Millionaires choose private banks for tax planning, exclusive investment opportunities, and wealth longevity. The best private banking services are generally only available to people with at least $1 million in investable assets and tend to have high fees.
Most of them do. The most popular banks used by the very wealthy are Wells Fargo, JPMorgan and Bank of America. The very wealthy do tend to get better rates and reception than we peons, but they bank in the same places.
J.P. Morgan Private Bank has established itself as a preferred banking partner for many celebrities. With specialized services like Private Client Banking & Investments, it caters to the affluent clientele, providing personalized financial solutions tailored to their specific needs.
JPMorgan Chase: Based in New York City, and, with over$2.7 trillion in assets under management, JPMorgan Chase is one of the best private banks with a lot of different services and investment options available. JPMorgan was one of the banks that started the trend of tailoring their services toward the wealthy.
X.com developed and operated a financial services website with banking services provided by First Western National Bank, an FDIC-insured bank in La Jara, Colorado. The company was initially funded by Elon Musk and Greg Kouri, who went on to fund Musk's later ventures: Tesla and SpaceX.
J.P. Morgan Private Bank, Citi Private Bank, and Bank of America Private Bank are among some of the most popular banks for millionaires.
The $250,000 limit applies per depositor, per FDIC-insured bank and per ownership category. This means that by opening different accounts, you can end up with much more than just $250,000 in insured funds. Insurance limits apply to the entire depository institution – not individual branches.
The Private Bank CD requires a $500,000 minimum opening deposit and a minimum of $500,000 in money new to Wells Fargo. Funds new to Wells Fargo must be from sources outside of Wells Fargo Bank, N.A., or its affiliates. Maximum deposit allowed per client in one or multiple The Private Bank CDs is $25,000,000.
Cash equivalents are financial instruments that are almost as liquid as cash and are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills.
Best Banks for High Net Worth [2025]: Not Only for Millionaires. Chase Private Client Checking is our top pick for assets under $1 million, while J.P. Morgan Private Bank makes sense for assets over $10 million. This article was subjected to a comprehensive fact-checking process.
According to Schwab's Modern Wealth Survey, Americans now believe you need a net worth of about $2.2 million to be considered rich. This number dropped slightly from 2020, when people thought $2.6 million was the magic number.
Key Takeaways
The five largest banks by market capitalization are JPMorgan Chase, Bank of America, Industrial and Commercial Bank of China, Agricultural Bank of China, and Wells Fargo.
According to Knight Frank, ultra-wealthy investors (those with $30 million or more in net worth) allocate about 32% of their wealth to residential properties and around 21% to commercial real estate. Altogether, that's more than half of their assets in real estate.
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JP Morgan private bank minimum requirement is $10 million. Chase private bank minimum requirement is an average beginning day balance of $150,000 or more. Morgan Stanley private bank minimum requirement does not exist.
Both Chase Bank and Wells Fargo Bank offer strengths that can make either bank a good choice depending on your financial needs and preferences. Generally, Chase Bank is a stronger option if you prefer extensive ATM access and digital banking and need a variety of account options.
High-net-worth individual (HNWI) is a technical term used in the financial services industry for people who maintain liquid assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence) valued over US$1 million.
Citibank's Citigold Private Client (CPC) program has been named the "Best Bank for High-Net-Worth Families" by Kiplinger's for five consecutive years. This prestigious recognition highlights Citibank's commitment to providing exceptional service and comprehensive wealth management solutions to affluent clients.
You can generally deposit as much as you want at a bank or other financial institution, but some banks may have extra rules and restrictions due to federal law and bank policy.
Certificates of deposit issued by banks and credit unions are also insured for up to $250,000, guaranteeing your deposit and any interest returns you earn. Money market accounts are worth considering as well. They're FDIC-insured and combine features of checking and savings accounts.
According to data based on estimates from the Federal Reserve, having a net worth of $4 million places you in the top 3% of American households. That's an elite group, for sure. Leigh Baldwin & Co. Advisory Services reports about 4,473,836 U.S. households have amassed $4 million or more in wealth.
What about the checking accounts of millionaires? Things can get pretty complicated and personal here. “Millionaires' checking accounts are all over the place,” Thompson said. “Some clients will only keep enough to pay for immediate expenses (e.g., $10,000) and others will have $150,000 in checking on any given day.”
How do I qualify for Citi Private Bank? Citi Private Bank has a minimum net worth requirement of $10 million USD.