirement date?
By Evan T. Beach, CFP®, AWMA® Published
-
The Best Places to Retire in New England
places to live Thinking about a move to New England for retirement? Here are the best places to land for quality of life, affordability and other criteria.
By Stacy Rapacon Last updated
-
What Does Medicare Not Cover? Seven Things You Should Know
Healthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
By Donna LeValley Last updated
-
The 10 Cheapest Countries to Visit
We find the 10 cheapest countries to visit around the world. Forget inflation woes, and set your sights on your next vacation.
By Quincy Williamson Last updated
-
15 Ways to Prepare Your Home for Winter
home Now that fall is officially here, it's time to prepare your home for cold weather.
By Donna LeValley Published
-
Six Steps to Get Lower Car Insurance Rates
insurance Shopping around for auto insurance may not be your idea of fun, but comparing prices for a new policy every few years — or even more often — can pay off big.
By Donna LeValley Published
-
How to Increase Credit Scores — Fast
How to increase credit scores quickly, starting with paying down your credit card debt.
By Lisa Gerstner Last updated
-
Hurricane Insurance Claims: 10 Things You Should Know
Becoming a Homeowner Hurricane damage? Know what’s covered, what isn’t and how to make the most of your policy if you need to file a claim.
By Kimberly Lankford Last updated
-
5 Great Places to Buy a Vacation Home
Want a vacation home for remote work or a fun getaway? Here are locations with median prices under $400K.
By Ellen Kennedy Last updated