What is a VIP bank account?
A premium account is designed to offer enhanced banking services and benefits to individuals who maintain higher balances or have significant financial activity. These accounts typically cater to affluent clients and come with a range of exclusive features like: personalized service, higher interest rates, fee waivers and discounts, access to VIP lounges at branches, custom lending solutions and higher credit limits, discounts on travel, dining, and entertainment, etc.
To qualify for a VIP bank account, clients usually need to maintaine a minimum balance, have a high monthly deposit or spending activity, meet specific income or asset thresholds.
Is a VIP bank account a good idea?
A VIP account can be a good idea if you can take full advantage of the benefits and meet the account requirements without straining your finances. Carefully assess your banking habits, financial needs, and the specific offerings of the VIP account to determine if it aligns with your personal or business goals.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.00% | 750 |
| 25,000 | 3.10% | 775 |
| 25,000 | 3.20% | 800 |
| 60,000 | 3.30% | 1,980 |
| 60,000 | 3.40% | 2,040 |
| 60,000 | 3.50% | 2,100 |
| 140,000 | 3.60% | 5,040 |
| 140,000 | 3.70% | 5,180 |
| 140,000 | 3.80% | 5,320 |
| 340,000 | 3.90% | 13,260 |
| 340,000 | 4.00% | 13,600 |
| 340,000 | 4.10% | 13,940 |
See the similar FAQ at the link:
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Details of companies offering the financial services:
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002