Editorial Team

Chase Private Client vs Unifimoney

Banking has made great strides in the past two decades. From approachability and ease of access to the range of financial products, the banking industry has evolved rapidly due to the rise of digital banking.

Online banking has made banking significantly more affordable by eliminating the overhead costs associated with running large brick-and-mortar branch networks and opened the doors for a much wider range of clients. 

But where it made banking more accessible to the masses, technology also influenced private banking services that cater to a relatively exclusive client pool. The comparison between what private banking services used to be and what they are can be clearly seen in the Chase Private Client vs. Unifimoney comparison. Let's see which one is the better private banking app for you.

What Are Private Banking Services?

Private banking services or private banking refers to customized financial services and exclusive banking products designed specifically for high-net-worth individuals. Though each bank or financial institution might have their own criteria about whom they consider a high-net-worth individual, their net worth is typically in six to seven figures.       

And private banking is not simply each bank's exclusive club for the rich. Private banking services are much more in-depth, personalized, and powered by the best minds and tech that a financial intuition has to offer. Since these services are significantly costlier than what most clients can afford, they are offered to a select few with adequate means. 

Though there is a lot of overlap between the intended clientele of Chase Private Client vs. Unifimoney, there is one key difference.

High Net Worth Individuals vs High Earning Professionals

High-Net-Worth Individuals (HNWI) have a certain amount in liquid assets. For example, Chase Private Client is only available to individuals who have liquidity of $250,000 or more in various Chase bank accounts (including their investment assets with the bank). 

In contrast, High-Earning professionals are individuals that make a certain amount of money every year (like $150,000 or more). Most High-Earning professionals (if they have the right financial discipline and a good financial plan) end up becoming HNWI in a decade or so. Unifimoney is a private banking app that offers private banking services to high-earning professionals.

Chase Private Client vs Unifimoney: Overview

Chase Private Client vs Unifimoney comparison is more than about two private money apps that cater to an overlapping clientele. It's about the range of private banking services, accessibility, perks, investment platform and cost of banking.


Chase Private Client

Chase Private Client program offers private banking services to a select group of current chase clients that meet the minimum net-worth requirements. It's invitation-only, so you can't apply to become a Chase private client. When in this exclusive club, you get access to dedicated bankers and advisors, exclusive benefits, higher limits, discounted loans and products (from select vendors), etc. Your investments would get a personal touch, and you can discuss your future plans and manage your portfolio with the advice of your dedicated investment manager.

Unifimoney

Unifimoney's banking products and private banking services are created for high-earning professionals. Unlike the Chase Private Client program, where you'll only have access to when you've built your net-worth (or inherited it), Unifimoney is available to high-income professionals right from the beginning. It's a new breed of money-management super apps that are intended to make management and growth of your money significantly easier. Plus, it's amazing hybrid and checking account gives you an amazing 0.2% APY, which can be powerful with a sum like $250,000 (which you have to maintain in Chase). Even you don't let it compound, 0.2% on $250,000 means an additional $500 every year. 

Chase Private Client vs Unifimoney: Major Differences

Chase Private Client Program leans more towards an elite "status" rather than elite privileges and benefits, whereas Unifimoney allows you to maximize the potential of your income and wealth. 

Benefits

Some of Chase Private Client program's key benefits are:

  • No fee on transactions (most of them) and ATM withdrawal fee (worldwide).
  • Higher transaction, withdrawal and purchase limits.
  • Annual rent for 3" x 5" deposit box waived.
  • Rushed and free credit/debit card replacement.
  • Authorized debit-cards for family members (with customizable limits).
  • Dedicated investment/financial advisor.
  • Personalized banking.

You might be able to glean from these benefits that they are more exclusive and lifestyle-related benefits. But if you run the numbers, Chase Private Client is simply not worth the cost, especially when opting for an option like Unifimoney offers you much more practical benefits:

  • High-yield checking account.
  • Auto investment tools.
  • Flat-rate credit card cashback.
  • State-of-the-art robo-advisor.

Empty benefits are not worth the cost that Chase Private Client requires.

Eligibility

Unifimoney is significantly less discerning when it comes to the clientele. It caters to a sophisticated and affluent clientele, but that's still a significantly larger pool of potential clients than Chase Private Client. Plus, anyone can open an account with Unifimoney, whereas you have to be invited to the Chase Private Client program, the cost of which is far higher. 

Investments

This is where Chase Private Client vs Unifimoney comparison gets trickier, but mostly because people haven't realized that robo-advisors have made private wealth management obsolete. The bells and whistles of a personal financial advisor that helps you manage your investments and plan your portfolio based on your investment/saving goals are usually not worth the cost. Still, it would have been significantly better than some of the more rudimentary robo-advisors available, but Unifimoney's Tenjin AI robo-advisor is in a class of its own.

The graph shows how Tenjin's different portfolios (conservative ones) compare against the DMRM ETF. 2020 has been a rough year for the economy and stock market, and yet, Tenjin Pro managed to grow investors' money. 

Also, the account balance you might need to maintain (even if it's in your investment portfolio) in order to keep up your Chase Private Client status is highly likely to undermine your full investment potential.

Verdict

Even in private banking services and private banking apps, the comparisons are usually subjective, where one product might be better for certain people and the other product for different people. But in the case of Chase Private Client vs Unifimoney, the latter is the clear winner. If you have a net worth of $250,000 or more, you want it in a bank that allows you to maximize its potential. Whether it's through a market-beating APY or a cutting-edge robo-advisor, Unifimoney is significantly better equipped to help you grow your wealth and secure your financial future. 


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