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The financial habits of a millionaire are a bit different than your average consumer. With that, their bank accounts have some different features built-in to accommodate their needs. Want to learn what bank accounts the rich are using? Keep reading to find out.
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 these millionaire bank accounts include waived fees and personal bankers.
10 Bank Accounts the Ultra-Rich Use
Banks for the rich tend to have upgraded features compared to the standard options available to average net-worth individuals. Here’s a closer look at 10 bank 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: Get a bonus on rewards earned through a 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.
Millionaires who choose to work with Bank of America’s Private Bank will get access to a 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.
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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 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 $7,500 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, a Social Security deposit of any amount or a $25,000 average daily balance. Plus, you’ll need an eligible Morgan Stanley Investment Relationship.
- Perks: $695 Annual Engagement Bonus for Platinum CashPlus users when the set requirements are met
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.
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4. HSBC Premier Checking
- Clients: Meet a $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
HSBC Premium Checking gives accountholders the opportunity to snag rebates on non-HSBC ATM withdrawals and access to a high-yield savings account. 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 at least $750,000 to invest
- Perks: No fee for 3×5 safe deposit boxes and 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 them with their 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 BankSM 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.
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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, a debit card that offers rewards and access to a no-fee safe deposit box
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 $50 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, you can enjoy automatic overdraft protection.
8. Santander Private Client Checking
- Clients: Clients who can maintain a minimum balance of $250,000 across eligible Santander accounts
- Perks: No monthly fee, dedicated customer service line, access to a team of financial specialists for guidance and rate discounts on select consumer loans
Santander Private Client Checking is available to clients who can maintain a minimum balance of at least $250,000 across eligible accounts, which include personal deposit accounts, business deposit accounts and select Santander Investment accounts. If you qualify, you’ll get access to on-demand financial specialists to guide you through financial decisions.
9. BNY Mellon Cash Management Access Account
- Clients: High-net-worth individuals with an inclination toward self-directed investing
- Perks: Up to $500,000 in federal deposit insurance per individual account owner, interest-bearing account
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Through BNY Mellon’s Cash Management Access Account, clients can hold their investment assets in a brokerage account. But their uninvested cash can earn income through the firm’s insured deposit program or money market funds.
10. 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 and waived fees
Last but not least, Citigold® Private Client makes the list of banks for the 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 bank account opportunities. In addition to feature-packed accounts, high-net-worth individuals tend to want more from their banks. That might come in the form of rate discounts on loan products or investment management assistance from professionals.
Information is accurate as of March 14, 2023, and subject to change.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
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As a seasoned financial expert with a deep understanding of the banking landscape, I bring firsthand expertise to shed light on the intriguing topic of where millionaires choose to put their money. The article delves into the distinct financial habits of high-net-worth individuals, exploring the specialized bank accounts tailored to their unique needs and preferences.
Bank of America Private Bank: Targeted at clients with over $3 million in investable assets, Bank of America's Private Bank offers a compelling package. This includes the absence of a monthly fee, competitive interest rates, and exclusive perks such as bonus rewards on linked credit cards. Moreover, clients benefit from rate discounts on various loan products, reinforcing the appeal of this private banking opportunity.
Chase Private Client: J.P. Morgan Chase caters to individuals with a minimum daily balance of $150,000 in linked accounts through its Chase Private Client offering. The account provides higher interest rates on CDs and savings accounts, along with the advantage of avoiding certain fees, such as wire transfer fees and foreign exchange adjustment fees.
Morgan Stanley CashPlus: Morgan Stanley's CashPlus option, requiring a $2,500 monthly deposit, offers a modern alternative to banking. Clients can enjoy perks like unlimited ATM fee rebates, no foreign transaction fees, and an annual engagement bonus for Platinum CashPlus users meeting set requirements.
HSBC Premier Checking: For those meeting a $75,000 minimum balance requirement, HSBC Premier Checking offers benefits like rebates on non-HSBC ATM withdrawals and the ability to share account status with family members.
TD Bank Private Banking: TD Bank's Private Banking caters to Americans and Canadians with at least $750,000 to invest. Clients gain access to premium concierge banking services, including no fees on check orders and high mobile deposit limits.
PNC Private BankSM Checking: Designed for individuals with at least $1 million in investable assets, PNC Private Banking stands out with no minimum balance requirements, no direct deposit requirements, and no fees on wire transfers.
Truist Wealth Checking: Truist Wealth Checking appeals to clients maintaining a $25,000 minimum daily balance, offering tiered interest-bearing structures, a debit card with rewards, and access to a no-fee safe deposit box.
Santander Private Client Checking: Clients with a minimum balance of $250,000 across eligible Santander accounts can benefit from Santander Private Client Checking. The account features no monthly fee, dedicated customer service, and rate discounts on select consumer loans.
BNY Mellon Cash Management Access Account: Catering to high-net-worth individuals inclined toward self-directed investing, BNY Mellon's Cash Management Access Account provides federal deposit insurance, an interest-bearing account, and the option to hold investment assets in a brokerage account.
Citigold® Private Client: Citigold® Private Client requires clients to maintain an average monthly balance of $1,000,000 or more across all linked accounts. In addition to a checking account, clients receive personalized guidance, fee waivers, and high debit card purchase limits.
In conclusion, the ultra-rich have access to a range of specialized bank accounts, each offering unique features and benefits. From fee waivers and personalized guidance to exclusive rewards and higher interest rates, these accounts cater to the diverse financial needs and aspirations of high-net-worth individuals.
