Updated October 8, 2023

Best Private Bank

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Looking for a more personalized approach in handling your wealth? Take a look at the top private banks for high net worth individuals.

Have a lot of assets and accounts you want handled without the hassle of actually having to handle and keep track of it all? Want extra benefits and a more personalized approach?

Maybe private banking is ideal for you.

With a focus on tailored service, you'll have a team of financial gurus who specialize in making your dreams a reality. Read on for the best private banks to manage your wealth.

Bottom line recommendations: For the elite clientele with $10 million or more, JP Morgan is the gold standard in private banking. But premium banking isn't only for those with millions. With just $150,000, Chase Private Client offers a gateway to bespoke banking and personalized investment planning.

J.P. Morgan Private Bank

JP Morgan's is one of the best private banking options for those with at least $10 million in assets.

Clients are given a team of specialized advisers who help them with banking, investing, wealth management, and more. Their team includes experienced strategists, economists, and advisers who can tackle all your financial needs.

JP Morgan maintains an impressive 12:1 client-to-advisor ratio, so you really get individualized attention. You'll get an advisor dedicated to creating a personalized financial strategy for you based on your goals.

Plus, you're even given a direct link to their corporate analysts, providing you with unparalleled insights into market opportunities and strategies.

JP Morgan currently works with 50% of the world's deca-billionaires.

Alternative: Don't meet the $10 million requirement? You can still work with JP Morgan Personal Advisors. They'll create a custom financial plan tailored to your goals and match you to expert-built portfolios.

Or you can consider Chase Private Client, which has a much lower minimum. It's still in the same family and you get access to JP Morgan advisors too.

Chase Private Client

Chase Private Client is one of the most accessible private banking programs. You only need an average beginning-day balance of $150,000 to unlock the benefits.[1]

You get a dedicated advisor who will work with you to plan a custom strategy. They also have a team of specialists (like a home lending advisor or business relationship manager) who can help with specific needs.

In addition, you'll have a JP Morgan Private Client Advisor. You'll get regular meetings to ensure that your investment strategy remains aligned with your evolving goals, risk tolerance, and time frame.

Being a Chase Private Client comes with other exclusive perks, like discounts on auto & home financing and access to a portfolio line of credit. And you get no ATM fees worldwide, no foreign transaction fees, and higher everyday limits.

Bank of America Private Bank

If you have over $3 million in investable assets, Bank of America Private Bank is another great option to consider.

Bank of America offers exclusive products for its private banking clients. Like a special set of elite credit cards, which have better benefits compared to their normal credit cards.

They even offer flexible financing options which allow you to use assets such as yachts, aircraft, commercial real estate, or fine art as collateral to obtain a loan.

You are also given a core team of advisors, which can include a private client manager, a portfolio manager, and/or a trust officer. These seasoned professionals will work with you to help seamlessly integrate your current objectives and long-term goals into your overall financial plan.

Citigold Private Client

Citigold Private Client from Citi, a CreditDonkey partner, offers a wide range of services that go beyond just the typical wealth advice.

They have special perks like debit cards that offer no foreign exchange fees as well as waived fees.

Citigold Private Client takes a well-rounded approach to managing your wealth. Your Wealth Team will take into consideration your entire financial situation to come up with a personalized strategy for you to achieve your financial goals.

They even give guidance across various areas in banking, investing, lending, estate planning, and more. Plus, they can bring in specialists to provide additional expertise and help. This is all to ensure that all your financial needs are met.

It has lower requirements to join. It just requires $1 million combined average monthly balance in eligible linked deposit, retirement, and investment accounts.[2]

Alternative: If you're short on the requirement, you can consider Citigold®, which requires a $200,000 combined average monthly balance. This premium account also includes a team of wealth specialists to help you create a custom financial plan.

The information for Citigold Private Client and Citigold has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Goldman Sachs

Want to find something different to invest your money in?

Goldman Sachs offers alternative investment opportunities. Their private wealth advisors help you find the best alternative investment that fits your portfolio.

They are actually one of the world's largest private markets investors, with more than $400 billion in alternative investment.

They focus a lot on creating comprehensive wealth management plans. With a low client-to-advisor ratio, you work one-on-one with their advisers to create the most personal but beneficial plan.

You need $10 million to be eligible for Goldman Sachs private banking.[3]

They even have Goldman Sachs Institutional Client Solutions, which is dedicated to providing customized investment advice for nonprofit organizations.

Morgan Stanley Private Wealth Management

Morgan Stanley is a private bank to look into if you're looking for top-notch financial advisors. They are best known for their great portfolio management and financial advice.

Their advisors are in Barron's 2023 Top 100 Financial Advisors. The great quality of their services also won them the Euromoney award for Best Private Bank in North America for 2023.[4]

Morgan Stanley provides a large array of specialized services to meet your every need. From alternative investments to wealth transfers to philanthropic endeavors to reducing family conflict, they've got you covered.

What sets Morgan Stanley apart is their lifestyle advisory service designed to help affluent families achieve personal pursuits. They can help guide you on investing in art, plan dream travels, navigate prestigious college applications, and even assist in procuring private aircrafts.

Raymond James

Raymond James is a great pick if you want direct access to top professionals and senior leaders like wealth management consultants, portfolio solutions consultants, as well as product specialists.

They offer wealth management services as well as commentary and insights for individuals and corporations/institutions.

For corporations and institutions, they offer a full array of capital markets services, strategic advice and planning for every stage of the business life cycle.

