Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

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.

Ours is 2.5 also, from a mortgage broker back in 2021, I don't think they are actually underpricing the market.

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).

Anonymous wrote: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.

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 wrote:

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.

That’s not so much a bank providing low interest loans as it is a bank facilitating tax avoidance (a word I chose carefully).

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).

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 wrote: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.

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 wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.

This!! 100 percent.

Navy Federal Credit Union

Anonymous wrote:

Anonymous wrote:

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?

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.

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 wrote:

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?

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 wrote: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.

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 wrote:

Anonymous wrote:

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?

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.

Ours is 2.5 also, from a mortgage broker back in 2021, I don't think they are actually underpricing the market.

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 wrote:

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?

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 wrote:

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?

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.