For high-net-worth individuals (HNWIs), finding the right bank is of utmost importance. When managing large sums of money, even small variations in returns, fees, rewards, and 🏅benefits can make a significant diffe🍌rence.

For this reason, most big banks maintain self-contained departments that cater strictly to HNWIs (that is, individuals who have at least $1 million in liquid assets). These special banking divisions offer a host of services not available to traditional clients, such as a dedicated wealth management representative, concierge banking, discounted 澳洲幸运5官方开奖结果体彩网:mortgages, and cred♊it cards with unique perks and rewards.

Two of the oldest and most well-known banks in the United States, JPMorgan Chase & Co. (JPM) and Wells Fargo & Company (WFC), offer private banking services to account holders who maintain balances above certain thresholds. Chase has a Private Client Banking program, while Wells Fargo has its Private Bank.

Chase Private Client Banking

Chase offers its 澳洲幸运5官方开奖结果体彩网:Private Client Banking customers discounted mortgage interest rates of varying levels based on the customer's total deposits and investments with Chase. These discounted rates apply to fixed-rate mortgages for the life of the loan and to 澳洲幸运5官方开奖结果体彩网:adjustable-rate mortgages (ARMs) until the first adjustment.

Private Client Banking customers also receive a $750 discount on closing costs. Their loans close faster because they receive priority processing and access to a special senior underwriting team. Interest rate discounts for Chase private clients apply to 澳洲幸运5官方开奖结果体彩网:home equity lines of credit (HELOCs) as well as traditional mortgages.

At Chase, private clients receive wealth management services from JPMorgan. These services include financial advisory services, 澳洲幸运5官方开奖结果体彩网:securities-based lending, and college planning, which includes tax-advantaged 澳洲幸运5官方开奖结果体彩网:529 plans. Private Client Banking customers receive a private client advisor and acce🎃ss to🐠 the firm's global strategy and global solutions teams.

Chase Private Client service offers a dedicated Priva♒te Client🧸 Advisor to assist with planning and executing investments.

Wells Fargo Private Bank

The mortgage rewards for Wells🌠 Fargo Private Clients cover different territory. Like at Chase, clients receive special interest rate pricing based on deposit accouꩵnt totals.

Private Clients with an existing mortgage who make a large lump-sum principal payment have the option to recast their remaining balance. This process adjusts the amortization table for the remaining term and allows more of each subsequent payment to go to 澳洲幸运5官方开奖结果体彩网:principal versus interest. The bank's cash purchase option enables customers to take advantage of cash-only real estate deals and still finance their purchases. The buyer pays cash for the property, and can then apply for a mortgage with Wells Fargo within 90 days. With good credit, Private Clients can purchase a property with a jumbo loan and put only 10.01% down.

Wells Fargo Private Clients receive personalized wealth planning, investment management, trust services, and private banking. Additionally, clients with unique assets, such as small businesses, oil, gas and minerals, and 澳洲幸运5官方开奖结果体彩网:investment real estate, enjoy access to hanꦬds-on management from experts in these niches.

Wells Fargo offers them the Private Bank By Invitation Visa Signature card, which earns three points per dollar spent on travel, two for dining, and one point for all other purchases. Like most other HNW cards, it carries no annual fee, and the perks extend the more you spend.

Unlike the personalized investment advisor service offered by Chase, Well Fargo offers only a contact form to fill out, and a bank representative will call you to discuss.

The Bottom Line

Despite their differences, Chase's and Wells Fargo's programs for high-net-worth individuals are strikingly similar. Both feature mortgage perks, higher yields on certain deposit accounts, and more personalized service. Still, subtle differences exist between the two banks. Most notably, Wells Fargo imposes a $1 million 澳洲幸运5官方开奖结果体彩网:account balance minimum to become a private client, while the minimum beginning day balance at Chase is only $150,000, requiring just $100 to open.