Private banking – only for millionaires?

For anyone who thought that the conditions to be met by premium banking customers were high, the table below might turn out to be even more interesting. Private banking is a programme designed for millionaires who do not intend to queue at a bank cashier or advisor at banks’ operating units.Credit again imposes the smallest requirements – it expects at least USD10,000 of monthly income or USD 200,000 of assets accumulated in the bank. However, he is reluctant to share information on how many bank outlets he has designated for his priority clients, and the information about the individual advisor for each of them is equally opaque – after all, he can also appoint such an employee at the basic office.

However, the majority of offers from the USA private banking market relate to customers who have at least USD 1 million of assets in their banking products. As with premium banking, millionaires still cannot always count on exemption from fees related to the use of their account. In most cases, the fees are negotiated – although the customer has the possibility to reduce the fee for operating the account, the amount of the fees is as high as USD 500 (Bank). On the other hand, Bank expects twice the value of assets for the abolition of the USD 30 monthly fee compared to the basic requirement to join the program (USD 2m of assets). Bank Pekao still orders itself to pay a minimum of USD 5 on each withdrawal of money from ATMs not belonging to the bank’s network.

Private banking is inextricably linked to detailed advice on asset management, investment, tax optimisation and even inheritance of funds raised by the account holder. It should be remembered, however, that the more advanced the advisory services are expected by a wealthy client, the more affluent the client’s portfolio must be.

To sum up, the more we accumulate in the account, the more the bank will offer us – although this truth is nothing revealing, a real investor should pay attention to what his bank is able to offer him when it significantly multiplies its assets. It may turn out that within the framework of service packages for rich people the main attraction for him will be advice on motherhood and garden design.