Personal Finance

Banking/Investing Perks with High Balances

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Dec 1, 2010
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Banking/Investing Perks with High Balances

I know there are various discounts, perks, or free features for those who deposit or keep large amounts of funds or investments in certain institutions, but I don't think there's been a thread anywhere that consolidates a list.

Besides the more commonly known ones, such as keeping a minimum balance in a chequing account to waive monthly fees (TD, BMO, NBC, etc.), based on what I know and what users have contributed in this thread:
  • CIBC SmartPlus Account (replacing the CIBC PremierService Account): coming Jun. 3, 2019; $6k in account OR $100k in savings or investments (including investors edge); monthly fee and one CC annual fee rebated (account perks: unlimited trx, unlimited e-transfer, unlimited CAN/US/international ATM trx, no fee on drafts, money orders, stop payments, overdraft fee (not interest))
  • HSBC: various levels of deposits/investments/mortgage (not only in chequing account) from $5k-1M in order to qualify for Advance/Premier/Jade status for various free chequing and MC
  • Wealthsimple: $100k-500k for black tier (0.4% fee, reduced from 0.5%) and gives free prioritypass membership and unlimited access; $500k+ for generation tier, which is the same as black except also gives a discount on Medcan
  • RBC Royal Circle: $250k+ in RBC investments; provides a couple free premium perks on their trading platform (e.g. dedicated line to reps, premium research platform, real time quotes, transfer reimbursement)
  • Questwealth: $100k+ for reduced fee of 0.2% (from 0.25%)
  • TD President's Account: $500k+ in investments; lower margin interest rates, dedicated line to reps, free lv 2 quotes, possibly some other perks on their trading platform
  • CIBC Imperial Service: $100k?; provides overall financial planning and review, black imperial client card, exclusive banking and investing products (whatever that may be), dedicated support rep

Private banking - these are probably the more typical high net worth services offered - not all the info is available online so it's been dependent on what users on the forum have said over the years, and also some may waive certain fees based on your banker's discretion, but most of the perks will probably cost you by charging a good % management fee. (as I'm typing these up, the more and more they all look the same - dedicated banker, investment/tax/estate/will/succession planning, sophisticated everyday banking and credit products, reduced or no banking/CC fees etc etc):
  • RBC Private Banking: $1M investments/$3M net worth; black client card, special CC for private banking clients, comprehensive review and assistance in investments/succession/wills, more sophisticated credit products
  • TD Private Wealth: $1M(or 500k/750k? - I don't see any explicit threshold); dedicated private banker that takes care of your banking needs - investment advice, everyday banking and expediting any processes (waives all everyday/CC fees?)
  • BMO Private Banking: $500k? (no explicit figure); overall comprehensive coverage on many areas: wealth/tax/trust/estate/will/succession planning, personalize banking (every day banking needs, credit products - all banking/CC fees waived?)
  • CIBC Private Wealth: $1M; investment advisory, tax/estate/insurance/trust etc. services, more sophisticated every day banking/credit products
  • Scotia Private Banking: $1M?; dedicated private banker, comprehensive banking and credit service/products (preferential/no cost CC's, no fee bank accounts, streamlined credit products, assistance in bill payments), additional free concierge service ("Pursuits")
Wondering if anyone else knows anymore?

EDIT: added some additional ones users have commented on
Last edited by nexxco on Apr 28th, 2019 1:36 pm, edited 1 time in total.
9 replies
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Mar 23, 2009
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Cibc as of June 6 I think will have a free smart chequing account and annual cc rebate with 100k investments... There's a thread on RFD about it already.
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May 7, 2017
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There was some earlier thread I read on this - hazy on details but you can confirm.

TD Private Banking at $1m
TD Presidents account at $500k
RBC PB at $1m
BMO Harris PB at $750k (was also claiming to be fastest growing service)

PS: It’d be great if an updated list is maintained.
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May 8, 2009
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bend3r wrote: There was some earlier thread I read on this - hazy on details but you can confirm.

TD Private Banking at $1m
TD Presidents account at $500k
RBC PB at $1m
BMO Harris PB at $750k (was also claiming to be fastest growing service)

PS: It’d be great if an updated list is maintained.
Canadians can invest at BMO Harris PB without ITIN or SSN? I know TD Ameritrade is only open to US residents.
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titaniumtux wrote: Canadians can invest at BMO Harris PB without ITIN or SSN? I know TD Ameritrade is only open to US residents.
Honestly not sure about it. The name Harris might have been dropped in Canada for PB recently. Anyway this is the thread https://forums.redflagdeals.com/what-di ... 2032168/3/
And copying one detailed post!

Cavegirl wrote: Got some info directly from the banks.

BMO said they have the biggest Private Banking. They provide PB to clients starting at $500,000. They can provide all the services that are mentioned (tax, insurance, estate planning, access to lawyers, credit, foreign exchange, and of course the usual banking needs), and can invest for you in one of two ways. One is with their brokerage. There are many self-employeed brokers. Or they can use their salaried investment counsel, that can invest in pooled funds (0 MER) or directly in stocks, and charge a fee as a % of the investment. They'll waive all the banking fees (with premium credit cards), that is, it's not $100/month.

