What You Should Know About A Privilege Savings Account

Privilege Banking is known as Priority Banking, is an exclusive bouquet of banking, investment, and wealth advisory services extended by banks to a select group of clients, usually High Net Worth (HNI) clients.

Following are some of the key benefits that privilege savings account offers:

Privileged Access

Dedicated lines of communication allow privileged customers to get their banking work done easier and faster. Separate counters or halls for privileged branch customers, privileged lounges, sometimes exclusive branches for privileged customers, separate telephone banking lines are all benefits that have become standard fare for premiums savings account holders.

Dedicated Staff

Customers in the exclusive category expect services to be higher than that extended to regular customers. In line with this, privileged customers get devoted relationship managers who supervise the whole range of services such as customers use and access dedicated insurance, investment, equity, treasury, mortgage, and other financial consultants.

Privileged Rates

Premium savings account offer better interest rates for their deposits in Savings Accounts, Fixed Deposits, and even when they take out loans. Such a preferential rate system can also apply to other items, such as credit cards, overdrafts, conversion fees for foreign exchange, etc.

Although the Privileged banking service offers a wide range of advantages, it is essential to remember that these services are not for a regular person. Only those who can comply with the high entry requirements, usually a substantial deposit, are eligible.

A privileged customer enjoys a whole host of advantages that are unavailable to other bank customers, particularly if you put a lot of transactions through.

With privilege comes service, and for speedier and more pleasant service, you are sure to receive in select areas at the bank. Banks usually delegate the affluent customers to ‘relationship managers.’

They may also offer financial planning or wealth management services. Although the wealth management service may come free, it may not be your bank’s best advisor. You also risk giving your banker access to your investment and saving information that could turn into repeated calls to sell bank products.

While priority banking is free in many cases and is based on the account’s history, some banks are charging for this service. Inquire whether you will pay to become a client of priority banking.

As for banking needs, there are different needs for each individual and household depending on their financial situation, background, how tech-savvy they are, etc. Ask yourself whether you need heavy banking services for your personal and professional needs at the moment or whether banking is just a small part of your financial life.

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