5 Elite Checking Accounts Preferred by the Ultra Wealthy, According to Financial Gurus
Does it matter where you store your money? If you’re in the upper class, it certainly does. Certain banks and checking accounts offer perks and security that standard accounts can’t match. This higher level of service is what the wealthy seek when choosing where to put their money.
Let’s explore where the rich prefer to bank and why, according to financial experts.
### JPMorgan Chase: Chase Private Client Checking
Wealthy individuals are drawn to JPMorgan Chase for its extensive wealth management services. According to Rikesh Kothari, a finance professional at Prowise Healthcare, the bank offers exclusive investment opportunities, personal financial advice, and dedicated financial counselors. The rich appreciate the bank’s long-standing stability and expertise in handling complex financial portfolios. Additionally, with operations in over 100 countries, JPMorgan Chase makes international travel convenient for its clients. The Chase Private Client Checking account is especially popular, offering cash bonuses in the thousands based on the amount deposited. For instance, depositing $500,000 or more can earn you a $3,000 cash bonus.
### UBS: Cash Sweep Programs
UBS is renowned for its global presence and comprehensive wealth management services. Kothari notes that UBS has a significant foothold in international markets, offering various investment options and tax strategies for the super-rich. Daniel Anderson, a financial advisor and CEO of GoRubbishGo, highlights that the wealthy value UBS for its exceptional privacy and security. UBS’s Cash Sweep Programs are another attractive feature, rewarding high account balances with higher annual percentage yields (APY). For example, an account with less than $250,000 earns a 0.05% APY, while an account with $5 million or more earns a 1.05% APY.
### Citibank: Private Banking Division
Justin Godur, a finance advisor and founder of Capital Max, recommends Citibank’s Private Bank division for its extensive services tailored to high-net-worth individuals. Citibank offers estate planning, philanthropy advisory, and personalized financial solutions. Their global network and market insights make them a reliable partner for managing diverse portfolios. Ira Lysa, a certified financial planner and owner of Imperial Alterations, adds that Citibank provides bespoke investment advice, access to unique market opportunities, and personal relationship management.
### HSBC: Premier Checking Account
HSBC Premier Checking offers no fees on everyday transactions for ultra-wealthy customers and a “no borders” policy, making global banking easy. Customers pay no foreign transaction fees on purchases with the HSBC Premier Debit World Mastercard. Premier account holders can extend benefits to up to four family members. To qualify, you need at least $75,000 in total deposits or investments, $5,000 in monthly direct deposits, or a U.S. residential mortgage loan with an original amount of at least $500,000. HSBC also offers “Premier Elite” status, providing priority banking and higher interest rates on savings accounts. To qualify for Premier Elite benefits for a year, you need an average qualifying balance of $1 million over two consecutive months.