Personal Finance

Best bank account for high net worth

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  • Aug 15th, 2020 6:32 pm
[OP]
Newbie
Aug 7, 2020
1 posts
5 upvotes

Best bank account for high net worth

I would like to know what the best bank account for high net worth individuals is? Most interesting would be to know which bank gives the most perks (invitations to exclusive events or free tickets hockey matches) and has the best service.
48 replies
Deal Addict
Apr 5, 2016
4380 posts
2959 upvotes
Calgary/Vancouver
Can't say because it's all dependent on the individual private wealth team so you'll have to interview each bank and see how they operate. Definitely take the time to see what offers they can provide.

If you are looking for special or sports event, the easiest ones would be the sponsors of those events and teams as sponsors gets allocated certain tickets or even have a booth. Scotiabank has rights to Scotiabank Arena and they typically pass tickets out. Although I think Scotiabank has the worse private wealth IMO based on my interactions with them.
Current Fido and Rogers customer.
Ex Koodo customer.
Deal Addict
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Jul 29, 2013
1145 posts
774 upvotes
Georgeplamondon wrote: I would like to know what the best bank account for high net worth individuals is? Most interesting would be to know which bank gives the most perks (invitations to exclusive events or free tickets hockey matches) and has the best service.
Just remember nothing comes for free.You will be paying in the end.

My uncle bragged about all the free meals at fancy restaurants etc. I found out when I helped him with his finances in later years that the fees more than paid for the frills.

Do not fool yourself, banks are in the business of making a huge profit for themselves.
Deal Expert
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Jul 30, 2007
27371 posts
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Toronto
I am a TD Private Banking client for many years. I don't get free tickets on any sports events. I must be their bottom tier clients then. Confused Face
Member
Feb 8, 2015
339 posts
281 upvotes
Manotick, ON
How much nw are you talking about? $100K? $500K? $1mil? $5mil? $50mil?
Deal Fanatic
Jan 21, 2014
5019 posts
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if I have $50mil, I probably wouldn't care much for the perks, I could buy all season tickets of all the major sport venues and they don't even make a dent in my pocket
Member
May 13, 2015
233 posts
178 upvotes
Manotick, ON
mkl38s wrote: if I have $50mil, I probably wouldn't care much for the perks, I could buy all season tickets of all the major sport venues and they don't even make a dent in my pocket
My dad who is 67 has $2million nw and does ridiculous things to save money:
-heater @ 16 in the winter
-mostly no ac in the summer (except when 32+)
-goes out of his way to buy pork on sale at another store
-uses the same old computer for the last 10 years. Pentium dual core CPU or something.
would probably refuse to upgrade until the computer actually dies.
-has not upgraded home furniture in the last 10 years
-does not have a cellphone plan


Many of his wealthy friends do the same things, abet not as extreme as him.
-they all drive the same old beat up car for 10+ years
-rarely goes out to eat
-always buy groceries on sale
Deal Fanatic
Apr 16, 2007
7794 posts
3031 upvotes
Financial District B…
Georgeplamondon wrote: I would like to know what the best bank account for high net worth individuals is? Most interesting would be to know which bank gives the most perks (invitations to exclusive events or free tickets hockey matches) and has the best service.
Banks in general don't care about high net worth (assumed, pretending, projected or otherwise) clients.
If you're just opening a basic account and not bringing any significant business or switching accts from another institution they won't give two squats about you.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Jr. Member
User avatar
Sep 20, 2015
163 posts
172 upvotes
Ottawa, ON
fccoup wrote: My dad who is 67 has $2million nw and does ridiculous things to save money:
-heater @ 16 in the winter
-mostly no ac in the summer (except when 32+)
-goes out of his way to buy pork on sale at another store
-uses the same old computer for the last 10 years. Pentium dual core CPU or something.
would probably refuse to upgrade until the computer actually dies.
-has not upgraded home furniture in the last 10 years
-does not have a cellphone plan


