A premium checking account is designed for people who keep larger balances and want more from their bank than just basic services. These accounts usually come with added perks such as higher interest rates, waived fees, and free access to ATMs worldwide.
In exchange for these benefits, banks often require you to maintain a higher minimum balance or set up direct deposits. That makes premium checking accounts best suited for those who consistently keep significant funds in their account or use multiple financial products with the same bank.
If you’re considering whether a premium checking account makes sense for you, it helps to understand how they work, what perks they include, and the trade-offs to watch out for. This guide covers the key details, plus a breakdown of some of the best premium checking accounts available today.
What is a premium checking account?
A premium checking account is a type of checking account that goes beyond the basics by offering extra perks and benefits. These can include higher interest rates on deposits, waived ATM fees, free checks, rewards programs, or even lifestyle benefits like concierge services and travel protection.
To access these perks, banks usually require you to maintain a large balance, set up direct deposits, or have a broader relationship with the bank through savings, investments, or loans. Premium checking accounts are best suited for people who consistently keep higher amounts of money in their accounts and want banking perks that offset the higher balance requirements.
Pros & Cons of Premium Checking Accounts
Like most financial products, premium checking accounts come with both advantages and drawbacks. Here are some of the main ones to consider:
Pros
- Higher interest rates: Earn more on your checking balance compared to standard accounts.
- Waived or reduced fees: Many banks remove monthly service fees or ATM surcharges.
- Exclusive perks: Benefits may include free checks, credit score monitoring, identity theft protection, or even travel insurance.
- Rewards programs: Some accounts let you earn points, cash back, or discounts on loans and credit cards.
- Relationship benefits: Holding a premium account can unlock better rates on mortgages, auto loans, or investment products.
Cons
- High balance requirements: You may need to keep $10,000–$50,000 or more across your accounts to avoid fees.
- Limited value if underused: If you don’t travel often or need the extras, a free or low-fee checking account may be more cost-effective.
- Higher fees for some services: Wire transfers, paper statements, or overdrafts can cost more than with basic accounts.
- Opportunity cost: Parking a large balance in checking may mean missing out on higher returns from savings accounts or investments.
How to Qualify for a Premium Checking Account
Banks set specific requirements to make sure premium checking accounts go to customers who can maintain them. While qualifications vary by bank, the most common requirements include:
- Minimum balance: You may need to keep anywhere from $10,000 to $50,000 (or more) across your checking, savings, or investment accounts.
- Direct deposits: Some banks require recurring direct deposits of a set amount each month.
- Credit score: A solid credit score may be considered, especially if the account comes with overdraft protection or linked credit products.
- Relationship status: Certain banks only extend premium accounts to customers who also hold a mortgage, investment account, or other products with them.
Before applying, check the fine print with your bank to confirm the exact requirements. That way, you’ll know if you qualify and can avoid surprise fees if your balance dips below the threshold.
9 Best Premium Checking Accounts in 2025
The following premium checking accounts stand out for their perks and features. Always confirm the latest requirements and rates directly with the bank, since terms can change.
1. HSBC Premier Checking
HSBC Premier Checking is designed for global customers who keep large balances and want premium banking perks, including international benefits and relationship savings options.
- Monthly fee: None if requirements are met
- How to waive: $75,000 in balances, $5,000 in direct deposits, a $500,000+ mortgage, or Private Bank status
- Key perks: Global banking benefits, Premier Savings APY up to 3.00%, dedicated relationship manager
- Best for: International travelers and high-balance customers
2. Chase Sapphire Checking
Chase Sapphire Checking is a premium account with global fee reimbursements and extras for frequent travelers. The $25 monthly fee can be avoided with a high balance across Chase accounts.
- Monthly fee: $25
- How to waive: $75,000 in linked Chase balances
- Key perks: Free worldwide ATM use, no wire transfer fees, four free overdrafts per year, no stop payment fees
- Best for: Frequent travelers and Chase loyalists
3. Bank of America Preferred Rewards
Bank of America’s Preferred Rewards program gives checking customers access to boosted rates, waived fees, and enhanced rewards if they maintain a qualifying balance.
