Banks for the Wealthy: What Bank Accounts Do The Ultra-Rich Use?
Written by
Hiba Boutary
Edited by
Melanie Grafil, M.A., CHFC™
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When ultra-rich clients look for banks, they need an institution they can trust with their money, privacy, portfolios and assets. The best banks for wealthy clients have distinctive services that set them apart from other institutions.
Affluent clients have unique needs when it comes to banking, such as personalized services, comprehensive wealth management solutions, exclusive benefits, access to customized credit lines and loans, tax optimization services, succession or legacy planning, and regulatory compliance management when they have assets in different countries.
Read on to discover the best banks for private banking, their unique services, as well as some of the limits that can come with the perks of high-net-worth banking.
Top Banks for High-Net-Worth Individuals
1. Citi® Private Bank
Who it’s best for: Ultra-high net worth clients. Individuals and their families with a net worth of over $10 million, professional investors, family offices, private investment companies and enterprises, entrepreneurs and business owners, lawyers and law firms.
Citi Private Bank is one of the more popular banks for high-net-worth individuals, offering exclusive banking and wealth management services to clients across 162 countries. Citi Private Bank also boasts multiple awards, most recently, the PWM/The Banker Private Banking Award for Best Private Bank for Family Offices in 2025.
Unique offerings
- Cross-border private wealth management with a dedicated Private Banker
- Trust and wealth planning
- Philanthropic advisory
- Alternative investments
- Specialized advice for art collections and sports team owners
- Family office advisory
2. UBS Private Wealth Management
Who it’s best for: Ultra-high net worth clients. Families and family offices with a minimum net worth of $100 million, athletes and entertainers, business owners, ultra-high net worth investors, multicultural investors, women, companies and organizations
UBS Private Wealth Management is a segment of UBS Financial Services that caters to ultra-wealthy clients. As one of the best banks for wealthy customers, UBS Private Wealth Management offers tailored solutions for investors and families, helping them manage generational wealth and continue with charitable donations and giving.
Unique offerings:
- Customized wealth planning solutions
- Advanced trust and estate planning
- Unique lending strategies
- Liquidity management
- Complex asset lending
- Venture philanthropy
- Family governance and meeting strategies
- Sustainable and impact investing
- Intergenerational wealth transition services
3. Wells Fargo The Private Bank
Who it’s best for: Clients looking for personalized advice and planning solutions, families, investors and business owners. Wells Fargo does not specify minimum asset requirements on its website.
Wells Fargo The Private Bank offers banking, wealth management and investing services to a select group of significantly wealthy clients.
Unique offerings:
- Tailored wealth plans
- Wealth and asset preservation, investment and asset management
- Custom credit, deposit and cash management
- Business owner advisory
- Fiduciary and trust services
- Philanthropic structuring
- Family wealth and culture services
4. Citizens Private Bank
Who it’s best for: Emerging affluent clients. American and international individuals and families with a $200,000 monthly combined deposit and investment balance, commercial real estate owners, and private equity and venture capital organizations
Private Bank from Citizens Bank offers a dedicated relationship management team for wealthy individuals and families to help grow, transfer and administer finances.
Unique offerings:
- Personal and business banking
- Customized lending services
- Private wealth management
- Estate and trust planning
- Insurance and asset protection
- Corporate trustee and fiduciary services
- Tax planning
- Investment management
5. Morgan Stanley Private Wealth Management
Who it’s best for: Affluent families and individuals, business owners, and entrepreneurs. Morgan Stanley Private Wealth Management does not specify minimum asset requirements on its website.
Morgan Stanley Private Wealth Management offers individualized, boutique investment services for individuals, families and foundations with exceptional wealth. It heavily emphasizes custom advice and personalized approaches to wealth management.
Unique offerings:
- Alternative investments
- Impact investments
- Private wealth advisors
- Risk management
- Lifestyle advisory
- Art advisory
- Collection management
6. Goldman Sachs Private Wealth Management
Who it’s best for: Ultra-high net worth clients. Companies and institutions, athletes and celebrities, individuals and families with over $10 million.
Goldman Sachs Private Wealth Management offers comprehensive solutions for high-wealth individuals and their families with a low client-to-advisor ratio.
