{"id":39971,"date":"2024-07-03T15:03:21","date_gmt":"2024-07-03T11:03:21","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39971"},"modified":"2024-09-27T18:40:32","modified_gmt":"2024-09-27T14:40:32","slug":"premium-checking-account","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/","title":{"rendered":"What is a Premium Checking Account?"},"content":{"rendered":" <p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.miamiherald.com\/banks\/checking-accounts\/what-is-checking-account\/\">Traditional checking accounts<\/a> make it easy to manage your money. You can make everyday purchases, pay bills, write checks and withdraw cash with a debit card. Premium checking accounts have the same capabilities but offer other perks, often in exchange for a fee. <\/p> <h2 class=\"wp-block-heading\" id=\"h-introduction-to-premium-checking-accounts\">Introduction to Premium Checking Accounts<\/h2> <p class=\"wp-block-paragraph\">This guide looks at the benefits of opening a premium checking account. It also covers eligibility requirements, account specifics and how to move forward with applying for a new account, along with mistakes to avoid. <\/p> <h2 class=\"wp-block-heading\" id=\"h-the-benefits-of-a-premium-checking-account\">The Benefits of a Premium Checking Account<\/h2> <p class=\"wp-block-paragraph\">Here are some key perks you\u2019ll enjoy when opening a premium checking account. <\/p> <h3 class=\"wp-block-heading\" id=\"h-higher-interest-rates\">Higher Interest Rates<\/h3> <p class=\"wp-block-paragraph\">These <a href=\"https:\/\/www.miamiherald.com\/banks\/banking\/second-chance-checking-account\/\">accounts<\/a> often come with higher interest rates compared to their standard counterparts. In fact, some traditional checking accounts fail to pay interest, so you could earn a return on your money by opting for a premium checking account.<\/p> <h3 class=\"wp-block-heading\" id=\"h-lower-or-no-fees\">Lower or No Fees<\/h3> <p class=\"wp-block-paragraph\">It\u2019s not uncommon for premium accounts to come with monthly maintenance fees. Fortunately, most financial institutions offer fee waivers if you maintain a minimum balance. You may also find that ATM fees, overdraft or NSF fees, and foreign transaction fees are lower or waived with premium checking accounts.<\/p> <h3 class=\"wp-block-heading\" id=\"h-concierge-services\">Concierge Services<\/h3> <p class=\"wp-block-paragraph\">Concierge services are another advantage of premium checking accounts. More specifically, you\u2019ll likely have access to personalized financial advice, assistance with travel booking, special event access and more. <\/p> <h3 class=\"wp-block-heading\" id=\"h-enhanced-security-features\">Enhanced Security Features<\/h3> <p class=\"wp-block-paragraph\">Premium checking accounts often come with added security features, including enhanced fraud protection, identity theft safeguards and real-time alerts. This perk gives you peace of mind, knowing your personal and financial data is well-protected. <\/p> <h2 class=\"wp-block-heading\" id=\"h-eligibility-and-requirements\">Eligibility and Requirements<\/h2> <p class=\"wp-block-paragraph\">You\u2019ll typically need to meet specific balance and credit score requirements to open a premium checking account.<\/p> <h3 class=\"wp-block-heading\" id=\"h-income-requirements\">Income Requirements<\/h3> <p class=\"wp-block-paragraph\">You may need to meet specific income thresholds to qualify for a premium checking account. More specifically, you\u2019ll likely need to have a certain amount in monthly direct deposits. The financial institution may verify your income through recent pay stubs or by analyzing your direct deposit history. <\/p> <h3 class=\"wp-block-heading\" id=\"h-minimum-balance-requirements\">Minimum Balance Requirements<\/h3> <p class=\"wp-block-paragraph\">In many instances, premium checking accounts also come with high minimum balance requirements &#8211; either daily in a single account or combined in linked accounts. Failure to meet this requirement generally means you\u2019ll pay a monthly maintenance fee. <\/p> <h3 class=\"wp-block-heading\" id=\"h-credit-score-considerations\">Credit Score Considerations<\/h3> <p class=\"wp-block-paragraph\">Some financial institutions conduct soft credit checks when you apply for a premium checking account. You don\u2019t need perfect credit to qualify, but serious credit issues can lead to a denial, or the bank or credit union may offer you a standard checking account.