You may think that high-end banking is just for the super rich and famous, but that isn’t necessarily the case! In fact, there are a lot of great benefits you could be missing out on if you’re write off this type of banking before you have even looked into it. Read on to find out what they are.
Better credit rates
So the number one benefit that you could get if you choose to go with a high-end bank account is that you may be eligible for a better credit rate. Yes, this can seem a bit unfair. As this is because those with the salary to entitle them to have a premium account, probably have more disposable income. So they don’t need lower credit rates as much. But you know what they say: ‘the rich just keeping getting richer,’ and this is certainly one way in which this can happen.
You’ll also likely find that balance transfers are a lot lower and that 0% credit rates last for longer on some of these accounts. So they are definitely worth looking into.
Better interest rates
Another benefit of premium accounts that is worth considering is that once again you are more likely to be in line for a preferential rate. In this case, better interest rates.
Interest is a payment that the bank makes to the account holder, for keeping their money with that institutions. After all, they couldn’t do all the things they do as financial institutions, if we didn’t give them our money to look after!
You may have noticed that over the 10 years or so interest rates have mostly declined, especially for the ‘average Joe.’ But premium accounts are where you can find better interest rates, which will make sure your money is working as hard as possible for you.
No, I’m sure that most banks would disagree when you mention that the service might be better for the high-end accounts. But it makes sense! They are the higher rollers, the bigger customers, so why wouldn’t they get priority service?
It is in the bank’s interest to keep these customers happy, and part of doing that is making sure that the process of banking itself isn’t too frustrating. As well as if anything does go wrong, getting it sorted in a timely and punctual manner.
Of course, another benefit of these high-end accounts is the amazing bonuses that you get by having one. We are talking things like mobile phone insurance, roadside assistance, and even flight miles and VIP lounge access, which is great for when you are on the move.
You really can enjoy utmost privilege with premier bank mastercard, and other high-end credit card offerings. So it is best to check them out before deciding where to open your account.
Lastly, another benefit of holding a high-end account with a financial situation is the status that it conveys to you the user.
Even if you forget all of the advantages above, the people in the restaurants, shops or hotel that you are using will know that you are part of an elite group. Therefore you can expect them to treat you as such, and who wouldn’t want that?