11 Best Private Bank for High Net Worth Individuals

We associate higher net worths with the high life, but where do high net worth individuals bank? Check out our list to find out which banks are the best.

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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.

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

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 a free financial planning session.

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.

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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.

2. Chase Private Client CheckingSM

Chase Private Client Checking℠ offers a premium banking experience exclusively designed for Chase customers who maintain a minimum of $150,000 in eligible deposit and investment accounts.

This elite banking service provides a range of exceptional benefits, including priority service, exemption from ATM fees, wire transfer fees, foreign exchange rate adjustment fees, and up to four days a year with no overdraft fees.

Clients also enjoy the perk of expedited replacement for lost or stolen debit or credit cards, as well as access to preferred rates for home and auto loans.

Additionally, Chase Private Client grants access to CD ladders. Furthermore, the package extends to include Chase Private Client Checking, which not only offers all the aforementioned benefits but also provides access to a dedicated Chase Private Banker and a Business Relationship Manager.

As an added incentive, clients are eligible for a generous $3,000 bonus and higher transaction limits. Importantly, these benefits can be extended to immediate family members of Chase Private Client Checking℠ clients who hold a joint account with Chase, making it a truly comprehensive and valuable banking solution.

Earn up to $3,000
Chase Private Client Checking℠
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Chase Private Client Checking is a premium banking service for wealthy customers. They're offering a bonus for new accounts:

  • Open an account by 1/22/25
  • Meet with a banker and move in at least $150,000
  • Get up to $3,000 bonus, depending on how much you deposit

The account has a $35 monthly fee, but you can avoid it by keeping $150,000 in Chase accounts.

  • Remember, this is a high-end account for people with lots of money to deposit. It's not your typical everyday checking account.
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Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

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. 

Financial Advisors

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. 

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.

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:

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

How much money do you need to open a private bank account?

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. 

What bank is the best for millionaires?

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.

Where do high net worth individuals keep their money?

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.

What are some of the best private banking perks? 

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.

Earn up to $3,000
Chase Private Client Checking℠
5.0

Chase Private Client Checking is a premium banking service for wealthy customers. They're offering a bonus for new accounts:

  • Open an account by 1/22/25
  • Meet with a banker and move in at least $150,000
  • Get up to $3,000 bonus, depending on how much you deposit

The account has a $35 monthly fee, but you can avoid it by keeping $150,000 in Chase accounts.

  • Remember, this is a high-end account for people with lots of money to deposit. It's not your typical everyday checking account.
Get Offer
Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!

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