Top Banks for High Net Worth in 2024: Beyond Just Millionaires!
When it comes to managing your wealth, having the right bank by your side can make all the difference. The top banks designed for high-net-worth individuals don’t just offer savings accounts; they provide personalized services that cater to your unique financial needs. Think wealth advisors, tax strategies, and trust management—all tailored for you.
If your total investable assets range between $150,000 and $1 million, look no further than Chase Private Client Checking℠. This option is perfect for those taking their first steps into private wealth management, especially since many private banks demand even heftier minimum balances.
For those with assets exceeding $10 million, I suggest considering J.P. Morgan Private Bank. Celebrated for its award-winning services, this bank knows how to cater to those with substantial wealth.
Not yet a millionaire? No worries! There are still excellent banking options available that offer high annual percentage yields (APYs) without requiring six-figure deposits.
Featured Banks for High-Net-Worth Individuals
How We Evaluate Banks
To pinpoint the best banks for high-net-worth individuals, we scoured the top U.S. banks that provide exclusive advantages to their elite clientele. Our evaluation focused on minimum balance requirements, features, and services each institution offers.
We also took into account the unique preferences and banking needs of wealthy individuals. This list serves as a starting point for those on the hunt for the perfect financial partner.
The Best Banks for High-Net-Worth Individuals
Compare Top Banks for High-Net-Worth Individuals
| Bank Service | Minimum Balance | Main Features |
| Chase Private Client Checking℠ | $150,000 to waive the $35 monthly fee |
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| Wells Fargo Premier Checking | $250,000 to waive the $35 monthly fee |
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| J.P. Morgan Private Bank | $10 million |
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| Citigold Private Client | $1 million |
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| Goldman Sachs Private Wealth Management | $10 million |
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| Morgan Stanley Private Wealth Management | $10 million |
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Chase Private Client Checking℠
If you have nearby branches offering Private Client services, I highly recommend Chase Private Client Checking℠. This account provides various benefits tailored to high-net-worth individuals and is a fantastic entry point into private banking.
Who Should Consider Chase Private Client Checking℠
The benefits of Chase Private Client Checking℠ can be advantageous if you:
- Travel internationally: Enjoy no fees at non-Chase ATMs worldwide, and get refunds on ATM fees charged by other operators—big savings for frequent travelers!
- Value quick money transfers: Say goodbye to fees on wire transfers for fast and hassle-free transactions!
- Seek personalized service: Access the Private Client phone line for dedicated support whenever you need it.
Who Might Not Fit with Chase Private Client Checking℠
Keep in mind that Chase Private Client Checking℠ comes with a $35 monthly service fee unless you maintain a balance of $150,000. If you can’t meet this requirement, it may not be the right fit for you.
Additionally, not all Chase branches offer Private Client services, so check for availability in your area before diving in.
Keep in Mind
You can avoid the $35 monthly service fee if your average daily balance is at least $150,000 across your qualifying accounts.
Pros
- No ATM fees worldwide
- No fees on incoming or outgoing wire transfers
- Dedicated relationship with a Private Client banker
- Discounts on home and auto loans for eligible clients
Cons
- $35 monthly service fee (which you can avoid)
- Not all branches offer Chase Private Client Checking℠ services
Wells Fargo Premier Checking
The Wells Fargo Premier Checking account offers a wealth of benefits, especially if you already have other products with them. Whether you’re upgrading from another account or opening a new one, the perks are significant.
Who is Wells Fargo Premier Checking For?
This premium account may be a great fit if:
- You don’t have millions to manage: You can open this account with just $25, although you’ll need a $250,000 balance to avoid fees.
- You want better rates: Gain access to preferential rates on select loans and deposit products.
- You appreciate waived fees: Many banking service fees—including foreign transaction fees—are waived for Premier account holders.
Who Might Not Fit with Wells Fargo Premier Checking?
If you don’t plan to leverage other Wells Fargo services, this account might not provide enough value. The level of support and wealth planning is less comprehensive compared to other premium banks. Also, if you can’t meet the minimum balance requirement, the fees might outweigh the benefits.
Pros
- No ATM fees worldwide
- Easy upgrading and downgrading options
- Dedicated banker relationship
- Discounts on loans and waived fees
Cons
- $35 monthly service fee (which is avoidable)
- No dedicated financial advising or wealth planning services
Visit Wells Fargo Premier Checking
J.P. Morgan Private Bank
If you can meet the $10 million balance requirement, J.P. Morgan Private Bank offers an unparalleled banking experience recognized as the “World’s Best Private Bank.”
Who is J.P. Morgan Private Bank For?
Clients might appreciate J.P. Morgan if:
- You travel frequently: Access to fee-free ATM withdrawals globally is a major perk.
- You’re a current Chase customer: Enjoy access to thousands of Chase branches across the country.
- Personalized support is key: Dedicated client service professionals are always ready to assist.
