8 Millionaires Bank Account for High Net-Worth Individuals (2024)

When you've got a lot of money, keeping it safe becomes your number one priority. Here are a few banks that can help you with what you need.

8 Millionaires Bank Account for High Net-Worth Individuals (1)

Yes, opening a bank account is easy, especially when you have so many options. However, only some banks are trusted by wealthy, high-net worth people.

Ultra-high-net-worth individuals (UHNWIs) will have special needs when it comes to banking, so it's important that they carefully weigh out their options. After all, the security of their money is at stake.

8 Millionaires Bank Account for High Net-Worth Individuals (2)

Citi Priority - Earn up to $2,000 Cash Bonus

  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their RelationshipTier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.

Expires 1/9/2024

8 Millionaires Bank Account for High Net-Worth Individuals (3)

Citigold® - Earn up to $2,000 Bonus

  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day.
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply

Expires 1/9/2024

8 Millionaires Bank Account for High Net-Worth Individuals (4)

Chase Private Client - $3,000 Bonus

  • You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
  • Speak with a Private Client Banker to open your Chase Private Client Checking account today. Schedule your meeting at your nearest branch or over the phone.
  • Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
  • Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000.
  • No ATM fees worldwide.
  • No Chase fee on incoming or outgoing wire transfers.
  • Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
  • Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

Expires 1/24/2024

The Best Banks for Millionaires

Each bank and special account will have their own set of benefits and requirements. So if you're looking for a specific account that'll hold large sums, be sure to keep these in mind when opening an account.

How much is your estimated assets?

To help get you started, here are some of the best banks that'll help safekeep your money.

What is an Ultra-High-Net-Worth Individual (UHNWI)?
Ultra-high-net-worth individuals (UHNWI) usually refer to those who have at least $30 million in liquid assets. By comparison, High-net-worth individuals (HNWI) are typically described as those who have $1 million or more in investable assets.

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.

With JP Morgan, each client is given access to a panel of experts. This includes experienced strategists, economists, and advisors who are well-equipped to handle all your financial needs.

How to open an account:
To be eligible for an account with JP Morgan Private Bank, you'll need at least $10 million in assets.

Alternatives: Don't meet the $10 million requirement? You can still work with JP Morgan Personal Advisors. They'll create a custom financial plan tailored to your goals and match you to expert-built portfolios.

Other Offers You May Like

8 Millionaires Bank Account for High Net-Worth Individuals (5)

J.P. Morgan Personal Advisors

  • Start the new year with a personalized financial plan and ongoing advice from J.P. Morgan.
  • Work with a team of fiduciary advisors who will create a personalized financial plan, match you to expert built portfolios and provide ongoing advice via video or phone.
  • Connect with a J.P. Morgan team member to schedule a free financial planning session. Call 833-930-4515 or fill out our contact form and we'll be in touch.
  • Get matched to expert-built portfolios, and receive ongoing advice and annual check-ins to ensure your plan is on track.
  • Our team of advisors act as fiduciaries so you can be confident that any advisor you work with has your best interest at heart.
  • Manage all of your banking, investing and borrowing, and conveniently transfer money online and on the Chase Mobile® app.
  • Once we understand your financial picture, risk tolerance and time horizon, we'll recommend a professionally designed investment portfolio that meets your needs and automatically rebalances as the market shifts.
  • Partner with an advisor to build a personalized financial plan based on what's important to you—whether that's paying off debt, opening a business or saving for a big purchase.

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSITNOT FDIC INSUREDNO BANK GUARANTEEMAY LOSE VALUE

Or you can consider Chase Private Client, which has a much lower minimum. It's still in the same family and you get a JP Morgan advisor too.

8 Millionaires Bank Account for High Net-Worth Individuals (6)

Chase Private Client - $3,000 Bonus

Expires 1/24/2024

  • You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
  • Speak with a Private Client Banker to open your Chase Private Client Checking account today. Schedule your meeting at your nearest branch or over the phone.
  • Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
  • Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000.
  • No ATM fees worldwide.
  • No Chase fee on incoming or outgoing wire transfers.
  • Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
  • Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

Are there banks that insure millions?
No. The FDIC only insures a maximum of up to $250,000.[1]

Bank of America Private Banking

Bank of America is another private banking titan that offers financial advice from their team of specialists. These include a private client manager, a portfolio manager, and a trust officer.

You can even work with their team of seasoned planning professionals alongside your other professional advisors. Together, they can create a financial plan that includes both your current objectives and long-term goals.