Many of his wealthy friends do the same things, abet not as extreme as him.
-they all drive the same old beat up car for 10+ years
-rarely goes out to eat
-always buy groceries on sale
Does this makes you sad or happy?
Member
May 28, 2012
283 posts
212 upvotes
ONT
fccoup wrote: My dad who is 67 has $2million nw and does ridiculous things to save money:
-heater @ 16 in the winter
-mostly no ac in the summer (except when 32+)
-goes out of his way to buy pork on sale at another store
-uses the same old computer for the last 10 years. Pentium dual core CPU or something.
would probably refuse to upgrade until the computer actually dies.
-has not upgraded home furniture in the last 10 years
-does not have a cellphone plan

Many of his wealthy friends do the same things, abet not as extreme as him.
-they all drive the same old beat up car for 10+ years
-rarely goes out to eat
-always buy groceries on sale
Great respect for your Dad and his friends. THAT"S how you get to have $2 million NW in early retirement.
Deal Addict
Apr 5, 2016
4380 posts
2959 upvotes
Calgary/Vancouver
booblehead wrote: I am a TD Private Banking client for many years. I don't get free tickets on any sports events. I must be their bottom tier clients then. Confused Face
You'll have to ask them so they know you're interested lol
Current Fido and Rogers customer.
Ex Koodo customer.
Jr. Member
May 23, 2020
124 posts
48 upvotes
fccoup wrote: My dad who is 67 has $2million nw and does ridiculous things to save money:
-heater @ 16 in the winter
-mostly no ac in the summer (except when 32+)
-goes out of his way to buy pork on sale at another store
-uses the same old computer for the last 10 years. Pentium dual core CPU or something.
would probably refuse to upgrade until the computer actually dies.
-has not upgraded home furniture in the last 10 years
-does not have a cellphone plan


Many of his wealthy friends do the same things, abet not as extreme as him.
-they all drive the same old beat up car for 10+ years
-rarely goes out to eat
-always buy groceries on sale
Does the NW include the family home or not?
Deal Addict
Jan 21, 2018
3226 posts
3298 upvotes
Vancouver
fccoup wrote: My dad who is 67 has $2million nw and does ridiculous things to save money:
-heater @ 16 in the winter
-mostly no ac in the summer (except when 32+)
-goes out of his way to buy pork on sale at another store
-uses the same old computer for the last 10 years. Pentium dual core CPU or something.
would probably refuse to upgrade until the computer actually dies.
-has not upgraded home furniture in the last 10 years
-does not have a cellphone plan


Many of his wealthy friends do the same things, abet not as extreme as him.
-they all drive the same old beat up car for 10+ years
-rarely goes out to eat
-always buy groceries on sale
Luxury!

- I keep the heater at 12c in the winter, and we don't have ac
- He can buy pork?? We eat home-grown veggies and whatever we find in the trash.
- We use the computer at the public library.
- Furniture?! Who wastes money on that - we have crates.
- Phones of any kind are time waster and a money pit. We have carrier pigeons, and we don't bother feeding them - they can forage.
- We make our own entertainment by re-enacting old Monty Python skits.

:)
Member
Aug 3, 2019
285 posts
167 upvotes
fccoup wrote: My dad who is 67 has $2million nw and does ridiculous things to save money:
-heater @ 16 in the winter
-mostly no ac in the summer (except when 32+)
-goes out of his way to buy pork on sale at another store
-uses the same old computer for the last 10 years. Pentium dual core CPU or something.
would probably refuse to upgrade until the computer actually dies.
-has not upgraded home furniture in the last 10 years
-does not have a cellphone plan


Many of his wealthy friends do the same things, abet not as extreme as him.
-they all drive the same old beat up car for 10+ years
-rarely goes out to eat
-always buy groceries on sale
No disrespect but whats the point of having the 2mill then ? This is one way of having a mill or 2 but not the best way for sure.
Deal Addict
Apr 5, 2016
4380 posts
2959 upvotes
Calgary/Vancouver
Driverbe wrote: Does the NW include the family home or not?
Technically no, but if your mortgage is with them, it can add to it. It's not really net worth, they look at total investable assets and total borrowings. So you can have like $500k investments and $500k mortgage and they'll accept you. It's also based on location. Rural areas have lower requirements like $500-800k.
Current Fido and Rogers customer.
Ex Koodo customer.

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