TD also has Private Banking. They'll also waive all the fees including premium credit cards, with $1M investment. Their PB can be for less than $1M (forgot what it starts at). So again they don't charge $100/month fee. It's free. For the investment, it's also a % fee.

It's getting me very curious of what other banks offer. CIBC Imperial Service is offered for clients starting at $100,000. For $1M investment, they'll also waive all the bank fees and not just premium credit cards but even the privilege visa cards. So CIBC also doesn't charge banking fees. Their investment is also % fee based.

All the investment fees, can be tax claimable. So the % fee can be claimed on the non-registered portion of the investment, which will become lower depending on your tax bracket. That is different than the MERs on mutual funds or ETFs, which you cannot claim.



Thanks for the explanation, for someone with real Private Banking experience. Just curious which bank you deal with. Because if it's BMO, TD, or CIBC, then you should be able to ask them to waive the $100/month fee, unless you are using/doing more than what's usually covered.
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May 8, 2009
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bend3r wrote: Honestly not sure about it. The name Harris might have been dropped in Canada for PB recently. Anyway this is the thread what-differences-between-banks-private- ... 2032168/3/
And copying one detailed post!
Gotcha. I thought BMO in Canada was BMO (Bank of MTL), and the US counterpart was "BMO Harris". Never knew they used Harris as part of the name in Canada.
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nexxco wrote: I know there are various discounts, perks, or free features for those who deposit or keep large amounts of funds or investments in certain institutions, but I don't think there's been a thread anywhere that consolidates a list.

Besides the more commonly known ones, such as keeping a minimum balance in a chequing account to waive monthly fees (TD, BMO, NBC, etc.), based on what I know and what users have contributed in this thread:
  • CIBC SmartPlus Account (replacing the CIBC PremierService Account): coming Jun. 3, 2019; $6k in account OR $100k in savings or investments (including investors edge); monthly fee and one CC annual fee rebated (account perks: unlimited trx, unlimited e-transfer, unlimited CAN/US/international ATM trx, no fee on drafts, money orders, stop payments, overdraft fee (not interest))
  • HSBC: various levels of deposits/investments/mortgage (not only in chequing account) from $5k-1M in order to qualify for Advance/Premier/Jade status for various free chequing and MC
  • Wealthsimple: $100k-500k for black tier (0.4% fee, reduced from 0.5%) and gives free prioritypass membership and unlimited access; $500k+ for generation tier, which is the same as black except also gives a discount on Medcan
  • RBC Royal Circle: $250k+ in RBC investments; provides a couple free premium perks on their trading platform (e.g. dedicated line to reps, premium research platform, real time quotes, transfer reimbursement)
  • Questwealth: $100k+ for reduced fee of 0.2% (from 0.25%)
  • TD President's Account: $500k+ in investments; lower margin interest rates, dedicated line to reps, free lv 2 quotes, possibly some other perks on their trading platform
  • CIBC Imperial Service: $100k?; provides overall financial planning and review, black imperial client card, exclusive banking and investing products (whatever that may be), dedicated support rep

Private banking - these are probably the more typical high net worth services offered - not all the info is available online so it's been dependent on what users on the forum have said over the years, and also some may waive certain fees based on your banker's discretion, but most of the perks will probably cost you by charging a good % management fee. (as I'm typing these up, the more and more they all look the same - dedicated banker, investment/tax/estate/will/succession planning, sophisticated everyday banking and credit products, reduced or no banking/CC fees etc etc):
  • RBC Private Banking: $1M investments/$3M net worth; black client card, special CC for private banking clients, comprehensive review and assistance in investments/succession/wills, more sophisticated credit products
  • TD Private Wealth: $1M(or 500k/750k? - I don't see any explicit threshold); dedicated private banker that takes care of your banking needs - investment advice, everyday banking and expediting any processes (waives all everyday/CC fees?)
  • BMO Private Banking: $500k? (no explicit figure); overall comprehensive coverage on many areas: wealth/tax/trust/estate/will/succession planning, personalize banking (every day banking needs, credit products - all banking/CC fees waived?)
  • CIBC Private Wealth: $1M; investment advisory, tax/estate/insurance/trust etc. services, more sophisticated every day banking/credit products
  • Scotia Private Banking: $1M?; dedicated private banker, comprehensive banking and credit service/products (preferential/no cost CC's, no fee bank accounts, streamlined credit products, assistance in bill payments), additional free concierge service ("Pursuits")
Wondering if anyone else knows anymore?

EDIT: added some additional ones users have commented on

This gives a good overview. I would like detail if anyone has more details!
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Oct 7, 2011
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GreenFlagDeal wrote: This gives a good overview. I would like detail if anyone has more details!
Where are you located? If you are in an urban centre, you can talk to the banks directly and get answers to your situation. There are stats, but you also want to be comfortable with the people you deal with.
Jr. Member
Apr 5, 2013
154 posts
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Cavegirl wrote: Where are you located? If you are in an urban centre, you can talk to the banks directly and get answers to your situation. There are stats, but you also want to be comfortable with the people you deal with.
That's very true. I guess I was trying to get a quick info from the internet. I should try to talk to these banks. It takes up my time though haha.
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Dec 7, 2007
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Wealthsimple no longer offer priority pass.

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