Many financial institutions offer premium checking accounts for consumers who want more robust benefits and services. These unique checking accounts function like regular checking accounts but come with additional perks and personalized customer service solutions.
Premium checking accounts can be offered as a stand-alone account or a service tier that’s unlocked once your account balance reaches a certain level. If you keep a considerable balance in the bank or do most of your banking through one bank or credit union, a premium checking account could be worth pursuing.
U.S. Bank Smartly® Checking
Offer
Earn up to $700*
Minimum Deposit Requirement
$25
Member FDIC
Earn up to $700*
$25
- Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
- Offer may not be available if you live outside of the U.S. Bank footprint or are an existing client of U.S. Bank or State Farm.
What Is a Premium Checking Account?
Some banks and credit unions offer a top-tier checking account known as a premium checking account. Generally, premium checking accounts have high monthly maintenance fees and/or high balance requirements to waive monthly maintenance fees. In exchange, account holders gain access to special services and benefits unavailable to other customers. Premium checking accounts often include relationship benefits, which are added perks for customers with multiple financial accounts through the same bank.
Premium checking account benefits may include:
- Fee-free ATM transactions
- Free transactions
- Free checks
- Higher interest rates
- Rate discounts on lending products
- Rate increases on deposit accounts
- Rewards
Premium checking accounts may also feature dedicated or priority customer service options. Premium checking customers are often offered investment solutions through their financial institution or a partner service.
Banks That Offer Premium Checking Accounts
Not all banks or financial institutions offer premium checking accounts. Typically, you find premium bank accounts at national banks and other large financial institutions. Benefits and eligibility requirements vary between banks.
Here are some of the banks and financial institutions that currently offer premium checking accounts:
- Bank of America: Bank of America Advantage Relationship Banking®, Preferred Rewards
- Chase Bank: Chase Premier Plus Checking℠, Chase Sapphire Banking
- Citibank: Citigold® Checking Account
- HSBC: HSBC Premier Checking Account
- PNC: PNC Choice Banking
- Truist: Truist Premier Banking
- Wells Fargo: Wells Fargo Premier Checking, Wells Fargo Prime Checking
How To Open a Premium Checking Account
People often assume premium checking accounts are strictly for wealthy individuals. However, almost anyone can open a premium checking account, provided you meet account balance requirements or pay the monthly fee.
Many premium accounts do require you to hold a minimum balance of total deposits across all your accounts with the bank. Some banks automatically inform customers when they reach the minimum balance prerequisite.
The application process for premium checking accounts varies between different banks. Some banks allow you to apply online, while others may require you to schedule an appointment with a bank representative at a local branch. You may have to call and speak to a relationship banking specialist or customer service representative, so if you’re unsure of how to get started, call your financial institution.
How To Upgrade to a Premium Checking Account
If you already bank somewhere that offers a premium checking option, you may have the opportunity to upgrade to a higher-tier account. Check to see if you meet the requirements. Some banks allow you to upgrade directly through your online account. Others may require you to call the bank or schedule an appointment at your local branch.
Premium Checking Account Pros and Cons
There are plenty of reasons to consider a premium checking account, but these accounts also have drawbacks. Here are some potential pros and cons.
Pros
- Fee waivers for out-of-network ATM transactions
- Can earn cash back and other rewards
- Relationship benefits with the bank
- Can earn interest on your checking balance
- May automatically qualify for premium checking by hitting the balance requirements
Cons
- Expensive monthly fees
- High minimum balance requirements to waive monthly fees
- Big banks with premium accounts typically offer low interest rates on deposits
- Online banks may offer similar benefits without the fees
Should You Get a Premium Checking Account?
Premium checking accounts are a good option for individuals who do most or all of their banking in one spot, frequently use out-of-network ATMs or want to earn checking rewards. Opening a premium checking account is only worth it if you can meet the minimum balance requirements to waive monthly fees. Otherwise, you might be paying more in fees than the premium benefits are worth.
Consider your banking needs and determine how likely you are to use the relationship benefits included with a premium checking account before applying. Remember, some online banks offer interest-bearing checking accounts with minimal or no fees and access to choice bank benefits and features.
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