Millionaire bank account

Millionaire bank account: All you need to know

While most people think millionaires keep it in Swiss Bank to hide it from IRS, the reality looks completely different.

Millionaires look for different features compared to normal people in their bank account. 

For 90% of consumers, competitive interest rates are the second most crucial factor in banks while wealthy individuals look for dedicated customer services and higher card limits with lower loan interest rates.

You might think of which millionaire bank account is best as of now.

Let’s dive right in!

Why Millionaires prefer Private Banking

Most banks generally offer two options – 

  • Private Banking for HNWI (high net-worth Individuals)
  • Public Banking for the general public

Private banking includes customized services based on the requirements of customers for higher satisfaction. 

Generally, wealthy individuals opt for the private banking division of a bank to get personalized financial goals.

Account Features for HNWIs

Banks are most eager to get HNWI clients as they make the most money from them. Being an HNWI you should look for these features to compare different banking services – 

  • Annual Percentage Yield (ANY) – Most banks offer higher ANY for eligible deposits. Compare how many different banks a different balance levels.

You may find that online banks as better options but 23% of customers have a straight no for an online-only bank.

  • Lower interest rates on loans – No one wants to pay higher interest rates on their loans. But do not hope for zero interest rates. Generally, Banks wave off the underwriting fees for HNWIs. 
  • Dedicated customer service – For HNWIs, most banks have specialized teams to work with. You get dedicated support from experienced individuals who had excelled in customer service to deal with high-net-worth clients.
  • Higher Payment limit – As a millionaire, you don’t want to stick to payment just because of an insufficient balance on your card. Private banking offers higher limits on debit card purchases limits, ATM withdrawals limit compared to Public one. 
  • Fee waivers – Most banks offer wire transfers, cashier’s cheques, and safety deposit boxes for free of cost and even waive off the maintenance fees for HNW clients. 
  • Real Estate Management – Generally private banks offer real estate management services for maximizing cashflows. These services also include advice for the acquisition and management of real estate for a better portfolio. 
  • Cash Management Accounts – These types of accounts reduce your risk associated with deposited funds as banks spread funds to multiple accounts to protect more than standard FDIC insurance ($250K)

There are some other valuable benefits based on your requirements that you can look for in a financial institution. While some private banks also offer services like company research and mutual fund recommendation 

Top 9 millionaire bank account

According to Euromoney Private Banking and Wealth Management Survey and ranking by Global Finance, J.P. Morgan Private Bank is the best private bank for US-based HNW individuals.

Here is the list of top banks that millionaires preferred to use – 

JP Morgan

JP Morgan Pvt Bank is considered the most preferable bank by millionaires according to the survey by Euromoney Private Banking and Wealth Management.

No wonder why ultra-rich people prefer JP Morgan due to their highly personalized services and very fast customer support for their High-net-worth individual clients. 

You need to have $10 Million worth of assets to become a customer of JP Morgan but you can also become a Chase Private Client with $250K as the average daily balance in your account which is also a part of JP Morgan Chase & Co. 

Bank of America 

To join the Private Bank of America you need to have at least $3 Million worth of liquid assets. 

Along with private banking services they also provide various services like wealth and asset management. 

Furthermore, they even help ultra-rich people to build their philanthropy strategy to maximize their impact. 

Citi Private Bank

While there is no fixed limit to being a client of Citibank Private Bank. However, you need to have a considerable net worth to join.

According to Euromoney Citi bank is the best bank for international clients. 

Citi Bank offers a bunch of services which include asset management, trust, and wealth-building services, and also offers philanthropy advisory to their private client.

Goldman Sachs

Goldman Sachs is well known for its capital markets and advisory. While they also offer trust and estate planning, cash management accounts, and bridge planning, trading, hedging, and structuring solutions to ultra-rich people. 


Santander Private Banking (part of the new Wealth Management division) is well known for its diversified services to high-net-worth individuals.

While Santander Private Banking only focuses on individuals with a net worth of over €20 million. They also offer services for wealth management, real estate advisory, and philanthropy guidance services to their clients. 


HSBC is well versed in its combined services including investment, banking, and wealth management services offered all over the world.

They generally focus on business owners and their families and offer other benefits like personalized customer support, passing or selling on your business, and managing family wealth along with philanthropy services.

Morgan Stanley

Morgan Stanley is owned by MUFG (Mitsubishi UFJ Financial Group) and offers personalized services to high-net-worth individuals. 

Their services include wealth management for businesses and institutions, investment advisory,, and management. 

In conclusion, Morgan Stanley more of focuses more on investment management-related services rather than traditional banking services.


UBS offers its services to ultra-high rich people to manage their wealth. UBS offers their HNW clients – 

  • Personalized advice on the management of their business 
  • Specialized insights by connecting with thoughtful leaders 
  • Customized solutions to grow their wealth

They are well known to make connections with wealthy people with the same interests and industry. 

Wells Fargo 

The major focus of Wells Fargo Private Bank is to provide tailor-made financial solutions to their clients. 

Wells Fargo provides a whole team dedicated to client accounts with a leverage of diverse expertise with experts in the team.

They also help their wealthy clients to make an impact on society with proper philanthropy planning.

Frequently Asked Questions (FAQs)

How much money do you need to open a private bank account?

It varies from bank to bank. In some you can open it with $250K or some may even need your network to be worth over €20 million. 

However, you need to bear a minimum of $250K to even think of becoming a client with Private Banks. 

What is the most money you can have in a bank account?

Banks love money. They are happy as more and more you kept in your account. Generally, there will be no limit set by banks for maximum balance. 

However, it is not advisable to keep a big pile of cash in your savings accounts as FDIC insurance will give your insurance up to $250K. 

Some banks also use cash management accounts to spread out the risk by bank partnership and distribute the risk associated to multiple banks to protect more than $250K insurance.

In the end, it’s your wish how much net worth you want to keep in your Bank account. 

What Banks do most millionaires use?

According to a Survey by Euromoney Private Banking and Wealth Management and a ranking by Global Finance, J.P. Morgan Private Bank is the best private bank for US-based HNW individuals.

It clearly shows why rich people preferred to keep their money in JP Morgan Private Bank compared to other banks. 

What bank does Bill Gates use?

Bill Gates uses Cascade Investments to manage his wealth via Michael Larson. 

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