What Bank Accounts Do The Ultra-Rich Use?

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The financial habits of a millionaire in the United States are a bit different than your average consumer. With that, their bank accounts have some different features built in to accommodate their needs and financial plans. There will always be mutual funds, hedge funds or other investment opportunities for their private wealth managers to deal with, but what about their bank accounts?

The 10 Best Rich People Bank Accounts

Many ultra-high-net-worth individuals choose to put their money in checking accounts or other million-dollar bank accounts offered by major banks. But instead of opting for the standard checking account, these millionaires have access to private banking opportunities and financial services tailored specifically to the money management needs of bank accounts for the wealthy.

Two common perks embedded into these bank accounts for millionaires include waived fees and personal bankers. Banks for the rich tend to have upgraded features compared to the standard options available to average net-worth individuals. Here’s a closer look at what banks millionaires use:

  1. Bank of America Private Bank
  2. Chase Private Client
  3. Morgan Stanley CashPlus
  4. HSBC Premier Checking
  5. TD Bank Private Banking
  6. PNC Private Bank Checking
  7. Truist Wealth Checking
  8. Santander Private Client Checking
  9. BNY Mellon Cash Management Access Account
  10. Citigold® Private Client

1. Bank of America Private Bank

  • Clients: Bank of America’s Private Bank targets clients with over $3 million in investable assets
  • Perks: Get a bonus on rewards earned through a paired Bank of America credit card
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Private Bank offers a private banking opportunity through Bank of America, Member FDIC. If you qualify, you’ll enjoy the lack of a monthly fee and a competitive interest rate that puts your money to work for you without giving up accessibility.

Millionaires who choose to work with Bank of America’s Private Bank will get access to a bonus on their Bank of America credit card rewards. Additionally, they receive rate discounts on a variety of loan products, including Home Equity Lines of Credit, auto financing and mortgages.

2. Chase Private Client

  • Clients: Individuals with a minimum daily balance of at least $150,000 in linked checking, savings or investment accounts
  • Perks: Higher interest rates on CDs and savings accounts

Chase Private Client is offered by J.P. Morgan Chase to accountholders with a minimum daily balance of at least $150,000 in linked checking, savings or investment accounts. If the account holder doesn’t meet those requirements, they’ll face a monthly fee of $35 to maintain the account.

Once in, account holders avoid most fees. For example, you won’t find any Chase-charged wire transfer fees or foreign exchange adjustment fees when using your debit card for purchases with a currency other than USD. You’ll find relatively high purchase limits of up to $7,500 and a daily ATM withdrawal limit of $3,000.

3. Morgan Stanley CashPlus

  • Clients: Clients include those who can maintain a $2,500 monthly deposit, a Social Security deposit of any amount or a $25,000 average daily balance. Plus, you’ll need an eligible Morgan Stanley Investment Relationship.
  • Perks: $695 Annual Engagement Bonus for Platinum CashPlus users when the set requirements are met
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Morgan Stanley advertises its CashPlus option as a “modern alternative to banking.” The accounts include Premier CashPlus and Platinum CashPlus. Both offer unlimited ATM fee rebates, cash access from all banks and tellers that accept Mastercard, no foreign transaction fees, extended warranty coverage and identity and credit protection.

If you don’t meet the minimum deposit or daily balance criteria, you’ll face a $15 or $55 monthly fee.

4. HSBC Premier Checking

  • Clients: Meet a $75,000 minimum balance requirement, have at least $5,000 in direct deposits per month or have an HSBC U.S. mortgage with an original loan balance of $500,000 or more
  • Perks: Share your status with up to four family members

HSBC Premium Checking gives accountholders the opportunity to snag rebates on non-HSBC ATM withdrawals and access to a high-yield savings account. But if you don’t meet the requirements, you’ll pay a $50 monthly maintenance fee for this account.