They've even won awards for Best Wealth Transfer/Succession Planning in the US[2], Best for Digital awards[3], and Best Philanthropic/Education Initiative[4], proving their case as a great option for UHNWIs.

How to open an account:
You'll need at least $3 million in assets to be eligible for an account with Bank of America Private Banking.[5]

Citi Private Bank

Citi Private Bank, a part of Citi—a CreditDonkey partner—offers customized private banking approaches, wealth management, and advisory services based on your needs.

Through Citi, wealthy individuals gain access to personalized financial services and products, higher deposits and savings accounts, and lower transaction fees.

Additionally, they offer investments, banking, financing, and customized financial plans. You'll get your own dedicated Private Banker in any of your desired global regions, not just in the United States.

How to open an account:
To open an account with Citi Private Bank, you'll need to have at least $10 million to invest and have a net worth of at least $25 million.[6]

Alternative: If you're short on the requirement, you can consider Citigold®. This premium account also includes a team of wealth specialists to help you create a custom financial plan.

8 Millionaires Bank Account for High Net-Worth Individuals (7)

Citigold® - Earn up to $2,000 Bonus

Expires 1/9/2024

  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day.
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply

Wells Fargo Private Bank

Wells Fargo is also a great option for UHNWIs. Their services include premium checking, savings, and CDs—all of which include both mobile and online banking.

They also have foreign exchange services that allow you to send and receive payments in more than 100 currencies. Additionally, they have currency risk management to help protect your transactions.

They don't offer a high APY but their credibility and wide selection of services are what make UHNWIs trust them with their money. They've even recently won an award for Best Wealth Counseling Offering and Best Global Private Bank for Philanthropy Services[7], cementing them as a great option for the ultra-rich.

How to open an account:
If you have at least $1 million invested into Wells Fargo banking and investment accounts, you're eligible for private banking.

TD Bank Private Bank

TD Bank offers Private Tiered Checking and Savings accounts, business deposit accounts, and liquidity solutions that are great for UHNWIs.

Benefits of these accounts include daily ATM withdrawals of up to $1,500 and the ability to make point-of-sale transactions of up to $20,000. Additionally, they have a mobile deposit limit of $50,000 per day and $100,000 per month.[8]

TD Bank also offers the Managed Account Program. With it, clients can choose a portfolio from TD's model investment portfolios. These include TD Managed Portfolios, TD Guided Portfolios, and TD Premier Guided Portfolios. Each of these options differs in investment goals as well as risk tolerances.

How to open an account:
To be eligible for TD's private banking solutions, you'll need at least $750,000 to invest.[9]

Goldman Sachs Private Wealth Management

Goldman Sachs focuses on creating wealth management plans for their clients. In order to give each client the best possible advice, they make sure to have a low client-to-advisor ratio.

Some of the services they offer are investment advice, trust and estate planning, liquidity and lending, and philanthropy services.

Goldman has a great track record for their alternative investments. They're one of the world's largest private markets investors with over $400 billion in alternative investments.

In fact, Euromoney magazine named Goldman the best for capital markets and advisory[10], working with the next generation, research and asset allocation service, and serving business owners.

How to open an account:
To start banking private with Goldman Sachs, you'll need at least $10 million in investable assets to be eligible. [11][12]

Santander Private Client

Santander offers very competitive Private Client Checking and Money Market accounts as well as noteworthy wealth management services.

Once you have an account, Santander will give you a relationship banker as well as an on-demand team of financial specialists. They'll manage your accounts and help you make decisions for your short and long-term financial goals.

Their Private Client Checking offers rate discounts on certain customer loans, unlimited ATM surcharge fee rebates, no monthly fee, and no fees for incoming wire transfers and domestic outgoing wire transfers.

Speaking to their credibility, Santander has won awards for Best Private Banking Services[13] in the high-net-worth segment in Latin America and in four of the main markets for that segment.

How to open an account:
To become eligible, you'll be required to maintain a minimum combined balance of $250,000 in bank deposits and eligible investments for each service period.[14]

Morgan Stanley Private Wealth Management

Morgan Stanley Private Wealth Management is best known for its client portfolio management as well as its financial planning and advice.

They offer a wide array of advisors that ensure they can cater to the needs of their clients—no matter what background they have and what financial goals they have moving forward.

They also have a variety of services that include wealth management, investment banking, and investment management. They ensure top-quality research, allowing them to stay up-to-date with the best course of action for their clients.

