Best Banks For High Earners
If you’re someone with a high income seeking a banking solution tailored to your financial necessities, you’ve arrived at the right spot. We’ll walk you through everything essential for setting up a bank account, including eligibility in terms of income, perks, cashback promotions, and cash incentives.
Steps to Establish a High Income Earner Bank Account
Setting up a bank account as a top earner is relatively straightforward. You can apply through the Internet or by visiting a nearby bank branch.
Such accounts usually come with particular prerequisites, like minimum income and balance specifications. During the application process, you’ll typically need to supply evidence of earnings and identification, such as your passport or driver’s license.
When selecting an account designed for high salary earners, it’s essential to evaluate the promotions and advantages offered by various financial institutions.
One bank might provide cashback incentives, while another might grant exclusive access to specialized financial products and services. Before opening a premium bank account, be sure to review the terms and conditions thoroughly.
Earnings Criteria for Top Income Earner Banking Solutions
The earnings criteria depend on the bank and the account type. Generally, these accounts necessitate a minimum yearly income of £75,000, although the threshold may vary among banks.
To be eligible for a high income earner account, you’ll need to present proof of earnings, like your latest payslip or tax return. Some banks may also mandate maintaining a minimum balance in your account.
Perks of a Top Income Earner Banking Solution
Top income earner banking solutions provide numerous advantages tailored to your financial requirements. Some of these benefits include:
- Higher interest rates – These accounts often yield higher interest rates on savings accounts, accelerating wealth growth.
- Exclusive access to financial products and services – These accounts may grant access to exclusive financial products and services, such as flexible arranged overdraft facilities, mortgages and loans, often on an exclusive basis unavailable to the broader public.
- Personalized banking services – These accounts frequently include a dedicated relationship manager to assist with financial needs, including wealth management services.
- Cashback rewards – Some accounts offer cashback rewards for account usage in making purchases.
- Travel benefits – These accounts may provide travel perks, like complimentary travel insurance and airport lounge access.
Top Income Earner Accounts with Cashback Options
If you’re interested in a premium account with cashback rewards, consider the following options:
- NatWest Premier – To qualify, you need to earn £100k pa or have a joint income of £120k pa, have a £500k mortgage with NatWest, or have £100k in investments or savings with the bank. NatWest offers 3 types of Premier accounts, Select, Reward and Reward Black. These accounts offer a range of benefits. From arranged overdraft facilities to UK and European Breakdown Insurance Cover to Airport Lounge Access.
- HSBC Premier – This account provides up to £175 cashback when switching to HSBC and up to 2.75% cashback on qualifying purchases.
- RBS Premier Reward – To qualify, you need to earn £100k pa or have a joint income of £120k pa, have a £500k mortgage with Royal Bank of Scotland, or have £100k in investments or savings with the bank.RBS offer customers 3 Premier account options, Premier Select, Premier Reward and Premier Black. Premier Select has no monthly fee; with Premier Reward, you pay £2 pm, and with Premier Reward Black, you pay £31 pm.
- First Direct – Whilst not a “Premier” account as such, we mention this account here because First Direct’s 1st Account has a lot of features that, as a high earner, you might be interested in. The key selling point is their customer service which they consistently win awards for. Secondly, they offer a market-leading linked savings account paying 7% AER interest up to £300 pm.
- Santander Select – This account offers up to 2% AER interest on balances up to £20,000. Cashback on selected household bills, £1,000 daily cash machine withdrawal limit. 24-hour dedicated call centre banking support. There is a £ 4 pm monthly fee on this account.
- Barclays Premier – Access to Premier products & services, including a “Black debit card” with up to £1,000 daily cash machine withdrawals, Avios Rewards, which you can collect towards your next BA flight (T&Cs apply) & a dedicated banking support team.
- Lloyds Premier Account – No longer available for new customers.
Cash Incentives for Switching Bank
Some banks provide cash incentives to clients who switch to their premier high income earner accounts.
- NatWest Premier – For all 3 Premier Accounts, you can benefit at the time of writing to get a £200 cash bonus when you switch to NatWest (T&Cs Apply).
- HSBC Premier – This account offers a £200 cash bonus when switching to HSBC and meeting the eligibility criteria.
- First Direct – This account provides a £175 cash bonus when switching to First Direct and depositing at least £1,000 within three months of account opening.
Before transitioning to a new bank account, carefully read the terms and conditions and compare different banks’ offers to identify the best deal.
Frequently Asked Questions
How can I establish a top income earner banking solution?
To establish an account, apply online or visit a local bank. Banks typically have specific criteria for opening these accounts, including minimum income and balance requirements. Passports and driver’s licenses are acceptable forms of identification and proof of income.
What is the income requirement for a top income earner banking solution?
Income requirements for these accounts vary by bank and account type. Generally, they require a minimum income of £75,000 per year, although some banks may have different thresholds.
What are the benefits of a top income earner banking solution?
Benefits include higher interest rates, exclusive access to financial products and services, personalized banking services, cashback rewards, and travel benefits.
Which top income earner banking solutions offer cashback rewards?
Examples include NatWest, RBS, HSBC and Santander.
Do some banks provide cash incentives for switching to them?
Yes, currently, at the time of writing, NatWest, RBS, HSBC and First Direct. For more on switching bank offers click here.
What are the income requirements for a premier banking solution?
Premier banking solutions are designed for higher-income clients and offer exclusive benefits and services. There are a variety of income requirements for premier accounts, depending on the bank and the type of account. You’ll need to earn at least £60,000 annually to qualify for a premier account, although some banks may have a higher or lower income threshold.
Which banks offer high interest rates for top income earners?
Top-income earner accounts often provide higher interest rates on savings compared to regular accounts. Banks that offer high interest rates for top income earners include HSBC Premier and NatWest Premier.
What overdraft limits are available with a premier banking solution?
The overdraft limit for a premier banking solution varies depending on the bank and your credit history. Some banks may offer interest-free overdrafts for a limited period, while others may charge interest on your overdraft balance.
Which top income earner banking solutions have the best mobile banking apps?
Some top income earner banking solutions with excellent mobile banking apps include HSBC Premier, Barclays Premier, and NatWest Premier.