4 Most Popular Banks for Millionaires (2024)

4 Most Popular Banks for Millionaires (1)

As your finances change over time, your banking provider should also grow with you so that you get the service you feel you deserve. If you’re a millionaire or have a significant amount of wealth, then you’ll want to find a bank that caters to you and provides you with a more tailored approach toward your goals. Not every bank is structured to best support those with a high net worth, so millionaires must choose carefully when selecting their banking institution.

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Here’s a look at some of the most popular banks for millionaires.

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The Right Bank Account for Millionaires

“Millionaires often have specific financial needs and preferences, leading them to choose bank accounts that offer a range of services tailored to high-net-worth individuals,” said Erika Kullberg, attorney, personal finance and debt expert and founder of Erika.com.

If you’ve reached a certain status financially, you’ll want exceptional services when it comes to managing your finances. “Many millionaires opt for private banking services that provide personalized attention and a dedicated relationship manager. Wealth management accounts may include a suite of financial services such as investment management, estate planning and tax advisory,” she added.

“Millionaires often prefer banking services that offer a combination of high-end financial management, privacy and personalized services,” said Christopher M. Naghibi, executive vice president and chief operating officer at First Foundation Bank. Naghibi mentioned how his bank caters to high-net-worth individuals, celebrities and everyday people. “It really comes down to who has the best value proposition of customer service to give them the feeling of a high-level personal touch. Some of the most popular large banks accomplish this via their ‘private banks.'”

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What Does a ‘Private Bank’ Offer?

“A private bank within a larger banking institution refers to a specialized division or subsidiary that provides more personalized, exclusive and comprehensive financial services specifically tailored to high-net-worth individuals,” commented Naghibi. “These services typically go beyond the regular offerings of the larger bank and focus on aspects such as wealth management, investment advice, estate planning and other tailored financial solutions.”

It’s worth pointing out that many established banks have different tiers of services that they offer based on your financial standing.

Naghibi added, “The last thing you want as a millionaire is to have your financial information spread out amongst several companies and have to call a 1-800 number in order to contact someone.”

The Most Popular Banks for Millionaires

1. JP Morgan Private Bank

“J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. “With J.P. Morgan, each client is given access to a panel of experts, including experienced strategists, economists and advisors.”

“J.P. Morgan Private Bank is the more elite program serving ultra-high-net-worth individuals,” Naghibi said. “It offers comprehensive services in savings, checking and retirement account management. But, more than anything, it gives clients access to their bank and team with a concierge feel.”

The official website states that clients have access to a team of professionals who will assist them with every facet of wealth planning. They also have opportunities with emerging global investments they may not find elsewhere.

2. Bank of America Private Bank

According to Kullberg, “Bank of America Private Bank offers services that include a private client manager, portfolio manager and trust officer. This team works together to create a plan for your short- and long-term goals.”

Naghibi added, “Bank of America Private Bank requires a minimum balance of $3 million and offers unique services like strategic philanthropy and art services.”

3. Citi Private Bank

“At Citi Private Bank, wealthier individuals will receive access to more personalized services and products, higher deposits and yields on savings accounts and lower or nonexistent transaction fees,” Kullberg supplied.

Naghibi shared, “This bank requires a minimum balance of $5 million and focuses on global financial services and wealth management.”

With a network that spans across almost 160 countries, Citi touts that it’s one of the most global banks. As a member of private banking, clients also get access to unique perks like aircraft financing, alternative investments and sustainable investment options.

4. Chase Private Client

“Chase Private Client is unique in that it is ideal for individuals who might not yet be ultra-wealthy but are high earners,” Naghibi stated. “It only requires a minimum balance of $150,000 to avoid fees and offers perks like unlimited ATM fee refunds and no wire transfer fees.”

Here are some of the additional perks of being a private member with Chase:

  • Mortgage rate discounts on new and existing balances

  • A 0.25% discount on the standard rate for auto financing

  • Invites to exclusive events, ranging from family activities to culinary experiences

  • No overdraft fees for up to four days per year

  • Access to a J.P. Morgan Private Client Advisor, who can assist you with creating a customized investment plan based on your goals

Closing Thoughts

Due to the exclusivity of private banks, it may be challenging to find detailed information about these accounts online. You may want to look into booking private consultations to find out more and to help you determine which bank offers the best account for millionaires.

“What’s really rising in popularity are community [and regional] banks that offer millionaires a more intimate feel and more direct access to their banker,” Naghibi said. “Larger institutions simply value larger deposit relationships by the nature of their size. So, to compete, the smaller banks go over the top with service and value proposition. Many of them offer private banking-like services as standard, you just have to know how to use them. It all starts with building a relationship with your banker and growing together.”