Unique offerings:
- Private wealth advisors
- Institutional client solutions
- Sports and entertainment portfolio management
- Personalized liquidity and lending solutions
- Trust and estate planning
- Financial stewardship
- Philanthropic guidance
7. Bank of America, Member FDIC Private Bank
Who it’s best for: High net worth clients. Individuals and families with investable assets of $3 million, foundations and institutions.
Bank of America Private Bank offers personalized strategies and broad-based investment management for individual and institutional clients. For many, it’s the best bank for private banking solutions, ranking high among the top banks for individuals with high net worth.
Unique offerings:
- Alternative investments
- Customized lending and home financing
- Donor-advised fund endowments and foundations
- Equity investing
- Family office and stewardship
- Private philanthropy advising
- Specialty asset management
- Personalized plans for trusts and estates
8. TD Bank Private Banking
Who it’s best for: High net worth clients. Investors with a minimum of $750,000 in investable assets or a net worth of $3 million or more and business owners.
TD Bank Private Banking offers American and Canadian clients highly personalized service and financial management solutions.
Unique offerings:
- Customized investment strategies
- Real estate financing
- Wealth and retirement planning
- Dedicated TD Wealth Relationship Manager
- Private banking with tiered interest rates
9. Nautilus Private Wealth of Raymond James
Who it’s best for: High net worth clients. Families and individuals with $1 million or more, retirees, women investors, endowments and foundations and business owners.
Nautilus Private Wealth of Raymond James provides exclusive clients with comprehensive financial planning solutions for all aspects of economic life.
Unique offerings:
- Risk management education planning
- Legacy planning
- Retirement planning
- Wealth management
- Estate management and wealth transfer services
Best Banks for Higher Earners Who Aren’t Ultra-Wealthy — Yet
If you aren’t ultra-wealthy yet, the best bank for you will be one that offers private banking services with account minimums of under $10 million. Banks with these minimum asset requirements offer private banking services to emerging affluent clients and high net worth clients in addition to the ultra-wealthy.
Several of the banks listed, such as Citizens Private Bank and Bank of America Private Bank, have these more flexible eligibility requirements. To narrow down your list, compare banking services and branch footprint.
Criteria for Selecting a Bank for the Wealthy
While every bank has specialized services to secure more high-profile clients, the best bank for rich customers considers every concern and offers solutions and reassurance.
Security is perhaps the most essential factor in choosing the best banks for the wealthy. One security breach lead to major financial losses, and also put privacy, confidentiality and financial well-being at risk.
Ultra-wealthy clients also may own overseas assets, so a bank that offers cross-border banking will be a necessary choice to manage wealth.
Finally, perks make a big difference. Every bank offers standardized and unique perks, allowing ultra-wealthy customers to choose the services that are relevant to them. These perks include concierge services, exclusive travel credit cards, travel rewards, invite-only networking events and generational advisory strategies.
Key Benefits of Banks for the Wealthy
Wealthy clients receive exclusive benefits that regular customers don’t regarding banking.
Some of these perks include personalized investment and wealth management strategies, one-on-one relationship managers, enhanced cybersecurity and privacy benefits, luxury services and specialized asset management services.
Wealthy clients often have lifestyle, artistic and philanthropic assets, with private banking services not available to regular clients.
Challenges and Considerations
There are always potential downsides to consider when ultrawealthy clients choose a bank. Account minimums can number in the millions, and accounts come with high costs for premium services.
If the individual chooses to keep all their wealth and assets in one place, that makes them entirely dependent on that one institution.
If something urgent were to arise at any time, some regulations can delay the response time. It’s a good idea to know what could potentially impact the bank account during an emergency.
The ultra-wealthy should consider the bank’s global reach and services, reputation and trust issues, and how it will manage a potential exit strategy if they want to move their wealth to other institutions.
FAQ
- What is the minimum wealth requirement for private banking?
- While every bank is different, amounts in private banking range from $500,000 to up to $100 million.
- How do private banking and wealth management differ?
- Private banking is a form of wealth management that targets ultra-wealthy clients. Wealth management helps create plans and advice regarding different types of financial services.
- Are these services available globally?
- It depends on the bank. Some banks only cater to U.S. clients in specific regions, while others provide cross-border services.
- Can high-net-worth services benefit small business owners?
- In some instances, small business owners may benefit from high-net-worth services. However, if the price is too steep, small business owners may pay more than they bargained for instead of resorting to more appropriate services catering to small businesses.
Sophia Acevedo, Sarah Sharkey and Caitlyn Moorhead contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
