5 Best High Net Worth Banks

Discover the top high-net-worth banks favored by millionaires around the world. If you want to become a millionaire, start by learning where the wealthiest keep their money.

For the ultra-wealthy, banking is an exclusive game. Millionaires demand exceptional service, extensive investment products and a wealth of amenities that mainstream banks simply can't provide. That's where premium private banks come in to offer white-glove treatment and tailored solutions for their high-net-worth clients. 

Switzerland and Credit Suisse are synonymous with private banking for high-net-worth individuals, but even in the U.S., banks like J.P. Morgan Private Bank and BNY Mellon Wealth Management have built a reputation for protecting the cash of the ultra-wealthy.  

What banks do millionaires use? In this guide, Benzinga reveals the top banking destinations where millionaires choose to safeguard and grow their fortunes. Consider whether you should use these banks, too.

Quick Look: The Best Banks for Millionaires

• Best for Legacy Wealth Management: J.P. Morgan Private Bank
• Best for Global Investment Access: Credit Suisse Private Banking
• Best for Exclusivity: Bessemer Trust
• Best for Personalized Service: Northern Trust
• Best for Technology Integration: BNY Mellon Wealth Management

What Banks Do Millionaires Use? 5 Best Private Banks

The world's millionaires have their pick of exclusive banking institutions that cater to their extraordinary wealth. Here are five of the best banks for high-net-worth individuals, where you could also start banking this year. 

1. Best for Legacy Wealth Management: J.P. Morgan Private Bank

J.P. Morgan is a titan in the realm of private banking, renowned for its pedigree and multigenerational wealth-management services. The firm offers unparalleled expertise in areas like estate planning, philanthropy and trusts, ensuring seamless wealth transfer for generations. 

J.P. Morgan Private Bank promises to deliver a personalized and hassle-free banking experience that allows you and your family to bank the way you want.

How to open an account: Clients typically need at least $10 million in investable assets.

2. Best for Global Investment Access: Credit Suisse Private Banking

As a global financial powerhouse, Credit Suisse provides its private banking clients with unrivaled access to investment opportunities around the globe. From sophisticated hedge funds to niche private equity deals, this bank unlocks a world of diversification prospects.

If you don't meet the minimum asset requirement, you could still get CSX, the all-in-one banking service for every day. The account and card start from $0. You can also open cash-back credit cards or other flexible banking solutions. You can open an account in minutes without having to make a video call. Client service is available online, by phone or in person

How to open an account: A minimum of $2 million in investable assets is generally required, or CHF5 million (about $5 million) for clients of Credit Suisse in Guernsey.

3. Best for Exclusivity: Bessemer Trust

For people who value discretion, Bessemer Trust is the epitome of an exclusive, boutique private bank. This centuries-old firm handpicks its clientele, fostering an air of unmatched privacy and bespoke service.

Bessemer Trust has an industry-leading 3-to-1 client-to-employee ratio. With 19 global offices and more than $100 billion in assets under supervision, it has a 10-year client retention rate of 98%. Bessemer is known to protect your wealth beyond economic cycles, taxes, inflation, fees and day-to-day financial complexities. 

How to open an account: Bessemer Trust maintains stringent criteria, often requiring a minimum of $10 million in investable assets.

4. Best for Personalized Service: Northern Trust

Northern Trust has built a sterling reputation by treating each client like royalty. The bank assigns dedicated teams to cater to the unique needs of high-net-worth individuals, providing truly personalized banking experiences. With over 130 years of experience, the bank has built a solid reputation for delivering exceptional personalized service. 

Northern Trust has 26 global locations and over 14,000 staff. It assigns dedicated advisory teams to each client, ensuring a highly customized approach to managing wealth and banking needs. These teams consist of specialists across various disciplines, including investment management, financial planning, tax advisory and trust and estate services.

Northern Trust is known for its depth of expertise in managing multigenerational wealth. The bank provides comprehensive solutions for wealth transfer and legacy planning.

How to open an account: Generally seeking clients with $10 million or more in investable assets.

5. Best for Technology Integration: BNY Mellon Wealth Management

In the modern age of digital banking, BNY Mellon stands out for its cutting-edge technological capabilities. The firm seamlessly integrates innovative fintech solutions, offering clients unparalleled access to data-driven insights and digital investment tools.

