Banks matter to everyone—but if you’re a millionaire, choosing the right bank becomes far more important. When you’re dealing with seven figures (or more), small differences in service, rates, and access can have a big impact on your financial life.
Wealthy individuals don’t just need a place to store money. They often want personalized service, smarter cash management, and banking tools that work smoothly at scale. That’s why many high-net-worth (HNW) clients turn to private banking.
Let’s break down how banking works for millionaires, what features really matter, and which U.S. banks are widely considered top choices.
Why Millionaires Use Private Banks
Most people use standard checking and savings accounts. Millionaires, on the other hand, often work with private banks or private banking divisions inside large financial institutions.
Private banking is designed for clients with substantial assets. Instead of dealing with call centers or rotating account reps, you typically get a dedicated relationship manager who understands your entire financial picture.
Think of it like the difference between flying economy and having a personal concierge at the airport. The destination is the same—but the experience is very different.
Key Banking Features Millionaires Should Look For
Because banks earn more from wealthy clients, they compete hard for their business. That competition translates into better perks and fewer limitations. Here are the most important features to compare.
Higher Interest on Large Balances
With a large cash balance, you should expect better interest rates—especially on savings or money market accounts. While traditional private banks may offer competitive rates, many millionaires still keep idle cash at online banks or cash management accounts to earn higher yields.
Example: You might keep $200,000 at a private bank for convenience, but park excess cash elsewhere to maximize interest.
Dedicated, High-Level Customer Support
Private banking clients usually get access to experienced bankers who can solve problems quickly. These teams often have more authority than standard customer service, meaning fewer delays and less red tape.
If you need a large wire sent today—or a complex issue resolved fast—you’re not waiting in line.
Little to No Fees
When you maintain a high balance, most common banking fees disappear. This often includes:
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No monthly maintenance fees
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Free wire transfers
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Free cashier’s checks
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ATM fee reimbursements worldwide
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Complimentary safe deposit boxes
You could pay for these services—but when you’re a priority client, banks waive them automatically.
Higher Transaction and Withdrawal Limits
Standard bank limits don’t work well when you’re moving large sums of money. Private banking clients usually enjoy:
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Higher daily ATM withdrawal limits
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Larger debit card purchase limits
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Increased ACH and wire transfer caps
This flexibility is especially helpful for business owners, real estate investors, or anyone making large purchases regularly.
Preferential Loan Terms
Private banks often offer better borrowing conditions, including:
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Lower interest rates on loans
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Faster approval processes
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Reduced or waived origination fees
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More flexible underwriting standards
You’re not getting “free money,” but the terms are often noticeably better than retail banking options.
Cash Management Accounts for Self-Directed Clients
Some millionaires prefer to manage their own finances rather than rely heavily on advisors. For them, cash management accounts—offered by firms like Fidelity or Schwab—can be a great option.
These accounts often provide:
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Competitive interest rates
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Unlimited ATM fee reimbursements
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Bill pay and check writing
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Automatic spreading of funds across multiple banks
This structure allows clients to exceed the standard $250,000 FDIC insurance limit by distributing money among partner banks—sometimes protecting over $1 million in a single account.
Deciding What Really Matters to You
Private banks love to make clients feel special. Invitations to exclusive events, luxury perks, and premium branding are common—but those shouldn’t be the deciding factors.
Before choosing a bank, ask yourself:
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Do I want hands-on financial guidance or independence?
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Is international banking important to me?
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Do I need business, lending, or estate planning support?
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How important is technology and online access?
Also, expect some sales pitches. Banks want deeper relationships, including investments, trust services, and lending. That’s normal—but the right bank respects your boundaries.
Top Banks for Millionaires in the U.S.
Based on long-standing industry rankings and reputation, the following institutions are frequently recognized as leaders in private banking for high-net-worth clients.
J.P. Morgan Private Bank
J.P. Morgan is often considered the gold standard in private banking. It’s especially known for serving ultra-wealthy families, family offices, and large philanthropic organizations.
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High minimum asset requirements (often $10 million+)
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Strong investment management and estate planning
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Advanced cybersecurity and data protection
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Access to Chase Private Client for clients with lower balances
Best for: Ultra-high-net-worth individuals and families with complex financial needs.
Goldman Sachs Private Wealth Management
Goldman Sachs is known for its strength in investment strategy and capital markets. It’s a popular choice for business owners and entrepreneurs.
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Sophisticated trading and hedging tools
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Strong research and asset allocation guidance
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Estate and trust administration
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Focus on generational wealth planning
Best for: Clients who prioritize investments and market expertise.
Santander Private Banking
Santander’s private wealth services cater to international clients and those with global assets.
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Real estate advisory and financing solutions
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Cross-border banking expertise
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High minimum asset thresholds (often €20 million or more)
Best for: Globally mobile clients with international holdings.
Citi Private Bank
Citi stands out for its global reach and international banking capabilities.
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Services tailored to investors, family offices, and professionals
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Strong foreign currency and international transaction support
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Deep presence in major financial hubs worldwide
Best for: Clients with international income, assets, or residency.
Morgan Stanley Private Wealth Management
Morgan Stanley blends private banking with lifestyle and technology-driven services.
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Strong ESG and impact investing options
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Innovative digital tools
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Lifestyle advisory services (aviation, cybersecurity, etc.)
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Lower entry point for “emerging affluent” clients
Best for: Tech-forward clients and socially conscious investors.
Frequently Asked Questions
How much money do you need for private banking?
It depends on the institution. Some private banks require millions in investable assets, while others offer tiered services starting in the hundreds of thousands. Many large banks also provide premium programs for clients who don’t meet full private banking minimums.
Is there a limit to how much money you can keep in a bank?
There’s no legal limit on account balances. However, FDIC insurance only covers up to $250,000 per depositor, per ownership category, per bank. That’s why wealthy individuals often spread funds across multiple banks or use cash management accounts for added protection.
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