What Bank Accounts do Millionaires and Billionaires Use?

Ultra-high-net-worth individuals have various bank and investment accounts.

Personal banks offer multiple services such as savings accounts, investment management, and high-yield savings accounts to name such. However, banks for wealthy clients often have additional features that may not be available with other checking and savings accounts.

Let’s explore how bank accounts for millionaires can help you manage your money better.

The Best Banks For Wealthy

Here’s a list breaking down the top banks for high-net-worth individuals – each entry highlights where they operate, their standout pros and cons, the specialized services they offer, and an overall customer rating. This guide can help you decide which institution might best fit your wealth management needs.

1. UBS Wealth Management

  • Locations: Global – strong in Switzerland, Europe, the Americas, Asia, and the Middle East
  • Pros:
    Extensive global network
    Comprehensive wealth and investment solutions
    High-touch, personalized advice
    Leading research and digital tools
  • Cons:
    Higher fees
    Complexity for non–ultra-high-net-worth clients
    Occasional bureaucracy
  • Services & Unique Features: Investment management, estate planning, philanthropy, and a focus on sustainable investing with proprietary strategies
  • Rating: 8.5/10

2. Credit Suisse

  • Locations: Global – Switzerland, US, Europe, and Asia
  • Pros:
    Tailored financial advisory services
    Diverse product range
    Strong expertise in investment banking and asset management
    Long-standing brand reputation
  • Cons:
    Recent restructuring challenges
    Service inconsistencies
    Concerns over fee transparency
  • Services & Unique Features: Bespoke wealth management with a strong private banking focus and cross-border solutions
  • Rating: 7.5/10

3. J.P. Morgan Private Bank

  • Locations: Primarily US, with an extensive global presence
  • Pros:
    Access to exclusive investment opportunities
    Personalized, relationship-based service
    Award-winning research and strategic advice
    Comprehensive credit and estate planning options
  • Cons:
    High minimum asset requirement (typically $10M+)
    Premium fees
    Limited flexibility for lower-tier clients
  • Services & Unique Features: Investment advice, estate planning, and credit solutions ideal for ultra-high-net-worth individuals, with global branch access via its parent network
  • Rating: 9.0/10

4. Goldman Sachs Private Wealth Management

  • Locations: US-based with global offices
  • Pros:
    Proprietary investment strategies
    High-touch, bespoke service model
    Robust research capabilities
    Strong advisory team
  • Cons:
    Very high entry barrier
    Extremely high minimum investments
    Not accessible for smaller HNW clients
  • Services & Unique Features: Wealth management, financial planning, and private banking services that include trust and estate planning plus exclusive market insights
  • Rating: 8.0/10

5. Morgan Stanley Wealth Management

  • Locations: US and international markets
  • Pros:
    Wide array of investment products
    Integrated financial planning
    Extensive research and market analysis
    Personalized service
  • Cons:
    Complex fee structures
    High minimum investment requirements
    Potential conflicts of interest
  • Services & Unique Features: Investment management, financial planning, and lending solutions with strong digital tools and access to alternative investments
  • Rating: 8.0/10

6. Bank of America Private Bank

  • Locations: Primarily US with select international offerings
  • Pros:
    Integrated banking and wealth management
    Broad product range
    Strong client relationships
    Trusted brand
  • Cons:
    Less personalized for the ultra-rich
    Premium fees
    Fewer exclusive advisory services compared to boutique firms
  • Services & Unique Features: Wealth management including trust, estate planning, philanthropy, and a merger of retail banking strengths with wealth advisory
  • Rating: 7.5/10

7. Citi Private Bank

  • Locations: Global – noted for its strong cross-border capabilities
  • Pros:
    Extensive international network
    Tailored and comprehensive wealth solutions
    Strong legacy and brand
    Excellent cross-border expertise
  • Cons:
    Bureaucratic processes
    Higher fees
    Regional service consistency can vary
  • Services & Unique Features: Investment management, estate planning, and specialized advisory with a focus on international needs
  • Rating: 7.5/10

8. HSBC Private Banking

  • Locations: Global – with strength in Asia, Europe, and the Middle East
  • Pros:
    Strong international presence
    Expertise in emerging markets
    Comprehensive product range
    Diverse currency options
  • Cons:
    Complex fee structures
    Inconsistent customer service
    Slower digital innovation
  • Services & Unique Features: Investment management, estate planning, and cross-border wealth solutions with multi-currency accounts and specialized lending
  • Rating: 7.0/10

