If you're a business owner, you may be able to open a personal and business account with the same private bank. Business accounts come with a private banker who is trained to work with businesses.Private banks require you to keep a lot of money in a combination of accounts and investments. This means you'll probably keep tens of thousands — if not hundreds of thousands — in a savings account.high-yield savings accountThe difference between 0.05% and 0.
Before opening a private bank account, consider whether the discounts you'll receive on certain products will outweigh the amount you'll be giving up by settling for a low interest rate.Private banking typically comes with higher management fees than regular banking. This may come in the form of monthly service fees for bank accounts .
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