The best private bank accounts are for people with lots of funds and looking for an investment. Private banking offers more personalized services than retail banking. Their services mainly focus on high net worth individuals. Private bank account holders can get MasterCard from their respective bank. However, before choosing a private bank account, it is important to ask a few questions:
Q1: Would I get a dedicated account manager?
The greatest advantage of private banking is the fact that an investment manager would be allotted to you to fulfil your ultimate monetary goals. However, some private bank accounts have multiple account managers sharing the workload. Although it is good, a personal manager is the best. Go for the best private bank account that provides a dedicated account manager.
Q2: What is the minimum amount of deposit?
Each private banking institution has its own initial deposit requirement for opening a private bank account. In most cases, the amount is usually $250,000 or higher. The purpose of having a large sum of money is because investment-banking strategies require that kind of money.
Q3: What is the rank of your bank?
Each private bank claims to have greater advantages over others because of private services. However, it is crucial to find out the rank of the bank and match it with the pitches made. When you are investing a huge amount of money, it is only sensible to question several banks, learn about their services, and decide what sets them apart from the other.
Q4: What is the cost of a private bank account?
Some banks generally charge a certain percentage of the total amount of investment for services, whereas offers levy a flat fee per transaction. Likewise, some banks do not charge anything; they get money based on commission for investments made direct. This, however, costs an investor more because the investment manager might be tempted to manage the account depending on commission instead of the best choices for investors.
Q5: What additional services do you offer?
Most private banks offer MasterCard. You can ask them how to get MasterCard for transactions. In addition, they provide estate planning services and tax management.
Finding the right private bank to open an account is one important decision you should take. Asking these questions shall help you to get clarity before choosing a private bank.