Jul 23, 2022


Although having a checking or savings account is necessary for everyone, it is not something that applies to everyone. Ultra-high net worth people require accounts that can accommodate their unique needs for managing their wealth. Many wealthy people prefer to bank at the same places as regular customers. Such banks have made accounts with unique features for people with high net worths, like personal bankers, no-cost fees, and the option to trade to meet the needs of this particular group. Here we will be guiding you about the checking accounts the ultra-rich use.

Bank of America Private Bank

Aiming at people with an average of $3 million in liquid assets, Bank of America's Private Bank is its private banking division. This Wealth Management Interest account seems to be intended for high-net-worth people searching for competitive rates. The standard bank fee waives if you meet the minimum balance requirement. Customers can sign up for the preferred plan, and there are no charges for monthly maintenance.

Citigold Private Client

It is a full banking service created to simplify wealth management for high-net-worth clients. A wealth specialist offers personalized advice to account users, and many of the standard Citibank bank service fees are eliminated for Private Client customers.

Union Bank Private Advantage Account

Only the Private Bank at Union Bank customers may open this Private Advantage account. There are no minimum balance requirements for this account, which may be created with a minimum deposit of $1,000. It also costs nothing for monthly maintenance. Interest is accrued on the debt and is paid out in installments each month. Advantage Checking Private Advantage Checking users do not charge overdraft or ATM fees elsewhere. Additionally, customers receive a relationship manager with years of experience which is accessible to assist and respond to inquiries.

Morgan Stanley CashPlus

It aims to be an all-inclusive cash management system. The accounts come in two different levels: Platinum CashPlus and Premium CashPlus. Both accounts offer unlimited ATM refunds worldwide and no cash management fees. There are other Platinum CashPlus accounts accessible. Other benefits of having a Platinum CashPlus account include the $695 yearly engagement incentive for holders of Morgan Stanley's Platinum Card.

Trust Wealth Checking

The Wealth Management segment of Trust provides various choices and goods. Its Trust Wealth Checking account has advantages like tiered interest checking, charge exemptions, and loans at a preferred rate. Benefits include a $3,000 daily ATM withdrawal and a $25,000 daily spending cap. Check account maintenance is free of charge. One Trust personal savings account, a money market savings account, a health savings account, or both.

Private Bank Checking at PNC

For those who want ease and the chance to earn interest on credits, PNC Private Bank Checking offers a choice for managing funds. Customers of PNC Private Bank have access to a knowledgeable Banking Advisor who can help you recognize and plan for the short- and long-term fiscal requirements. While Private Bank Money Market Accounts only offer an ATM card, Private Bank Checking offers a debit card option.

BNY Mellon Cash Management Account

It is an investment product that combines the benefits of a broker account with those of a checking account. The account allows customers to trade stocks, and mutual funds, pay bills, manage their everyday finances, and take stock and mutual fund trades. This kind of account may be helpful when you want to combine the investment process with other financial activities.

How Does The Super-Rich Earn Their Wealth?

Many ultra-high-net-worth people earn most of their fortune by running their enterprises. According to the Knight Frank Income Report, many people derive most of their money from investments, while only a small number do so via salaries. Most people do not have cash from mutual funds, CDs, or money market accounts. They might anticipate customized investment services with low-interest loans from their private banks, high-touch fiscal management products, and other benefits that can maintain them as clients.


The number of extremely wealthy people is rising. They have higher expectations of their bank than the normal mortgages, savings accounts, and straightforward checking services provided to most bank customers. They anticipate individualized investments, low-interest loans, top-notch financial management products, and other perks from their private banks that will keep them returning. And the world's largest banks have intervened to ensure that these big spenders continue to have happy clients.

Check accounts tailored to high-net-worth individuals' specific needs are necessary for managing their wealth. Others have created accounts with exclusive benefits only accessible to the wealthy, such as fee-free private bankers and the capacity to execute trades. The phrase "ultra-rich" refers to someone with assets worth more than $30 million.

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