5. TD Bank Private Banking

  • Clients: Americans and Canadians with at least $750,000 to invest
  • Perks: No fee for 3×5 safe deposit boxes and no fees for up to 5 wire transfers each month

TD Bank Private Banking clients will get access to a dedicated Relationship Manager to help them with their banking questions in person, via email or over the phone.

As a private banking client, you’ll get access to premium concierge banking services, which include no fees on check orders, high mobile deposit limits of $50,000 per day and no monthly maintenance fees when you meet minimum balance requirements. However, their website is unclear on exactly what these minimum balance requirements are.

6. PNC Private BankSM Checking

  • Clients: PNC Private Bank checking is an option for those with at least $1 million in investable assets
  • Perks: No minimum balance requirements
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Clients who have more than $1 million in investable assets can choose to work with PNC Private Banking. With this checking account, you won’t find any minimum balance requirements or direct deposit requirements. Plus, there are no fees on wire transfers. If you withdraw cash at an ATM, PNC will reimburse any ATM fees charged by the other financial institution.

As a Private Banking client, you’ll also have access to a money market account with higher interest rates and no transaction requirements.

7. Truist Wealth Checking

  • Clients: Clients who can maintain a $25,000 minimum daily balance in their checking account or $100,000 across all Truist-related accounts
  • Perks: Free health savings account, a debit card that offers rewards and access to a no-fee safe deposit box

The Truist Wealth Checking account offers a tiered interest-bearing structure to help you earn interest on your checking account balance. You can avoid the $50 annual maintenance fee if you maintain a minimum daily balance of at least $25,000 in the account. Accountholders will also avoid fees on any safe deposit boxes and wire transfers. Plus, you can enjoy automatic overdraft protection.

8. Santander Private Client Checking

  • Clients: Clients who can maintain a minimum balance of $250,000 across eligible Santander accounts
  • Perks: No monthly fee, dedicated customer service line, access to a team of financial specialists for guidance and rate discounts on select consumer loans

Santander Private Client Checking is available to clients who can maintain a minimum balance of at least $250,000 across eligible accounts, which include personal deposit accounts, business deposit accounts and select Santander investment accounts. If you qualify, you’ll get access to on-demand financial specialists to guide you through financial decisions.

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9. BNY Mellon Cash Management Access Account

  • Clients: High-net-worth individuals with an inclination toward self-directed investing
  • Perks: Up to $500,000 in federal deposit insurance per individual account owner, interest-bearing account

Through BNY Mellon’s Cash Management Access Account, clients can hold their investment assets in a brokerage account. But their uninvested cash can earn income through the firm’s insured deposit program or money market funds.

10. Citigold® Private Client

  • Clients: Clients who can maintain an average monthly balance of $1,000,000 or more across all linked accounts
  • Perks: Personalized guidance and waived fees

Last but not least, Citigold® Private Client makes the list of banks for the rich. The checking account offered is just one piece of the wealth management puzzle available through Citigold®. In addition to receiving professional advice on how to make the most of your money, you’ll find unlimited refunds when other banks charge an ATM fee and high debit card purchase limits.

What Are the Benefits of Bank Accounts for the Rich?

Individuals with high net worth need more strategic wealth management assistance to cater to their financial needs. Here are some key takeaways about the benefits of personal and private banking:

  • Private banking can help rich people be more strategic with their taxes, investment opportunities or company banking needs.
  • Though minimum balance requirements for private banking will vary by financial institution, typically a balance of at least $1 million makes sense for the services offered.
  • Access to a personal banker can get you better APY rates on bank accounts and lower interest rates on loans.
  • You can grow your chances of creating generational wealth through estate planning and trusts without the burden of additional taxes. 
  • Financial planning is included for real estate investing and property management.
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Final Take To GO

The bottom line is that the ultra-rich have access to specialized bank account opportunities. In addition to feature-packed accounts, high-net-worth individuals tend to want more from their banks. That might come in the form of rate discounts on loan products or investment advice or assistance from professionals.

Caitlyn Moorhead contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

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