A private bank gives you a dedicated banker or advisor team, custom lending, estate planning help and waived fees. In exchange, you keep a large balance with one firm.
How large? Among the banks that publish a number, the bar runs from $100,000 at HSBC Premier to $10 million at Goldman Sachs. We broke down the 11 best private banks for high net worth individuals in 2026, with the minimum each one publishes, so you can see where you qualify today and find the right fit for your wealth.
But first, here are three tools worth a look while you build toward those minimums:
Best Private Banks for High Net Worth Individuals
If you’re looking for a more personalized approach to banking, one of these private banking options may be for you. Here’s how the 11 compare on the number that decides whether you can get in.
| Bank | Published minimum | What you get |
|---|---|---|
| J.P. Morgan Private Bank | More than $5 million in investable assets | One team for banking, lending, planning and alternative investments |
| Chase Private Client | $150,000 average balance waives the $35 monthly fee | A dedicated banker, no Chase wire fees and no ATM fees worldwide |
| Goldman Sachs | Generally $10 million with the firm | Investment strategy, wealth planning and private banking |
| Citigold Private Client | $1 million combined average monthly balance | A wealth team, ATM fee refunds and no foreign exchange fee on card use abroad |
| Morgan Stanley Reserved | $1 million in eligible assets and liabilities | A free perks program for Morgan Stanley and E*TRADE clients |
| Bank of America Private Bank | Not published | Trusts, investing, custom lending and the top BofA Rewards tier |
| J.P. Morgan Private Client | $1 million in deposits and investments | A senior banker plus a J.P. Morgan wealth advisor |
| Schwab Wealth Advisory | $500,000 in investable assets | A Schwab wealth advisor, with extra perks above $1 million |
| PNC Private Bank | Typically more than $3 million in investable assets or $5 million in net worth | Checking with no monthly charge and unlimited ATM surcharge refunds |
| TD Bank Private Banking | Generally $1 million in liquid assets or $3 million in net worth | A Relationship Manager and 5 wires a month with no fee |
| HSBC Premier | $100,000 balance or $5,000 a month in direct deposits | The lowest bar on this list, plus international banking perks |
The published minimum is the figure each bank states in its own material. Several banks say “generally” or “typically,” and a few of these numbers are the balance that waives a monthly fee, so treat them as a guide and confirm with the bank.
1. J.P. Morgan Private Bank
J.P. Morgan Private Bank is the top tier at JPMorgan Chase. The firm describes it as designed for clients with more than $5 million in investable assets. Clients get one team for banking, lending, wealth planning, trust and estate work, tax strategy and alternative investments like private equity.
But you don’t need $5 million to invest with J.P. Morgan.
J.P. Morgan Self-Directed Investing offers unlimited commission-free online trades. Trade stocks and ETFs from 7:30 AM to 5:45 PM ET, plus options, mutual funds, money market funds, treasuries and more, and buy fractional shares in thousands of stocks and ETFs with as little as $5. 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 |
Open an account through the offer page, then fund it within 45 days with qualifying new money: cash, transferred securities or a rollover of existing retirement assets.
Unlimited commission-free online trades
Top pick- Trade stocks and ETFs from 7:30 AM to 5:45 PM ET, plus options, mutual funds, money market funds, treasuries and more
- Buy fractional shares in thousands of stocks and ETFs with as little as $5
- Earn up to $1,000 when you open and fund an account with qualifying new money by 01/21/2027
- Bank and invest in one place on the Chase Mobile® app or at chase.com, with instant money transfers
2. Chase Private Client CheckingSM
Chase Private Client Checking℠ is premium checking with personal service, without the multimillion-dollar bar of a full private bank. The account is $35 a month. Chase drops that to $0 when you keep an average of $150,000 or more across this account and your linked qualifying Chase deposits and investments, or when you link a Chase Platinum Business Checking account.
You get a dedicated Chase Private Client banker for one-on-one support. That banker works with a J.P. Morgan advisor on your investment strategy, and you get priority service.
