Where Do High-Net-Worth Individuals Actually Bank? A Guide to Premium Banking Solutions for Millionaires

When you’ve accumulated significant wealth, your banking needs transform dramatically. The question of what banks do millionaires use goes far beyond finding a place to store cash—it’s about discovering an institution that understands your financial complexity and offers solutions tailored to your circumstances.

Why Standard Banks Fall Short for the Ultra-Wealthy

Traditional banking relationships simply aren’t designed for individuals with substantial assets. Christopher M. Naghibi, chief operating officer at First Foundation Bank, notes that “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.” This reality has pushed high-net-worth individuals toward specialized divisions within larger institutions—what the industry calls private banking.

A private bank operates as an exclusive subdivision offering services that transcend typical retail offerings. These divisions focus on comprehensive wealth management, sophisticated investment advisory, estate planning strategies and tax optimization—services designed specifically for clients managing seven and eight-figure portfolios.

The Essential Features Millionaires Demand

According to Erika Kullberg, personal finance attorney and expert, affluent clients gravitate toward accounts featuring “personalized attention and a dedicated relationship manager.” Modern wealth management packages bundle investment management, estate planning and tax counsel into cohesive strategies rather than forcing clients to cobble together separate providers.

The banking landscape for millionaires operates on a tiered system. Your account classification determines access to specialized advisors, preferential rates and exclusive investment opportunities. Naghibi emphasizes that successful private banking hinges on “who has the best value proposition of customer service to give them the feeling of a high-level personal touch.”

Comparing the Premier Options

J.P. Morgan Private Bank positions itself at the absolute apex of wealth management. Clients enjoy panel access to seasoned strategists, economists and portfolio advisors working in concert on their financial trajectory. The program delivers comprehensive account management across savings, checking and retirement vehicles while providing concierge-level service and pathways to emerging international investments unavailable through standard channels.

Bank of America Private Bank structures its offerings around collaborative teams—private client managers partnering with portfolio specialists and trust officers to architect short and long-term financial blueprints. The institution requires a $3 million minimum balance and distinguishes itself through services like strategic philanthropy consulting and specialized art collection management.

Citi Private Bank casts its net globally, leveraging a network spanning nearly 160 countries. With a $5 million minimum threshold, Citi differentiates through international financial expertise and access to non-traditional investments including aircraft financing, alternative asset classes and sustainability-focused portfolio construction.

Chase Private Client takes a different approach, welcoming ambitious professionals who haven’t yet achieved ultra-high-net-worth status. The program requires only $150,000 to avoid maintenance fees while delivering perks such as unlimited ATM reimbursements, waived wire transfer costs, and mortgage rate discounts. Members gain access to dedicated J.P. Morgan advisors for customized investment planning alongside exclusive event invitations and protection against overdraft fees.

The Emerging Alternative: Community Banking

An interesting countertrend has emerged as smaller regional banks compete aggressively for affluent clients. Without the deposit base of megabanks, these institutions compensate through exceptional service standards and direct banker relationships. Many deliver private banking-level services as baseline offerings rather than premium add-ons, creating a more intimate wealth management experience built on genuine partnership rather than hierarchical service tiers.

Making Your Decision

Selecting the right banking partner requires moving beyond marketing materials. Naghibi recommends “building a relationship with your banker and growing together”—allowing your institution to evolve alongside your financial complexity. Private banking consultations provide opportunities to evaluate service quality, advisor expertise and alignment with your specific objectives before committing.

The banks that millionaires trust share common ground: they prioritize personalized relationships, maintain sophisticated investment capabilities, and understand that true wealth management transcends basic account services. Whether you gravitate toward an established giant or seek the personalized touch of a regional alternative, the right choice matches your specific financial priorities and relationship preferences.