For individuals, they offer an array of special credit cards, competitive interest rates, plus a set of lending solutions perfect for your more unique and personalized needs.

To qualify, you need to fit these eligibility requirements:

  • For new clients (referral only): $500,000 of liquid assets.
  • For friends of clients: $250,000 of liquid assets.
  • For family members of existing clients: No minimum assets.


If you're looking for a private bank outside of the US, that focuses more on investment services, UBS is worth considering.

UBS is a financial services provider based in Switzerland. Their primary focus for their clients is their investment services. They specialize in creating a customized investment strategy in line with the personal needs of their client.

In order to better cater to the investment needs of their clients, UBS offers an advised portfolio service. This service effectively provides their clients with research and recommendations from professional analysts.

UBS also offers estate planning, investing, philanthropy, and borrowing services.

Private Bank Alternatives

If not all the services provided by a private bank is something you think you'll like, try looking into these alternatives:

  • Financial advisors
    Instead of working with a private bank and sticking to their selection of financial advisors, you can look into just getting your own financial advisor.

    This way, you'll get a personalized financial plan without having to maintain such a high balance at a bank.

  • Wealth management service
    If you just want someone to handle your portfolio for you, you can try a wealth management service like Empower. Advisors will create a custom investment plan for you according to your goals, and then manage it. Empower only has a $100,000 minimum.[5]

  • Regional banks
    Though not as personal as private banking, regional banks are known to still keep a personal relationship with their clients. Unlike national banks, regional banks are much smaller and cater to the population within their vicinity.

    They can also offer the same selection of investment products and services as national banks. But because they are smaller, they give more personalized attention to their clients. It could be a good option if you don't meet the requirements for a private bank.

How Do High Net-Worth Individuals Do Their Banking?

High net-worth individuals often use a private bank that also manages their wealth. This is because a private bank will offer personalized service and provide custom solutions to manage their considerable wealth.

Affluent individuals and families have a lot more unique needs. They face challenges like estate planning, wealth succession, and philanthropy management. A private bank will be able to understand their unique situation and cater to their specific needs.

Personal banking vs private banking:
  • Personal banking: Banking products and services for everyday individuals. Checking and savings accounts have lower minimum balances as opposed to private banking, which has high eligibility requirements.

  • Private banking: Reserved for high-net-worth individuals. Usually offers personalized financial advice, wealth management, investment planning, and more. These usually come with a personal banker who manages all the accounts of the client.

How To Choose a Private Bank

There are many things to consider when choosing an account. If it's your first time working with a private bank, you can easily get confused. Here are some things to consider:

  • Minimum requirements
    For private banks, usually, their only minimum requirement is a certain amount of investible assets. Some private banks also have alternative eligibility requirements.

    You'll find the minimum requirements by checking their website or by calling to inquire.

    How much money do I need for private banking? It depends on the account you choose. It can go as high as $10 million in assets. Or as low as just $150,000 for Chase Private Client.

  • Special services
    More than just regular everyday banking services, most private banks offer exclusive perks and benefits. This would include financial advisors, discounts, travel benefits, etc.

    Also, look into what they specialize in. Some banks are great for business endeavors while others primarily focus on investments. Some even offer great advice for alternative investments.

  • Track record
    Do they have a good history with clients? Are their services reliable or convenient? Do they specialize in the particular service you are looking for?

    These are all important questions to ask. Remember, you're going to be working with them and maintaining a huge amount of money in your account. It's good to know that your money is safe with the people handling it.

How We Came Up With The List

One of the key features of a private bank is that they provide wealth advisors to help with creating a financial plan. So we looked into if the private bank provides one for their clients.

We also looked into the special services they offer. Of course, if they didn't include special perks, you basically just have a normal account with a high minimum balance.

We also looked into the eligibility requirements. The most elite private banks may require at least $10 million, but there are also options, like Chase Private Client, that only require $150,000 balance.


What banks do millionaires use in USA?
Millionaires usually choose to work with private banks (like the ones on this list). That's because the services will have a more personalized approach compared to normal banks. They have their own private banker and wealth advisor.

Do rich people use private banks?
Yes, they do. With more money, wealthy individuals prefer the convenience of having a private banker take care of their money.

More than that, there is a more personalized approach to the services offered. Private banks also offer exclusive perks and discounts for banking and financial services.

Bottom Line

Private banking is a great option if you want a single point of convenience for all your accounts, an expert helping you out, and some extra benefits.

But remember that even if you have the money to qualify for private banking, it may still not be for you. Make sure to check out everything they offer.

Maybe you're not looking for everything private banks are offering. Maybe you're just looking to open an account or put some money into a high-rate savings account. Or maybe you're just looking to get some financial advice.

Consider all the alternatives, too, when deciding. It is a lot of money, after all, so you'll want the best possible service for it.


  1. ^ Chase. Private Client, Retrieved 7/6/2023
  2. ^ Citi. Citigold Private Client, Retrieved 7/6/2023
  3. ^ Goldman Sachs. Relationship with Goldman Sachs Private Wealth Management, Retrieved 7/6/2023
  4. ^ Euromoney. North America's best private bank 2023: Morgan Stanley, Retrieved 7/1/2023
  5. ^ Empower. Wealth Management, Retrieved 7/6/2023

Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

Empower Personal Wealth, LLC (“EPW”) compensates CREDITDONKEY INC for new leads. CREDITDONKEY INC is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

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