What Banks Do Millionaires Use? [Top 12 Banks 2024]

Ever wondered what banks do millionaires use to keep their wealth secure? Have you ever been curious about how the affluent manage their finances and if there's a secret club of high-net-worth individuals who've got their banking figured out in an entirely different dimension from us average folks? This is precisely what we're going to unravel in this article.

As it turns out, choosing a bank isn't just about locating the nearest branch or finding the best interest rates for your savings account.

For millionaires, selecting where to deposit their wealth requires extra scrutiny and involves factors most of us overlook. Indeed, you want to know what these factors are, so stick around as we pull back the curtain on millionaire banking habits.

What Banks Do Millionaires Use: 12 Preferred Banking Institutions

The banks that cater to high-net-worth individuals, also known as private or wealth management banking, extend many services beyond basic financial needs.

These include personalized investment plans, tax and estate planning, philanthropy assistance, and comprehensive funds management. Here are the top 10 choices among millionaires.

J.P. Morgan Private Bank

J.P. Morgan Private Bank is a beloved choice among countless millionaires and billionaires globally.

Their legacy of over 200 years speaks volumes about their expertise in managing substantial wealth.

Their approach to banking merged with the world-class advisory services, makes them a perfect fit for individuals looking to make sound financial decisions.

A key aspect of J.P. Morgan’s appeal lies in its profoundly personalized service model. This bank tailors its offerings to individual client goals - safeguarding a family business, trailblazing internationally, or even navigating the complexities of sudden wealth.

It offers exclusive access to best-in-class investments and innovative strategies, making this bank ideal for those dedicated to preserving and growing their estates without diving deep into day-to-day money management activities.

J.P. Morgan also caters to high-profile philanthropists by offering strategic advice on philanthropic endeavors ensuring that your contributions make the most significant possible impact.

There's something more than just accessibility or interest rates attracting millionaires towards certain banks like J.P. Morgan Private Bank; it's mostly about personalized advisory services allowing them not only to protect and grow their wealth but also to make impactful societal contributions.

UBS Wealth Management

UBS Wealth Management offers premium banking services to high-net-worth individuals all over the globe.

Headquartered in Switzerland, UBS is renowned for its discretion and commitment to privacy, making it a top choice for millionaires looking for secure banking solutions.

Their bespoke wealth management services offer more than just personalized investment advice and portfolio management.

They extend their expertise into comprehensive solutions in tax planning, estate planning, retirement, insurance, and philanthropy.

Their specialized team of experts assists clients in not just retaining their wealth but growing it through smart investments and strategic moves.

What truly sets them apart is their global reputation and unparalleled international network. They're one of the few banks that can provide coordinated wealth management services across multiple countries while helping clients manage cross-border affairs efficiently.

With the ability to cater to financial needs ranging from simple transactions to complex financial structuring, UBS Wealth Management is undoubtedly an attractive option for millionaires.

It's not just about wealth storage; it's about sophisticated asset growth strategy powered by world-class experts in finance.

Wells Fargo Private Bank

Wells Fargo Private Bank is another top choice for high-net-worth individuals. It extends beyond ordinary banking to offer services that mirror a full-fledged financial concierge, addressing every financial need from estate planning to investment management.

The offer of a dedicated private banking relationship manager stands as a significant attraction. Imagine having an expert ready to discuss your finance-related queries and masterly tailor solutions - that's precisely what they offer.

Their teams work collaboratively with clients, understanding their needs in-depth before devising personalized plans for wealth accumulation, preservation, and transfer.

Their emphasis on comprehensive wealth planning results in a holistic approach to managing wealth.

With Wells Fargo, you're not just parking your money somewhere safe but strategically aligning it with your long-term financial vision and life goals.

Highly secure private banking access combined with digital conveniences makes Wells Fargo Private Bank a well-rounded proposition for millionaires seeking sophisticated wealth management coupled with raw banking power--all under one roof.

Bank of America Private Bank

If there's a bank synonymous with comprehensive wealth management for affluent individuals, it's the Bank of America, a Private Bank.

Catering specifically to high-net-worth individuals and families, their wide range of personalized services goes far beyond what most traditional banks offer.

Bank of America Private Bank provides comprehensive financial solutions that are both robust and innovative, enhancing not only personal wealth but overall economic well-being.

