Anonymous
Post 09/27/2024 09:42     Subject: Where do you bank if you have a high net worth?
Anonymous wrote: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?


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.
Anonymous
Post 09/27/2024 09:40     Subject: Where do you bank if you have a high net worth?
Anonymous wrote:We have Citi Private Banking, also through DH’s firm. We got a lower mortgage rate and get much more personalized service.


What is your mortgage rate?

What services do you require?
Anonymous
Post 09/27/2024 09:38     Subject: Where do you bank if you have a high net worth?
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
Post 09/27/2024 09:28     Subject: Where do you bank if you have a high net worth?
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
Post 09/27/2024 09:24     Subject: Where do you bank if you have a high net worth?
We use our original credit union. Great rates and service.
Anonymous
Post 09/27/2024 09:23     Subject: Where do you bank if you have a high net worth?
Julius Baer
Anonymous
Post 09/27/2024 09:22     Subject: Where do you bank if you have a high net worth?
We have Citi Private Banking, also through DH’s firm. We got a lower mortgage rate and get much more personalized service.
Anonymous
Post 09/27/2024 09:20     Subject: Where do you bank if you have a high net worth?
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
Post 09/27/2024 09:16     Subject: Where do you bank if you have a high net worth?
Anonymous wrote:Citi Private Bank


+1. Spouse's firm has a deal with them but I e been happy.
Anonymous
Post 09/27/2024 07:13     Subject: Where do you bank if you have a high net worth?
Citi Private Bank
Anonymous
Post 09/27/2024 07:05     Subject: Where do you bank if you have a high net worth?
Anonymous wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.


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
Post 09/27/2024 06:49     Subject: Where do you bank if you have a high net worth?
Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.
Anonymous
Post 09/27/2024 06:39     Subject: Where do you bank if you have a high net worth?
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
Post 09/26/2024 22:39     Subject: Where do you bank if you have a high net worth?
HSBC
Anonymous
Post 09/26/2024 22:29     Subject: Where do you bank if you have a high net worth?
And do you get any benefits?