5 Checking Accounts the Ultra Rich Use
Wealthy people do a lot of things that regular people do not. Most of the time, their knowledge in banking and investments is superior compared to the average person. They put their money in places that we do not know of. One place could be a checking account that lets them manage their wealth well.
A checking account works well for a lot of people, but it is not for everyone. Experts say that although some wealthy individuals stock up as much as $32 trillion in offshore accounts, they still keep their money in domestic banks. In fact, many choose banks that regular people engage in. Here are some checking accounts that they choose to put their money in.
US Trust Wealth Management Interest Checking
US Trust is the private banking sector of Bank of America. However, it targets wealthier individuals because a minimum of $3 million in liquid assets is required. Its Wealth Management Interest Checking account is marketed towards individuals with high net worth who want to earn a competitive rate on their balance. While it is restrictive, it does not charge monthly maintenance fees. All members are also qualified to sign up for the Preferred Rewards program, which offers loads of exciting benefits.
HSBC Premier Checking
HSBC has always been a favorite for the wealthy and investment experts alike, but their Premier Checking offering is something else. To qualify for this particular HSBC account, you have to maintain at least $100,000 in combined deposit balances and investments with the bank.
Of course, an HSBC account comes with a number of benefits once you can sign up. You can earn a bonus of up to $1,000 for every referral you make to a new HSBC account. Their clients enjoy loads of discounts on loan products, complimentary services and even personalized financial support among others.
BNY Mellon Cash Management Access Account
While most checking accounts are sought after for the rate they offer on the balance and rewards earned through signing up, the BNY Mellon Cash Management Access Account takes a different approach. This is a self-directed banking product that combines the functionality of a checking account with that of a brokerage account.
Those who have this kind of account have options of placing a trade order for mutual funds or stocks, seeing their day to day finances, paying bills and a lot more. This account, however, along with BNY Mellon’s other wealth management products, is targeted towards wealthy individuals with $2 million or more in surplus assets.
Union Bank Private Advantage Checking
Unlike most other checking accounts or wealth management products, Union Bank’s is not that stringent or demanding. This is great for those who have saved up a reasonable amount and are looking for an account that gives great rewards at very little or no cost.
A Union Bank Private Advantage Checking account can be availed by individuals who maintain a monthly balance of $250,000 in their savings, checking, investment or retirement accounts. What is great about this is that this account is absolutely free of monthly service fees. There are also no ATM fees worldwide. Its clients can also avail of the Union Bank Graphite American Express, which can pay up to 3 percent cash back on some purchases.
Chase Private Client Checking
This is another option for those who do not really have millions of dollars to put in one bank, but its requirements are still pretty selective. Chase Private Client Checking is marketed for individuals who maintain a minimum daily balance of $250,000 in a sum of savings, investment or checking accounts with Chase. They do not charge any monthly service fees and all that they require opening this kind of amount is $100. There are some account extras, such as higher interest rates on linked savings accounts and CDs. There are also fee waivers on some services like wire transfers and foreign ATM withdrawals.
Managing a lot of money means that you need the right tools for the trade. These checking accounts are made for those who can stock a lot of cash and, in exchange, enjoy benefits like zero maintenance fees and other premium privileges. Ever thought of putting your money in some of these accounts if you qualify? Share with us your thoughts in the comments below.
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