High-net-worth individuals (HNWIs) with significant investable assets typically require more from their savings accounts than standard accounts usually offer. Access to higher rates, greater deposit limits, improved flexibility, and an interest in certain perks are probably all on their list of requirements.
But what is the best high-net-worth savings account? The answer to this will depend on their specific circumstances, needs, and goals. And will likely involve a complementary balance between private banking solutions and savings platforms like Insignis. While private banks offer bespoke financial advice and exclusive services, savings platforms provide a streamlined way to manage and grow their cash holdings across multiple institutions.
Let’s explore how this works in practice.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. We recommend consulting a qualified financial adviser or professional for guidance tailored to your individual circumstances. Insignis does not offer personalised financial advice, and all decisions regarding your finances should be made with careful consideration of your specific needs and goals.
The financial needs of HNWIs are complex, so finding the right savings account requires a multi-pronged approach. If you’re an HNWI, you’ll need to find one or more service providers who are able to help you secure:
Private banks and savings platforms address different aspects of these needs, often working best when they work together.
Here are some of the primary services private banks offer their clients:
The types of accounts accessible to an HNWI are likely to enable them to deposit, transfer, and withdraw much larger sums than a standard bank account. This enables them to manage their wealth more efficiently and respond quickly to liquidity events and investment opportunities.
Many private banks give HNWIs a direct line to a dedicated relationship manager who handles their day-to-day banking affairs. As part of this service, HNWIs receive tailored financial advice, guidance on appropriate wealth management strategies, and close monitoring of the performance of their accounts and investments.
HNWIs can typically access concierge-style services through their private bank. These services vary from bank to bank but can include travel planning, booking assistance, and lifestyle perks such as exclusive memberships and discounts on luxury goods and services.
Savings platforms offer an efficient way to manage cash. They don’t replace private banks. Instead, they complement what private banks offer by focusing on liquidity, diversification, and returns. Here are some of their key benefits:
A single, secure platform lets you manage deposits across multiple institutions without multiple logins, forms, or eligibility checks. This process can be more efficient than working through individual banks and may offer very real advantages if you’re better able to anticipate problems and capitalise on opportunities more quickly.
Because savings platforms have access to a wide range of savings accounts, they often offer more competitive rates than those available through traditional banking channels. There’s also built-in flexibility. Since everything is housed under one roof, you can easily switch between accounts as rates change without having to manage multiple banking relationships.
There’s a risk attached to keeping large sums in a single account, and to illustrate this risk, it’s vital to understand the UK’s Financial Services Compensation Scheme (FSCS).
The FSCS is designed to protect savings in the event that a bank or building society fails. It guarantees up to £120,000 of eligible funds per person, per financial institution (for the purposes of FSCS protection, banks or building societies in the same banking group are considered a single institution).
This means if you have to deposit a minimum of, say, £500,000 into a private bank account to be eligible as a client, and that bank goes bust, you’ll only be reimbursed up to £120,000 (potentially losing £380,000 in the process).
When you’re an HNWI with a lot of cash to save, it might be safer to spread your money across several different banks (each with distinct banking licences) to ensure you’re fully protected. Returning to the £500k example above, by depositing no more than £120,000 in each institution, you can protect the entire amount under FSCS rules, preventing loss should one or more institutions collapse.
There are several types of high-net-worth savings accounts available on Insignis:
An Easy Access Savings Account provides you with complete flexibility over your cash, allowing you to withdraw money as needed (usually without incurring any penalties or charges — although this depends on the provider).
A Fixed-Rate Savings Account (also known as a Fixed-Term Bond) locks your savings away to earn a fixed interest rate over a set period, called a “term”. A Fixed-Rate Account might make sense if you’re planning a significant purchase further down the line (like putting a deposit down on a property). That way, you know your money is securely locked away, earning interest.
A Notice Savings Account can give you the best of both worlds (easier access to your money, but still locked away for a period of time and so likely to attract a higher rate of interest). With a Notice Savings Account, you must notify the provider that you’ll be withdrawing cash from your account in accordance with the terms specified for the product. This typically ranges from 30 to 90 days, although it may be longer.
A SIPP Account offers a convenient way to manage your pension cash holdings. It allows you to deposit funds easily, withdraw them back to your pension, or reinvest them — all while maintaining visibility and control. With this account, your pension scheme remains the legal owner, ensuring that all transactions remain within the pension wrapper and are therefore tax-efficient.
Note: You need to have a SIPP set up with a provider that we partner with for this to be available.
As an HNWI, your choice of savings account will depend on your unique situation:
Private banks and savings platforms work best when they work in tandem. Start your journey to uncovering the ideal savings account for you by speaking to your financial adviser. They’ll be able to demonstrate how Insignis can work alongside your existing banking relationships, helping you to diversify your savings, spread your risk, and maximise your returns.
Choose from thousands of market-leading savings accounts, and optimise your FSCS coverage.
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