A premium checking account is the same as a regular checking account, but it comes with some extra perks. Banks and credit unions both offer them.
They come with extra perks that encourage customers to keep more of their money in the bank or credit union and have more requirements to keep them active.
Read more: See the best bank bonuses here…
What Are The Benefits To Premium Checking?
Premium checking account benefits can include the following:
- No-fee ATM transactions
- No monthly service charge (if you meet a minimum balance requirement)
- Free savings account transactions
- Personal checks
- Fee money orders
- Rewards points
Who Is A Premium Checking Account Best For?
If you want more perks from your bank, a premium checking account is a good choice, as long as you can keep the minimum balance high enough to avoid having to pay the monthly fee.
If you can’t meet these requirements, you really need to make sure that the benefits you get, like fee-free ATMs and APY interest, are worth more than the cost of your premium account fee.
It’s also a great choice for people who like to do all of their banking at the same place and keep all of their checking, savings, and credit cards in the same place.
Read more: See the best credit card sign-up bonuses…
Premium Checking Qualifications
A premium bank account can be opened by anyone who can open a basic bank account. Keep in mind, though, that you will usually have to keep a higher minimum balance, and if you can’t, you may have to pay a monthly fee.
You can also expect to have to put down a large deposit to start.
Whether or not a premium checking account makes sense for you depends on how you plan to use it.
Think about whether the premium account has a rewards program you like and a good annual percentage yield (APY).
Best Premium Checking Accounts
Here are some of the best premium checking accounts options:
- Chase Premier Plus Checking
- Chase Sapphire Banking
- Bank of America’s Preferred Rewards
- Bank of America’s Advantage Relationship Banking
- Wells Fargo Portfolio Premium Checking
- U.S. Bank’s Platinum Checking
- Citigold by Citibank
Chase Premier Plus Checking
Chase Premier Plus Checking has a $25 monthly fee. To avoid the fee, you will have to keep a minimum balance of $15,000 in linked Chase accounts every month or have a linked first mortgage enrolled in automatic payments.
Features
- No charges for the first four out-of-network ATM withdrawals
- Free counter checks, money orders, and cashier’s checks
- Waived service fee on a selection of other linked accounts
- Up to two additional personal checking accounts with no monthly service fee
Read more: Current Chase offers here…
Chase Sapphire Banking
Chase Sapphire Banking is a higher-tier plan. It also charges $25 per month.
To waive this fee, you will have to meet a higher minimum balance requirement of $75,000 in linked Chase accounts, including savings account and investments.
Features
- Free ATMs + ATM fees charged by other banks worldwide automatically refunded
- No fees for wire transfers or to request stop payments
- Some selected linked accounts qualify for better interest rates
- The first four overdrafts come at no cost, within the current and prior 12 statement periods
Bank of America’s Advantage Relationship Banking
Bank of America’s Advantage Relationship Banking is more attainable for anyone who wants to enroll in a premium account but doesn’t qualify for Preferred Rewards (below).
To enroll in Advantage Relationship Banking, you can either be a member of Preferred Rewards, keep a combined balance of $10,000 in eligible linked accounts, or pay a monthly fee of $25.
This premium checking account gives you access to several discounted services and free goods such as paper checks.
Read more: See the bonus offer…
Bank of America’s Preferred Rewards
Bank of America’s Preferred Rewards requires you to be BofA account holders and maintain an average daily balance of $20,000 in your Bank of America deposit accounts and Merrill investment accounts combined to qualify.
It is divided into three tiers: Gold, Platinum, and Platinum Honors.
Gold ($20,000 to $50,000 combined balance to qualify)
- Boosts your interest rate by an extra 5%
- Merril Guided Investing comes at an annual 0.05% discount
- 25% rewards bonus for eligible credit cards
- Interest rates discounts on home equity (0.125%) and auto personal loans (0.25%)
- Waived maintenance fee on up to 4 eligible checking and 4 savings accounts
Platinum ($50,000 to $100,000 combined balance to qualify)
- Boosts your interest rate by an extra 10%
- Up to 12 no-fee transactions out of BofA ATM networks per year
- Merril Guided Investing comes at an annual 0.10% discount
- 50% rewards bonus for eligible credit cards
- Interest rates discounts on home equity (0.250%) and auto loans (0.35%)
- No overdraft protection transfer fees and free check orders
- Waived maintenance fee on up to 4 eligible checking and 4 savings accounts
Platinum Honors ($100,00 to 250,000 combined balance to qualify)
- Boosts your interest rate by an extra 20%
- Unlimited no-fee ATM transactions out of BofA ATM networks
- Merril Guided Investing comes at an annual 0.15% discount
- 75% rewards bonus for eligible credit cards
- Interest rates discounts on home equity (0.375%) and auto loans (0.50%)
- Waived maintenance fee on up to 4 eligible checking and 4 savings accounts
Wells Fargo Portfolio Premium Checking
Wells Fargo’s Portfolio premium checking account currently has a $25 monthly fee.
This fee is waived if you maintain $20,000 or more in combined bank deposits.
Features
- Wells Fargo dedicated team
- It is an interest-earning checking account
- Interest rate bonus and fee waivers
- There are no fees for any ATMs with combined balances of at least $250,000
- Cashier checks and money orders are free
- Same-day electronic direct deposits, wire transfers, and check deposits
Read more: Current Wells Fargo offers here…
U.S. Bank’s Platinum Checking
U.S. Bank’s Platinum Checking monthly service fee is $24.99 unless you have $25,000 in combined personal deposits or credit balances.
Features
- No ATM transaction fees worldwide provided that the non-U.S. Banks participate in the MoneyPass Network. Otherwise, surcharges from other financial institutions may apply. No rebates.
- Interest-bearing
- No overdraft charges
- Free paper statements
- Monthly maintenance fee waived for additional family member accounts
- The first box of U.S. Bank logo checks free
- Safe deposits box discounts
- S. Bank Visa Debit Card included in the package, plus online and mobile banking with mobile deposit and bill pay.
- The Platinum Select Money Market Account; exclusive savings account with special interest rates.
Read more: Current U.S. Bank offers here…
Citibank’s Premium Checking – Citigold
Citibank’s premium checking account is called Citigold. To qualify for free, you will have to maintain a combined average balance of $200,000 between linked deposit, retirement, and investment accounts.
Features
- A team dedicated only to your banking needs and Citi Personal Wealth Management with a personal wealth advisor can guide you through investing decisions.
- Preferred pricing and rated on selected financial products or services.
- ATM fee refunds and free checkbooks.
- Access to exclusive market insights and investing capabilities, such as mobile banking equity trades with Citi Personal Wealth Management for only $2.95. (the FDIC does not insure investment products)
- Extra CitiThankYou reward points that you can use to get various benefits, cashback, and more
Read more: See the Citi bonus offer…
Premium Checking Account Frequently Asked Questions (FAQ):
A premium checking account is very similar to a regular checking account but with a few added perks.
You usually need to keep a minimum balance in your bank account. Otherwise, your financial institution will charge you extra fees.
Most banks let you cancel your premium checking account in one or more of 4 different ways:
Calling the customer service number. You can find it on the bank’s website.
Emailing customer service. Sometimes banks have a general customer service email. And sometimes there will be a dedicated email only for premium subscribers.
Visit a local branch. Explain why you want to cancel it and they’ll help with the next steps.
Read more: See bank promotions here.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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