10 Ways the Rich Use Checking Accounts to Grow Their Wealth

Get-rich-quick schemes and high-risk, high-reward investments aren't the only (or even the best) ways to get rich. 

It's often crucial to slowly and steadily maintain your bank accounts, especially your checking accounts — and no one understands this better than the ultra-rich.

Read on for 10 checking account strategies the truly wealthy use to maintain their high net worths. 

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2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 3.80% APY¹ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.² <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> FDIC Insured.³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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Chime® Checking⁴ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> - No Monthly Fees⁵ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> + Get paid up to 2 days early with direct deposit⁶ <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p>

Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Open Account

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Discover® Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.⁷ <p>See website for details.</p> No minimum deposit or balance. FDIC Insured.

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Although many banks have checking accounts that generate interest, those interest rates are substantially lower than rates for savings accounts, CDs, and other investments.

Consider using your checking account to store only enough cash for one to two months' worth of expenses (plus a buffer amount in case of emergencies). This can help you grow your wealth over time.

Transferring the rest of your cash into a high-yield savings account can help you keep your spending in check and ensure your hard-earned cash always yields a return.

The ultra-rich often store their money in multiple bank accounts, each one with a different purpose. For instance, they might have one account for investing, one for expenses, and one for emergencies.

If you struggle to stick to a budget or want to up your savings game, you can try the same strategy: Use one checking account solely to pay recurring bills and another to cover variable expenses to avoid accidentally overspending.

Even the truly wealthy need cash to cover expenses, but they don't often keep that cash in a checking account.

Instead, they use strategies like investing in Treasury Bills that they can liquidate for a profit and reinvest on a rolling basis. Warren Buffett apparently has multiple money market accounts and invests heavily in Treasury Bills.

According to high-profile banks that manage money for the ultra-rich, their wealthy clients often borrow against their assets to access a securities-backed line of credit (SBLOC). 

This is one reason certain billionaires don't pay much in income taxes. Instead of cashing out investments and paying taxes on their capital gains, they use their assets to borrow against the investments, which continue to generate interest.

You likely have fewer assets and less income potential than the ultra-rich, but that doesn't mean you can't qualify for the same tax break. Some brokerages now offer SBLOCs to help average earners reap the same rewards as those with exceptionally high net worths.

When you opened your first checking account, did you choose your bank strategically, or did you simply go with the option your parents recommended or the one closest to the house? If the latter, it might be time to reevaluate.

Generally speaking, the ultra-rich are much more selective about where they bank than the rest of us. If your bank charges an annual fee, has poor customer service, or doesn't offer good rewards, find a bank that gives you better perks for banking with them.

What banks do millionaires use? Many millionaires bank through private banks, such as Bank of America Private Bank or Chase Private Client. To access a private bank, you typically have to meet certain requirements and receive an invitation.

For instance, if you maintain a minimum daily balance of $150,000 at various Chase Bank accounts, J.P. Morgan Chase could reach out to you with an offer to join Chase Private Client.

These private bank accounts have perks like low wire transfer fees, high purchase limits, and higher interest rates. This can make a huge difference over time.

The wealthiest individuals don't spend their time figuring out how to make the most of their checking accounts. 

Instead, they hire financial planners or wealth managers who help them strategize for the future and decide where to place their money for the biggest impact.

If you've never met with a financial advisor before, it's a good idea to find one — they may know more about how to grow your bottom line than you do, including how to manage a checking account to get the best results.

It's hard to grow your wealth if you're constantly losing money to banking fees, such as late fees, monthly maintenance fees, or annual fees. 

Not sure if your bank charges checking account fees? Now is a good time to find out — and like we said above, if your bank imposes too many charges, consider switching to a bank with better terms.

It isn't enough to find a checking account with a good interest rate or to move your money to a bank that won't charge you a monthly account maintenance fee.

You need to dig in deeper to find out if a bank account really is as good as it seems.

For instance, instead of looking just at the upfront, advertised APY for a checking (or savings) account, read the fine print to find out if the APY is variable and, if so, how long your current rate will be locked in.

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If you're never sure exactly how much money is in your checking account, it's hard to budget that money and plan for a solid financial future.

Naturally, millionaires typically avoid the paycheck-to-paycheck life — and one reason for that is they (or their financial planners) know where their money comes from and where it's going.

A little planning can go a long way toward growing your net worth.

If you're reading this article, you probably aren't a millionaire — at least not yet. But by employing the strategies the truly rich use to run their checking accounts, you can set yourself on the path to success.

Whether that means you'll retire as a millionaire or simply reduce the financial stress that comes with living paycheck to paycheck, knowing how to start generating more wealth through your checking account is the first step to hitting your next financial milestone.