If you’ve ever wondered where high net worth individuals bank, you’re not alone. After all, people with high net worth have to store their money somewhere. You might be surprised to find that some of the most well-known celebrities and entrepreneurs with high net worths bank at the same institution you do.
Our guide to the best private bank for high net worth individuals includes several financial institutions you’re probably familiar with, perhaps even including the one you bank at. We’ll show you how much high net worth individuals need to open a private bank account, in addition to what perks they can enjoy by doing so.
Though it may seem like a dream and/or a highly ambitious goal, it is possible to increase your net worth.
Grow your wealth with investment strategies (like those you find here) and with the right stream of income, you could be opening an account like the high net worth individuals that are making 6, 7, 8, or even 9 figures per year.
Ready to find out what the best banks are for high net worth individuals? Let’s get started with a quick lesson on net worth or you can jump ahead to the best private banks here.
How Do You Calculate Net Worth
You can easily calculate your net worth by using a simple formula:
Assets – Liabilities = Net Worth
It’s a bit like running a budget, except that you’re taking everything you own of value and subtracting your debt from that.
It is very possible to have a negative net worth, depending on where you’re at in life. Net worth is often something we associate with achievement, especially when it comes to celebrities.
Your net worth includes all the money and property you own—less any debts—at a particular point in time. Your net worth is important because it gives you a snapshot of your financial health.
For this article, high net worth typically equates to a total net worth of $1 million or more. In fact, many of the top banks on our list require new account owners to deposit $10 million or more just to open the account.
Don’t make the mistake of equating that much money with actual cash. Most of these earnings symbolize the value of investments as well as any other liquid assets.
Private Banking Perks For High Net Worth Individuals
In contrast to traditional bank accounts for the little guy, private bank accounts bring with them a slew of exclusive perks. These will vary from one bank to the next, but you can expect an elevated level of service with each one.
High net worth individuals can enjoy the following benefits from private banks:
- Business banking benefits
- Fee waivers
- Cash management accounts
- Free ATM access
- Dedicated advisor and/or team
- Personalized service
- Better loan terms, including lower interest rate
- Investment management
- Wealth and estate planning
- High-yield savings account
- Additional professional services
- Free safe deposit box
In some cases, a physical location can be a determining factor in which bank high net worth individuals choose.
The in-person customer service can bring them back and make them feel more like they’re working with people who understand their needs.
Making that human connection characterizes the difference between traditional bank accounts and private bank accounts.
Best Private Banks for High Net Worth Individuals
Not everyone will qualify for a private bank account. Just to apply, you’ll need to have at least a six-figure sum ready to deposit into the new account. While this certainly isn’t something everyone can achieve in their lifetime, it’s always interesting to see how the other half lives.
1. Chase Private Client
A derivative of J.P. Morgan, Chase offers high net worth individuals the Private Client account, which requires at least $250,000 in assets. Features of this account include zero fees for wires, access to hundreds of Chase branches around the nation, and priority service with a Private Client Banker.
High net worth individuals can also access ATMs without paying a fee. A total of 4 yearly overdrafts are allowed, and you’ll receive a reduced set of fees on personal loans if you plan on taking out any money.
New users can also enjoy a $2,000 welcome bonus.
The Chase Private Client experience unlocks access to lower rates when financing a big purchase and connects you with a private banker and investment advisor whenever you like. Save time and money with better banking benefits and special services, plus a $3,000 welcome bonus.
2. J.P. Morgan Private Bank
Opening a private account with J.P. Morgan requires at least $10 million in assets. This particular bank has been ranked “Best Private Bank in the World” for the last 3 years by Global Finance and includes several specific benefits for high net worth individuals.
For example, J.P. Morgan offers both personal and business banking, as well as lending, investing, and financial planning.
High net worth individuals gain access to investment strategists, credit analysts, and economists ready to guide their decisions and provide support when necessary.
Recently, J.P. Morgan has led the way in alternative investments through the J.P. Morgan Self-Directed Investing account, which is a popular subject of interest for many high net worth individuals.
J.P. Morgan Wealth Management was ranked #1 in Customer Satisfaction with Wealth Management Digital Experiences in the J.D. Power 2022 U.S. Wealth Management Digital Experience Study.
In terms of investments, J.P. Morgan also offers values-based ESG investing solutions, managed portfolios, and self-directed brokerage accounts.
If you’re interested in researching more about investments, there’s a wide selection of research available for your perusal.
J.P. Morgan Self-Directed Investing charges no commissions and offers a highly integrated app, which makes it a solid choice for individuals who want to trade their own investments — especially existing Chase customers.
When you open a private bank account with J.P. Morgan, you’ll also receive the J.P. Morgan Reserve Card. This credit card includes a $595 annual fee but rewards you with travel benefits similar to the Chase Sapphire Reserve card.
The information for the J.P. Morgan Private Bank has been collected independently by My Millennial Guide.
3. Goldman Sachs
Goldman Sachs requires their private banking customers to have $10 million. Given you satisfy these requirements, you are eligible for investment services, wealth management, estate planning, and of course, banking through Marcus by Goldman Sachs.