<\/p> <h2 class=\"wp-block-heading\" id=\"h-comparing-premium-checking-accounts\">Comparing Premium Checking Accounts<\/h2> <h3 class=\"wp-block-heading\" id=\"h-major-banks-offering-premium-accounts\">Major Banks Offering Premium Accounts<\/h3> <p class=\"wp-block-paragraph\">Bank of America: Advantage Relationship Banking<\/p> <ul class=\"wp-block-list\"> <li>Monthly maintenance fee: $25 (eligible for fee waiver) <\/li> <li>Annual percentage yield (APY): up to 0.02%<\/li> <li>Customer service: In-person and by phone <\/li> <li>Other perks: fee-free domestic wire transfers and stop payments <\/li> <\/ul> <p class=\"wp-block-paragraph\">Chase: Premier Plus Checking <\/p> <ul class=\"wp-block-list\"> <li>Monthly maintenance fee: $25 (eligible for fee waiver)<\/li> <li>Annual percentage yield (APY): 0.01%<\/li> <li>Customer service: In-person and by phone <\/li> <li>Other perks: Free checks and ATM fee waivers for out-of-network withdrawals (subject to limits)<\/li> <\/ul> <p class=\"wp-block-paragraph\">Wells Fargo: Prime Checking<\/p> <ul class=\"wp-block-list\"> <li>Monthly maintenance fee: $25 (eligible for fee waiver)<\/li> <li>Annual percentage yield (APY): 0.01%<\/li> <li>Customer service: online chat, in-person and by phone<\/li> <li>Other perks: discounts banking services and ATM fee waivers<\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-how-to-open-a-premium-checking-account\">How to Open a Premium Checking Account<\/h2> <p class=\"wp-block-paragraph\">Once you\u2019re ready to take the next step, here\u2019s how to <a href=\"https:\/\/www.miamiherald.com\/banks\/checking-accounts\/how-to-open-checking-account\/\">apply for a new account<\/a>. <\/p> <h3 class=\"wp-block-heading\" id=\"h-application-process\">Application Process<\/h3> <p class=\"wp-block-paragraph\">Start by exploring what premium checking accounts at traditional banks, credit unions and online banks have to offer. Create a shortlist of at least three options, compare key features and select the best fit. <\/p> <p class=\"wp-block-paragraph\">Next, you\u2019ll apply online or at a branch (if applicable). You could receive a decision right away, but it may take a few days to hear back. If approved, prepare to initiate a cross-account transfer if you haven\u2019t already done so to fund your new account. Or you can visit a branch (if available) to make an opening deposit. <\/p> <h3 class=\"wp-block-heading\" id=\"h-required-documentation\">Required Documentation<\/h3> <p class=\"wp-block-paragraph\">When applying for a premium checking account, you\u2019ll generally need to provide the following documents: <\/p> <ul class=\"wp-block-list\"> <li>A copy of your photo ID (i.e., driver\u2019s license, passport, state-issued identification card)<\/li> <li>Proof of address (i.e., utility bill, lease agreement, mortgage statement)<\/li> <\/ul> <p class=\"wp-block-paragraph\">Some financial institutions may request additional documents, like recent pay stubs if there are income restrictions. Having the required documents handy can help speed up the application process. <\/p> <h3 class=\"wp-block-heading\" id=\"h-online-vs-in-person-opening\">Online vs. In-Person Opening<\/h3> <p class=\"wp-block-paragraph\">As previously mentioned, you can open a premium checking account in person or online. If you choose the latter, the process is convenient and can be completed from the comfort of your home. But if you choose to open an account at a physical branch, you\u2019ll need to speak with a banker. <\/p> <h2 class=\"wp-block-heading\" id=\"h-managing-your-premium-checking-account\">Managing Your Premium Checking Account<\/h2> <p class=\"wp-block-paragraph\">Here are some tips to manage your premium checking account once it\u2019s open. <\/p> <h3 class=\"wp-block-heading\" id=\"h-maintaining-minimum-balance\">Maintaining Minimum Balance<\/h3> <p class=\"wp-block-paragraph\">Doing so can help you avoid monthly service fees. Consider setting up direct deposit to meet this requirement. Also, check your account often to ensure your balance stays above the required level.