A checking account is a useful money management tool. In fact, these accounts are so handy that even millionaires typically have a checking account for their money management needs.
But the financial habits of a millionaire are a bit different than your average consumer. With that, their checking accounts have some different features built-in to accommodate their needs. Want to learn what checking account millionaires are using? Keep reading to find out more.
Where Do Millionaires Put Their Money?
Many high-net-worth individuals choose to put their money in checking accounts offered by major banks. But instead of opting for the standard checking account, these millionaires have access to private banking opportunities tailored to their money management needs.
Two common perks embedded into the checking accounts of the ultra-rich include waived fees and personal bankers.
8 Checking Accounts the Ultra Rich Use
Checking accounts offer a cornerstone money management tool. But the ultra-rich pursue checking accounts with upgraded features from the standard options available to average net worth individuals. Here’s a closer at eight checking accounts used by the ultra-rich.
1. Bank of America Private Bank
- Clients: Bank of America’s Private Bank targets clients with over $3 million in investable assets
- Perks: Earn a 75% bonus on rewards earned through paired Bank of America credit card
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. As of 2022, the rate booster is 20%. With that, the ultra-rich can earn 20% more on the funds in their checking account.
Millionaires who choose to work with Bank of America’s Private Bank will get access to a 75% 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 steep 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. And you’ll find relatively high purchase limits of up to $7,400 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 or a $25,000 average daily balance. Plus, you’ll need an eligible Morgan Stanley Investment Relationship.
- Perks: $695 engagement bonus for Platinum CashPlus users
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 for the CashPlus accounts.
4. HSBC Premier Checking
- Clients: Meet a minimum $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 and lower mortgage rates
HSBC Premium Checking gives accountholders the opportunity to snag unlimited rebates on all non-HSBC ATM withdrawals, access to a high-yield savings account and lower mortgage rates. 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 substantial investable assets
- Perks: No fee for 3×5 safe deposit boxes, 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 you with your 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 Bank Checking
- Clients: PNC Private Bank checking is an option for those with at least $1 million in investable assets
- Perks: No minimum balance requirements
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, debit card offers rewards, interest-bearing account
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 $40 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, enjoy automatic overdraft protection.
8. 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, waived fees
Last but not least, Citigold® Private Client makes the list of checking accounts used by the ultra-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.
The Bottom Line
The ultra-rich have access to specialized checking account opportunities. In addition to a feature-packed checking account, high-net-worth individuals tend to want more from their bank. That might come in the form of rate discounts on loan products or investment management assistance from professionals.
Information is accurate as of Aug. 24, 2022, and subject to change.
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