This private bank account also allows you to save and earn passive income, as well as borrow at discounted rates.
4. Citigold Private Client
Similarly, you’ll need at least $10 million in assets when you apply for a private bank account with Citigold. Their Private Client account incorporates the best in banking, investing, and financial guidance.
Like J.P. Morgan, Citigold grants you access to alternative investments. High net worth individuals can also take advantage of the exclusive investing research available, along with the many benefits the various savings and checking accounts at Citigold offer. Travel and entertainment benefits include zero foreign exchange fees, credit card perks, and no ATM fees in the country or abroad.
5. Morgan Stanley Reserved
A private bank account with Morgan Stanley offers you the Morgan Stanley Reserved program, which rewards you with travel and shopping discounts. High net worth individuals can also participate in commission-free trading from E*TRADE while only paying 0.30% annually for managed portfolios.
You’ll also gain access to the Morgan Stanley American Express Platinum Card and a dedicated financial advisor. All it costs you is an application with a net worth of $10 million or more.
6. Bank of America Private Bank
High net worth individuals of $3 million can apply for a private bank account from Bank of America. Account exclusives include a Wealth Management Interest checking account. Benefits come in the form of a high interest rate and zero fees. High net worth individuals can earn up to a 75% rewards bonus on eligible Bank of America credit cards and enjoy a 15% discount on Merrill Guided Investing.
7. First Republic
A seven-figure net worth grants you access to a private bank account with First Republic. This regional bank offers quicker response times than bigger banks, with the same great benefits. You can take advantage of the banking and investing platform, along with discounts on several loan products. First Republic also offers estate planning for high net worth clients.
8. Schwab Private Client
Schwab Private Client offers high net worth individuals on-demand support from a dedicated financial consultant. These individuals can also take advantage of the standard investing and banking services that Schwab offers all customers, including retirement planning tools, investments, and general finances.
High net worth clients won’t pay for ATM use either, remaining eligible for rebates on any fees they do incur at ATMs. Schwab Private Client accounts can obtain a rewards credit card from American Express, as well as qualify for discounts on loan interest rates. You’ll just need a $1 million net worth to qualify.
9. PNC Private Bank Checking
Though there are no minimum balance requirements for a private bank account with PNC, you will need at least $1 million in assets at your disposal. Perks of this private account include reimbursed ATM fees, a money market account accompanied by high interest rates, and no transaction requirements or fees for wire transfers.
10. TD Bank Private Banking
Just under that seven-figure mark, customers who bank with TD Bank Private Banking have a net worth of over $750,000. They’re partnered with a dedicated Relationship Manager, who guides them in managing their wealth.
Benefits of a private bank account with TD Bank include a Private Tiered Savings Account, the Private Tiered Checking Account, a rewards credit card, personalized lending options for borrowing at least $250,000, and business banking services. There are no fees for up to 5 wire transfers per month or safe deposit boxes.
12. HSBC Premier Checking
The HSBC Premier Checking account is perhaps the most achievable private bank account if you make less than $1 million per year, or own less than that amount in assets. To qualify for this account, you’ll need to have a minimum balance of $75,000, recurring deposits of at least $5,000 placed directly into your account, or a mortgage loan of more than $500,000 with HSBC.
Private bank account customers enjoy rebates on any ATM fees, access to high-yield savings accounts, and preferential mortgage rates. Just be sure to see if they are offering any bank bonuses before joining.
Private Bank Alternatives
If you prefer not to open a private bank account with some of the more popular banks, you can take advantage of these alternatives.
High-Yield Savings Accounts
High-yield savings accounts typically earn more than 5% interest on the savings balance. High net worth individuals, however, should pay attention to the FDIC insurance limit rating for any high-yield savings account, as most only go up to $250,000. Some private banks will work with their partners to offer up to $10 million in coverage for high net worth clients.
You’ll need at least $100,000 in assets to qualify for a financial advisor. Working with this individual will open you up to a beneficial partnership that does away with commission-based sales. Plus, those with a smaller net worth tend to prefer an independent opinion.
Small and few in number, regional banks work to serve the communities around them. These types of banks can also be preferred over larger institutions, especially when high net worth individuals want more personalized service and for their funds to stay within a particular geographical area.
Generally speaking, you’ll need at least $1 million to open a private bank account. However, there are some private bank accounts that only require a six-figure income.
The best bank for millionaires is the one that offers them the most for their business. The best private bank includes all the features that make sense, with plenty of perks that satisfy various needs.
However, you should take a look at the FDIC insurance limits for a private bank before you apply. Some of them only go up to $250,000, which is not nearly enough for someone with $10 million at their disposal.
High net worth individuals keep their money in private bank accounts at some of the most popular financial institutions. These individuals typically choose a bank based on the perks they receive for banking there.
Some of the best private banking perks include waived fees, lower interest rates, better loan terms, estate planning, and wealth management. Even ATM fee reimbursement can be a great perk for high net worth individuals.
Growing Your Net Worth
Now that you know a bit more about where high net worth individuals bank, it might be time to figure out how you can increase your net worth. There are many strategies out there, but with the right information and a sense of dedication, you can accomplish your financial goals, whatever they may be.
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