Use Of Checking Accounts By The Ultra-Rich

Mar 30, 2023 By Kelly Walker

The wealthy, as the old saying goes, "is different." Which includes how they manage their money. The ultra-wealthy can choose from luxurious checking accounts with premium features and services. These accounts are tailored to the specific requirements of the ultra-rich, going well beyond the services offered by a standard checking account. The high required minimum balance is a crucial aspect of these accounts. Money in the tens of thousands, if not hundreds of thousands, of dollars range, is typically required to maintain such an account. In exchange for keeping such a large sum in the report, customers are offered various perks, such as access to personal bankers, a 24-hour concierge, reimbursements for ATM fees, and invitations to VIP events and experiences. The J.P. Morgan Private Client Checking, the UBS Resource Management Account, and the Citigold Account are all ultra-luxury checking accounts catering to the wealthy.

Minimum Balance Requirements Are High

In contrast to standard checking accounts, premium checking accounts have stricter minimum balance requirements. Tens of thousands, if not hundreds of thousands, of dollars monthly, are needed to keep these accounts afloat. We require a sizable opening deposit to verify that the account holder is a high-net-worth individual and hence eligible to use the full suite of premium features. The high minimum amount also lets the bank provide the account holder with better interest rates and other perks. The high required balance may put some people off. However, it's necessary for individuals who want premium banking services and priority support.

Dedicated Personal Bankers

High-end checking accounts offer several perks, one of the most notable being a personal banker. Any banking questions and concerns from the account holder should be directed to this individual. With their banker's help, account holders have access to a wide range of banking services, including investment management, loan processing, and expert guidance. A private banker typically has extensive expertise and education working with wealthy clients and their specific banking requirements.

To better serve their clients, they offer individualized financial services to address their unique concerns and help them achieve their objectives. Personal bankers are more than just financial service providers; they are also trusted counselors who can aid account holders in making sense of their unique financial circumstances. If you're looking for highly individualized service and advice from your bank, having access to a personal banker is a must.

24/7 Concierge Services

With a high-end checking account, you can use unique concierge services. A personal concierge is available to account users and can help with various non-financial benefits, such as planning travel, making restaurant reservations, and setting up unique experiences.

Atm Fee Reimbursements

As a perk, many premium checking accounts cover your ATM fees. With this perk, the account holder can get their money back from the fees imposed by other banks and financial institutions while using their ATM cards.

Exclusive Events And Experiences

With a high-end checking account, you may get VIP treatment at some of the most sought-after events and activities. These opportunities can include anything from front-of-the-stage access at a concert or sporting event to invites to private parties and even exclusive networking gatherings.

High-End Checking Account Examples

J.P. Morgan Private Client Checking

Regarding high-end checking accounts, J.P. Morgan Private Client Checking is among the most well-known. With a $250,000 minimum balance, this account grants access to a personal banker, concierge services around the clock, and invitations to VIP events and experiences.

UBS Resource Management Account

Another well-liked premium checking option is the UBS Resource Management Account. With a minimum deposit of $1 million, you can use this account's many perks, including a personal banker, concierge service, investment opportunities, and more.

Citigold Account

Citibank provides a premium checking account called the Citigold Account. With a minimum deposit of $200,000, you gain access to a personal banker, concierge services, and premium events and experiences, among other perks.


High-end checking accounts are designed to meet the specific requirements of wealthy clientele. These accounts have high minimum balances but offer perks, including access to a personal banker, a 24-hour concierge, refunds for ATM fees, and invitations to VIP events and experiences. J.P. Morgan's Private Client Checking, UBS's Resource Management Account, and Citibank's Citigold Account are the most well-known premium checking options.

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