Where do you bank if you have a high net worth?
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Anonymous
| And do you get any benefits? |
Anonymous
| HSBC |
Anonymous
|
Split between Fidelity CMA and Merrill/BoA. Mortgage, bills, tuition all come out of Fidelity. Money earmarked for those things stay in SPAXX and gets auto-liquidated when the bill is paid out. Brokerage account for after-tax savings.
Daily spending is at BoA, for the souped up rewards card and easy ATM access. Retirement accounts split between Fidelity and Merrill. |
Anonymous
| Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you. |
Anonymous
That’s where my money is. It is where the money was that i administered for a large estate. Not difficult at all. What was your experience? |
Anonymous
| Citi Private Bank |
Anonymous
+1. Spouse's firm has a deal with them but I e been happy. |
Anonymous
| Have never seen any substantive benefits from "private banking" that are more than my TD Bank Beyond checking account, combined with Vanguard/Fidelity for brokerage accounts. |
Anonymous
| We have Citi Private Banking, also through DH’s firm. We got a lower mortgage rate and get much more personalized service. |
Anonymous
| Julius Baer |
Anonymous
| We use our original credit union. Great rates and service. |
Anonymous
|
Fidelity, RH, and Capital One. There's absolutely nothing banks can offer me that's worth taking. They can go to the way of dinosaurs.
I also have Citibank and Vanguard unfortunately. |
Anonymous
| We have a high net worth but very little of that money is in the bank. I'm not sure why id need anything special from my bank. What am I missing? |
Anonymous
What is your mortgage rate? What services do you require? |
Anonymous
If you are super HNW, banks would provide ultra low interest loans to their clients. I recall First Republic was only charging like 1% to tech billionaires who wanted to borrow against their shares vs sell and trigger capital gains. Of course, we know what happened to SVB and First Republic…so you have to be careful. |