Morgan Stanley even won the award for the Best Private Bank in North America in 2023[15]. They also have financial advisors in Barron's Top 100 Financial Advisors in 2023, meaning that they're some of the best in the business.

How to open an account:
Morgan Stanley Private Wealth Management focuses on individuals and families with $20 million or more in investable assets[16].

How Do Millionaires Handle Their Money?

Everyone handles their money differently. UHNWIs usually want to grow their money even more by investing. This is why they prefer working with private banks with good track records—specifically for their investment portfolio and advice.

The wealth advisors that come with private banking are also a plus. For UHNWIs, having one person in charge of all their accounts can be more convenient.

They also like having a reserved portion of their funds in cash just in case there are any unwanted fluctuations in the market. Other than cash, cash equivalents (financial instruments that are almost as liquid as cash) are also popular investments for UHNWIs.

Another good investment option for UHNWIs is real estate. This is because it could be a good option for earning passive income.

Is there a maximum amount that can be deposited in private banks?
Generally, no. So, you can put in as much as you want, but remember that the FDIC will only insure up to $250,000.

How to Choose the Best Bank

Looking to settle on a private bank? Here are a few options you should consider:

  • Minimum requirements:
    Before you open an account, make sure you can meet the minimum requirements. When it comes to private banks, the minimum requirement is usually the maintaining balance.

    How much money do I need to open an account with a private bank?
    It depends on the bank. Some banks have a minimum requirement of $150,000, like Chase Private Client. Others have a minimum as high as $10 million.

  • Special Features:
    One of the best things about banking privately are the perks that come with the account. After all, you're putting in a lot of money.

    Be on the lookout for special perks like discounted loan rates, higher APYs, exclusive travel benefits, higher payment/withdrawal limits, and more.

  • Credibility:
    Since you're putting in a lot of money and will be taking advice from a personal advisor, make sure that the bank you choose is credible. For the security of your money, you'll need to trust the bank and the advisor you're assigned.

What is your primary concern when choosing a bank for high net worth assets?

8 Millionaires Bank Account for High Net-Worth Individuals (8)

Citi Priority - Earn up to $2,000 Cash Bonus

  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their RelationshipTier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.

Expires 1/9/2024

8 Millionaires Bank Account for High Net-Worth Individuals (9)

Citigold® - Earn up to $2,000 Bonus

  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day.
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply

Expires 1/9/2024

8 Millionaires Bank Account for High Net-Worth Individuals (10)

Chase Private Client - $3,000 Bonus

  • You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
  • Speak with a Private Client Banker to open your Chase Private Client Checking account today. Schedule your meeting at your nearest branch or over the phone.
  • Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
  • Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000.
  • No ATM fees worldwide.
  • No Chase fee on incoming or outgoing wire transfers.
  • Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle® and Chase QuickDeposit℠ limits.
  • Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

Expires 1/24/2024

Methodology

To make this list, we looked into the banks that most UHNWIs already use. Then, we narrowed it down to the most highly-rated banks.

We also took each bank's credibility into consideration. Since you'll be putting in a lot of money, we wanted to make sure that the options we provided were secure and reliable—banks you can actually trust.

Next, we looked at the special perks that each bank provided. We considered how these unique benefits could help you not only grow your money more, but made banking more convenient in general.

Bottom Line

Ready to start banking in the big leagues? You now know everything you need to know before taking that leap.

Just remember that additional research always helps. Before putting in any money, be sure to really read the fine print so that you know what you're getting yourself into. After all, we're talking about a lot of money.

References

  1. ^ FDIC. Deposit Insurance, Retrieved 9/7/2023
  2. ^ Bank of America. Awards & Recognition, Retrieved 8/8/23
  3. ^ Bank of America. A tradition of excellence, Retrieved 8/8/23
  4. ^ Bank of America. Award winning service and solutions, Retrieved 8/8/23
  5. ^ Bank of America Corporation. Wealth Management, Retrieved 7/11/2023
  6. ^ Citi. Private banking questions: How do I qualify for Citi Private Bank?, Retrieved 9/7/2023
  7. ^ Wells Fargo. Newsroom, Retrieved 8/8/23
  8. ^ TD Bank. Private Client Group, Retrieved 9/7/2023
  9. ^ TD Bank. Private Banking, Retrieved 9/7/2023
  10. ^ Euromoney. North America's best bank for advisory 2023: Goldman Sachs, Retrieved 8/8/23
  11. ^ Goldman Sachs. Relationship with Goldman Sachs Private Wealth Management, Retrieved 7/11/2023
  12. ^ Goldman Sachs. Private Wealth Management, Retrieved 7/11/2023
  13. ^ Santander Bank. Awards & recognitions, Retrieved 8/8/23
  14. ^ Santander Bank. Santander Private Client, Retrieved 7/11/2023
  15. ^ Euromoney. Morgan Stanley, Retrieved 8/8/23
  16. ^ Morgan Stanley, Retrieved 8/8/23

