Most people never think about where the ultra wealthy actually keep their money. It's not your local bank branch. Private banks offer a completely different world of banking, with dedicated advisors, custom investment portfolios, estate planning, exclusive lending, and access to deals that regular banks don't even know exist.
The catch? Most require millions just to open an account. We broke down the 11 best private banks for high net worth individuals in 2026 so you can see what's out there and find the right fit for your wealth.
But first, here are the best tools that high-net-worth individuals are using:
Best Private Banks for High Net Worth Individuals
If you're looking for a more personalized approach to banking, then maybe one of these private banking options is for you.
1. J.P. Morgan Private Bank
J.P. Morgan Private Bank is one of the most exclusive wealth management firms in the world. You need at least $10 million just to get in. Clients get dedicated advisors, custom portfolios, estate and tax planning, and access to investments like private equity and hedge funds that most people never get to touch.
But you don't need $10 million to invest like you do.
J.P. Morgan Self-Directed Investing gives you the same institutional research and professional tools with zero account minimum and no fees. Unlimited commission-free trades on stocks, ETFs, options, mutual funds, and more. Bank with Chase, invest with J.P. Morgan, and manage everything from the Chase Mobile® app or chase.com.
Get up to $1,000 cash when you open and fund a new account:
| You Fund | You Get |
|---|---|
| $250,000+ | $1,000 |
| $100,000 to $249,999 | $325 |
| $25,000 to $99,999 | $150 |
| $5,000 to $24,999 | $50 |
It takes about 10 minutes to apply. J.P. Morgan handles the transfer from your current broker. No fees to switch, no ongoing account fees.
Institutional tools without private banking minimums
Top pick- Same research platform used by $10M+ private bank clients
- $0 commissions — save money on every trade
- Cash bonus up to $1,000 when you transfer by 4/21/26
- No account minimum — start with any amount
2. Chase Private Client CheckingSM
Chase Private Client Checking℠ is a premium banking option for individuals who want personalized service and exclusive financial benefits without the ultra-high requirements of a full private bank. You’ll need a minimum balance of $150,000 across eligible Chase deposit and investment accounts to qualify.
Once enrolled, you’re assigned a dedicated Private Client Banker and a J.P. Morgan Advisor to help manage your accounts, lending needs, and investments. You’ll also enjoy priority service at branches, faster support through customer care, and access to J.P. Morgan’s investment insights.
Key perks include no fees for domestic or international wire transfers, unlimited ATM fee reimbursements worldwide, higher daily withdrawal and debit limits, and preferred pricing on home, auto, and business loans. Chase often offers a welcome bonus of up to $3,000 for new clients who meet deposit requirements.
This account is best suited for those who maintain significant balances and want concierge-style support, premium perks, and direct access to experienced financial professionals without committing to the $10 million minimums that private banks typically require.
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.
Get personalized wealth management without the $1M–$10M requirements. Connect with SEC-registered fiduciary advisors for tax planning, portfolio guidance, and financial strategy.
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 4% 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.
Financial Advisors
A skilled financial advisor can help you manage wealth with precision and purpose. The right advisor becomes a long-term partner who builds a strategy around your unique goals, risk tolerance, and tax situation while keeping your interests first.
Finding that kind of advisor is easier through FinancialAdvisor, a free service that connects you with pre-screened fiduciary financial advisors in your area. Every match is independent, transparent, and free from sales incentives so you can focus on growing and preserving your wealth with confidence.
Even investors with smaller portfolios often use FinancialAdvisor to compare top local advisors and gain access to personalized guidance that traditional firms usually reserve for high-net-worth clients.
Get personalized guidance from certified advisors
Fiduciary · CFP Certified- 30-minute call with a certified financial planner (CFP)
- Personalized financial roadmap based on your goals
- Investment and retirement planning strategies
- No obligation — see if advisory services are right for you
- 30-minute call with a certified financial planner (CFP)
- Personalized financial roadmap based on your goals
- Investment and retirement planning strategies
- No obligation — see if advisory services are right for you
Regional Banks
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.
Find Regional Banks in Your Area
Regional banks often provide more personalized private banking services with dedicated relationship managers and local decision-making. Find the best banks in your state.
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.
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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.
FAQs
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.