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What Kinds of Checking Bank Accounts do the Ultra-Rich Have?

A checking account is needed by most people, but features differ. Many rich individuals conduct their banking at institutions frequented by most consumers. Ultra-rich bank customers have over $30 million in assets while high net worth customers have $ 1 million in assets. These privileged checking accounts are designed for the rich with services needing quick access to cash with benefits.

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Bank of America Private Bank is for individuals with over $3 million (and $ 2 million in liquid assets) to earn competitive rates, and bank fees waived if minimum balance requirements are met. Monthly maintenance fees are waived and members can enroll in the Preferred Rewards program, offering 75% bonus on your rewards earned with their credit card.

Citigold Private Client simplifies cash management with access to Citibank savings, checking, and market accounts with refunds on other banks’ ATM fees, debit card purchases and high per day limits on ATM withdrawals and personal guidance from an appointed wealth professional, with fee-waiver for members.

Union Bank Private Advantage Account is exclusively for clients who open with $1,000 deposit, no maintenance fees per month and zero balance requirements. As per usual, balances earn interest, which are compounded and paid monthly, with customers charged no ATM fees worldwide. Dedicated relationship manager provides all assistance.

HSBC Premier Checking clients avoid monthly maintenance fees with a $75,000 minimum balance, recurring direct deposits exceeding $5,000 per month and an American residential mortgage loan exceeding $500,000, or pay a $50 monthly maintenance fee. Customers enjoy unlimited rebates on non-HSBC ATM fees, access to preferential mortgage rates and access to the bank’s high-yielding savings accounts.

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Morgan Stanley CashPlus has two account tiers – the higher one being Platinum CashPlus  and then the Premium CashPlus, which was designed as a cash management answer with zero cash management fees and unlimited ATM fees rebate, internationally. A $25,000 daily cash balance on an average, is required to skip the $45 monthly service fee. The Platinum CashPlus account has additional benefits, such as a $695 annual bonus for customers.

Truist Wealth Checking offers impressive perks like fee discounts, tiered interest checking, and lower interest rates on loans, an ATM withdrawal limit of $3,000 per day and a purchase limit of $25,000 a day, with no maintenance fees every month on secondary checking accounts.

PNC Private Bank Checking is an account management solution for folks who need convenience and opportunity to accrue interest on balances. A dedicated Banking Advisor helps you plan short/ long-term financial needs and an Money Market account can also be opened. Neither account requires any minimum balance or monthly service fees and has a debit card while the Money Market Account offers an ATM card only.

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BNY Mellon an investment product that is self-directed and combines the benefits of brokerage account and a checking account. Clients can place trade orders for stocks and mutual funds, paying bills, and monitoring general daily finances. This account combines investing with financial management tasks.


Many rich individuals derive their wealth from owning own businesses, or from investment portfolios, while some get it from salaries. These are growing in number and expect personal investment services, low-interest loans, hi-end financial management services, and generous amenities. The world’s biggest banks respond in order to retain the high spenders as satisfied customers.

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