Best Banks wrt benefits for high daily balance
If we have 900K in cash and parked in a regular savings account which bank gives the best perks/benefits in the US? For example JP Morgan Chase will not even waive off the annual credit card fee on a premium credit card if one opens a high balance account with them. I know many will probably think I am crazy to put this money in a bank. But those are separate topics really. There is a definite risk wrt the max amount that is insured in a bank per account, and I do plan to address that. But is 900K/1M daily balance considered HNI and if so which are the best banks in this context? Appreciate any pointers.
HSBC Premier, but the perks are worth less that interest you might otherwise gain.
I know you called it a separate issue, but it’s not. You should not have that much in savings. Start getting it invested, rather than focusing on this.
Thanks guys, going through your suggestions.
Are these high yield accounts like Mercury safe?
You can check out Bank of America preferred rewards. You get max benefits at 100k holdings with them (cash + investments).
Yes I used that, but feel there are really not many benefits at all.
The biggest benefit of the preferred program is their cash back cards. Once at plat honors, you get 5.25% cash back from a category of your choice. You can sign up for multiple cards concurrently to cover each of the categories (dining, pharmacy, online purchases, gas including Costco gas, home improvement, travel). In addition to category bonus, you get 3.5% on grocery and Costco.
Is your chase intrest better than online banks high yield interest account like from synchrony? How about a CD ladder (i know its low now and not as good as it used to be but you may find a good rate somewhere if you talk to chase. I remember they offered me a different rate than market once). Also hopefully you have this money in different banks as fdic limit is 250k
Right I was not aware of this limit till recently so trying to do the right thing now. Thanks.
Hopefully you’ve already considered this and have your reasons but keeping that amount of money in banks is eroding your wealth. Any savings account you keep it in will underperform inflation. It’s like burning at least 10k every year.
Yes, point taken. Thanks
Perks wise, I think citigold is pretty good which requires >200k. They added $200 credit to Costco, TSA, Amazon, etc last year. For highest interest, I recommend looking at DoC. https://www.doctorofcredit.com/high-interest-savings-to-get/
Why not find a high yield account? Like Goldman Sach’s Mercury or something like that. The interest over weights much more than any benefits you would get in a regular saving’s account