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

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.

Who is the number 1 bank in America? ›

Chase Bank

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

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts. They may also allocate some of their cash to low-risk investments, such as Treasury securities or government bonds.

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

JP Morgan

J.P. Morgan's Private Bank caters to ultra-high net worth individuals and families with a minimum of $10 million in investable assets.

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.

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.

What bank do rich Americans use? ›

1. 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 ...

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 strongest US bank? ›

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. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.

What is the most stable bank in America? ›

Summary: Safest Banks In The U.S. Of April 2024
BankForbes Advisor RatingLearn More
Chase Bank5.0Learn More Read Our Full Review
Bank of America4.2
Wells Fargo Bank4.0Learn More Read Our Full Review
1 more row
Jan 29, 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

How do I insure 2 millions in the bank? ›

Here are seven of the best ways to insure excess deposits that you may have.
  1. Understand FDIC limits. ...
  2. Use bank networks to maximize coverage. ...
  3. Open accounts with different ownership categories. ...
  4. Open accounts at several banks. ...
  5. Consider brokerage accounts. ...
  6. Deposit excess funds at a credit union.
Feb 29, 2024

Is it safe to have more than $250000 in a bank account? ›

An account that contains more than $250,000 at one bank, or multiple accounts with the same owner or owners, is insured only up to $250,000. The protection does not come from taxes or congressional funding. Instead, banks pay into the insurance system, and the insurance provides their customers with protection.

Is it safe to keep a million dollars in the bank? ›

A married couple can easily protect a million dollars at the same bank by each having an individual account and together having a joint account,” McBride said. Moving your money to other financial institutions and having up to $250,000 in each account will ensure that your money is insured by the FDIC, McBride said.

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? ›

Demand Deposit Account (DDA) & Money Market Deposit Account (MMDA) 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.

Do millionaires have normal bank accounts? ›

Yes, millionaires often have different bank accounts, not only in terms of the number of accounts but also in the types of accounts they hold. They may have checking and savings accounts for everyday transactions, as well as specialized accounts for investments, business transactions and foreign currency holdings.

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