Have you ever heard the term “more money, more problems?” Many of us would like to have the problems of the ultra-rich, rather than clipping coupons or counting change. While it may not be true that high net worth individuals have more problems, they have different challenges and concerns than middle- to low-income people.
One of these challenges comes with managing money. It’s especially important for wealthy people to use the right bank to protect and invest their money. When it comes to cash management, high net worth individuals have more to lose than people with less money.
11 Checking Accounts for Millionaires
Now that you understand the benefits of a millionaire bank account, you may wonder which financial institutions are designed for the ultra-rich. Take a look at our top millionaire bank accounts.
1. Citi Private Bank
Citibank is one of the largest personal banks in the U.S. with a private banking division.
Citi Private Bank prides itself on global financial services for very high net worth individuals who meet minimum balance requirements of $5 million or more.
Those who don’t meet that minimum daily balance may consider a Citigold checking account for individuals with at least $1 million in linked checking, retirement, and investment accounts. Personal bankers with Citigold offer wealth planning, investment services and more.
Both Citi accounts offer the highest level of service. Citi Private Bank focuses on wealth management, with an eye on sustainability and ethics.
2. Chase Private Client
JPMorgan Chase, one of the top-rated banks for personal finance, caters to individuals who may identify as HENRY, or “High Earner, Not Rich Yet.” Chase Private Client requires a minimum monthly balance of just $150,000 to avoid monthly maintenance fees.
The bank is offering a welcome bonus of up to $3,000 for those who open a Chase Private Client Checking Account now through January 24, 2024. Additionally, a Private Client account offers unlimited refunds on ATM fees from out of network ATMs, no wire transfer fees, and no foreign exchange rate adjustment fee.
Read our full review of Chase Private Client.
3. J.P. Morgan Private Bank
J.P. Morgan Private Bank is affiliated with JPMorgan Chase, the largest personal bank in the United States. Just as Citi Private Bank and Citigold serve high-priority clients at different tiers, J.P. Morgan Private Bank tailors to UHNWI clients.
Rated the best private bank in the world by Global Finance, J.P. Morgan Private Banking helps you manage your savings, checking and retirement accounts with the help of a dedicated client service team. J.P. Morgan Private Bank clients have access to Chase’s extensive network of ATMs with no ATM fees.
Easily helped loved ones and staff access money in your checking account. You can track their debit card purchases and withdrawals with a Chase Privileges Debit Card.
4. BNY Mellon Cash Management Access Account
In 2011, BNY Mellon, deemed “the bank of banks,” introduced the BNY Mellon Cash Management Access Account, allowing its private clients to manage their checking and savings accounts, along with money market funds and other investments, on their own.
Combining personal finance solutions with investment options, including retirement accounts and mutual funds, a BNY Mellon CMAA puts banking and wealth management under one umbrella. This structure makes it convenient for investors to build wealth and manage personal finance through one strategic account.
5. Bank of America Private Bank
Bank of America: Private Bank’s banking requires a minimum balance of $3 million. One aspect that sets Bank of America apart is the firm’s Strategic Philanthropy and Grantmaking service, which can help high-priority clients plan for the future – and today – with strategic giving.
Bank of America Private Bank also offers art services, including sales, consignment, financing, and estate planning. These services can help individuals leverage their art collection in the most profitable way possible.
While people with less money may turn to a Bank of America credit card for rewards, millionaires can take advantage of other lending programs, such as a private credit line and customized lending that leverages specialized assets for collateral.
6. Morgan Stanley CashPlus
Like the BNY Mellon CMAA, a Morgan Stanley CashPlus account is considered “a modern alternative to banking.” Combining a checking account, savings account, and wealth management solutions, the account offers many of the perks and benefits you’d see in top personal banks.
Enjoy unlimited rebates on ATM fees and waived monthly fees if you meet minimum deposit requirements or other criteria. Account holders may qualify for a $695 annual engagement bonus if you carry a Morgan Stanley debit card or an American Express Platinum Card exclusively for Morgan Stanley.
7. HSBC Global Private Banking
Many high net worth individuals are looking for a financial institution with a global presence. Many of the banks on this list offer worldwide services. HSBC Global Private Banking emphasizes its relationships with global markets to deliver exemplary service for international investors.
From support for philanthropic endeavors to aircraft and art financing, HSBC Global tailors to the lifestyle of wealthy individuals. An HSBC Currency Account is like a checking account for international customers. You can make international transfers or payments with no fees in 14 different currencies.
Other services include savings and checking accounts, credit cards, and margin trading.
