They are not really competitive due to the high initial deposit or total balance requirements, as there are smaller banks that offer higher yields and no requirements. These products mostly function as an incentive for higher net worth individuals to maintain the relationship with their existing big bank.
https://resources.bankofamerica.com/email/render-resource/40... https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMO...
Big banks like Chase and Morgan Stanley have similar deposit products tied to their investment/wealth management arms:
https://www.jpmorgan.com/wealth-management/premium-deposit https://www.morganstanley.com/campaigns/wealth-management/qu...
They are not really competitive due to the high initial deposit or total balance requirements, as there are smaller banks that offer higher yields and no requirements. These products mostly function as an incentive for higher net worth individuals to maintain the relationship with their existing big bank.