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Understanding Premium Checking Accounts with O1ne Mortgage

Are you looking for a checking account that offers more than just basic deposits and withdrawals? A premium checking account might be the right choice for you. At O1ne Mortgage, we provide comprehensive mortgage-related services and are here to help you understand the benefits and drawbacks of premium checking accounts. For any mortgage-related needs, feel free to call us at 213-732-3074.

What Is a Premium Checking Account?

A premium checking account is a higher-tier account that offers more features and perks compared to a regular checking account. These accounts are usually interest-bearing and come with benefits such as waived fees, loan discounts, and access to priority customer service and wealth advisors. However, they often require maintaining a high minimum balance, typically around $15,000. You can often combine balances from linked accounts, including investment and retirement accounts, to meet this requirement.

Pros of Premium Checking Accounts

Opening a premium checking account offers numerous benefits, which may vary by bank. Common advantages include:

• Lower Fees: Premium accounts often waive out-of-network ATM and overdraft fees and offer discounts on services like wire transfers and foreign transactions.
• Higher Transaction Limits: These accounts provide greater flexibility with higher daily or weekly purchase and ATM withdrawal limits.
• Access to Premium Benefits: Enjoy priority customer service, access to wealth advisors, and global support.
• Ability to Earn Interest: Premium checking accounts typically earn interest, helping your balance grow faster compared to basic accounts.

Cons of Premium Checking Accounts

Before upgrading, consider the following disadvantages:

• High Minimum Balance Requirements: Failing to maintain a high balance can result in monthly fees. Some banks allow combining balances across multiple accounts to meet this requirement.
• Benefits May Be Tied to Balance: Top perks may be restricted to customers with higher balances, even after meeting the minimum requirement.
• Interest Rates May Not Be Competitive: Premium checking account rates are often lower compared to high-yield savings or money market accounts.

Is a Premium Checking Account Worth It?

A premium checking account can be beneficial if you meet certain criteria:

• You have multiple accounts at the same bank, allowing you to maintain a high balance across all linked accounts.
• You frequently make out-of-network ATM withdrawals, as many banks waive these fees for premium account holders.
• You are considering a new loan, as premium accounts may offer interest rate discounts on mortgages or auto loans.
• You want personalized financial or investment advice, which may be available at reduced costs.

How to Open a Premium Checking Account

Opening a premium checking account is similar to opening a traditional bank account. Here’s how:

Complete an Application

If upgrading an existing account, you can apply online with a pre-filled application. New customers will need to provide personal and financial information, such as:

• Name
• Date of birth
• Social Security number
• Physical address
• Phone number
• Email address
• Proof of identity (e.g., driver’s license or passport)
• Employment status
• Income source

For joint accounts, co-applicants must provide the same information. Students will need to provide proof of enrollment.

Make Your Initial Deposit

After approval, make your initial deposit using a bank account or debit card number. Ensure you have enough cash or linked account balances to meet the high minimum deposit requirement.

The Bottom Line

Opening a premium checking account can be worthwhile for those who can meet the high minimum balance requirement and take advantage of the benefits. Otherwise, the monthly fees may outweigh the perks. A healthy checking account is just one part of maintaining your financial well-being. Check your credit report and score to ensure you’re making the right financial decisions.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We are here to assist you with all your financial needs.

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