8. TD Wealth Private Client
Like Citi, Bank of America, and Chase, TD Bank has a private client group to cater to the needs of high net worth customers. TD Wealth Private Client offers many perks, including fee rebates on ATMs, emergency debit card replacement, and higher daily withdrawal limits.
You can also get safe deposit boxes and checks for free, plus no monthly maintenance fees or minimum balance requirements.
Plus, enjoy assistance from a team of financial advisors who can help with wealth management.
9. Wells Fargo The Private Bank
The Private Bank is the wealth management division of Wells Fargo Bank, the fourth-largest bank in the U.S. Wells Fargo solutions include premium savings and checking accounts, lending and credit solutions, art services, and more.
A wealth management banker can guide you toward financing that leverages assets to minimize capital gains tax while adding liquidity to your investments, along with solutions like aircraft financing or life insurance premium financing.
Earn a higher interest rate on a linked CD or savings account, and enjoy waived fees for many services.
10. PNC Private Bank Cash Management Solutions
PNC offers cash management solutions for high earners, including checking accounts with no monthly maintenance fees, regardless of your average daily balance or direct deposits. Money market accounts offer interest rates higher than the national average with no monthly service charge and no balance requirements.
Individuals with $1 million or more in investable assets across accounts can receive the personalized services of a dedicated banking advisor and a service center team as a private banking client at PNC.
11. Truist Wealth Checking
Truist touts integrated banking solutions, including asset management, for its wealthiest clients with $1 million or more in investable assets. Enjoy high daily withdrawal limits of $3,000 and purchase limits of $25,000, along with fee-free checking, savings, and health savings accounts.
Get the convenience of a free safe deposit box, fees refunded on non-Trust ATM transactions, and other benefits.
A Wealth Asset Management Account from Truist offers tiered interest rates for a better return on your money. You can also take advantage of money market accounts, CDs, and IRAs when you bank with Truist.
Truist Wealth clients can also enjoy the bank’s top-tier rewards card and waive the $450 annual fee.
How is banking different for the ultra-rich?
High net worth individuals typically do not use the same banking services as middle-income households. If you have more than a million dollars to save, you will want to rely on private banking, which offers premium concierge banking services.
Private Banking for Millionaires
Private banking is a subset of personal banking, where account holders receive the highest level of personalized service, investment management, and other benefits.
Some of the benefits of private banking include:
- A dedicated relationship manager
- A team of financial advisors to help you with your personal finances
- Yields on savings accounts that are higher than the national average
- Safe deposit boxes
- Waived fees
- No daily ATM withdrawal limit
- Broad choices in investment accounts
Why do millionaires use private banks?
Ultra-high net worth individuals use private banks for a high-yield savings account, better loan rates, and a higher level of customer service than they might receive from personal banks.
Some people think the ultra-rich put their money in offshore bank accounts so they don’t have to pay taxes on it. But that’s not the full story. In fact, most wealthy people keep at least some of their funds in a U.S.-based checking account for convenience.
Millionaires may divide their money between multiple financial institutions here in the U.S. and in bank accounts offshore. That’s because FDIC insurance in the U.S. only covers up to $250,000 per account holder.
Some cash management accounts may protect more of your money. But, in general, high-income individuals want to spread funds between multiple accounts to protect their hard-earned money.
Frequently Asked Questions
How many bank accounts do millionaires have?
Millionaires may have many accounts in the U.S. and overseas. Most millionaire bank accounts have minimum balance requirements of $1 million+. But most banks only carry FDIC insurance up to $250,000 per account. So, millionaires will spread funds across multiple accounts to earn the highest yields and protect their liquid assets.
How much money do you need to open a private bank account?
Most private banks require a minimum deposit of $1 million. Some, like Chase Private Client, have lower minimum daily balance limits.
What is an ultra-high-net-worth individual (UHNWI)?
An ultra-high-net-worth individual has more than $30 million in liquid assets, according to recognized definitions.
How do the ultra-rich get their wealth?
Ultra-high net worth individuals amass their wealth in various ways, from owning corporations to buying and selling stocks or real estate. While the right bank partnerships can help anyone achieve their financial goals, private banks offer eligible clients wealth management services that help their money grow at an even faster rate.
What banking services do the ultrarich expect?
The ultrarich seek private banking services that include a personal advisor or team of personal finance specialists, waived monthly fees, higher yield savings and money market accounts, and specialized services, which might include things like aircraft financing.
How do millionaires manage their money?
Millionaires manage their money with the help of a team of professionals. They take advantage of fintech and strategic finance services and use a private financial institution with financial products tailored to wealthy individuals.
