The Best Millionaire-Friendly Banks

The Best Millionaire-Friendly Banks

High-Net-WorthIndividuals: Banking Benefits Customer service that is committed Debit card limits that are higher Limits on ATM withdrawals increased. Lower interest rates on loans Interest rates on deposits are rising. Bank services are provided at no cost.

Banks are necessary for everyone, but millionaires and other high-net-worth (HNW) customers must be very selective in their bank selection. For wealthy individuals, the experience is quite different since there is more money at stake—and more money at the bank’s disposal.

Many HNW people prefer to work with a private bank that specializes in wealth management, whether it’s a stand-alone firm or the private banking part of a larger bank.

Account Features for High-Net-Worth Individuals

Banks are ready to reward you and fight for your business since their relationships with HNW clients allow them to generate more money. Compare these aspects as you look for private banks and other companies that may be able to satisfy your demands.

Higher annual percentage yield (APY): If you have a large savings account balance, you should be able to receive a higher annual percentage yield (APY) on your deposits. Examine how much different banks pay at various levels and shop around. Even if you’re a millionaire, you could discover that online banks are the ideal place to put your spare income. 

Customer care dedicated to HNW clients: Most financial institutions have specific departments for HNW clients, and working with them pays off. You gain access to seasoned professionals with superior customer service abilities who are better equipped to solve problems for high-priority clients. 

Even if you can afford to spend $35 on a wire transfer, getting things for free is a good thing. You should be eligible for no monthly fees, free cashier’s checks, free stop payment requests, a safety deposit box, and more if you have a large account balance. For HNW consumers, ATM rebates are more or less standard. 

Higher payment limits: For millionaire customers who frequently need to move large amounts of money, standard bank limitations may be problematic. Private banking, on the other hand, often allows for substantially greater debit card purchases, ATM withdrawal restrictions, and ACH transfers. 

Better borrowing: Look for loans with reduced interest rates, but don’t expect to get money for free. Banks, on the other hand, are willing to forego origination fees and other closing charges in exchange for moving your application quickly through underwriting. 5: When you don’t meet the typical profile, they might make an exception.

Cash management accounts: Some brokerage businesses that previously catered to your brokerage needs are now vying for your banking business. Millionaires who want to manage their own funds would benefit from cash management accounts, which provide competitive interest rates and ATM rebates. In addition, cash management accounts can spread funds among many banks, providing FDIC insurance of up to $250,000 in a single account. The Fidelity Cash Management account, for example, makes use of bank partnerships to deposit up to $1,250,000 in FDIC-insured accounts. 

If you decide to use a cash management account, make sure you read all of the fine print to verify that all of your funds are safe.

 Prioritizing your goals

Banks will go to great lengths, for better or worse, to make you feel important. They employ prominent labels, but “private banking” has several levels and signifies different things to different people. Before choosing a bank, figure out what you value. You may be invited to athletic events, galas, and auctions, as well as receive unlimited free lunches, but what matters most is that your priorities are met.

Banks are interested in more than simply your bank account. Expect a few sales pitches as they’d like to expand the relationship with financial and estate planning, and they’d love to lend you money for any business needs.

 Millionaire-Friendly Banks

According to both the Euromoney Private Banking and Wealth Management Survey and the Global Finance rating for 2020, J.P.Morgan Private Bank is the best private bank for HNW U.S. customers. In the Euromoney study, Goldman Sachs Private Wealth Management, Santander Private Banking, Citi Private Bank, and Morgan Stanley Private Wealth Management rounded out the top five. 

 J.P. Morgan is a financial services firm.

This private bank was also named the best for mega-high-net-worth clients (those with more than $250 million in assets) and ultra-high-net-worth clients (those with more than $30 million but less than $250 million in assets), as well as family office services, investment management, philanthropic advice, and data management and security in a Euromoney survey. J.P. Morgan demands $10 million in assets to become a customer, whereas Chase Private Client, which is part of the bigger banking business of JPMorgan Chase & Co., accepts people with an average daily balance of $250,000 in deposits and investments.

 Goldman Sachs is a financial services firm.

Goldman Sachs was recognized best for capital markets and advisory, working with the next generation, research and asset allocation advice, and servicing business owners by Euromoney, in addition to its overall second-place finish. In addition to private banking, Goldman Sachs provides HNW clients with trading, hedging, and structuring solutions, as well as trust and estate administration services. 


The Private Wealth section of Santander Private Banking International provides a range of boutique services, including real estate consultancy and financing options. Clients must have a minimum of 20 million euros in assets to qualify for the division. 


In addition to its fourth-place overall finish, Citi was selected as the best private bank for foreign clients by Euromoney. Citi offers a variety of services to a variety of clients, including professional investors, high-net-worth individuals, family offices, and lawyers and law firms. 

 Morgan Stanley is a financial services firm 

Morgan Stanley was voted the best private bank for the ultra-wealthy (those with $1 million to $5 million in assets), ESG (environmental, social, and governance) investment, and adoption of innovative or emerging technology, in addition to finishing fifth overall. Signature Access Lifestyle Advisory services from Morgan Stanley include aircraft management and cybersecurity. 

 Frequently Asked Questions (FAQs)

How much money do you need to open a private bank account?

The sum needed to start a private bank account differs depending on the institution. You’ll almost always require tens of thousands of cash, if not millions. Customers with less money can open more limited accounts or pay a fee to access private accounts at several of these institutions.

 What is the maximum amount of money that can be held in a bank account?

Although there is no limit to how much money you can deposit in a bank, it is not always a good idea to keep putting money in savings accounts. The FDIC only insures depositors up to $250,000 per ownership category.

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