• what brands are doing to drive loyalty, tenure, and advocacy
• the breadth of products offered
• trends
• international and UK specific data

Data Availability

• The initial research found that there is adequate information available on premium bank accounts, with the caveat that the definition of premium varies from bank to bank and country to country.

Definition of Premium Banking

• In the US, premium bank accounts are defined by the minimum balance, or other requirements, needed. The required deposits typically range from $10,000 to $200,000 to access premium perks.
• GlobalBanks, a company that offers services to help high earners locate and evaluate banking options, defines a high earner as someone who earns over $300,000 per year ( £214,500), with a minimum initial deposit of $100,000 (£71,500).
• In the UK, reporting from 2018 indicated that premium bank accounts generally are available to people with income above £75,000 and/or those with "significant investments or mortgage borrowing with their bank."
• All data that follows is for accounts that meet at least one of the above definitions.

Premium Banks in the UK

• According to The Times Money Mentor, the top-rated premium bank accounts in the UK include Nationwide FlexPlus, The Co-operative Bank Everyday Extra, Halifax Ultimate Reward Current Account, Royal Bank of Scotland Reward Platinum, and Virgin Money Club M Account.

Premium Banks in the US

• Many banks in the US offer premium bank accounts including Chase, Bank of America, Citibank, Wells Fargo, and U.S. Bank.

Global Premium Banking

• GlobalBanks is a paid service that allows subscribers access to data on the best premium bank accounts around the world. They indicate that common jurisdictions for these premium accounts include Switzerland, Liechtenstein, Andorra, Singapore, and Panama.

Perks of Premium Banking

• Some potential perks of premium bank accounts in the UK include free travel insurance, retail discounts, breakdown coverage, and cashback.
• In the US, premium accounts may offer lower fees, discounted mortgage rates, free financial advice, free wire transfers, and no currency exchange charges.

Trends

• According to one US based article, five possible trends in affluent bank marketing are customers being less willing to pay fees; uncertainty on whether leading with "banking" or "investing" is more successful; the desire for knowledge and involvement; large incentives for large asks; and strong/simple digital capabilities.

Summary

• Initial research found that while there is data available on the premium banking industry, the definition can vary from bank to bank and location to location.
• Subscribing to one of the services at GlobalBanks, specifically the GlobalBanks IQ service, may provide a great deal of value as they provide access to a database of premium banking options everywhere except the US. The current cost of the product is $297 per year.
• As there does not seem to be any free data available which consolidates the offerings for premium banks, we propose a competitive analysis of the premium bank accounts identified in the US and the UK as a way to get an overview of the requirements for the accounts and the perks offered.