Key perks include no Chase fees on incoming or outgoing wire transfers, no fees at ATMs worldwide, and relationship pricing on home and auto loans. Chase is also running a welcome bonus on Private Client Checking: $1,000 for bringing in $150,000 to $249,999 in new money, $2,000 for $250,000 to $499,999 and $3,000 for $500,000 or more. You have 45 days to move the money and you need to keep it there for 90 days. The offer expires January 27, 2027.
This account fits you if you keep six figures at Chase and want a banker who knows your name, without the seven-figure minimums most private banks on this list ask for.
3. Goldman Sachs
Goldman Sachs Private Wealth Management generally requires clients to keep at least $10 million with the firm, the highest published minimum on this list. In return you get investment strategy, access to alternative investments, tax-efficient wealth planning, trust and estate planning services, and private banking that covers cash management and lending.
It makes the most sense when investing and planning are the main event and everyday banking comes second.
4. Citigold Private Client
Citigold Private Client is the top tier of Citi’s everyday banking. It’s designed for clients who keep a combined average monthly balance of at least $1 million in eligible linked deposit, retirement and investment accounts.
You get a dedicated wealth team, plus market commentary and events from Citi’s investment office to go with your own investing research. Citi reimburses the ATM fees other banks charge you, waives fees on incoming domestic and international wires, and charges no foreign exchange fee when you use your Citibank banking card outside the U.S. and Puerto Rico.
5. Morgan Stanley Reserved
Morgan Stanley Reserved Living & Giving is a free perks program for Morgan Stanley and E*TRADE clients, not a bank account. Your household qualifies by holding $1 million in eligible assets and liabilities in nonretirement accounts at Morgan Stanley. Money in retirement accounts doesn’t count toward that number.
Members get offers and preferred pricing across travel, cars, food and wine, health and wellness, and retail. At $10 million, you move up to the Lifestyle Advisory tier, which adds a dedicated concierge for things like private aviation, event tickets and health advisory.
6. Bank of America Private Bank
Bank of America Private Bank doesn’t publish a minimum on its site. For a sense of who it’s built for, its own 2026 study of wealthy Americans only surveyed people with at least $3 million in investable assets. The Private Bank covers trust and estate services, investment management, alternative investments, custom lending and everyday cash accounts.
Private Bank clients can also enroll in the Premier tier of BofA Rewards regardless of their balance. Premier pays a 75% rewards bonus on eligible Bank of America credit cards, takes 0.15% off the annual Merrill Guided Investing program fee, and gives you global ATM access with no fees.
7. J.P. Morgan Private Client
J.P. Morgan Private Client sits between Chase Private Client and the Private Bank. It’s designed for people who plan to deposit and invest $1 million or more with the firm. Membership is $150 a month, which is waived during your first year and in any month you hold $1 million or more in qualifying balances.
You get a dedicated senior banker and a J.P. Morgan Wealth Management advisor, plus waived fees on wire transfers and ATM withdrawals worldwide. You can meet your team by phone, email or video, or in person at Chase branches and J.P. Morgan Financial Centers.
First Republic used to hold this spot. Regulators closed First Republic Bank on May 1, 2023, and JPMorgan Chase took over all of its deposit accounts and nearly all of its assets. JPMorgan Chase said in 2025 that its new Financial Centers were primarily former First Republic locations.
8. Schwab Wealth Advisory (formerly Schwab Private Client)
Schwab Private Client was renamed Schwab Wealth Advisory in 2022. It pairs you with a wealth advisor for an annual fee that starts at 0.80% of the assets you enroll, and Schwab currently requires at least $500,000 in investable assets to join. The advice is non-discretionary, which means you make the final call on every investment.
Separately, Schwab automatically enrolls clients with more than $1 million in qualifying assets in Schwab Private Client Services at no extra cost. When Schwab launched it in 2023, the benefits included a dedicated consultant, priority support, mortgage discounts and unlimited free domestic wire transfers. Either way, you keep the standard investing and banking services Schwab offers all customers, including retirement planning tools.
You don’t need a private bank to get one-on-one advice. Get matched with 2 to 3 screened advisors near you, each registered with the SEC or FINRA.