9. BNP Paribas Wealth Management

  • Locations: Primarily Europe, with global capabilities
  • Pros:
    Strong European footprint
    Emphasis on sustainable investing
    Personalized advisory services
    Robust corporate integration
  • Cons:
    Euro-centric focus
    Higher fees in some regions
    Less extensive presence in Asia and the Americas
  • Services & Unique Features: Bespoke wealth management with a sustainable investing focus and tailored estate planning
  • Rating: 7.5/10

10. Deutsche Bank Wealth Management

  • Locations: Global – with a strong focus in Europe
  • Pros:

    Digital innovation in wealth services
    Personalized client solutions
    Wide range of global services
    Strong research capabilities
  • Cons:
    Reputational challenges
    Fee transparency issues
    Complex product offerings
  • Services & Unique Features: Investment management, estate planning, and philanthropy with a digital-first approach and personalized advisory
  • Rating: 7.0/10

11. Barclays Wealth Management

  • Locations: UK-centric with international outreach
  • Pros:
    Strong presence in the UK
    Expertise in sustainable investing
    Integrated wealth and banking services
    Tailored financial planning
  • Cons:
    Brexit-related uncertainties
    High fees
    Limited availability outside the UK
  • Services & Unique Features: Comprehensive wealth management including investment and estate planning, with bespoke solutions primarily for UK clients
  • Rating: 7.0/10

12. Wells Fargo Private Bank

  • Locations: Primarily US
  • Pros:
    Integrated banking solutions
    Long-standing market presence
    Personalized service approach
    Extensive product suite
  • Cons:
    Past compliance and reputational issues
    Limited international reach
    Conservative innovation
  • Services & Unique Features: Wealth management, investment advisory, and trust services with a focus on personal banking integration
  • Rating: 6.5/10

13. Societe Generale Private Banking

  • Locations: Europe with a selective global presence
  • Pros:
    Strong European expertise
    Emphasis on sustainable and impact investing
    Tailored wealth management
    Dedicated relationship management
  • Cons:
    Bureaucratic processes
    Limited global branch network
    Potentially high fees for bespoke services
  • Services & Unique Features: Comprehensive wealth management including investment advice, estate planning, and philanthropy with a focus on sustainability
  • Rating: 7.0/10

14. Lombard Odier

  • Locations: Switzerland and select global offices
  • Pros:
    Boutique, highly personalized service
    Specialization in sustainable and bespoke investing
    Deep expertise in wealth preservation
    High client satisfaction
  • Cons:
    Limited global branch network
    High minimum investment requirements
    Less recognition outside specialist circles
  • Services & Unique Features: Wealth management, estate planning, and philanthropic advisory with a boutique approach and long-term wealth preservation focus
  • Rating: 7.5/10

15. Pictet Wealth Management

  • Locations: Switzerland and Europe
  • Pros:
    Strong Swiss heritage
    Personalized advisory service
    Focus on sustainable investing
    Boutique client experience
  • Cons:
    Limited global physical presence
    High fees
    Conservative investment strategies
  • Services & Unique Features: Tailored wealth management with an emphasis on sustainability, combining investment, estate planning, and philanthropy in a boutique setting
  • Rating: 7.5/10

16. Rothschild & Co Wealth Management

  • Locations: Europe, Americas, and Asia
  • Pros:
    Exclusive, long-term wealth preservation
    Highly personalized, bespoke service
    Strong global legacy
    Access to unique investment opportunities
  • Cons:
    Boutique size limits scalability
    Very high minimum investment requirements
    Limited product diversity compared to giants
  • Services & Unique Features: Comprehensive wealth management including investment, estate, and philanthropic advisory focused on preserving legacy wealth
  • Rating: 7.5/10

17. Julius Baer

  • Locations: Switzerland, Asia, and Europe
  • Pros:
    Boutique feel with personalized service
    Expertise in emerging markets
    Extensive wealth planning capabilities
    Strong international network
  • Cons:
    Higher fees
    Inconsistent service levels
    Slower digital innovation
  • Services & Unique Features: Tailored investment advice, estate planning, and wealth management with a focus on emerging markets and a high-touch approach
  • Rating: 7.0/10