- Monthly fee: Depends on account tier
- How to waive: $20,000+ in eligible balances (higher tiers require more)
- Key perks: Bonus credit card rewards, higher savings rates, waived fees, loan discounts
- Best for: Bank of America or Merrill customers with sizable deposits
4. Chase Premier Plus Checking
Chase Premier Plus offers interest-bearing checking with waived fees on linked accounts and added benefits, making it a step up from standard checking.
- Monthly fee: $25
- How to waive: $15,000 in linked accounts or a Chase first mortgage with autopay
- Key perks: Earns interest, free cashier’s checks and money orders, waived fees on select accounts
- Best for: Chase customers seeking mid-tier premium perks
5. Citigold by Citibank
Citigold is tailored for customers who maintain very high balances and want financial guidance paired with premium banking benefits.
- Monthly fee: None if requirements are met
- How to waive: Maintain $200,000+ in Citibank balances
- Key perks: Unlimited ATM reimbursements, free checks, waived overdraft transfer fees, dedicated advisory team
- Best for: High-net-worth clients who want investment support
6. PNC Performance Select Checking
PNC Performance Select Checking provides global ATM access and strong security benefits, appealing to those who travel often and want identity theft protection.
- Monthly fee: $25
- How to waive: $5,000 in monthly direct deposits, $25,000 in balances, or relationship qualifications
- Key perks: Free worldwide ATM use, $10,000 in identity theft protection, up to eight free linked accounts
- Best for: Frequent travelers who also want fraud protection
7. Bank of America Advantage Relationship
The Advantage Relationship account combines interest-bearing checking with waived fees and enhanced benefits through the Preferred Rewards program.
- Monthly fee: $25
- How to waive: Maintain $10,000 minimum balance
- Key perks: Free overdraft transfers, free incoming wires, interest-bearing option, Preferred Rewards perks
- Best for: Customers who want premium checking with access to Bank of America’s rewards tiers
8. Truist Premier Banking
Truist Premier Banking is built for customers who keep higher balances and want lifestyle perks alongside traditional banking benefits.
- Monthly fee: Varies (waived with qualifying balances)
- How to waive: Maintain required relationship balances or meet direct deposit thresholds
- Key perks: Higher interest rates, waived service fees, exclusive discounts, concierge services, travel insurance
- Best for: Customers who want both financial and lifestyle benefits
9. U.S. Bank Platinum Checking
U.S. Bank Platinum Checking provides global ATM access, no overdraft fees, and relationship benefits for families, making it one of the most flexible premium options.
- Monthly fee: $24.99
- How to waive: Maintain $25,000 in combined deposits or credit balances
- Key perks: Free worldwide ATM use on MoneyPass Network, interest-bearing option, family account fee waivers, safe deposit box discounts
- Best for: Families and frequent travelers who want broad premium benefits
Final Thoughts
Premium checking accounts can be a smart choice if you keep a high balance and want extra perks like waived fees, free ATM access, and better loan or savings rates. The trade-off is that these accounts often require large deposits or direct deposits to avoid monthly fees.
If you travel frequently, keep significant funds in your accounts, or already use multiple services with the same bank, a premium checking account could add meaningful value. On the other hand, if you prefer lower fees and don’t need the extras, a standard or no-fee checking account may be the better fit.
The key is to compare your banking habits against the requirements and benefits. That way, you can decide whether a premium checking account is worth it for your situation.
Frequently Asked Questions
Are premium checking accounts FDIC insured?
Yes, premium checking accounts are FDIC insured up to the standard limits, as long as the bank is an FDIC member. This protection covers deposits such as checking, savings, and money market accounts.
Can I open a premium checking account online?
Some banks allow you to apply online if you meet balance or relationship requirements, while others may require you to visit a branch. For accounts that involve higher balances or concierge services, in-person verification may be more common.
Is a premium checking account better than a high-yield savings account?
It depends on your goals. Premium checking accounts provide convenience and perks like waived fees and travel benefits, but their interest rates may still lag behind high-yield savings accounts. If your main goal is to grow savings, a high-yield account may be more effective.
Do premium checking accounts include free overdraft protection?
Many premium checking accounts offer overdraft protection transfers at no cost or reduced cost. However, the linked funding source (like a savings account or credit card) must still have available funds. Always review overdraft terms, since policies vary by bank.
