Millionaires don’t just bank anywhere. Their financial needs go beyond standard checking accounts, requiring concierge-level service, investment management, and exclusive perks. Private banking isn’t just about storing money—it’s about growing and protecting wealth through tailored financial solutions.
From high-yield cash management accounts to global investment opportunities, private banks cater to high-net-worth individuals (HNWIs) with specialized services. Whether it’s financing luxury assets, optimizing tax strategies, or ensuring seamless international transactions, the right bank can make all the difference.
10 Best Bank Accounts for Millionaires
If you’re looking for an elite banking experience, here are the top millionaire bank accounts that provide premium services, personalized wealth management, and exclusive benefits.
1. Citi Private Bank
Citibank is one of the largest personal banks in the U.S. with a private banking division.
2. Chase Private Client
JPMorgan Chase offers Chase Private Client (CPC) for individuals with significant banking and investment balances.
3. J.P. Morgan Private Bank
J.P. Morgan Private Bank, a division of JPMorgan Chase, serves ultra-high-net-worth individuals with tailored wealth management services.
4. Bank of America Private Bank
Bank of America Private Bank serves high-net-worth individuals with specialized wealth management, investment advisory, and estate planning services.
5. Morgan Stanley CashPlus
Morgan Stanley’s CashPlus account blends checking, savings, and wealth management into one seamless banking solution.
6. HSBC Global Private Banking
HSBC Global Private Banking provides international financial services for high-net-worth individuals.
7. TD Wealth Private Client
TD Wealth Private Client offers personalized banking and investment services for high-net-worth individuals.
8. Wells Fargo The Private Bank
Wells Fargo The Private Bank provides wealth management services for high-net-worth individuals.
9. PNC Private Bank Cash Management Solutions
PNC Private Bank offers cash management services tailored for high-net-worth individuals.
10. Truist Wealth Checking
Truist Wealth Checking provides integrated banking and asset management solutions for clients with $1 million or more in investable assets.
How Millionaires Structure Their Banking
The ultra-rich don’t rely on just one bank. Instead, they spread their money across multiple institutions to maximize security, access specialized financial services, and optimize investment opportunities. Private banks handle wealth management and estate planning, while commercial banks offer everyday cash management and credit solutions.
Private banking provides concierge-level service, personalized financial planning, and access to exclusive investments. These banks cater to high-net-worth individuals with customized lending options, tax-efficient strategies, and dedicated advisors.
Commercial banks, on the other hand, are used for liquidity, everyday transactions, and credit access. By maintaining relationships with both, millionaires ensure their wealth is both protected and efficiently managed.
Offshore Banking & Multi-Bank Strategies
Millionaires rarely keep all their money in one place. Spreading funds across multiple banks helps protect their wealth, optimize financial opportunities, and reduce risk. Some accounts focus on everyday spending, while others are designed for investments, lending, or estate planning.
Offshore banking also plays a key role in international asset management, allowing the ultra-wealthy to access global markets and safeguard their funds.
Why Millionaires Spread Their Money Across Multiple Banks
High-net-worth individuals use multiple banks to minimize exposure to financial risk and take advantage of specialized services. FDIC insurance in the U.S. only covers up to $250,000 per depositor, per bank, which means wealthy individuals must distribute funds across multiple institutions to ensure greater coverage.
Diversification also allows millionaires to benefit from different banking features. Some accounts provide liquidity for everyday transactions, while others are designed for long-term investments or customized credit solutions. By maintaining relationships with multiple banks, they gain access to exclusive perks and financial products tailored to their wealth management needs.
Offshore Accounts & Taxation
Offshore banking is often misunderstood. While some assume it’s a way to avoid taxes, in reality, many ultra-wealthy individuals use offshore accounts for asset protection, currency diversification, and access to global investment opportunities. These accounts can provide financial stability in case of domestic economic downturns and offer advantages like stronger privacy protections.
Holding funds in multiple countries also makes sense for those with international business dealings, real estate holdings, or residency in multiple locations. Most high-net-worth individuals maintain a combination of domestic and offshore accounts to balance accessibility, legal tax advantages, and long-term financial security.
Private Banking vs. Standard Banking
Private banking offers a level of service and financial access that goes far beyond what traditional banks provide. While standard banks cater to everyday transactions and basic financial products, private banks focus on wealth preservation, investment growth, and financial security for high-net-worth individuals.
Personalized Wealth Management
Millionaires don’t rely on generic banking services. Private banking provides a dedicated relationship manager and a team of financial advisors who tailor strategies to individual goals.
These advisors help with tax optimization, estate planning, and access to exclusive investment opportunities. Private banks also offer higher yields on savings accounts, cash management accounts, and a broader range of investment products than standard banks.
Elite Perks
Private banking comes with specialized services that go beyond traditional banking. Clients gain access to high-limit credit lines, no-fee wire transfers, and concierge-level banking for handling complex transactions.
Some banks offer financing for luxury assets, such as private jets and fine art, as well as family office services to help manage multi-generational wealth. Many also provide waived fees, safe deposit boxes, and no daily ATM withdrawal limits.
Security & Privacy
Wealthy individuals require a higher level of financial security. Private banks implement advanced fraud protection, multi-layered security features, and strict confidentiality measures to safeguard their clients’ assets.
Privacy is a priority, ensuring discretion for large transactions, specialized lending, and investment management. While some ultra-rich individuals keep funds offshore for asset protection and diversification, most maintain at least part of their wealth in U.S.-based accounts for convenience and accessibility.
Frequently Asked Questions
How many bank accounts do millionaires have?
Millionaires may have many accounts in the U.S. and overseas. Most millionaire bank accounts have minimum balance requirements of $1 million+. But most banks only carry FDIC insurance up to $250,000 per account. So, millionaires will spread funds across multiple accounts to earn the highest yields and protect their liquid assets.
Can anyone apply for a private bank account?
Private banks have strict eligibility requirements, typically requiring a minimum of $1 million to $5 million in investable assets. Some, like Chase Private Client, allow entry at lower levels through premium banking services, but true private banking is reserved for high-net-worth clients.
What is an ultra-high-net-worth individual (UHNWI)?
An ultra-high-net-worth individual has more than $30 million in liquid assets, according to recognized definitions.
How do the ultra-rich get their wealth?
Most ultra-high-net-worth individuals build their wealth through business ownership, investments, and strategic asset management. Many are entrepreneurs who have founded successful companies or inherited family wealth that has been expanded through investments.
Stocks, real estate, and private equity are common sources of wealth growth, while some also profit from alternative assets like fine art, collectibles, or cryptocurrency. Private banks play a role in accelerating wealth by offering exclusive investment opportunities, tax-efficient financial structures, and access to high-yield financial products.
Do private banks offer business banking services?
Many private banks provide exclusive business banking services for wealthy clients who own companies. These services can include business credit lines, treasury management, and specialized financing options that go beyond what traditional banks offer.
Can private banking help with estate planning?
Yes, estate planning is a major part of private banking. Many private banks have dedicated teams that help structure wealth transfers, set up trusts, and create tax-efficient inheritance plans to protect family assets across generations.
