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Where Do Millionaires Bank their Money?

Many rich people require bank accounts that can help them manage their wealth. They prefer banks that are not frequently used by the average person. To keep a clientele of only rich people, these banks set requirements that only the rich can meet. Some of these requirements include high minimum balance requirements and monthly service fees. You can avoid service fees by maintaining a minimum account balance in your account.

In this article, you are going to learn about some of the best bank accounts for millionaires.

What is the Best Bank for Millionaires?

What banks do millionaires use? The following are some of the bank accounts where millionaires bank keep their money and manage their wealth:

1. Bank of America Private Bank

  • Target clients: Over $3 million in investable assets.
  • Perks: 75% bonus on rewards

Bank of America is one of the best private banks for millionaires that targets those who want to bank at least $3 million in cash. It is one of the best bank accounts for millionaires. It offers a wide variety of services like wealth management, long-term financial planning, and asset management. 

2. Citigold Private Bank

  • Target clients: Minimum account balance of $1 million.
  • Perks: Wealth management advice and waived fees

Citigold by Citibank is one of the best private banks for millionaires to keep their money. They offer a wide variety of banking services like investing, escrow and agency services, aircraft financing and money market accounts. They target clients with a minimum balance of $1 million every month.

They offer online banking services and have a wide network of ATMs and branches. They have professionals who offer wealth management advice to account holders while private clients are waived some fees.

3. Morgan Stanley CashPlus

  • Target clients: Minimum monthly deposit of $2,500 or $25,000 average daily balance
  • Perks: Platinum CashPlus users get $695 engagement bonus

Morgan Stanley CashPlus is one of the best banks for millionaires where they can keep their money. It offers its customers money management in two-tier accounts; Premium CashPlus and Platinum CashPlus. It offers unlimited ATM fee rebates worldwide, but does not charge cash management fees. You avoid the $45 monthly service fee if you maintain a minimum balance of $25,000.

Also read: What are rich people's problems? 

4. Wells Fargo (Private Bank)

  • Perks: Wealth management advisory and fiduciary products

Wells Fargo Private Bank is one of the leading private banks for millionaires. It also helps billionaires and millionaires with a place to keep their money. They offer wealth management solutions, advisory and fiduciary products. Some of the financial services they offer include mortgages, money market accounts, and checking accounts. They have a team of highly qualified staff who will help you manage your money.

5. HSBC Premier Checking

  • Target clients: Minimum account balance of $75,000 and make minimum direct deposits of $5,000 per month.
  • Perks: Access to high-yielding savings accounts and unlimited rebates on non-HSBC ATM fees

HSBC Premier Checking is an account for millionaires and billionaires. You can avoid monthly fees by maintaining a $75,000 minimum balance or making minimum monthly deposits of $5,000. Failure to meet the above requirements will be charged a monthly maintenance fee of $50.

6. TD Bank Private Banking

  • Target clients: Minimum investable assets of $750,000.
  • Perks: A dedicated Relationship Manager to help you manage your wealth

TD Bank Private Banking is also one of the best rich people bank accounts. They have a dedicated Relationship manager who will help you manage your money. You can meet the Relationship Manager in person, by phone, or by email. You can withdraw a maximum of $1,500 via ATM and make payments of up to $20,000 at the point of sale. Maximum mobile deposits are capped at $50,000 per day.

Also read: Where do millionaires keep their money?

7. PNC Private Bank Checking

  • Target clients: Have a minimum of $1 million of investable assets
  • Perks: No minimum balance requirements and monthly service fees.

PNC Private Bank Checking account that helps rich people with cash management. They have a dedicated Banking Advisor to help you manage your cash. You don’t need to maintain a minimum bank balance, nor does it charge monthly service fees.

8. Truist Wealth Checking

  • Target clients: Minimum $25,000 daily balance in the checking account
  • Perks: Interest-bearing accounts, free health savings accounts and debit card offers

Truist Wealth Checking is also one of the leading bank accounts for millionaires. It offers a checking account for the rich that pays interest to its customers. You need to maintain a minimum daily balance of $25,000. Otherwise, you will be charged a $40 annual maintenance fee. Besides, you can enjoy automatic overdraft protection.

How Many Bank Accounts Do Millionaires Have? 

Do millionaires have several bank accounts? Yes. The average millionaire has at least five bank accounts. Millionaires like spreading their money across different banks and bank accounts for safety to minimize risks of financial institutions collapsing and any other unforeseen circumstance. 

Summary of Where Millionaires Bank their Money

The above are some of the best bank accounts for the rich. They have high minimum balance requirements that make them suitable for the rich people only. Besides, they charge service fees which you can avoid if you maintain the minimum balance requirement. The accounts are good and can help you grow your wealth.

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