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This article originally appeared on GOBankingRates.com: 4 Most Popular Banks for Millionaires

4 Most Popular Banks for Millionaires (2024)


What bank do most millionaires use? ›

The Most Popular Banks for Millionaires
  1. JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
  2. Bank of America Private Bank. ...
  3. Citi Private Bank. ...
  4. Chase Private Client.
Jan 29, 2024

Who is the number 1 bank in America? ›

1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.

Which bank do most celebrities use? ›

Wells Fargo, Citibank, Marcus by Goldman Sachs, HSBC, J.P. Morgan Chase and Bank of America are all contenders in the celebrity banking arena.

What is the richest bank in the United States? ›

The 15 Biggest Banks in the US
RankingBank NameAssets
1JPMorgan Chase$3.40 trillion
2Bank of America$2.54 trillion
3Wells Fargo$1.73 trillion
4Citibank$1.68 trillion
11 more rows
Mar 16, 2024

What is the best bank for ultra high net worth? ›

Here are nine of the best banks for high net worth individuals in the United States:
  • TD Bank. ...
  • JP Morgan. ...
  • Chase. ...
  • Wells Fargo. ...
  • Bank of America. ...
  • HSBC. ...
  • Morgan Stanley. ...
  • PNC. PNC's Private Bank serves high net worth individuals and families with at least $1 million in investable assets.

What is the hardest bank to get into? ›

Goldman Sachs is often cited as the hardest investment bank to get into, due to its prestigious reputation, highly competitive hiring process, and rigorous standards for candidates in terms of experience, education, and skills.

What is the most stable bank in America? ›

Summary: Safest Banks In The U.S. Of April 2024
BankForbes Advisor RatingProducts
Chase Bank5.0Checking, Savings, CDs
Bank of America4.2Checking, Savings, CDs
Wells Fargo Bank4.0Savings, checking, money market accounts, CDs
Citi®4.0Checking, savings, CDs
1 more row
Jan 29, 2024

What bank do most Americans use? ›

The Bankrate promise
1JPMorgan Chase1
2Bank of America2
3Wells Fargo4
11 more rows
Apr 2, 2024

What is the best bank in America right now? ›

The Top 10 Banks in America by Assets Held
  • JPMorgan Chase. At the top of the list, JPMorgan Chase holds close to $3.38 trillion in assets. ...
  • Bank of America. With approximately $2.45 trillion in consolidated assets, Bank of America is second on the list. ...
  • Citi. ...
  • Wells Fargo. ...
  • U.S. Bank/U.S. Bancorp. ...
  • PNC. ...
  • Truist Bank. ...
  • Goldman Sachs.
Jan 4, 2024

Which bank does Bill Gates use? ›

The majority of Gates' financial assets are investments in corporations managed by Cascade Investments, LLC, an entity now partially run by Gates to purchase stakes in various businesses. He is assumed to have roughly $12 billion stored here, for future investments.

Where do millionaires keep their money bank? ›

Millionaires also have zero-balance accounts with private banks. They leave their money in cash and cash equivalents and they write checks on their zero-balance account. At the end of the business day, the private bank, as custodian of their various accounts, sells off enough liquid assets to settle up for that day.

Where do billionaires do their banking? ›

Private Banks

These services are especially appealing as they help the ultra-rich grow and preserve their wealth. Private banks also offer high-value financing for assets like aircrafts, yachts and real estate, with some banks even offering asset and lifestyle management rather than just financial products.

What are the big 4 banks? ›

Each of the Big Four banks—Commonwealth Bank, Westpac, National Australia Bank, and Australia and New Zealand Banking Group (ANZ)—have a lengthy history, starting life at a local level and then gradually increasing market share by swallowing up smaller rivals during periods of financial turmoil.

What is the Big 4 bank in the US? ›

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.

What is the most profitable bank? ›

China-based Industrial and Commercial Bank of China Ltd is the leading bank in the world (by revenue).

Where do millionaires keep their money if banks only insure 250k? ›

Wealthy people do not leave large amounts of money in saving/checking accounts earning no interest or income. Instead they invest their money in stocks, bonds, real estate, mutual funds, etc.

What percentage of Americans have $1000000 in the bank? ›

In fact, statistically, around 10% of retirees have $1 million or more in savings.

Where to deposit $100 million dollars? ›

DDA/MMDA allows you to place funds into demand deposit and/or money market deposit accounts. You can deposit up to $100 million for each account type. With this option, you may receive expanded insurance protection and still have the flexibility to access your funds when you need them.

How much do you need for Bank of America private bank? ›

It's no secret that private banking is the domain of the wealthy. Private banking minimum requirements are generally around $250,000 in investable assets, though some banks will set the bar higher than others. For example, the Bank of America private bank minimum requirement is $10 million.

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