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When it comes to picking a bank, most people focus on things like access to ATMs and monthly account fees. For rich people, those things still matter — but most are looking for much more from their bank than just the bare minimum.
In fact, the ultra-wealthy often enjoy awesome perks that make their lives easier and help them stay rich. They do it with private banking.
Private banking is simply a tier above standard premium accounts at traditional banks, offering specialized services within regular banks. And by meeting high minimum balance requirements, wealthy clients gain access to these accounts, along with a competitive edge.
Here are three of the best perks that rich account holders can get — and how you can get them, too.
The first perk is that “personal touch” offered by private banks. At these institutions, eligible clients can have a dedicated advisor or team, often called a private client advisor or banker, who manages their needs, helps avoid fees, resolves issues, and finds suitable financial products. It’s personalized service that doesn’t involve waiting on customer service lines or getting help from an online chat.
And yet, not everybody who can use a financial advisor is using one. According to a 2025 Gallup poll, financial advisors or planners are used by 54% of upper-income Americans, but just 39% of middle-income earners and 20% of lower-income earners make use of their services (1).
Read More: Approaching retirement with no savings? Don’t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)
Even if you don’t have the millions it takes to be eligible for private banking, the good news is that you can still find good customer service from the right advisor for much less, with services like Advisor.com.
Advisor.com is an online platform that simplifies the process of finding a financial advisor you can trust. Advisor.com wants to do the heavy lifting for you, matching you with several vetted fiduciary advisors who can provide you with a personalized plan based on your current financial situation and future goals.
Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert best suited for your needs based on your unique financial goals and preferences.
Also check out credit unions and local banks, as these smaller institutions may have a stronger focus on providing top-notch support to account holders compared with large multinational banks. For example, a 2025 study of 9,989 credit union members by J.D. Power found their overall levels of satisfaction were much higher than satisfaction scores for U.S. retail banks (2).
Another perk is that rich clients — especially those involved in private banking — often get access to free or discounted services.
Some private banking clients, for example, may be eligible for waived fees. These can include monthly service fees, ATM fees and even wire transfer fees. Often, clients with high balances will also be rewarded with lower interest rates on payments or discounted closing costs on loans.
In case this isn’t enough, wealthy clients of private banks can even be eligible for free advice and support from financial professionals. For example, some private banks offer estate planning services or meetings with financial advisors to their wealthy clients.
Sometimes, it pays to be rich.
While this first-class treatment can be hard to replicate without a big bank balance, there are institutions that offer similar types of financial support to clients even without seven-figure accounts. The online bank SoFi is just such an institution. SoFi has member benefits that include not only personalized financial planning advice at no cost, but also online estate planning services.
Or for those of you who want to take a more active role in your finances, SoFi offers a self-directed Investment account that lets users purchase stocks, ETFs, options, mutual funds and alternative funds, with no commissions or minimum account balances. And with its option to buy fractional shares, you can even buy a piece of your favorite company without having to buy a whole share, meaning you can get started with as little as $5.
Sign up now and get up to $1,000 in stock when you fund a new account with at least $50.
Finally, the same ultra-rich Americans who often pay less for services are also paid more for their savings, thanks to high-yield savings accounts.
A high-yield savings account is an account that offers higher interest rates than those of a traditional savings account. With a high-yield savings account, wealthy clients can therefore generate a lot more money from interest in less time than they might with a traditional savings account — without losing the services we all want from our bank.
More importantly, with annual inflation soaring to 2.7% in 2025 (3), a high-yield savings account is a great way to make sure hard-earned savings not just keep up with inflation but possibly even outpace it.
Of course, your best bet for tapping into this perk is to open a high-yield savings account for yourself.
If you don’t want to be one of the 82% of Americans who still don’t use a high-yield savings account (4), then not all is lost. There are options.
In fact, it is possible to start a high-yield savings account, such as a Wealthfront Cash Account, right now.
A Wealthfront Cash Account can be a great place to grow your savings, providing a base variable APY of 3.25%, but new clients can get an extra 0.65% boost over their first three months for a total APY of 3.90% provided by program banks on your uninvested cash. That’s eight times the national deposit savings rate, according to the FDIC’s December report.
With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, you can ensure your funds remain accessible at all times. Plus, Wealthfront Cash Account balances of up to $8 million are insured by the FDIC through program banks.
But if you’re still hungry for more set-it-and-forget-it savings options with better yields than big banks, then take a deeper look at some of the best high-yield savings accounts available right now on our list of the 13 best high-yield savings accounts of 2026.
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Gallup (1); J.D. Power (2); U.S. Bureau of Labor Statistics (3); CNBC (4).
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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