A checking account is a necessity for most people, but they’re definitely not one-size-fits-all. Ultra-high-net-worth individuals need checking accounts that are equipped to meet their unique wealth management needs.
Many high-net-worth individuals choose to conduct their banking at the same institutions that are frequented by average consumers. In order to meet the needs of this clientele group, these banks have created accounts that come with special perquisites for the ultra-rich, such as personal bankers, waived fees, and the option of placing trades.
- Ultra-high-net-worth individuals need checking accounts that are equipped to meet their unique wealth management needs.
- Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultra-rich, such as personal bankers, waived fees, and the option of placing trades.
These ten checking accounts are designed with the wealthy in mind and are intended for banking clients who desire convenient access to cash with premium benefits.
1. Bank of America Private Bank
Private Bank is the private banking division of Bank of America, and it targets individuals with a minimum of $3 million in liquid assets. The Wealth Management Interest checking account is geared toward high-net-worth individuals who want to earn a competitive rate on their balance. There are no monthly maintenance fees and members are eligible to enroll in the Preferred Rewards program, which offers exclusive benefits such as a 75% bonus on rewards earned with a Bank of America credit card.
2. Citigold Private Client
The Citigold Private Client Account Package is an all-in-one banking product that’s designed to simplify cash management for wealthy clients. The package includes access to Citibank checking, savings, and money market accounts. Account-holders also receive personalized guidance from a wealth professional, and many of Citibank's typical banking service fees are waived for Private Client members.
3. Union Bank Private Advantage Checking Account
The Union Bank Private Advantage checking account is available to clients who maintain a combined minimum monthly balance of $250,000 in their checking, savings, investment, or retirement accounts. This account is free of monthly service fees. There are also no overdraft fees and no ATM fees worldwide.
4. HSBC Premier Checking
To qualify for the HSBC Premier Checking account, you must maintain at least $100,000 in combined investment and deposit balances with the bank. Premier Checking comes with a number of built-in benefits, including the ability to earn bonuses of up to $2,000 each year when you refer someone for a new HSBC account. Clients also enjoy personalized financial support, discounts on loan products, and a range of other complimentary services.
5. Morgan Stanley Active Assets Account
The Morgan Stanley Active Assets Account provides the usual check-writing and bill payment services, along with the opportunity to execute trades with margin privileges. Automatic cash sweep is another valuable feature; you’ll need a $5 million minimum initial investment to sweep into an Active Assets Institutional Money Trust.
6. UBS Resource Management Account
UBS is one of the world’s largest private banks, with $903 billion in assets under management as of December 2019. The UBS Resource Management Account provides a fluid way to manage your cash and investments. There is no maintenance fee on minimum monthly balances of $75,000. Banking clients always have access to a UBS financial advisor who can assist with all financial decisions.
7. BB&T Wealth Vantage Checking
BB&T's wealth management division offers an impressive range of products and services. The BB&T Vantage Checking account offers perks such as tiered interest checking, fee discounts, and preferred rates on loans. If you’d like more flexibility, you can also open a Vantage Asset Management brokerage account, which allows for easy sweeping into and out of your checking account.
8. PNC Performance Select
The PNC Performance Select checking account comes with enhanced benefits, such as a personal private banker, the ability to earn interest on your balance, and bonus rates on selected CD and IRA products, in addition to fee waivers and discounts on consumer loan products including home equity lines. There is a $25 account maintenance fee, which is avoidable if you maintain a minimum monthly balance of $25,000.
9. BNY Mellon Client Access
The BNY Mellon Client Access account is a self-directed banking product that combines the functionality of a brokerage account with the features of a checking account. Clients have the option of placing trade orders for stocks and mutual funds, paying bills, and overseeing their general day-to-day finances. This account and BNY Mellon’s other wealth management products are appropriate for consumers with $2 million or more in investable assets.
10. Chase Private Client
Chase Private Client is designed for individuals who maintain a minimum daily balance of at least $250,000 in a combination of linked checking, savings, or investment accounts at Chase Bank. There’s no monthly service fee, and only a $100 deposit is required to open an account. Account extras include higher interest rates on linked savings accounts and CDs, as well as fee waivers on selected services, including wire transfers and foreign ATM withdrawals.