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One of the most important aspects of wealth planning is to efficiently manage spending needs. To ensure our clients have adequate levels of liquidity for short-term living expenses, we offer a competitive checking account which can be used to complement a dynamic spending strategy. Below, we illustrate the benefits of utilizing such a solution and the difference it can make.


Meet Brad Johnson


Brad Johnson has amassed a substantial net worth of $10 million as a restaurateur. He also has an annual net income of $1 million. At BNY Mellon, we recommend our clients put 3-6% of their total net worth into an easily accessible checking account for daily liquidity and rebalancing needs. This is based on an understanding that, on average, people spend 3% of their net worth annually.


If Brad follows this guidance and initially puts away 6% of his net worth for easy access, he will allocate $600,000 to a liquid checking account. At an expected annual expenditure of 3%, he would spend roughly $300,000 per year. However, he could maintain a balance of at least $300,000 in the account if he deposits additional funds of $300,000 (less than one-third of his net income) each year. If he can do this, he should have enough cash to cover short-term expenses while keeping his long-term investments intact.


Brad selects a BNY Mellon total wealth checking account


By choosing our Total Wealth Checking account,1 Brad has access to a host of benefits and can implement a dynamic spending strategy that is undisruptive to his overall net worth and long-term wealth. Notably, he has seamless accessibility to his funds and real-life support on all his spending needs. Some of the perks include:


  • Zero fees on checking transactions such as wire transfers and stop payments (up to $250/year)2
  • Surcharge-free ATM and debit card point-of-sale transactions (up to $85 value)3
  • Identity protection and monitoring from IDXTM, an identity protection company, at no additional cost4

•  IDX Privacy Score
•  Restoration services to support complete identity recovery, including $1 million insurance to cover out-of-pocket expenses related to restoration of identity
•  Tracking Blocker to limit personal data collection and Forget Me data removal
•  Dark web monitoring and compromised password search

  • FDIC insurance, up to applicable limits5
  • Wealth management team, including a dedicated private banker, providing advice and guidance across diverse disciplines


But the most compelling reason to open a BNY Mellon Total Wealth Checking account is its competitive deposit rate of 2.15% APY, which far surpasses the industry average. If Brad can keep a minimum daily balance of $250,000 in the account, he’ll be able earn 2.15% APY. Based on his annual spending needs of $300,000, he should stay comfortably above the required minimum balance to reap this benefit.


While our Total Wealth Checking account currently offers a 2.15% APY, the average deposit rate on money market deposit accounts (MMDA) from major industry competitors is 0.53% APY.6 See the chart below for an illustration of our Total Wealth Checking account versus a typical MMDA.


By keeping a balance of at least $300,000 in his BNY Mellon Total Checking, after five years Brad could earn $25,700 more than if his cash had been held in a typical MMDA.

Comparison chart

* for illustrative purposes only.  Rates subject to change.

Although the additional income may be diminutive after just one year, the amount continues to compound over time. By keeping a balance of at least $300,000 in his BNY Mellon Total Checking, after five years Brad could earn $16,800 more than if his cash had been held in a typical MMDA.




A BNY Mellon Total Wealth Checking account can be a valuable tool for a high-net-worth individual who is seeking quick and efficient access to capital for short-term liquidity needs. Not only will it help keep you invested, but it also offers one of the most compelling interest rates in the industry. If you want some of your net worth to be liquid and easily accessible, why not get the most out of your cash and put it where it can appreciate meaningfully?




1 Minimum deposit of $250,000 required to open account. $250,000 daily balance required to earn interest and avoid a monthly service charge of $25.

2 For illustration. Example based upon the average number of checking transactions per year (7 wire transfers @ $30.00 per transaction) and the average number of stop payment requests per year (two requests @ $20 per transaction) for existing clients.

3 For illustration. Example based upon the average number of ATM withdrawals (19 ATM withdrawals a year @ $4.50 per transaction) for existing clients.

4 IDX is a trademark of Identity Theft Guard Solutions, Inc. d/b/a IDX.

5 The standard insurance amount is up to $250,000 per depositor for each account ownership category. For more information on FDIC coverage, please visit the FDIC website at, or call 1 (877) ASK FDIC (1-877-275-3342) to speak to a representative.

6 As of September 27, 2022. Based on the average deposit rate of MMDA accounts offered by seven top banking competitors as well as the BNY Mellon Total Wealth Checking account.


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