Updated November 7, 2023

Millionaires Bank Account

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When you've got a lot of money, keeping it safe becomes your number one priority. Here are a few banks that can help you with what you need.

Yes, opening a bank account is easy, especially when you have so many options. However, only some banks are trusted by wealthy, high-net worth people.

Ultra-high-net-worth individuals (UHNWIs) will have special needs when it comes to banking, so it's important that they carefully weigh out their options. After all, the security of their money is at stake.

The Best Banks for Millionaires

Each bank and special account will have their own set of benefits and requirements. So if you're looking for a specific account that'll hold large sums, be sure to keep these in mind when opening an account.

How much is your estimated assets?

To help get you started, here are some of the best banks that'll help safekeep your money.

What is an Ultra-High-Net-Worth Individual (UHNWI)?
Ultra-high-net-worth individuals (UHNWI) usually refer to those who have at least $30 million in liquid assets. By comparison, High-net-worth individuals (HNWI) are typically described as those who have $1 million or more in investable assets.

JP Morgan Private Bank

JP Morgan is named the world's best private bank by Euromoney magazine, the leading authority for the world's banking and financial markets.

JP Morgan Private Bank is especially known for their investment services, which makes them a great option for those with a lot of money in their account.

With JP Morgan, each client is given access to a panel of experts. This includes experienced strategists, economists, and advisors who are well-equipped to handle all your financial needs.

How to open an account:
To be eligible for an account with JP Morgan Private Bank, you'll need at least $10 million in assets.

Alternatives: 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 a JP Morgan advisor too.

Are there banks that insure millions?
No. The FDIC only insures a maximum of up to $250,000.[1]

Bank of America Private Banking

Bank of America is another private banking titan that offers financial advice from their team of specialists. These include a private client manager, a portfolio manager, and a trust officer.

You can even work with their team of seasoned planning professionals alongside your other professional advisors. Together, they can create a financial plan that includes both your current objectives and long-term goals.

They've even won awards for Best Wealth Transfer/Succession Planning in the US[2], Best for Digital awards[3], and Best Philanthropic/Education Initiative[4], proving their case as a great option for UHNWIs.

How to open an account:
You'll need at least $3 million in assets to be eligible for an account with Bank of America Private Banking.[5]

Citi Private Bank

Citi Private Bank, a part of Citi—a CreditDonkey partner—offers customized private banking approaches, wealth management, and advisory services based on your needs.

Through Citi, wealthy individuals gain access to personalized financial services and products, higher deposits and savings accounts, and lower transaction fees.

Additionally, they offer investments, banking, financing, and customized financial plans. You'll get your own dedicated Private Banker in any of your desired global regions, not just in the United States.

How to open an account:
To open an account with Citi Private Bank, you'll need to have at least $10 million to invest and have a net worth of at least $25 million.[6]

Alternative: If you're short on the requirement, you can consider Citigold®. This premium account also includes a team of wealth specialists to help you create a custom financial plan.

Wells Fargo Private Bank

Wells Fargo is also a great option for UHNWIs. Their services include premium checking, savings, and CDs—all of which include both mobile and online banking.

They also have foreign exchange services that allow you to send and receive payments in more than 100 currencies. Additionally, they have currency risk management to help protect your transactions.

They don't offer a high APY but their credibility and wide selection of services are what make UHNWIs trust them with their money. They've even recently won an award for Best Wealth Counseling Offering and Best Global Private Bank for Philanthropy Services[7], cementing them as a great option for the ultra-rich.

How to open an account:
If you have at least $1 million invested into Wells Fargo banking and investment accounts, you're eligible for private banking.

TD Bank Private Bank

TD Bank offers Private Tiered Checking and Savings accounts, business deposit accounts, and liquidity solutions that are great for UHNWIs.

Benefits of these accounts include daily ATM withdrawals of up to $1,500 and the ability to make point-of-sale transactions of up to $20,000. Additionally, they have a mobile deposit limit of $50,000 per day and $100,000 per month.[8]

TD Bank also offers the Managed Account Program. With it, clients can choose a portfolio from TD's model investment portfolios. These include TD Managed Portfolios, TD Guided Portfolios, and TD Premier Guided Portfolios. Each of these options differs in investment goals as well as risk tolerances.

How to open an account:
To be eligible for TD's private banking solutions, you'll need at least $750,000 to invest.[9]

Goldman Sachs Private Wealth Management

Goldman Sachs focuses on creating wealth management plans for their clients. In order to give each client the best possible advice, they make sure to have a low client-to-advisor ratio.

Some of the services they offer are investment advice, trust and estate planning, liquidity and lending, and philanthropy services.

Goldman has a great track record for their alternative investments. They're one of the world's largest private markets investors with over $400 billion in alternative investments.

In fact, Euromoney magazine named Goldman the best for capital markets and advisory[10], working with the next generation, research and asset allocation service, and serving business owners.

How to open an account:
To start banking private with Goldman Sachs, you'll need at least $10 million in investable assets to be eligible. [11][12]

Santander Private Client

Santander offers very competitive Private Client Checking and Money Market accounts as well as noteworthy wealth management services.

Once you have an account, Santander will give you a relationship banker as well as an on-demand team of financial specialists. They'll manage your accounts and help you make decisions for your short and long-term financial goals.

Their Private Client Checking offers rate discounts on certain customer loans, unlimited ATM surcharge fee rebates, no monthly fee, and no fees for incoming wire transfers and domestic outgoing wire transfers.