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This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

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  23. Citi Private Bank:

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    • A part of Citi, this bank offers customized private banking approaches, wealth management, and advisory services.
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  3. **Wt least $10 million to invest and a net worth of at least $25 million.

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  5. **Wells Fargo$10 million to invest and a net worth of at least $25 million.

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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
  17. **TD Bank Private Bank to invest and a net worth premium checking, savings, and CD services, as well as foreign exchange services.

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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
  29. TD Bank Private Bank:

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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
  30. TD Bank Private Bank:

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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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    • Eligibility requires at least $1 million invested in Wells Fargo banking and investment accounts.
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  40. TD Bank Private Bank:

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    • Elig has won awardsank Private Bank:**
    • TD Bank offers Private Tiered Checking and Savings accounts, business deposit accounts, and liquidity solutions for UHNWIs.
    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
  54. Goldman Sachs Private Wealth Management:

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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
  55. Goldman Sachs Private Wealth Management:

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    • Eligibility for TD's private banking solutions requires at least $750,000 to invest.
  56. Goldman Sachs Private Wealth Management:

    • Goldman Sachs focuses on creating wealth management plans, emphasizing a low clientigibility for TD's private banking solutions requires at least $750,000 to invest.
  57. Goldman Sachs Private Wealth Management:

    • Goldman Sachs focuses on creating wealth management plans, emphasizing a low client-to least $or TD's private banking solutions requires at least $750,000 to invest.
  58. Goldman Sachs Private Wealth Management:

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  59. Goldman Sachs Private Wealth Management:

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  61. Goldman Sachs Private Wealth Management:

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  62. Goldman Sachs Private Wealth Management:

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    • To requires at least $750,000 to invest.
  64. Goldman Sachs Private Wealth Management:

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    • To opent least $750,000 to invest.
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    • To open an750,000 to invest.
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    • To open an account,,000 to invest.
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    • To open an account, a000 to invest.
  68. Goldman Sachs Private Wealth Management:

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    • To open an account, a minimum00 to invest.
  69. Goldman Sachs Private Wealth Management:

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    • To open an account, a minimum ofto invest.
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    • To open an account, a minimum of $10 millionGoldman Sachs Private Wealth Management:
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    • To open an account, a minimum of $10 million in invest: Sachs Private Wealth Management:
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    • To open an account, a minimum of $10 million in investable assetsise: TDManagement:
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  • To open an account, a minimum of $10 million in investable assets is required.
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    • To open an account, a minimum of $10 million in investable assets is required.
  2. **ting wealth management plans, emphasizing a low client-to-advisor ratio.

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    • Eligibilityiger Private Client:**
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    • Eligibility involves maintaining a minimum combined balance of $250,000 in bank deposits and eligible investmentsng and Money Market accounts, along with wealth management services.
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and Money Market accounts, along with wealth management services.

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8 Money Market accounts, along with wealth management services.

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  • Eligibility involves maintaining a minimum combined balance of $250,000 in bank deposits and eligible investments.
  1. **ccounts, along with wealth management services.

    • Eligibility involves maintaining a minimum combined balance of $250,000 in bank deposits and eligible investments.
  2. **Malong with wealth management services.

    • Eligibility involves maintaining a minimum combined balance of $250,000 in bank deposits and eligible investments.
  3. **Morganng with wealth management services.

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  4. **Morgan Stanleyg with wealth management services.

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  5. **Morgan Stanley Private with wealth management services.

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  8. Morgan Stanley Private Wealth Management:: ty involves maintaining a minimum combined balance of $250,000 in bank deposits and eligible investments.

  9. Morgan Stanley Private Wealth Management: involves maintaining a minimum combined balance of $250,000 in bank deposits and eligible investments.

  10. Morgan Stanley Private Wealth Management: Expert maintaining a minimum combined balance of $250,000 in bank deposits and eligible investments.