Who Might Not Fit with J.P. Morgan Private Bank?
The high minimum balance requirement of $10 million makes it impractical for individuals who can’t meet that threshold or prefer not to bank with Chase.
Pros
- Access to thousands of Chase branches
- No ATM fees worldwide
- Personalized solutions and attention
Visit J.P. Morgan Private Bank
Citigold Private Client
If you’ve crossed the $1 million threshold and want a well-rounded financial solution, Citigold Private Client could be the right choice.
Who is Citigold Private Client For?
You may find value in Citigold if:
- You travel often: Enjoy unlimited ATM fee refunds at non-Citi ATMs worldwide.
- You want comprehensive financial support: Access a full team of wealth advisors who provide tailored solutions.
- Exclusive lifestyle benefits appeal: Clients enjoy invitations to private events and complimentary museum admissions.
Who Might Not Fit with Citigold Private Client?
If you don’t meet the balance requirement or you’re looking for something beyond what Citigold offers, you may want to explore other options. Additionally, ensure you’ll actually utilize the lifestyle benefits, or else you may not be maximizing your account’s potential.
Pros
- No ATM fees worldwide
- Access to a complete wealth management team
- Exclusive lifestyle benefits
Goldman Sachs Private Wealth Management
This service becomes relevant if you possess over $10 million in investable assets and prefer a highly personalized approach to your financial strategies.
Note
An investable asset typically includes liquid assets like stocks, bonds, and bank accounts. Real estate and personal possessions are generally excluded.
Who is Goldman Sachs Private Wealth Management For?
Consider Goldman Sachs if:
- You want a low client-to-advisor ratio: Enjoy tailored support from advisors who truly understand your financial goals.
- You seek curated financial services: Advisors take a holistic approach, ensuring solutions meet your specific needs.
- Global support is important: Goldman Sachs has a footprint in major regions around the world, giving you access no matter where you are.
Who Might Not Fit with Goldman Sachs Private Wealth Management?
This service is not suitable for those who cannot meet the high minimum balance requirement.
Pros
- Access to dedicated private wealth advisors
- A wide range of services, including investment and estate planning
Visit Goldman Sachs Private Wealth Management
Morgan Stanley Private Wealth Management
Ideal for those in the upper echelon of wealth—specifically, $10 million or more—Morgan Stanley offers top-tier wealth management services.
Who is Morgan Stanley Private Wealth Management For?
You might find this service beneficial if:
- You invest with E*TRADE: Enjoy enhanced access to a leading stock-trading platform.
- You value complimentary perks: Eligible clients gain access to exclusive discounts and lifestyle advisory services.
- You want a personal touch: Receive personalized solutions tailored to your unique financial landscape.
Who Might Not Fit with Morgan Stanley Private Wealth Management?
This option isn’t ideal if you can’t meet the minimum balance recommendations of at least $10 million.
Pros
- Access to Morgan Stanley Reserved benefits
- Integration with E*TRADE for enhanced trading opportunities
- Personalized solutions and specialized services
Visit Morgan Stanley Private Wealth Management
Choosing the Right Bank as a High-Net-Worth Individual
If you’re navigating the waters of wealth, here are some essential factors to consider when choosing a bank:
Requirements
Different banks have varying minimum balance requirements, which can span millions. For instance, you only need $150,000 for Chase Private Client Checking℠, while others like Goldman Sachs require at least $10 million. Choose a bank that aligns with your wealth management needs.
Fees
Be mindful of any fees that come with maintaining an account. Some banks, like Chase Private Client Checking℠, have a monthly service fee that can be avoided by meeting certain balance requirements. Always calculate how fees affect your overall wealth management.
Services
Know your financial goals and see if the bank’s offerings align. Are you looking for investment management, cash management, or perhaps personalized solutions? Make sure the bank provides the services that meet your unique needs.
Benefits and Perks
Beyond typical banking services, many institutions offer lifestyle benefits. Think exclusive event invitations, discounts, and concierge services. Evaluate which perks are genuinely beneficial for you to make the most of your banking experience.
FAQs
What banks do most millionaires use?
Here are some popular banks that millionaires trust to 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?
Yes, you can insure more than $250,000 through FDIC insurance by:
- Adding a joint account owner
- Using different ownership categories for your accounts
- Opening accounts with multiple banks or credit unions
- Utilizing a bank network for spreading your deposits
Where does Warren Buffett keep his cash?
Warren Buffett primarily invests in U.S. Treasury bills, which yield interest upon maturity. His portfolio includes major investments in companies like Apple, Bank of America, Coca-Cola, and American Express.
Bottom Line
For those with less than $1 million, Chase Private Client Checking℠ is the standout choice, offering a wealth of personalized services. For ultra-high-net-worth individuals, the prestigious J.P. Morgan Private Bank is the award-winning pick requiring a minimum of $10 million in assets.
If you’re looking for more insights on finding the right bank, check out our recommendations for the best banks.