<\/p> <h3 class=\"wp-block-heading\" id=\"h-utilizing-concierge-and-other-services\">Utilizing Concierge and Other Services<\/h3> <p class=\"wp-block-paragraph\">Be sure to leverage concierge services to help you save time and money. You might also have access to dedicated customer support with extended hours, shorter wait times and other perks. <\/p> <h3 class=\"wp-block-heading\" id=\"h-monitoring-fees-and-charges\">Monitoring Fees and Charges<\/h3> <p class=\"wp-block-paragraph\">Even with premium accounts, fees can still add up. Look out for fees related to ATM transactions, overdrafts and international transactions.<\/p> <p class=\"wp-block-paragraph\">Also, review your monthly account statements carefully to identify any unexpected charges.<\/p> <p class=\"wp-block-paragraph\">If you see any errors or unexpected fees, contact your bank immediately to get them resolved.<\/p> <h2 class=\"wp-block-heading\" id=\"h-common-mistakes-to-avoid\">Common Mistakes to Avoid<\/h2> <p class=\"wp-block-paragraph\">Despite the benefits you\u2019ll enjoy, you want to avoid these mistakes to get the most out of your premium <a href=\"https:\/\/www.miamiherald.com\/banks\/banking\/senior-checking-account\/\">checking account<\/a>. <\/p> <h3 class=\"wp-block-heading\" id=\"h-ignoring-fee-structures\">Ignoring Fee Structures<\/h3> <p class=\"wp-block-paragraph\">Again, these accounts often come with monthly maintenance fees that can be waived if you meet specific criteria. Also, be mindful of overdraft fees, ATM withdrawals and wire transfers.<\/p> <h3 class=\"wp-block-heading\" id=\"h-not-meeting-minimum-balance-requirements\">Not Meeting Minimum Balance Requirements<\/h3> <p class=\"wp-block-paragraph\">Premium checking accounts usually require you to maintain a high balance. If your balance drops below this minimum, you may incur monthly fees. Consider setting up direct deposit or automatic transfers from a savings account to avoid this. <\/p> <h3 class=\"wp-block-heading\" id=\"h-overlooking-additional-perks-and-services\">Overlooking Additional Perks and Services<\/h3> <p class=\"wp-block-paragraph\">Many premium checking accounts offer perks like waived fees, discounts on loans, and access to priority customer service. These accounts might also come with financial advisory services.<\/p> <p class=\"wp-block-paragraph\">You could miss out on significant benefits if you neglect to take advantage of these extras. Review your account\u2019s features and services frequently to take full advantage of what\u2019s offered. <\/p> <h2 class=\"wp-block-heading\" id=\"h-conclusion-is-a-premium-checking-account-right-for-you\">Conclusion: Is a Premium Checking Account Right for You?<\/h2> <p class=\"wp-block-paragraph\">Premium checking accounts offer several attractive perks but have higher minimum balance requirements. If you can maintain the required balance and the benefits outweigh the cost, they could be right for you.<\/p> <h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-faqs\">Frequently Asked Questions (FAQs)<\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1726139435907\"><strong class=\"schema-faq-question\">What differentiates a premium checking account from a regular one?<\/strong> <p class=\"schema-faq-answer\">Premium checking accounts provide extra services and perks. They may offer higher interest rates, free checks, travel perks, higher daily withdrawal limits, overdraft protection, waived or reduced fees for out-of-network ATM withdrawals, and priority customer service.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1726139442304\"><strong class=\"schema-faq-question\">Can you downgrade to a regular checking account if needed?<\/strong> <p class=\"schema-faq-answer\">Yes, most banks allow you to downgrade to a regular <a href=\"https:\/\/www.miamiherald.com\/banks\/banking\/checking-account\/\">checking account<\/a> if you find that a premium account no longer suits your needs. You typically need to contact your bank and request the change to do this.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1726139448046\"><strong class=\"schema-faq-question\">Are premium checking accounts worth the additional requirements?<\/strong> <p class=\"schema-faq-answer\">Premium checking accounts can be worth the additional requirements if you frequently use the extra features and benefits. They might save you money in the long run if you travel often and benefit from waived foreign transaction fees, want access to personalized customer service, and regularly maintain a high balance that typically earns higher interest rates.