Private Banks That Help You Bank Like The Wealthy

If one thing is for sure, it is that the ultra-rich and high-net-worth individuals often bank differently than the rest of us. Private banks are a popular solution because they are known for special perks and features benefiting individuals with high net worth. However, you do not have to be rich to benefit from some of these features. It all depends on who you bank with. These private banks can help you bank like the wealthy, regardless of your net worth.

Do you have questions about financial planning for the future? Speak with a financial advisor today.

Popular Private Banks

Private banks are going to typically have a lot of assets under management, have a good understanding of how to cater to high-net-worth individuals, have a global footprint, and offer a wide amount of investment options. The right private bank is going to depend on more than that though as it will likely have a deep knowledge of your local market and the ability to offer you what you need.

Here are some of the most popular private banks available:

JPMorgan Chase

Based in New York City with over $2.4 trillion in assets under management, JPMorgan Chase is a popular private bank with a lot of different services and investment options available. It is actually one of the banks that started the trend of services tailored to the wealthy. Their operations span over 100 countries and everyone from those with high-net-worth to those with lower incomes will find a potential fit with JPMorgan Chase.

Bank of America

As one of the most well-known names in banking, Bank of America is based in New York City and has over $4.2 trillion in client balances across its wealth management businesses. . The bank is in over 35 countries and has over 69 million banking customers in the United States. The bank offers wealth management, investment and banking services.

Citigroup

Also headquartered in New York City, Citigroup is the fourth-largest commercial bank with over $1.05 million in domestic assets, as of December 2024. Citigroup has a goal to aid economic growth in every country it operates, working with both governments and individuals. It offers wealth management to high-net-worth individuals but also works to provide small business services to boost local economies.

You may want to discuss your needs with a financial advisor who can help you navigate the process of choosing a bank that offers the services you need most.

Wealthy Individuals Stick With Big-Name Banks

High-net-worth individuals often turn to the same national banks that the rest of us use for our banking needs. Why are the wealthy skipping out on smaller banks? Accessibility, technology and resources, to be brief.

Accessibility is a key concern for many wealthy clients since many are frequently traveling. A national bank has more branches in more locations than a bank that only serves a specific geographic area.

Technology is also a key factor in winning over clients. Bank of America alone boasts 58 million verified digital clients. And while credit unions and community banks are becoming more technologically savvy, big banks are still more likely to offer the latest and most innovative products and services.

Finally, a top bank with more than a trillion dollars of assets under management has access to more investment opportunities and more resources than a community bank.

Private Bank Services to Consider

How the Rich Bank Differently From the Rest of Us

Just because a wealthy person uses the same bank as you, it does not mean they are banking the same way. Someone with $5 million is not likely to walk into a bank, asking for a regular checking account. If they do, they stand to miss out on some valuable benefits associated with private banking services.

Seeking out a private wealth manager or financial advisor might make more sense when there is a large amount of money involved. These services might be more affordable than you think.

The most notable difference between private banking and traditional banking is the highly personalized service that comes with private banking. Rather than a different teller on each visit, you have a dedicated banker–or perhaps, even a team of bankers–who are familiar with your account and your overall financial picture. Your banker will tailor their services to fit your situation, rather than the other way around.

Access to private banking, however, typically requires a balance of at least $50,000, with many banks setting the minimum at $500,000 or higher. This is why private banking services are typically reserved for the ultra-wealthy.

Don’t Miss a Chance to Grow Your Wealth

Many rich investors understand that they need to make smart investments in order to hold on to their wealth and boost their net worth. Most high-net-worth individuals put the majority of their money into equities. When it comes to banking and investing, the rich and ultra-rich aren’t letting their assets languish in accounts that earn paltry returns.

Some of this is unavoidable, of course. We all need to keep some money in cash to handle day-to-day expenses. The takeaway, though, is that you do not want to miss out on any opportunity you have to grow your wealth. This means buying real estate you can afford and investing the cash you are not likely to need in the near future. Changing your mentality to a growth mentality could be life-changing over the course of the next 10 or 20 years.

Bottom Line

When you have millions of dollars in the bank, you make different decisions when banking and investing. The rich use big banks and private banking institutions. They also tend to put their money into riskier investment vehicles, focusing on maintaining and expanding their wealth. Private banks offer many investment options and services to all of their customers. The sheer size of these banks makes it where you can benefit if you understand how to invest properly.

Tips for Growing Wealth

You don’t need to be a private banking client to receive wealth management services or advice. In fact, a financial advisor can help you manage your finances. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
If you have less than $1,000 to invest, consider signing up with a robo-advisor. Because they use a proprietary algorithm and invest in no-load mutual funds or exchange-traded funds, they tend to have low account minimums and low fees.