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Does it matter where you store your money? If you’re in the upper class, it definitely does. Certain banks and checking accounts can offer perks and security that a standard account cannot. That higher level of service is what the upper crust is looking for when seeking a place to put their cash.
Here’s a look at where the rich like to bank and why they have those preferences, according to financial experts.
Also see why millionaires don’t put all of their money in the bank.
JPMorganChase: Chase Private Client Checking
Those with a lot of money like what JPMorganChase has to offer because of the variety of wealth management services on hand.
“The bank provides exclusive opportunities to its members for the most profitable investments, personal financial advice and dedicated counselors in monetary matters,” said Rikesh Kothari, a finance professional at Prowise Healthcare. “The rich praise the bank’s long history of stability and its expertise in managing complicated financial portfolios.”
Kothari added that JPMorganChase operates in more than 100 countries, which makes traveling for the upper class a breeze.
The elite use the Chase Private Client Checking account, as it gives you cash bonuses in the thousands based on how much money you store. For example, if you deposit $500,000 or more, you’ll receive a $3,000 cash bonus.
UBS: Cash Sweep Programs
“UBS is noteworthy for its far-reaching presence globally and an exhaustive suite of wealth management services,” Kothari said. “UBS has a huge foothold in international markets, which makes it provide different types of investments and tax avoidance strategies for the super-rich.”
Daniel Anderson, a financial advisor and CEO of GoRubbishGo, said the wealthy also appreciate how much UBS prioritizes security.
“The bank offers phenomenal privacy and security — the two huge factors when dealing with people who have so much to lose.”
Another appealing part of banking at UBS is the reward for having a high balance in your account, known as their “Cash Sweep Programs.” The more money in your account, the higher your annual percentage yield (APY).
So, if you have less than $250,000 in your account, your APY is 0.05%; but, if you have $5 million or more, you’ll receive 1.05% APY.
Citibank: Private Banking Division
Justin Godur, a finance advisor and the founder of Capital Max, recommended Citibank’s Private Bank division because it offers a wealth of services for those with high net worths.
“From estate planning to philanthropy advisory, Citibank’s personalized approach ensures that clients receive tailored financial solutions,” he said. “Their global network and extensive market insights make them a reliable partner for managing vast and diverse portfolios.”
The personalized approach Godur referred to is what makes Citibank appealing. Based on your needs and goals, Citibank’s advisors will recommend checking accounts that will make your money grow best.
“The bank caters with bespoke investment advice, access to unique market opportunities and personal relationship management,” said Ira Lysa, a certified financial planner and owner of Imperial Alterations.
HSBC: Premier Checking Account
HSBC Premier Checking comes at no fee on everyday transactions to ultra-wealthy customers. HSBC also offers a “no borders” policy, which makes it easy for the rich to do their banking worldwide. Customers will pay no foreign transaction fees on purchases with the HSBC Premier Debit World Mastercard.
Once you have a Premier account, you can share the benefits with your family as well. Your benefits can be extended for up to four family members.
To qualify, you need to have at least one of the following:
- At least $75,000 in total deposits and/or investments
- At least $5,000 in total direct deposits per month
- A U.S. residential mortgage loan with an original loan amount of at least $500,000
HSBC also offers a “Premier Elite” status. This allows you to jump to the front of the line with priority banking, whether on the phone or using online chat. You’ll also automatically qualify for the higher Relationship Interest Rate on the HSBC Premier Relationship Savings account. In order to qualify for one year of Premier Elite benefits, you need an average qualifying total relationship balance of $1 million over two consecutive months.
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“For many, HSBC Private Bank is one of the favorites because of its global footprint and expertise in dealing with large diversified portfolios,” Lysa added. “It has a tradition of strong confidentiality for clients and cutting-edge financial solutions.”
Morgan Stanley: CashPlus
Morgan Stanley offers two accounts that are appealing to those who make a lot of money. One is the Premier CashPlus, which offers unlimited ATM fee rebates, no foreign transaction fees and complimentary identity and credit protection, among other benefits. To avoid incurring a fee, you need $2,500 total in monthly deposits or $10,000 in your average daily cash balance.
The Platinum CashPlus account offers the same benefits as Premier, plus two additional enrollments in identity and credit protection, and a $695 annual engagement bonus. To avoid a fee, you need $5,000 total in monthly deposits and $25,000 in your average daily cash balance.
“For ultra-high-net-worth clients, Morgan Stanley Wealth Management is amongst the top premier choices, by virtue of its jackrabbit array of investment solutions and advisory services,” said James White, a financial expert and CEO of Amazing Moves. “Innovation and a strong culture of focusing on the client make Morgan Stanley a trusted partner for affluent individuals and families.”
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