9. PNC Private Bank Checking
PNC says its Private Bank is typically for people with more than $3 million in investable assets or $5 million in net worth. Once you’re in, Private Bank Checking has no monthly service charge and no minimum balance, direct deposit or card transaction requirements. PNC reimburses the ATM surcharges other banks charge you, with no cap, and there are no charges on domestic or international wires in either direction. There’s also a Private Bank money market account that pays higher rates on higher balances.
10. TD Bank Private Banking
TD offers private banking through TD Wealth Private Client Group, which generally requires at least $1 million in liquid assets or $3 million in total net worth, not counting your primary home. You get a dedicated Relationship Manager as your main contact.
Benefits include Private Tiered Checking and Private Tiered Savings accounts with rates that rise with your balance, a Visa Private Client debit card with higher transaction limits, and full reimbursement of the fees for using non-TD ATMs. There are no fees on your first 5 wires each month, domestic or international, and no fees for safe deposit boxes.
11. HSBC Premier Checking
HSBC Premier Checking is the most achievable account on this list. There’s no monthly fee as long as you meet one of these: at least $100,000 in deposits and investments with HSBC, at least $5,000 in total direct deposits each month, an HSBC U.S. residential mortgage, or HSBC Private Bank status. Miss all of them and it’s $50 a month.
Premier customers can work with a Wealth Relationship Manager and get the Premier Relationship Savings account, international money transfers and Premier privileges in select other countries. Just be sure to see if they are offering any bank bonuses before joining.
Private Bank Alternatives
Don’t want a private bank, or don’t meet a minimum yet? These alternatives cover a lot of the same ground. And if the reason you are shopping private banks is asset protection rather than service, compare them against a bank account for a trust, which handles the same job through a different structure.
High-Yield Savings Accounts
High-yield savings accounts pay more than a standard savings account, and the rates change often. If you hold a lot of cash, watch the FDIC limit: $250,000 per depositor, per insured bank, for each account ownership category. Money at a second FDIC-insured bank, or in a different ownership category such as a joint account, is covered separately.
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 matching service that lets you compare 2 to 3 vetted financial advisors, all registered with FINRA or the SEC.
It’s a way to get one-on-one guidance without going through a private bank.
Get matched with screened advisors near you
Fee-only or fee-based advisors- Get matched with 2 to 3 advisors near you
- Advisors screened on experience, fee structure and SEC or FINRA record
- Free first consultation with the advisors you match with
- No match fee and no obligation to hire
- Get matched with 2 to 3 advisors near you
- Advisors screened on experience, fee structure and SEC or FINRA record
- Free first consultation with the advisors you match with
- No match fee and no obligation to hire
Regional Banks
Regional banks focus on the communities around them. Some high net worth individuals prefer them to the giants because they want more personal service and want their money to stay in a particular 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 minus 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, minus any debts, at a particular point in time, and for many homeowners the equity in their home is the largest piece of it. Your net worth is important because it gives you a snapshot of your financial health.
For this article, high net worth means a total net worth of roughly $1 million or more. Several of the banks on our list set their published bar at $1 million, and Goldman Sachs generally asks for $10 million.
Don’t make the mistake of equating that much money with actual cash. Most of it is the value of investments and other 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
It depends on the bank. Among the banks on this list that publish a number, the bar runs from $100,000 at HSBC Premier and $150,000 at Chase Private Client to $1 million at Citigold Private Client and J.P. Morgan Private Client, and generally $10 million at Goldman Sachs. Some, including Bank of America Private Bank, don’t publish a minimum.
The best bank for millionaires is the one that gives you the most for the balance you keep there. Compare the minimum, the monthly fee if you fall below it, and the perks you would use.
Also check FDIC coverage before you move a large balance. The standard limit is $250,000 per depositor, per insured bank, for each account ownership category, so a bigger balance has to be spread across banks or ownership categories to stay fully insured.
High net worth individuals often keep their money with private banks and private client programs at large financial institutions, which bundle banking with investing, lending and planning in one relationship.
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.
