10 Checking Accounts the Ultra Rich Use

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.

Key Takeaways

  • 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.
  • The ultra rich are considered to be those with more than $30 million in assets.

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, with standard bank fees waived when you meet minimum balance requirements. 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 with perks such as unlimited refunds on non-Citibank ATM fees and higher daily limits on ATM withdrawals and debit card purchases. 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 exclusively to Private Bank clients. This account, which can be opened with $1,000, has no monthly maintenance fees of any kind and no minimum balance requirements. Balances earn interest, which is compounded and paid monthly. Private Advantage Checking customers pay no overdraft fees and no ATM fees worldwide and have a dedicated relationship manager available to answer questions and provide assistance.

4. HSBC Premier Checking

HSBC Premier Checking makes it easy to enjoy valuable benefits while avoiding monthly maintenance fees. To avoid a monthly service fee, you can do one of the following:

  • Meet a $75,000 minimum balance requirement
  • Schedule recurring direct deposits totaling at least $5,000 per month
  • Have an HSBC U.S. residential mortgage with an original loan amount of $500,000 or more.

If you're unable to meet one of these requirements, a $50 monthly maintenance fee applies. Premier Checking customers enjoy unlimited rebates on non-HSBC ATM fees, access to preferential mortgage rates and access to one of the bank's highest-yielding savings accounts.

5. Morgan Stanley CashPlus

Morgan Stanley CashPlus is designed to be an all-in-one cash management solution. There are two account tiers available, Premium CashPlus and Platinum CashPlus. There are no cash management fees with either account and both offer unlimited ATM fee rebates worldwide. A $25,000 average daily cash balance is required to avoid a monthly service fee of $45. The Platinum CashPlus account also comes with additional benefits, such as a $695 annual engagement bonus for customers who have the Platinum Card from American Express Exclusively for Morgan Stanley.

6. TD Bank Private Banking

TD Bank offers private banking services to clients in the U.S. and Canada and is ideally suited for those with $750,000 or more in investable assets. Private banking options include Private Tiered Checking and Private Tiered Savings accounts. Business deposit accounts and liquidity solutions are also offered. Private Client members can withdraw up to $1,500 daily at ATMs and make point of sale transactions up to $20,000, while mobile deposit limits of $50,000 per day and $100,000 per month are included with premium concierge banking services.

7. Truist Wealth Checking

Truist's (formerly BB&T) wealth management division offers an impressive range of products and services. The Truist Wealth Checking account offers perks such as tiered interest checking, fee discounts, and preferred rates on loans. Benefits also include a daily ATM withdrawal limit of $3,000 and a daily purchase limit of $25,000. There are no monthly maintenance fees on secondary checking accounts, one personal Truist savings account or existing Money Rate savings account or one Health Savings Account.

8. PNC Private Bank Checking

PNC Private Bank Checking is a cash management solution for people who want convenience and the opportunity to earn interest on balances. PNC Private Bank Clients work with a dedicated Banking Advisor to help you better understand and plan for your short- and long-term financial needs. In addition to the Private Bank Checking account, you can also open a Private Bank Money Market account. Neither account requires a minimum balance to open or carries a monthly service fee. Private Bank Checking comes with a debit card while Private Bank Money Market Accounts offer an ATM card only.

9. BNY Mellon Cash Management Access Account

The BNY Mellon Cash Management Access account is a self-directed investment 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 could work well if you want to be able to combine investing with other financial management tasks.

10. Chase Private Client

Chase Private Client is designed for individuals who maintain a minimum daily balance of at least $150,000 in a combination of linked checking, savings, or investment accounts or have a Chase Platinum Business Checking Account. There’s no monthly service fee when these conditions are met; otherwise, a $35 monthly fee applies. Account benefits include higher interest rates on linked savings accounts and CDs, higher daily deposit and withdrawal limits as well as fee waivers on selected services, including wire transfers and foreign ATM withdrawals.

What Is an Ultra-High-Net-Worth Individual?

These are people with investable assets of at least $30 million, according to the 2021 Knight Frank Wealth Report. By comparison, high-net-worth people have at least $1 million in assets. This group of people is small but continues to grow. The U.S. has the most of these people in the world by a large margin.


How do the ultra rich get their wealth?

Many ultra-high-net-worth individuals derive the majority of their wealth from owning their own businesses, and may others get most of their wealth from their investment portfolios, while a smaller portion get most of their wealth from their salary, according to the Knight Frank Wealth Report.


What banking services do the ultra rich expect?

Most do not have their money sitting in certificates of deposit (CDs), money market accounts, or mutual funds in a 401(k). From their private bank they expect personalized investment services, low-interest loans, high-touch financial management services, and other generous amenities that entice them to remain a client.

Bottom Line

The ultra rich, or those individuals with more than $30 million in assets, are growing in number. They expect more from their banks than the usual mortgages, low-interest savings accounts and basic checking offered to the bulk of banking customers. From their private bank they expect personalized investment services, low-interest loans, high-touch financial management services, and other generous amenities that entice them to remain a client. And the world's biggest banks have responded in order to keep these high spenders satisfied customers.

Article Sources
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  12. BNY Mellon. "Self-Directed Investment Services." Accessed Dec. 28, 2021.

  13. Chase. "Chase Private Client." Accessed Dec. 28, 2021.

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