Best Banks for High Net Worth [2023]: Not Only for Millionaires

BANKING - BANKING BASICS
Chase Private Client is our top pick for assets under $1 million, while J.P. Morgan Private Bank makes sense for assets over $10 million.
Updated Sept. 15, 2023
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We recommend Chase Private Client if your total investable assets fall within a range of $150,000 and $1 million. Many private banks have higher minimum balance requirements, so Chase Private Client is where you could get started with private wealth management if you have fewer assets.

If your assets are above $10 million, we recommend J.P. Morgan Private Bank for its award-winning variety of services and experience with managing large amounts of wealth.

Let’s explore the best banks for high-net-worth individuals to see which might be the best fit for you.

In this article

Key takeaways

  • You typically need a minimum $1 million in investments or assets to become a client with a bank that caters to high-net-worth individuals. Chase Private Client is an exception, requiring only $150,000 to become a client.
  • Some of the perks you may get with banks for high-net-worth individuals include no ATM fees worldwide, access to wealth advisors, and personalized solutions for your unique financial needs.
  • High-net-worth individuals often require specialized financial expertise due to the complexity of their financial situations. Some banks cater to those individuals by offering specialized financial services including estate planning, risk management, alternative investments, and more.

The best banks for high-net-worth individuals

Compare the best banks for high-net-worth individuals

Bank service Minimum balance Main features
Chase Private Client $150,000 to avoid the $35 monthly service fee
  • No ATM fees worldwide
  • No Chase fee on incoming or outgoing wire transfers
  • Private Client banker
J.P. Morgan Private Bank $10 million
  • No ATM fees worldwide
  • Personalized attention and solutions
  • Wide variety of services including banking, investing, lending, and financial planning
Citigold Private Client $1 million
  • No ATM fees worldwide and unlimited refunds on ATM fees charged by other banks
  • Access to a wealth team including a wealth advisor, wealth relationship manager, financial specialists, and service teams
Goldman Sachs Private Wealth Management $10 million
  • Access to private wealth advisors
  • Advice and solutions for investing, trust and estate planning, liquidity and lending, and philanthropy
Morgan Stanley Private Wealth Management $10 million
  • Custom advice and a personalized approach
  • Access to specialized services including alternative investments, impact investing, risk management, cybersecurity, and more

Chase Private Client

Pros Cons
  • No ATM fees worldwide
  • No Chase fee on incoming or outgoing wire transfers
  • Chase Private Client banker relationship
  • Home and auto loan discounts
  • $35 monthly service fee (avoidable)
  • Not all Chase branches offer Chase Private Client services

Chase Private Client makes sense if you can avoid the $35 monthly service fee and have nearby Chase branches that offer Private Client services. It could also be the right move to consider Chase Private Client if you already use one of the best checking accounts from Chase.

Who Chase Private Client is for

Chase Private Client accounts offer high-net-worth individuals various benefits. We think you might find Chase Private Client Checking benefits valuable if:

  • You travel internationally: Chase won’t charge you a fee at non-Chase ATMs worldwide. In fact, Chase will refund ATM fees charged by the non-Chase ATM owner or network.
  • You appreciate quick money transfers: Chase doesn’t charge fees on applicable wire transfers, giving you a potentially quicker option for transferring money compared to an ACH transfer.
  • You want personalized service: Chase Private Client customers can use the Private Client phone line to reach bankers who can help answer questions and resolve issues.

Who Chase Private Client doesn’t fit

Chase Private Client comes with a $35 monthly service fee. This monthly fee applies to clients who don’t meet the $150,000 balance requirement. It may not make as much sense to use the service if you can’t avoid the monthly service fee.

Additionally, Chase Private Client services aren’t available in all Chase branches. So you may want to make sure that your local branch has these services before signing up.

Keep in mind
You can avoid the Chase Private Client Checking $35 monthly service fee if you have an average beginning daily balance of $150,000 or more in any combination of your checking account and linked qualifying deposit or investment accounts or if you have a linked Chase Platinum Business Checking account.

J.P. Morgan Private Bank

Pros Cons
  • Access to thousands of Chase branches nationwide
  • No ATM fees worldwide
  • Personalized attention and solutions
  • High balance requirement

J.P. Morgan Private Bank makes sense if you can meet the $10 million balance requirement and want to be a client of the “World’s Best Private Bank,” according to the Euromoney magazine.

Who J.P. Morgan Private Bank is for

People who use J.P. Morgan Private Bank services might find its benefits valuable if:

  • You travel internationally: Clients can withdraw local cash in different countries with fee-free access to ATMs worldwide.
  • You already bank with Chase: You can access thousands of Chase branches nationwide as a J.P. Morgan Private Bank client.
  • You want personalized support: Clients receive dedicated support from J.P. Morgan team members and client service professionals for any questions regarding your J.P. Morgan relationship.

Who J.P. Morgan Private Bank doesn’t fit

J.P. Morgan Private Bank has a high minimum balance requirement of $10 million. This makes it an unfitting option for people who can’t meet the balance requirement mark or people who aren’t interested in banking with Chase.

Citigold Private Client

Pros Cons
  • No ATM fees worldwide
  • Complete wealth team access
  • Lifestyle benefits
  • High balance requirement

Citigold Private Client makes sense if you want a comprehensive solution for your finances and have passed the $1 million mark in assets.

