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The best banks for high-net-worth individuals offer personalized service in return for your sizable deposit. They might offer wealth advisors, advice on taxes and trusts, and more.
I recommend Chase Private Client Checking℠ 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 Checking℠ is where you could get started with private wealth management if you have fewer assets.
If your assets are above $10 million, I recommend J.P. Morgan Private Bank as one of the best banks for its award-winning variety of services and experience with managing large amounts of wealth.
If you're not yet a millionaire, you can still find great banks offering high APYs that don't require a six-figure deposit.
Featured High Yield Savings Accounts
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Western Alliance Bank offers a powerful 4.81% APY to help grow your money. FDIC insured, no fees,2$500 minimum deposit, $0.01 minimum balance to earn APY.
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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.
How we evaluate products
The best banks for high-net-worth individuals
- Chase Private Client Checking℠
- J.P. Morgan Private Bank
- Citigold Private Client
- Goldman Sachs Private Wealth Management
- Morgan Stanley Private Wealth Management
Compare the best banks for high-net-worth individuals
| Bank service | Minimum balance | Main features |
| Chase Private Client Checking℠ | $150,000 to avoid the $35 monthly service fee |
|
| J.P. Morgan Private Bank | $10 million |
|
| Citigold Private Client | $1 million |
|
| Goldman Sachs Private Wealth Management | $10 million |
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| Morgan Stanley Private Wealth Management | $10 million |
|
Chase Private Client Checking℠
I recommend Chase Private Client Checking℠ if you can avoid the $35 monthly service fee and have nearby Chase branches that offer Private Client services. Chase Private Client Checking℠ could also be the right move if you already use one of the best checking accounts from Chase.
Who Chase Private Client Checking℠ is for
Chase Private Client Checking℠ accounts offer high-net-worth individuals various benefits. I 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. If you travel often, this can save you a lot of money.
- 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 Checking℠ customers can use the Private Client phone line to reach bankers who can help answer questions and resolve issues. Quality customer service is very important to me, so this stands out as a huge perk.
Who Chase Private Client Checking℠ doesn’t fit
Chase Private Client Checking℠ 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 Checking℠ 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.
- No ATM fees worldwide
- No Chase fee on incoming or outgoing wire transfers
- Chase Private Client banker relationship
- Home and auto loan discounts for eligible customers
- $35 monthly service fee (avoidable)
- Not all Chase branches offer Chase Private Client Checking℠ services
J.P. Morgan Private Bank
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 very 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.
- Access to thousands of Chase branches nationwide
- No ATM fees worldwide
- Personalized attention and solutions
- High balance requirement
Visit J.P. Morgan Private Bank
Citigold Private Client
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
I 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. 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. I also would consider if you will actually use the lifestyle benefits. These could be huge perks for some people, but if you won’t use them, then you’re not reaping the full benefits of your account.
- No ATM fees worldwide
- Complete wealth team access
- Lifestyle benefits
- High balance requirement
Goldman Sachs Private Wealth Management
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
I 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 high minimum balance requirement.
- 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
Morgan Stanley Private Wealth Management
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.
- Access to Morgan Stanley Reserved benefits
- Access to E*TRADE from Morgan Stanley
- Personalized solutions and specialized services
- High balance requirement
Morgan Stanley Private Wealth Management
How high-net-worth individuals should choose a bank
If you’re a high-net-worth individual, I would recommend considering 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 Checking℠, 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. I would choose a bank that caters to ultra-high-net-worth individuals if you have over $30 million in assets, as it will have professionals experienced in handling such large amounts of money.
Fees
I always encourage people to look at fees when opening any new account, and it’s no different for high-net-worth individuals. 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 Checking℠, which charges a $35 monthly service fee if you don’t meet certain requirements.
Services
Make sure to have a clear understanding of your own personal finance needs and goals before selecting a bank. Then look at what services the bank offers to see if they align. 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.
I recommend not only looking into the benefits and perks offered by the banks you’re considering but also giving thought to which benefits you will actually use. It’s not helpful to have discounts on brands that you don’t shop for, for example.
FAQs
What banks do most millionaires use?
These are some of the banks millionaires use to help manage their finances.
- Bank of America Private Bank
- J.P. Morgan Private Bank
- Wells Fargo Private Bank
- UBS Wealth Management
- Goldman Sachs Private Wealth Management
- Citi Private Bank
- HSBC Global Private Banking
Can you insure more than $250,000 in a bank?
You might be able to insure more than $250,000 in a bank through FDIC insurance if you:
- Add a joint owner
- Use different ownership categories for your accounts
- Open an account with another bank or credit union
- Use a bank network to spread out your deposits
Where does Warren Buffett keep his cash?
Warren Buffett keeps a lot of cash in U.S. Treasury bills, which pay out interest when the bill matures in periods of 4, 8, 13, 17, 26, or 52 weeks. U.S. Treasury interest rates can often beat out the annual percentage yield (APY) on savings accounts. Some of Buffett’s major Berkshire Hathaway investments include Apple, Bank of America, Coca-Cola, and American Express.
Bottom line
Chase Private Client Checking℠ 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.
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