Where do you bank if you have a high net worth?
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Anonymous
DP but we use Citi private bank. Our mortgage rate is 2.5 and we have a banker I email about stuff. That part isn't really worth it but the access to low rates is. |
Anonymous
Not PP, but at BofA/Merrill for similar reasons. x2. They made the whole process a doddle. Vanguard, on the other hand, was a royal PITA. Maybe it varies depending on what group you’re in? |
Anonymous
| JPMorgan private bank (they also have private client, which is a step up from regular banking but doesn't require $10mm liquid net worth). I've found them very helpful to deal with. |
Anonymous
Ours is 2.5 also, from a mortgage broker back in 2021, I don't think they are actually underpricing the market. |
Anonymous
Again, what services, specifically, do you use? I step into my bank maybe once every 3 years, and its usually because a grandparent wrote a check in my kids name. I don't understand what services are worth the faff, as the Brits say. |
Anonymous
3.5 By personalized I mean that we get good service, as in we have direct access to people who can help us right away rather than going through phone trees and getting passed around. |
Anonymous
I guess asking the rate isn't worth much unless known when you got the mortgage, should have asked for that. I am pretty sure the way the biggest banks work is that they add a nice little slice of spread on the mortgages they originate with their "mainstream" clients, and they add a smaller spread for the private banking clients, but they still aren't actually underpricing the market. And again, I am confused as to what services you need from a bank. I deposit money, move it around, send payments, write checks (very infrequently) all online. I don't understand why you are calling the bank other than maybe once a year there is a minor issue. |
Anonymous
| Navy Federal Credit Union |
Anonymous
This!! 100 percent. |
Anonymous
What? This is a no. We used to be private client ie the step up they sucked. We now use Citi so much better service. |
Anonymous
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Honest OP I am very wealthy we no longer use any money managers . No reason to with the internet. Why dip I need personalized service at a bank?
I’m the 1 percent I pay cash for cars and mortgages. We have a ton of trusts as well besides lawyers looking them over who needs a bank . No one else needs to make money off of me. I was smart enough to make that money I’m smart enough to deal with it. I still have Schwab accounts. Lol 😂 |
Anonymous
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Define high net worth.
JK, lol—we don’t need another thread about that. I have accounts at multiple banks. My day to day spending account is with Ally. But just sitting here I can’t even list all of my banks where I have accounts off the top of my head (although that is partly because these banks keep merging and I forget). |
Anonymous
That’s not so much a bank providing low interest loans as it is a bank facilitating tax avoidance (a word I chose carefully). |
Anonymous
Explain this to me? We have a combined $3M in fidelity. 2 in one account and 1 in the other. I'd love to earn money on cash especially since we save about 100K of take home and let it sit (too long) in checking sometimes. |
Anonymous
Exactly. They don’t. And if you are financially savvy, you don’t look to your own bank for a mortgage (on your residence anyway). |