A private client checking account is a premium bank account designed for people with substantial assets, offering personalized service and higher account minimums than standard checking.
Banks market these accounts to customers who typically hold $250,000 to $1 million or more in combined deposits and investments, though the exact threshold varies by bank. The core difference from a regular checking account is not the checking itself—you still write checks, use a debit card, and move money the same way—but the relationship structure and perks attached to it.
You get assigned a dedicated relationship manager or banker who knows your account, can answer questions without transfers, and may proactively suggest products or services. The bank also typically waives monthly maintenance fees, ATM fees, and minimum balance requirements that would otherwise apply. Some accounts include travel benefits, concierge services, or preferential rates on loans and credit products.
Key Takeaways
- Private client checking requires a minimum deposit or combined assets that usually starts at $250,000, though some banks set it lower or higher.
- You receive a dedicated banker or relationship manager instead of calling a general customer service line, which speeds up problem-solving and account changes.
- Monthly fees, ATM charges, and minimum balance penalties are typically waived for private client accounts.
- The account itself functions like any checking account—the premium is in the service level and fee structure, not in how deposits or withdrawals work.
- Banks may require you to hold other products with them, such as savings, investments, or credit cards, to maintain private client status.
Minimum balance and asset requirements vary by bank
Chase Private Client requires $500,000 in combined assets across Chase accounts and investments. Bank of America Preferred Rewards Private Client starts at $250,000. Wells Fargo Private Banking begins at $500,000. Smaller regional banks may have lower thresholds—sometimes $100,000 or $150,000—but the principle is the same: the bank wants to see substantial money moving through your relationship with them.
The minimum is not always a hard line. Some banks calculate it as an average over a quarter rather than a single-day snapshot, which means your balance can dip below the threshold temporarily without penalty. Others count only certain types of accounts—deposits and investments, but not credit card balances or loan amounts. Read the specific terms for the bank you are considering, because the rules differ.
If your balance falls below the minimum and stays there, the bank may downgrade you to a standard account and begin charging regular fees. Some banks give you a grace period to bring the balance back up; others do not. This is worth asking about before you open the account, especially if your assets fluctuate.
What you actually get beyond a regular checking account
The checking functionality itself is identical to a basic account. You receive checks, a debit card, online banking, and the ability to set up automatic payments and transfers. The difference is in what surrounds it.
A dedicated banker means you have one person's phone number or email, and they handle your account questions, fee disputes, and service requests. They can often waive a single late fee, increase credit limits, or expedite a wire transfer without you having to explain your situation to multiple departments. For people managing complex finances—multiple properties, business accounts, investment portfolios—this single point of contact saves time.
Fee waivers are substantial. Standard checking accounts often charge $12 to $15 per month for maintenance, plus $3 to $5 per out-of-network ATM withdrawal. Private client accounts eliminate these. If you travel internationally or use ATMs frequently, the savings add up. Some accounts also include travel perks like airport lounge access, travel insurance, or concierge services that book restaurants and arrange travel logistics.
Preferential rates on other products matter if you plan to borrow. Private client customers often receive better interest rates on mortgages, home equity lines of credit, and personal loans than the publicly advertised rates. The difference might be 0.25% to 0.5%, which translates to thousands of dollars over the life of a loan.
How banks decide whether to offer you one
You do not typically request a private client account the way you would a standard checking account. Banks identify customers who meet the asset threshold and invite them. If you have $250,000 or more in deposits and investments at a major bank, you may receive a letter or call from a relationship manager offering to move you into a private client structure.
If you have not been invited and you meet the minimum, you can ask your current banker whether you are may be able to access. Some banks require that the assets be held with them specifically—a bank will not count your investment account at a different firm. Others are more flexible and will count assets held elsewhere if you move some money to them.
Banks also consider account activity and history. A customer with $500,000 in deposits but no transactions for two years may not be invited, because the bank sees no active relationship. Conversely, a customer with $300,000 and frequent activity across multiple products may be offered private client status even if they fall slightly below the stated minimum.
When a private client account makes sense
If you have substantial assets and use your checking account frequently, the fee waivers and dedicated service justify the relationship. You save money on monthly charges and ATM fees, and you gain faster access to someone who can solve problems.
If you are considering borrowing—a mortgage, home equity line, or business loan—the preferential rates available to private client customers can save you significant money. It is worth doing the math: if a 0.5% rate reduction on a $400,000 mortgage saves you $2,000 per year, and you plan to hold the loan for ten years, the total savings is $20,000. That makes the relationship valuable even if you pay a small annual fee.
If your finances are simple—you have a checking account, a savings account, and no plans to borrow—a private client account offers less advantage. You are paying for service and perks you will not use. A high-yield savings account at an online bank may serve you better.
How private client accounts differ from wealth management accounts
Private client checking is a banking product. Wealth management is an investment service. A bank may offer both, but they are separate relationships with different minimums and different purposes.
A wealth management account typically requires $1 million or more and includes a dedicated investment advisor who manages a portfolio on your behalf. You pay an annual fee—usually 0.5% to 1% of assets under management—and the advisor makes investment decisions within a strategy you agree on. Private client checking does not include investment management; it is purely a checking and banking relationship.
Some customers have both: a private client checking account for day-to-day banking and bill payment, and a wealth management account for long-term investing. Others have only one or the other. The two are not bundled together, though banks may offer discounts if you hold both.
Frequently Asked Questions
Do I need a private client checking account if I have a lot of money?
Not necessarily. If you are comfortable managing your finances online and do not need a dedicated banker, a standard high-yield checking account may serve you just as well and cost less. Private client accounts are most valuable if you borrow frequently, travel internationally, or want a single point of contact for complex financial needs.
What happens to my private client account if my balance drops below the minimum?
Most banks downgrade you to a standard account and begin charging regular monthly fees. Some offer a grace period—typically 30 to 90 days—to bring your balance back up. Check the specific terms before you open the account, because policies vary by bank and account type.
Can I get a private client account at a smaller bank?
Yes. Regional and community banks often offer private banking services with lower minimums than major national banks. A bank with $500 million in assets might start private client relationships at $100,000, while Chase requires $500,000. Call your local bank and ask whether they offer a premium checking product and what the minimum is.
Do I have to keep all my money at one bank to maintain private client status?
It depends on the bank. Some count only assets held with them. Others will count investments at other firms or even retirement accounts at different institutions. Ask the bank directly what counts toward your minimum before you commit to the relationship.
Are the interest rates on private client checking accounts higher?
Rarely. Most private client checking accounts earn little to no interest on the balance. The value is in fee waivers and service, not in deposit rates. If interest on your checking balance matters to you, compare the rate to a high-yield checking account at an online bank before you choose.