4 Most Popular Banks for Millionaires
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.
Grant Cardone: Here’s How To Become Rich If You’re Earning an Average Salary
Take a Look: 3 Things You Must Do When Your Savings Reach $50,000
Here’s a look at some of the most popular banks for millionaires.
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
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.'”
Read: 5 Life-Improving Things You Can Afford Once You Reach Upper Middle Class
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.”
More From GOBankingRates
10 Expenses Most Likely To Drain Your Checking Account Each Month
This One Mistake Can Tank Your Credit Score 100 Points Instantly
This article originally appeared on GOBankingRates.com: 4 Most Popular Banks for Millionaires
