I’m a Bank Teller: 10 Key Features That Millionaires Want in a Savings Account
Being a bank teller often means you are the first line between folks and their money, even the customers who have a lot of money.
As a customer, there are definitely a few key things you should always ask a bank teller for, whether you are opening an account with $100 or $1,000,000.
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“Imagine walking into a bank with a fortune to stash away,” proposed Sana Kheir, an investor and co-founder of Mayfair Properties, whose journey to wealth began with a strong foundation in the banking sector. “What features would catch your eye as a millionaire? Let me take you behind the scenes of the financial world to uncover what truly matters to high-net-worth individuals.”
10. High Yields
When you are in the seven-figures-to-your-name club, you are looking to “chase the green,” which is a way of saying that you want your bank to have a rate of interest that is high-yield.
“Millionaires crave high-yield interest rates,” shared Kheir. “They want their money to grow, so finding accounts with top-notch rates is a priority.”
After all, if you are opening a savings account, you expect your money to increase in the most lucrative way possible.
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9. Fee-Free Zones
Fees are considered the enemy, according to Kheir. Imagine having a million dollars, but it slowly dwindles down, cent by cent, due to bank fees that tax the savings account rather than reward it with growth.
“Millionaires seek accounts with minimal fees, ensuring every penny stays where it belongs — in their pockets,” explained Kheir.
8. FDIC Insurance
Money in the bank means it needs to stay in the bank. If you are a millionaire, you become a high-profile target for hackers and thieves of all kinds, so you need a savings account that comes with protection.
“FDIC insurance is their safety blanket,” noted Kheir. “It guarantees their wealth is protected, no matter the market’s twists and turns.”
7. Convenience
“Accessibility is king,” Kheir stated, pointing out how everyone wants to have banking on convenient terms, particularly customers who move their money around a lot, such as millionaires.
“Whether through sleek mobile apps or a vast ATM network, millionaires expect banking to be at their fingertips,” Kheir mentioned.
6. Personalization
When you are a millionaire, you expect the get the best when you pay for the best. That’s why banks with personalized touches appeal to that bracket of income earners — it’s a little bit of exclusivity for being part of the financial elite.
“They want more than just a bank, they want a partner,” Kheir highlighted. “Having a dedicated advisor who understands their goals is priceless.”
5. Exclusive Perks
Getting the white glove service from a bank is one thing. It’s another to retain the perks that come with being a millionaire and deciding to house your wealth in one of their savings accounts.
“From VIP treatment to tailored advice, millionaires love feeling like VIPs. Exclusive benefits sweeten the deal and make them feel valued,” Kheir said.
4. Security
Banks that have a “shield of security” akin to Fort Knox is what really gets a millionaire’s attention, in Kheir’s opinion.
“State-of-the-art security is non-negotiable,” Kheir stated. “Millionaires demand the highest level of protection for their wealth.”
3. Options
Millionaires not only need options, but they love them. Banks that have a plethora of choices are going to get the attention from the top earning millionaires. The more options that are available, the more likely opening a savings account becomes a reality for a millionaire the bank might be courting.
However, Kheir does point out that “flexibility is key.” That’s because, “Millionaires want choices, whether it’s traditional savings accounts or innovative investment options.”
2. Planning for Prosperity
Banks have a reputation for just being a place where someone — even millionaires — can simply store their money, adding and subtracting from their accounts when they please. But those who have gained a lot of money over the course of their career know that banks are supposed to do much more than just be a safe place to keep your money.
“Financial planning services are a must-have,” Kheir explained. “Millionaires appreciate banks that offer tailored strategies to help them achieve their financial dreams.”
These kinds of strategies and planning tools can include loan, mortgage, business, and other services that relate to millionaires investments, properties, portfolios and companies.
1. Investing in Opportunities
The term “savings account” can be a little bit of a misnomer when you are a millionaire. Part of putting your money into a bank is that you are deciding to invest in your financial future with the direction and guidance of the institution as your partner.
“Access to exclusive opportunities and expert advice is what sets banks apart,” Kheir said.
That’s because millionaires want to stay millionaires, with their sights set on one day becoming multimillionaires or even billionaires. A bank that can provide an array of investing opportunities is more likely to be the place that attracts the millionaire crowd as opposed to one that has limited or no opportunities for investment.
“They’re not just saving — they’re investing,” Kheir concluded.
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