  11. Morgan Stanley Private Wealth Management: -intaining a minimum combined balance of $250,000 in bank deposits and eligible investments.

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    • Recognized as the Best Private Bank in North America in 2023, Morgan Stanley offers client portfolio management and financial planning. -gan Stanley Private Wealth Management:**
    • Recognized as the Best Private Bank in North America in 2023, Morgan Stanley offers client portfolio management and financial planning.
    • Thetanley Private Wealth Management:**
    • Recognized as the Best Private Bank in North America in 2023, Morgan Stanley offers client portfolio management and financial planning.
    • The focusley Private Wealth Management:**
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    • The focus is Wealth Management:**
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    • The focus is on individuals itsManagement:**
    • Recognized as the Best Private Bank in North America in 2023, Morgan Stanley offers client portfolio management and financial planning.
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8 Millionaires Bank Account for High Net-Worth Individuals (2024)

FAQs

8 Millionaires Bank Account for High Net-Worth Individuals? ›

The nine banks highlighted in this article – Citibank, TD Bank, J.P. Morgan, Chase, Wells Fargo, Bank of America, HSBC, Morgan Stanley, and PNC – are among the best options for high net worth individuals in the United States, each offering a unique combination of personalized service, sophisticated solutions, and ...

Which bank is best for high net worth individuals? ›

These 10 checking accounts are designed with the wealthy in mind and are intended for banking clients who desire convenient access to cash with premium benefits.
  • Morgan Stanley CashPlus. ...
  • TD Bank Private Banking. ...
  • Truist Wealth Checking. ...
  • PNC Private Bank Checking. ...
  • BNY Mellon Cash Management Access Account. ...
  • Chase Private Client.

What bank do multi millionaires use? ›

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.”

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

Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank. Other millionaires have safe deposit boxes full of cash denominated in many different currencies.

What is a high net worth individual in banking? ›

In today's society, high-net-worth individuals are generally defined as those with a net worth of between $1 million and $5 million, and often have access to financial services beyond traditional banking and investing services at commercial banks and credit unions.

What is considered ultra high net worth? ›

Ultra-high-net-worth individuals (UHNWIs) are defined as people with investable assets of at least $30 million.

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 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 high net worth individuals keep their money? ›

How the Ultra-Wealthy Invest
RankAssetAverage Proportion of Total Wealth
1Primary and Secondary Homes32%
2Equities18%
3Commercial Property14%
4Bonds12%
7 more rows
Oct 30, 2023

Do millionaires keep millions in the bank? ›

Millionaires Don't Keep Much in Their Traditional Savings Accounts. “My millionaire clients keep very little of their net worth in a traditional savings account. $10,000 or less,” said Herman (Tommy) Thompson, Jr., CFP, ChSNC, ChFC, a certified financial planner with Innovative Financial Group.

What is the safest bank for millionaires? ›

To help get you started, here are some of the best banks that'll help safekeep your money.
  1. JP MORGAN PRIVATE BANK. ...
  2. BANK OF AMERICA PRIVATE BANKING. ...
  3. CITI PRIVATE BANK. ...
  4. WELLS FARGO PRIVATE BANK. ...
  5. TD BANK PRIVATE BANK. ...
  6. GOLDMAN SACHS PRIVATE WEALTH MANAGEMENT. ...
  7. SANTANDER PRIVATE CLIENT. ...
  8. MORGAN STANLEY PRIVATE WEALTH MANAGEMENT.
Nov 7, 2023

How do banks insure millionaires? ›

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts.

Is it OK to have more than 250k in one bank? ›

Q: Can I have more than $250,000 of deposit insurance coverage at one FDIC-insured bank? A: Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled.

Is 8 million a lot of money? ›

Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.

What is the net worth of the top 1%? ›

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.

Is a net worth of 7 million good? ›

Retiring with $7 million means you can bid adieu to financial anxiety. You've amassed a significant nest egg that, when managed prudently, can provide you with a stable and worry-free income for the rest of your life. Basic living expenses like housing, healthcare and groceries will no longer keep you up at night.

What is the best bank to manage wealth? ›

Compare the best banks for high-net-worth individuals
Bank serviceMinimum balance
Chase Private Client$150,000 to avoid the $35 monthly service fee
J.P. Morgan Private Bank$10 million
Citigold Private Client$1 million
Goldman Sachs Private Wealth Management$10 million
1 more row

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.

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