18. UBP (Union Bancaire Privée)

  • Locations: Switzerland with selective international reach
  • Pros:
    Boutique, alternative investment expertise
    Highly personalized service
    Strong Swiss banking tradition
    Bespoke alternative asset solutions
  • Cons:
    Limited global branch network
    High fees
    Restricted accessibility due to high minimum requirements
  • Services & Unique Features: Wealth management, estate planning, and specialized advisory focusing on alternative investments in a boutique setting
  • Rating: 7.5/10

19. BMO Private Bank

  • Locations: Canada and select US regions
  • Pros:
    Integrated banking and wealth services
    Competitive fee structure
    Strong focus on the Canadian market
    Personalized client relationships
  • Cons:
    Limited global presence
    Fewer exclusive investment opportunities
    Smaller advisory network compared to global giants
  • Services & Unique Features: Comprehensive wealth management with integrated banking services focused on Canada (and select US regions)
  • Rating: 7.0/10

20. Northern Trust Wealth Management

  • Locations: Primarily US, with global capabilities
  • Pros:
    Exceptional fiduciary services
    Highly personalized, relationship-driven approach
    Strong reputation and comprehensive solutions
    Robust risk management
  • Cons:
    High fees
    Very high minimum investment thresholds
    Limited international branch network
  • Services & Unique Features: Tailored wealth management, including investment advice, estate planning, and trust services, with a strong fiduciary focus
  • Rating: 8.0/10

21. RBC Wealth Management

  • Locations: Canada and the US
  • Pros:
    Integrated banking and wealth advisory
    Strong research capabilities
    Competitive fee structure
    Trusted North American brand
  • Cons:
    Primarily focused on North America
    Limited international services
    Average digital experience compared to global competitors
  • Services & Unique Features: Offers investment advice, estate planning, and trust services through integrated solutions with strong North American market expertise
  • Rating: 7.0/10

22. Santander Private Banking

  • Locations: Europe and Latin America
  • Pros:
    Expertise in emerging markets
    Personalized service with competitive pricing
    Integrated banking solutions
    Strong regional focus
  • Cons:
    Limited global reach
    Focused primarily on Europe and Latin America
    Fewer exclusive opportunities compared to larger private banks
  • Services & Unique Features: Comprehensive wealth management with personalized banking and investment solutions, particularly for the European and Latin American markets
  • Rating: 6.5/10

23. Standard Chartered Private Bank

  • Locations: Asia, Africa, Middle East, with an emerging presence in Europe
  • Pros:
    Strong expertise in emerging markets
    Personalized service with a global perspective
    Access to exclusive investment opportunities
    Robust multi-currency capabilities
  • Cons:
    Higher fees
    Limited branches in Europe and the Americas
    Variable service quality by region
  • Services & Unique Features: Tailored wealth management, including investment and estate planning with a focus on multi-currency banking and emerging markets
  • Rating: 8.0/10

24. ABN AMRO Private Banking

  • Locations: Europe with select global services
  • Pros:
    Emphasis on sustainable investing
    Personalized client service
    Competitive fee structure
    Strong European presence
  • Cons:
    Limited global reach outside Europe
    Conservative investment strategies
    Smaller advisory network compared to larger banks
  • Services & Unique Features: Provides wealth management, estate planning, and philanthropic advisory with a focus on sustainable investing and personalized solutions in Europe
  • Rating: 7.0/10

25. BBVA Private Banking

  • Locations: Primarily Spain and Latin America
  • Pros:
    Expertise in emerging markets
    Integrated banking and wealth services
    Competitive pricing
    Personalized regional service
  • Cons:
    Limited global branch network
    Lower international brand prestige
    Fewer exclusive opportunities compared to larger institutions
  • Services & Unique Features: Tailored wealth management including investment advice, estate planning, and personalized banking with a strong focus on Spain and Latin America
  • Rating: 6.5/10

Each of these 25 banks has carved out its niche among high-net-worth and ultra-high-net-worth clients through a mix of global reach, personalized service, and specialized products. Whether you’re looking for cutting-edge digital tools, sustainable investment options, or a boutique, relationship-driven experience, this offers a snapshot of the diverse offerings available in the world of private banking.

Note: The ratings and pros/cons are synthesized from general market reviews, expert insights, and publicly available data. They serve as approximations to guide high-net-worth individuals when comparing services.