BNY Mellon is a subsidiary of The Bank of New York Mellon Corp. The company dates to 1784, shortly after the Revolutionary War and the founding of the oldest U.S. private bank. With such a storied history, it has centuries of experience managing private wealth and generational wealth transfer. 

BNY Mellon now works with individuals, families and institutions worldwide to provide services ranging from investment management and wealth planning to private banking and credit and lending services. It is known for drawing on lending specialists and other experts as needed to provide unsurpassed personal attention and service.

How to open an account: The minimum investment for the BNY Mellon Managed Asset Program Mutual Fund Series is $25,000. Separate equity account portfolios within the Customized Investment Series require a $100,000 minimum. BNY Mellon Municipal Bond Series national portfolios require a $300,000 minimum and state-specific portfolios require a $500,000 minimum.

Why Millionaires Use Private Banks

Private banks are designed from the ground up to cater to the complex financial needs of the ultra-wealthy. They offer a comprehensive suite of services, ranging from advanced investment management and tax planning to trusts and estate advisory. These banks employ teams of seasoned professionals, including investment advisors, legal experts and financial analysts, dedicated to preserving and growing their clients' fortunes.

Private banks are synonymous with privacy and exclusivity. The level of discretion is attractive to high-profile individuals, business magnates and those seeking to maintain a low profile. With stringent client screening processes and robust confidentiality measures, these institutions provide a discreet banking environment shielded from prying eyes. 

For many millionaires, privacy and expertise in generational wealth transfer are priorities. Private banks excel in this domain. The tailored solutions, elevated service and prestige associated with these premium institutions make them an attractive option. Before choosing a private bank, consider the types of bank accounts and weigh them against money market rates, and banking apps and compare annual percentage yield (APY) offerings at private banks. 

What Are the Benefits of Private Banking?

Should you choose private banking? There are many advantages to private banking, including: 

• Personalized service: Private banks offer concierge-level service with dedicated relationship managers catering to each client's unique needs.
• Sophisticated investment offerings: From alternative investments to niche opportunities, private banks unlock access to exclusive, high-caliber investment products.
• Global expertise: These banks usually boast global footprints and extensive networks, enabling clients to navigate complex cross-border transactions, international investments and international lifestyles.
• Wealth-transfer planning: Private banks provide comprehensive estate planning and wealth transfer services, ensuring seamless generational transitions while working to reduce the tax burden on the next generation. 
• Elevated amenities: From exclusive events to curated travel experiences, private banks extend a host of luxurious perks to their elite clientele that add to the ambiance of exclusivity.

How to Choose the Right Bank for Millionaires

With myriad private banks vying for the business of the ultra-wealthy, choosing the right institution can be daunting. Here are some key factors to consider:

• Investable asset threshold: Determine the minimum asset requirement and ensure your net worth aligns with the bank's client criteria. In the list above, minimum asset requirements range from $25,000 to $10 million or more. 
• Service offerings: Evaluate the bank's suite of services, ensuring they cater to your financial needs and goals.
• Investment philosophy: Assess the bank's investment approach and ensure it aligns with your risk tolerance and investment objectives.
• Global reach: Those with international assets or cross-border interests should consider the bank's global footprint and expertise.
• Brand reputation: Research the bank's reputation, longevity and track record in serving high-net-worth clients.

In addition to private banks, you can also consider banks that pay you to open an account, the best checking accounts or money market accounts versus savings accounts. 

Should You Use a High-Net-Worth Bank?

In the rarefied world of private banking, millionaires demand nothing less than exceptional service, unparalleled expertise and uncompromising discretion. If you meet minimum asset requirements, accessing these premium services offers many advantages. 

Private banks featured in this guide have earned their place as the premier destinations for the ultra-wealthy, offering tailored solutions, exclusive investment opportunities and a level of personalized service that sets them apart from the mainstream. 

Whether you seek to preserve a multigenerational legacy, navigate the complexities of global investments or want to enjoy the luxuries of elite banking, these institutions stand ready to cater to your financial needs. You can also consider different types of savings accounts, best savings accounts, high-yield savings accounts or the best online financial advisors.