What are the Advantages of Opening an Online Private Banking Account?10 min read

What are the Advantages of Opening an Online Private Banking Account?10 min read

Private banking has several perks over regular banking, especially when done online with a digitally focused bank like The Kingdom Bank. 

A private banking account provides more personalised service, exclusive products and higher interest rates – all from the convenience of your home computer or mobile device. But what exactly are the key advantages of going the private banking route? 

Let’s explore some of the top reasons why opening an online private banking account makes sense.

How Does a Private Banking Account Differ from a Regular Bank account?

A private banking account differs substantially from an average consumer checking or savings account in several important ways:

Higher Account Minimums

While retail banks may only require a few hundred dollars to open an account, getting into private banking usually demands six-figure minimum balances. 

The Kingdom Bank is more flexible without thresholds but still aims to serve higher net worth clients.

Tailored Investment Solutions

Ordinary bank accounts are purely transactional with limited products. 

Private banking involves curated services like portfolio management, trust & estate planning, and access to alternative/exclusive investments beyond stocks and bonds.

24/7 Concierge Services

Online private banks provide on-demand support from dedicated relationship managers and specialists. Regular retail customers only get self-service or part-time phone/chat assistance.

Global Banking Privileges

From cash management to wire transfers to exclusive events, private account holders receive VIP treatment worldwide. Basic retail shoppers have limited domestic or online-only privileges.

Higher Levels of Privacy & Security

Privacy and safety are paramount for high-value accounts. Private banks employ extra protective measures for assets, data, and digital banking access.

While anyone can open a regular bank account, private banking is a premium, personalised service catering to sophisticated wealth management needs of qualified clientele. 

Online banks like The Kingdom Bank expand these privileges through digital convenience.

Who is Eligible to Open a Private Banking Account?

Private banking is intended for affluent individuals and institutions with substantial assets to manage. Specific criteria can vary between institutions, but in general, prospective clients need:

• High net worth, usually between $1-5 million+ of investable assets not including primary residence.
• Significant annual income levels, typically 6 figures or above.
• Sophisticated investment experience and appetite for specialised products and tailored advisory services.
• Requirement for more complex financial planning and wealth structuring solutions like trust/estate planning.

While traditional private banks often upheld rigid account minimums in the past, online private banks adopt more flexible stances to broaden accessibility. 

At The Kingdom Bank, there are no strict thresholds, streamlining the application process to focus more on personal situations and consulting with a relationship manager.

Certain specialised private banks may additionally consider business owners, family offices, non-profit organisations, institutions with sizable funds, and inherited wealth from high-value estates. 

The most important qualifications remain demonstrable net worth, complex financial needs, and desire for comprehensive personalised private banking. 

Anyone interested in leveraging sophisticated financial tools can inquire about opening a private account through a digital bank like The Kingdom Bank.

Can I Access My Private Banking Account Online?

One of the great benefits of The Kingdom Bank is you can manage your entire private banking relationship completely online through our user-friendly digital platforms. 

After opening a banking account remotely without ever visiting a physical branch, you can easily log in from anywhere to view account statements and transactions, transfer funds between accounts, deposit checks, and more.

You also gain access to The Kingdom Bank’s full suite of online financial tools for wealth management and cash management. 

Track your portfolio performance across all your brokerage, investment, and banking accounts in one place. Advanced money management features allow you to create custom budgets, analyse spending patterns, and optimise your finances digitally. 

Your dedicated The Kingdom Bank private banker team stands ready for any support simply with an online message or phone call anytime.

How to Open a Private Banking Account without Going to the Bank?

Opening a private banking account with The Kingdom Bank is effortless and can be done entirely through their online account opening portal without ever stepping foot inside a physical location.

To get started, simply visit our website and click the “Open an Account” button. You’ll then be guided through a straightforward application process. 

Basic information like your contact details, date of birth, Citizenship/residency status, and source of wealth will need to be provided. You’ll also need to upload identification documents like a passport, driver’s licence and a recent utility bill for verification purposes.

You can instantly start making online transfers between your linked external bank accounts and the new The Kingdom Bank private banking account. The digital onboarding experience is seamless and can be completed within minutes from any device with an internet connection.

Which Bank is Best for Private Banking Online?

When it comes to digital private banking, The Kingdom Bank stands above the rest. 

As a dedicated online institution licensed in Dominica, The Kingdom Bank was built from the ground up for remote cash management through cutting-edge technologies.

We offer all the services you need like offshore accounts, portfolio management, trading access and lending – with stringent Swiss security and privacy standards applied. 

Plus with no physical branches, The Kingdom Bank keeps costs low and passes the savings to clients through higher interest rates.

Your dedicated relationship manager is always just a phone call or message away for advice on goals-based financial planning. The Kingdom Bank even handles all your payroll and accounting requirements effortlessly through their digital business suite.

For today’s globally mobile high-net-worth individuals, The Kingdom Bank provides an unparalleled private banking experience through our advanced online and mobile platforms. 

It’s truly banking without boundaries or the limitations of traditional brick-and-mortar institutions.

The advantages of opening an online private banking account with The Kingdom Bank far outweigh the competition. From personalised assistance to robust digital tools and competitive rates, The Kingdom Bank puts elite banking services at your fingertips wherever life takes you. 

To learn more about setting up your private account, simply visit The Kingdom Bank‘s website. An account adviser would be happy to guide you through the simple application process.