Frequently Asked Questions

Importance of Private Banking Services to Wealthy Clients

Private banking services are a valuable and important part of wealth management for UHNW clients. The private bank provides individuals and families with the ability to keep their money private and protect it from the risks associated with traditional banking.

By providing these services, private banks can help clients manage their money in a safe and secure way. This can help to protect their assets from potential loss, and it can also help to protect their financial stability.

The financial services industry has seen a massive boom in high-net-worth individuals (also known as HNWIs) over the past decade. These are people with assets that are worth at least $5 million and many believe the higher your net worth, the more you get out of life.

Being an HNW individual is not limited to just having lots of money; it means having certain qualities that attract other people with similar traits. That’s why financial institutions have launched programs to cater to this growing segment.

High-net-worth banks provide their clients with exclusive features such as offshore accounts and personalized service.

Personalized Service

One of the most important steps in providing tailored service to high-net-worth clients is understanding their unique needs. For example, UHNW clients often have complex investment portfolios that require frequent monitoring and adjustments.

In addition, high net-worth clients may have different tax objectives than other investors and therefore require different tax strategies and tax planning strategies. Customized service also requires careful attention to detail. High net worth clients are often very particular about the quality of service they receive, and they will often voice their concerns if they feel that service is not meeting their expectations.

Therefore, it is essential that all elements of the offering are carefully crafted to meet the needs of high-net-worth clients.

Higher Annual Percentage Yield

Private banks can offer higher Annual Percentage Yields (APY) by leveraging their ability to provide personalized financial products tailored to the unique needs of high-net-worth individuals.

Unlike traditional banks, private banks have the flexibility to design bespoke investment strategies that incorporate a diverse range of asset classes, including equities, bonds, real estate, and alternative investments.

These opportunities often include access to private equity, hedge funds, and other high-yield investment vehicles that are not typically available to the general public. By tapping into these exclusive markets, private banks can generate higher returns for their clients, which in turn allows them to offer more competitive APYs. Additionally, private banks often have a global reach, enabling them to capitalize on international market trends and opportunities, further enhancing their ability to provide attractive yields.

Better Interest Rates And Free Services

High net worth banks offer a number of benefits for HNWIs such as low and simple interest rates, free financial advice, and access to other services such as safe deposit boxes.

One of the most important factors is the interest rate offered on your account. Best banks tend to offer lower interest rates than ordinary banks so that they can attract more HNWIs with higher balances.

In addition, high-net-worth banks usually have lower minimum balance requirements than ordinary banks because they need to attract HNWIs with higher balances in order to justify their higher fees.

On average, HNWIs who have high balances tend to be older and have more assets than those with low balances so they are likely to be able to meet these higher minimum balance requirements.

What Banks Do Celebrities Use?

Banks are also a source of financial services for celebrities. Some celebrities use banks to manage their finances, keep track of their expenses and save money.

Celebrities can also use banks to make payments, transfer money between accounts, set up online banking, and more.

To name some, the most popular banks for celebrities are Union Bank, Morgan Stanley CashPlus, TD Bank Private Banking, BNY Mellon Cash Management Access Account, and Chase Private Client.

What Bank Insures Millions?

In the US, there are over 300 banking institutions. In terms of size, the largest bank in the US is JPMorgan Chase with assets of $2.4 trillion. And while this is not the only bank that protects depositors (other banks are FDIC-insured), it’s certainly the biggest one.

There are also several other types of insurance products that protect deposits at banks. For example, deposit insurance protects your money if a bank fails. And while deposit insurance can keep losses to a minimum, it can’t prevent them entirely.

Conclusion

High-net-worth bank accounts are a great way for high-net-worth individuals to build their wealth. With this account type, you can earn interest on your deposits and access a number of benefits, such as overdraft protection, access to a private banker, and other perks.

While these benefits are great, there are certain things to keep in mind when it comes to high-net-worth bank accounts.

First of all, they can be expensive. You’ll pay a monthly fee for the privilege of having an account with a large balance. Plus, high-net-worth individuals typically pay higher fees on all of their banking transactions, which can add up quickly.

Finally, high-net-worth bank accounts are sometimes harder to qualify for than standard savings accounts. To get one of these accounts, you need to have a large number of liquid assets tied up in other investments, such as stocks or bonds.

So if you’re just starting out with your investment portfolio, you might not be able to get one right away.

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