Speaking to their credibility, Santander has won awards for Best Private Banking Services[13] in the high-net-worth segment in Latin America and in four of the main markets for that segment.

How to open an account:
To become eligible, you'll be required to maintain a minimum combined balance of $250,000 in bank deposits and eligible investments for each service period.[14]

Morgan Stanley Private Wealth Management

Morgan Stanley Private Wealth Management is best known for its client portfolio management as well as its financial planning and advice.

They offer a wide array of advisors that ensure they can cater to the needs of their clients—no matter what background they have and what financial goals they have moving forward.

They also have a variety of services that include wealth management, investment banking, and investment management. They ensure top-quality research, allowing them to stay up-to-date with the best course of action for their clients.

Morgan Stanley even won the award for the Best Private Bank in North America in 2023[15]. They also have financial advisors in Barron's Top 100 Financial Advisors in 2023, meaning that they're some of the best in the business.

How to open an account:
Morgan Stanley Private Wealth Management focuses on individuals and families with $20 million or more in investable assets[16].

How Do Millionaires Handle Their Money?

Everyone handles their money differently. UHNWIs usually want to grow their money even more by investing. This is why they prefer working with private banks with good track records—specifically for their investment portfolio and advice.

The wealth advisors that come with private banking are also a plus. For UHNWIs, having one person in charge of all their accounts can be more convenient.

They also like having a reserved portion of their funds in cash just in case there are any unwanted fluctuations in the market. Other than cash, cash equivalents (financial instruments that are almost as liquid as cash) are also popular investments for UHNWIs.

Another good investment option for UHNWIs is real estate. This is because it could be a good option for earning passive income.

Is there a maximum amount that can be deposited in private banks?
Generally, no. So, you can put in as much as you want, but remember that the FDIC will only insure up to $250,000.

How to Choose the Best Bank

Looking to settle on a private bank? Here are a few options you should consider:

  • Minimum requirements:
    Before you open an account, make sure you can meet the minimum requirements. When it comes to private banks, the minimum requirement is usually the maintaining balance.

    How much money do I need to open an account with a private bank?
    It depends on the bank. Some banks have a minimum requirement of $150,000, like Chase Private Client. Others have a minimum as high as $10 million.

  • Special Features:
    One of the best things about banking privately are the perks that come with the account. After all, you're putting in a lot of money.

    Be on the lookout for special perks like discounted loan rates, higher APYs, exclusive travel benefits, higher payment/withdrawal limits, and more.

  • Credibility:
    Since you're putting in a lot of money and will be taking advice from a personal advisor, make sure that the bank you choose is credible. For the security of your money, you'll need to trust the bank and the advisor you're assigned.

What is your primary concern when choosing a bank for high net worth assets?

Methodology

To make this list, we looked into the banks that most UHNWIs already use. Then, we narrowed it down to the most highly-rated banks.

We also took each bank's credibility into consideration. Since you'll be putting in a lot of money, we wanted to make sure that the options we provided were secure and reliable—banks you can actually trust.

Next, we looked at the special perks that each bank provided. We considered how these unique benefits could help you not only grow your money more, but made banking more convenient in general.

Bottom Line

Ready to start banking in the big leagues? You now know everything you need to know before taking that leap.

Just remember that additional research always helps. Before putting in any money, be sure to really read the fine print so that you know what you're getting yourself into. After all, we're talking about a lot of money.

References

  1. ^ FDIC. Deposit Insurance, Retrieved 9/7/2023
  2. ^ Bank of America. Awards & Recognition, Retrieved 8/8/23
  3. ^ Bank of America. A tradition of excellence, Retrieved 8/8/23
  4. ^ Bank of America. Award winning service and solutions, Retrieved 8/8/23
  5. ^ Bank of America Corporation. Wealth Management, Retrieved 7/11/2023
  6. ^ Citi. Private banking questions: How do I qualify for Citi Private Bank?, Retrieved 9/7/2023
  7. ^ Wells Fargo. Newsroom, Retrieved 8/8/23
  8. ^ TD Bank. Private Client Group, Retrieved 9/7/2023
  9. ^ TD Bank. Private Banking, Retrieved 9/7/2023
  10. ^ Euromoney. North America's best bank for advisory 2023: Goldman Sachs, Retrieved 8/8/23
  11. ^ Goldman Sachs. Relationship with Goldman Sachs Private Wealth Management, Retrieved 7/11/2023
  12. ^ Goldman Sachs. Private Wealth Management, Retrieved 7/11/2023
  13. ^ Santander Bank. Awards & recognitions, Retrieved 8/8/23
  14. ^ Santander Bank. Santander Private Client, Retrieved 7/11/2023
  15. ^ Euromoney. Morgan Stanley, Retrieved 8/8/23
  16. ^ Morgan Stanley, Retrieved 8/8/23

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.

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Best Private Bank

July 26, 2023 - Tips for Bank Reviews & Deals
Looking for a more personalized approach in handling your wealth? Take a look at the top private banks for high net worth individuals.
How much is your estimated assets?
12% Less than $1 million
26% Between $1 million to $5 million
10% Between $5 million to $10 million
52% More than $10 million
Source: CreditDonkey poll of 1,041 respondents
What is your primary concern when choosing a bank for high net worth assets?
48% Account Security
33% High-Interest Rates
7% Availability of Additional Services
6% Customer Service Quality
7% Reputation of the Bank
Source: CreditDonkey. Totals may not add to 100% due to rounding.
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