13th June 2024

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Business Industry and Financial

4 Most Popular Banks for the Upper Middle Class

Ferran Traité Soler / Getty Images

Ferran Traité Soler / Getty Images

Deciding where you keep your money is an important decision, and you want to ensure you have the ideal bank account. If you’re in the upper middle class, you may have certain expectations from your bank and what it offers. GOBankingRates reached out to experts and reviewed various accounts to find the most popular banks for those who are upper middle class.

See: 5 Life-Improving Things You Can Afford Once You Reach Upper Middle Class
More: 3 Things You Must Do When Your Savings Reach $50,000

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Upper Middle Class Bank Accounts

“For upper middle class individuals with assets in the $100,000 to $150,000 [plus] range, some of the big banks have created a special niche that is not quite Private Banking — which typically caters to individuals with over $5 million in assets — but is more exclusive and rewarding than basic checking/savings accounts,” said Zach Robbins, founder at Loanfolk.

Erika Kullberg, attorney, personal finance and debt expert and founder of Erika.com, said, “For individuals who fall into the upper middle class category, there are a few banks out there that specialize in upscale services, catered to those with a bit more wealth than your average person.”

Here’s a look at the four most popular bank accounts for the upper middle class.

Find Out: 5 Ways the Middle Class Can Build Wealth Over the Next 5 Years

Chase Private Client

“Chase Bank is a very common and well-known bank that services everyone, but they offer a premium banking service called Chase Private Client, which provides personalized banking and investment services,” said Kullberg. “It is designed for individuals with a higher level of wealth and offers exclusive benefits, such as large deposit bonuses.”

Robbins elaborated, “Members enjoy lower rates [and] fees, higher interest rates on savings accounts and special credit or debit cards.”

Bank Policies Worth Knowing

A Chase Private Client account comes with the following perks:

  • You don’t pay any fees for daily banking.

  • You have access to exclusive rewards and perks.

  • You have higher limits on withdrawals and purchases.

  • You’ll have access to priority services from a team of specialists.

This account will also give you access to investing strategies and advice from J.P. Morgan Wealth Management. You can waive the $35 monthly service fee by having an average beginning day balance of $150,000 across your account and investments with Chase.

If you’re already a Chase customer, you can upgrade your account by scheduling a meeting at your local bank.

Bank of America Preferred Rewards®

“Bank of America’s Preferred Rewards® program offers various benefits, including banking rewards, credit card benefits and investment advantages,” said Kullberg. “The program has different tiers based on account balances, making it attractive for the upper middle class.”

Bank Policies Worth Knowing

To qualify for the Preferred Rewards program with Bank of America, Member FDIC, you need a Bank of America checking account and a three-month combined average daily balance of at least $20,000 in one of your accounts. The good news is that there are no fees to join, no monthly maintenance fees for participation and no expenses associated with opting out.

Four tiers are offered in this exclusive program: Gold, Platinum, Platinum Honors and Diamond. The option that you go with will depend on your net worth, so it’s crucial that you look through the requirements.

It’s worth pointing out that each tier has its own unique set of perks and benefits. For example, in the Gold Tier, you could qualify for discounted rates on home equity or auto loans and pay no monthly maintenance fees on up to four eligible savings and checking accounts.

Wells Fargo Private Bank

“Wells Fargo is another bank that provides private banking services for high-net-worth individuals through its Private Bank division,” said Kullberg. “This includes personalized wealth management and financial planning services.”

Bank Policies Worth Knowing

The Wells Fargo Private Bank focuses on personalized services for individuals with a higher net worth, including invitation-only events, personalized fraud prevention support and an exclusive credit card. You’ll have to request a call for more details and to determine how this account would meet your needs.

Citi®

“Citi offers a premium banking service called Citi Priority, which includes personalized financial guidance, preferred pricing and access to exclusive benefits,” Kullberg said. “Clients with higher deposit and investment balances are targeted and will receive a more personalized experience.”

Bank Policies Worth Knowing

The Citi Priority account has the following perks:

  • Waived Citi ATM fees

  • Increased limits on withdrawals and transfers

  • Higher savings account rates

  • Complimentary financial check-ups with Citi Personal Wealth Management

  • Access to Citi Wealth Builder with professionally created portfolios

  • Commission-free trading through City Self Invest

To gain access to Citi Priority benefits, you must open an account and meet the $30,000 combined average monthly balance within three calendar months. It’s worth pointing out that there are also other account tiers worth exploring.

Finding the Right Account in the Upper Middle Class

“Although most of these banks are well known and accessible by just about everyone, their more ‘exclusive’ banking divisions are lesser-known and only available to clients who meet certain criteria, often a specific dollar amount,” Kullberg said. “These enhanced banking divisions will provide better customer service, specially tailored toward the individual.”

If you find yourself in the upper end of the middle class, you may find that common banks have higher tiers available to improve your banking experience.

“Where upper middle-class individuals choose to bank depends on their own interests and needs — and this runs the gamut from the biggest banks to the smallest regional banks or credit unions,” said Robbins. “Some affluent customers may prefer regional banks or credit unions for the greater level of personalized attention; others may be satisfied with a simple checking/savings account they’ve already had for years, because they do not have complex financial needs and want to avoid the hassle of switching institutions.

“Regardless, the more investable assets they have, the more banks will be interested in upgrading them to elevated tiers of products and services.”

As always, it’s important to conduct your own due diligence and take the time to review these bank accounts to ensure that you choose the one that matches your preferences and needs.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 4 Most Popular Banks for the Upper Middle Class

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