A checking account is a necessity for most people, but they’re definitely not one-size-fits-all. Ultra-high-net-worth individuals (UHNWIs) need checking accounts that are equipped to meet their unique wealth management needs.
Many ultra-high-net-worth individuals choose to conduct their banking at the same institutions that are frequented by average consumers. To meet the needs and compete with their competitors to grab this clientele group, these banks have created accounts that come with special perquisites for the ultrarich, such as personal bankers, waived fees, and the option of placing trades.
Key Takeaways
- Ultra-high-net-worth individuals (UHNWIs) need checking accounts that are equipped to meet their unique wealth management needs.
- Bank of America, Citibank, and HSBC, among others, have created accounts that come with special perquisites for the ultrarich, such as personal bankers, waived fees, and the option of placing trades.
- The ultrarich are considered to be those with more than $30 million in assets.
These 9 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 over $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 they 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.
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.
3. 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.
4. Morgan Stanley CashPlus
Morgan Stanley CashPlus is designed to be an all-in-one cash management solution. There are two account tiers available: Premier CashPlus and Platinum CashPlus. There are no cash management fees with either account, and both offer unlimited ATM fee rebates worldwide. For the Premier CashPlus account, a $10,000 average daily cash balance or $2,500 in total monthly deposits is required to avoid a monthly service fee of $15. For the Platinum CashPlus account, a $25,000 average daily cash balance or $5,000 in monthly deposits is required to avoid a monthly service fee of $55. 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.
5. TD Bank Private Banking
TD Bank offers private banking services to clients in the United States 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.
6. Truist Wealth Checking
The Truist (formerly ) wealth management division offers an impressive range of products and services. Truist’s 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.
7. 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 them better understand and plan for their short- and long-term financial needs. In addition to the Private Bank Checking account, they 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.
8. BNY Mellon Cash Management Access Account
The BNY Mellon Cash Management Accessaccount is a self-directed investmentproduct that combines the functionality of abrokerage accountwith the features of a checking account.Clients have the option of placing trade orders forstocksandmutual 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.
9. 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 certificates of deposit (CDs), higher daily deposit and withdrawal limits, and fee waivers on selected services, including wire transfers and foreign ATM withdrawals.
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What is an ultra-high-net-worth individual (UHNWI)?
These are people with investable assets of more than $30 million, according to the 2024 Knight Frank Wealth Report. By comparison, high-net-worth individuals (HNWIs) have at least $1 million in assets. This group of people is small but continues to grow. The United States has the most of these people in the world by a large margin.
How do the ultrarich get their wealth?
Many ultra-high-net-worth individuals derive the majority of their wealth from owning their own businesses, and many 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 ultrarich expect?
Most do not have their money sitting incertificates of deposit (CDs), money market accounts, or mutual funds in a401(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.
The Bottom Line
The ultrarich, or 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.
