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:
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):
EDIT: added some additional ones users have commented on
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")
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.