Who Citigold Private Client is for

We think you might find Citigold Private Client benefits valuable if:

  • You travel internationally: Customers receive unlimited refunds on ATM fees at non-Citibank ATMs worldwide.
  • You want comprehensive financial support: Access to a full wealth team, including a wealth advisor, wealth relationship manager, financial specialists, and service teams, is one service they offer. They can support you with wealth planning, investing services, banking services, and more.
  • You appreciate lifestyle benefits: Clients can access exclusive experiences and receive invitations to private events. You also receive complimentary admission to different institutions, including the Los Angeles County Museum of Art and The Museum of Modern Art (New York), with Citigold Culture Pass.

Who Citigold Private Client doesn’t fit

Citigold Private Client doesn’t make sense if you don’t meet the balance requirements or you’re well above the balance requirements and want a solution for your wealth tier.

Goldman Sachs Private Wealth Management

Pros Cons
  • Access to private wealth advisors
  • Access to a variety of services including investment advice, trust and estate planning, liquidity and lending, and giving and social impact
  • High balance requirement

Goldman Sachs Private Wealth Management makes sense if you have over $10 million in investable assets and prefer curated financial support.

Note
An investable asset is typically anything you own that’s a liquid or near-liquid asset including stocks, bonds, mutual funds, bank accounts, and money market accounts. Real estate and possessions aren’t usually considered investable assets.

Who Goldman Sachs Private Wealth Management is for

We think you might find Goldman Sachs Private Wealth Management benefits valuable if:

  • You want a low client-to-advisor ratio: Clients receive support from wealth advisors that are immersed in your world.
  • You want curated financial solutions: Goldman Sachs wealth advisors use a holistic approach to provide you with financial services that meet your unique needs.
  • You want global support: Goldman Sachs has offices in the Americas, Europe, Middle East, Africa, and Asia.

Who Goldman Sachs Private Wealth Management doesn’t fit

Goldman Sachs Private Wealth Management doesn’t make sense if you can’t meet the minimum balance requirement.

Morgan Stanley Private Wealth Management

Pros Cons
  • Access to Morgan Stanley Reserved benefits
  • E*TRADE and Morgan Stanley integration
  • Personalized solutions and specialized services
  • High balance requirement

Morgan Stanley Private Wealth Management makes sense if you fall within the higher end of the high-net-worth individual range, such as $10 million or more in assets.

Who Morgan Stanley Private Wealth Management is for

We think you might find Morgan Stanley Private Wealth Management benefits valuable if:

  • You invest with E*TRADE: Morgan Stanley acquired E*TRADE in 2020, giving Morgan Stanley customers increased access to a leading stock-trading platform.
  • You appreciate complimentary perks: Eligible Morgan Stanley clients receive access to Reserved or Signature Access benefits, which could include discounts on different brands, limited time offers, and customized lifestyle advisory services.
  • You want a personal touch: Private Wealth Management customers can expect personalized solutions for all their financial needs, which could include receiving advice on alternative assets. For example, the Art Resources Team at Morgan Stanley could help you with managing your art as an asset.

Who Morgan Stanley Private Wealth Management doesn’t fit

Morgan Stanley Private Wealth Management doesn’t make sense if you can’t meet its minimum balance recommendations of at least $10 million.

How to choose the best bank for a high-net-worth individual

If you’re a high-net-worth individual, consider these factors before choosing the best bank for you.

Requirements

The minimum balance requirements can vary by millions of dollars for banks designed to service high-net-worth individuals. For example, you need at least $150,000 for Chase Private Client, but Goldman Sachs Private Wealth Management requires at least $10 million.

Your choice of a bank could depend in large part on the amount of wealth you want to manage. It likely makes sense to choose a bank that caters to ultra-high-net-worth individuals if you have over $30 million in assets as it would have individuals experienced in handling such large amounts of money.

Fees

Be sure to consider any applicable bank fees and additional pricing for the services you’re looking to access from a financial institution, such as making wire transfers or purchasing certificates of deposits (CDs). Some banks might charge fees for simply having you as a client. That’s the case with Chase Private Client, which charges a $35 monthly service fee if you don’t meet certain requirements.

Services

Look at what services a bank offers to see if they align with your personal finance needs and goals. Common private banking services include:

  • Brokerage accounts
  • Cash management
  • Investment management and investment services
  • No foreign exchange or transaction fees on debit card purchases
  • No foreign exchange fees
  • Fee-free ATM withdrawals
  • Deposit accounts
  • Personalized solutions

Benefits and perks

Many banks for high-net-worth clients provide lifestyle benefits on top of wealth management services. This could include discounts on brands, invitations to exclusive events, and access to lifestyle advice or concierge services.

FAQ about banks for high net worth

Best banks for high net worth: bottom line

Chase Private Client is easily the top choice on our list if you want increased personal banking support but don’t have more than $1 million in assets. For ultra-high-net-worth individuals, J.P. Morgan Private Bank is an excellent award-winning choice that requires you to have at least $10 million in assets.

For more help finding the right bank for you, check out recommendations for the best banks.

Methodology

To determine the best banks for high-net-worth individuals, we researched the top U.S. banks that offer exclusive perks and benefits to private banking clients and wealthy individuals. We evaluated the minimum balance requirements, features, and services offered by each bank.

We also considered the unique needs and preferences of high-net-worth individuals when it comes to banking. Based on these factors, we compiled a list of banks that could fit the needs of those individuals. Keep in mind that our list is not comprehensive and doesn’t follow a certain order. Our aim is to provide a starting point for anyone who is researching this subject.

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Author Details

Ben Walker, CEPF Ben Walker, CEPF, is a Senior Credit Cards Writer at FinanceBuzz. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.