<\/p> <\/div> <\/div> <h3 class=\"wp-block-heading\" id=\"h-\"><\/h3> ","protected":false},"excerpt":{"rendered":"<p>Elevate your finances with premium banking. Discover tailored solutions and personalized support that meet your unique banking needs.<\/p> ","protected":false},"author":7,"featured_media":40082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[271,222],"tags":[],"class_list":["post-39971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-checking-accounts"],"acf":{"zone_id":"324277","sponsored":false,"external_author":1943,"external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/07\/premium-checking-account.png","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Premium Checking Account? | Miami Herald<\/title>\n<meta name=\"description\" content=\"Elevate your finances with premium banking. 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Discover tailored solutions and personalized support that meet your unique banking needs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/\" \/>\n<meta property=\"og:site_name\" content=\"Miami Herald - Personal Finance\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-03T11:03:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-27T14:40:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/07\/premium-checking-account.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/banking\\\/premium-checking-account\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/banking\\\/premium-checking-account\\\/\"},\"author\":{\"@type\":\"Person\",\"image\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Allison-Martin.png\",\"name\":\"Allison Martin\",\"jobTitle\":\"Writer\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/author\\\/allison-martin\\\/\",\"description\":\"&lt;p&gt;Allison Martin is a personal finance enthusiast and a passionate entrepreneur. 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Discover tailored solutions and personalized support that meet your unique banking needs.","breadcrumb":{"@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139435907"},{"@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139442304"},{"@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139448046"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#primaryimage","url":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/07\/premium-checking-account.png","contentUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/07\/premium-checking-account.png","width":1200,"height":800,"caption":"premium checking account"},{"@type":"BreadcrumbList","@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.miamiherald.com\/banks\/"},{"@type":"ListItem","position":2,"name":"What is a Premium Checking Account?"}]},{"@type":"WebSite","@id":"https:\/\/www.miamiherald.com\/banks\/#website","url":"https:\/\/www.miamiherald.com\/banks\/","name":"Miami Herald - Personal Finance","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.miamiherald.com\/banks\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/www.miamiherald.com\/banks\/author\/"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139435907","position":1,"url":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139435907","name":"What differentiates a premium checking account from a regular one?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Premium checking accounts provide extra services and perks. They may offer higher interest rates, free checks, travel perks, higher daily withdrawal limits, overdraft protection, waived or reduced fees for out-of-network ATM withdrawals, and priority customer service.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139442304","position":2,"url":"https:\/\/www.miamiherald.com\/banks\/banking\/premium-checking-account\/#faq-question-1726139442304","name":"Can you downgrade to a regular checking account if needed?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, most banks allow you to downgrade to a regular <a href=\"https:\/\/www.miamiherald.com\/banks\/banking\/checking-account\/\">checking account<\/a> if you find that a premium account no longer suits your needs. 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