A checking account is a necessity for most people, but they’re definitely not one-size-fits-all. Ultra high net worth individuals, for example, need a checking account equipped to meet their unique wealth management needs. While research suggests that the ultra rich stash as much as $32 trillion in offshore accounts, they’re still keeping a substantial amount of wealth in domestic banks.

In fact, many high net worth individuals choose to do business with the same banks that are frequented by everyday consumers. In a study from Spectrem Group, 16% of ultra high net worth investors cited Bank of America as their bank of choice. Another 16% favored Wells Fargo, while 11% chose JPMorgan Chase. Other banks that earned mentions included Citi, PNC, Suntrust and U.S. Bank. With that in mind, here are 10 checking accounts that are designed with the ultra rich in mind. (For more on this topic, see Best Banks to Stash My Million Dollars.)

​1. U.S. Trust Wealth Management Interest Checking

U.S. Trust 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 towards 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 Account Package

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 Citi checking, savings and money market accounts. Account holders also receive personalized guidance from a wealth professional, and many of Citi’s typical banking service fees are waived for Private Client members.

​3. Union Bank Private Advantage Checking

The Private Advantage Checking account is available to clients who maintain a combined minimum monthly balance of $250,000 in their Union Bank checking, savings, investment or retirement accounts. This account is free of monthly service fees and there are no ATM fees worldwide. Another enticement for Private Advantage clients is the Union Bank Graphite American Express card, which pays up to 3% cash back on eligible purchases.

​4. HSBC Premier Checking

To qualify for this HSBC 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 a bonus of up to $1,000 every time you refer someone for a new HSBC account. Clients enjoy personalized financial support as well as discounts on loan products and a range of complimentary services.

5. Morgan Stanley Active Assets Account

Morgan Stanley made its entry into the private banking arena relatively recently, but it’s attracted a steady flow of high net worth clients. The 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 $653 billion in assets under management as of March 2016. The Resource Management Account provides a fluid way to manage your cash and investments with no maintenance fee on minimum monthly balances of $75,000. As part of enrollment, banking clients always have access to a UBS Financial Advisor who can assist with financial decision-making. ​

​7. BB&T Vantage Checking

BB&T is the nation’s eleventh largest bank and its wealth management division offers an impressive range of products and services. The 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.

​8. PNC Performance Select Checking

This PNC Bank premium checking account comes with enhanced benefits, such as a personal private banker, the ability to earn interest on your balance, bonus rates on selected CD and IRA products, 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 Cash Management Access Account

The BNY Mellon Cash Management 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 Checking

Chase Private Client Checking 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 with Chase. There’s no monthly service fee and all that’s required to open an account is $100. 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.

​The Bottom Line

Managing a higher net worth requires the right tools. The 10 checking accounts profiled here are intended for banking clients who desire convenient access to cash with premium benefits. When you are selecting private banking services, be sure to consider the fees and minimum account requirements, as well as the range of perks a particular account offers.

For further reading on related topics, see The Worst Financial Problems Ultra-High-Net-Worth-Individuals (UHNWIs) Face and Asset Protection for High Net Worth Individuals.

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