Their services extend over 90 global markets and speak about their ability to handle complex international wealth matters.

Their strategic approach to managing your assets includes dedicated advisors who help identify your financial objectives and work closely with you to realize them.

Whether investing in mutual funds, bonds, stocks, or setting up trust funds for future generations – they have you covered.

One thing millionaires appreciate about this bank is its focus on estate planning services. This careful process ensures the orderly transfer of assets during life transitions while minimizing potential tax burdens.

With a long history in private banking and wealth management, the Bank of America Private Bank offers an unparalleled blend of personalized service, professional expertise, and a versatile suite of offerings tailored for high-net-worth individuals.

It delivers a seamless experience, whether looking at everyday transactional banking or complex estate planning needs.

Their resources and experiences make this bank an excellent choice for those seeking a single hub for all their banking needs without compromising privacy or security.

HSBC Bank

HSBC Bank, an internationally recognized banking powerhouse, stands among the top choices for high-net-worth individuals.

With roots in Asia and a significant global presence, it's renowned for its robust Private Wealth Solutions that offer more than conventional banking services.

The specialty of HSBC lies in its commitment to offering customized wealth management plans tailored to your aspirations and needs.

Whether financial planning, trust services, investment management, or retirement advice—it packs all resources under one banner.

But what sets HSBC apart is their focus on international banking expertise. This bank could be your best companion if you are a millionaire with cross-border interests.

Its global footprint across 64 countries ensures you enjoy seamless financial services regardless of where you base your operations.

Their offering—HSBC Premier—is a comprehensive financial solution for individuals with high net worth.

A dedicated relationship manager helps meticulously plan your finances and fuel your ambition while securing your financial future.

HSBC Bank offers millionaires an unmatched blend of international expertise adapted to individualistic wealth needs—an offering worth considering if you value tailored experience over traditional banking packages.

Citi Private Bank

Often revered as a global leader in the wealth management sector, Citi Private Bank is a top choice among affluent individuals.

It stands out among its competitors due to its unique Global Client Service, which allows clients access to Citi's network across 60 countries, providing seamless banking anywhere and anytime.

Backed by Citigroup's wide-ranging international network, it presents an excellent choice for millionaires conducting business globally seeking an impeccable standard of financial services.

Their client-centric approach encompasses wealth management strategies, including investment advice, estate planning services, and philanthropy assistance.

One of the critical attractions of Citi Private Bank is their 'Law Firm Group', which caters primarily to law firms and their lawyers- certainly an added plus for successful legal professionals!

Moreover, their distinguished focus on developing investment solutions tailor-made according to clients' risk profiles sets them apart in this competitive market.

Their commitment to maintaining confidentiality while delivering premium financial solutions makes Citi Private Bank more than just a bank - it operates as a trusted strategic advisor.

Credit Suisse Private Banking

Credit Suisse Private Banking is known for delivering top-tier comprehensive wealth management services and bespoke financial solutions.

With a rich history dating back to 1856, they've consistently provided services focused on wealth growth and strategic handling for the modern millionaire.

At Credit Suisse, you're more than just a customer; you're treated as an individual with distinct financial needs.

This understanding seeps into every service they offer - portfolio management, financial planning, risk management, estate planning, and more.

Touted as an international banking giant, their reach extends across different continents and markets.

This global access is a definitive advantage for millionaires with diverse, multi-jurisdictional interests and assets.

Their dedicated specialists guide clients through complex financial landscapes with a simplified approach: Understand, Plan & Invest.

Their ingenuity lies in their personalized advisory system that crafts unique strategies to match each client’s financial objectives.

Credit Suisse also runs EAM - External Asset Managers business model to make things even better, which provides professional investors support with operative tasks, thus offering them more room to focus on what matters most – their clients.

With its multi-faceted approach to private banking and commitment to innovation, while honoring confidentiality norms that Swiss institutions are known for, Credit Suisse remains one of the chosen elite in the realm of millionaire banking.

Citigroup

Citigroup, a behemoth in the banking industry, offers services tailored for high-net-worth individuals through its private banking arm, Citigroup Private Bank.

Their value proposition goes beyond typical banking, providing personalized financial strategies and global resources, ensuring comprehensive wealth management.

Indeed, Citigroup caters to wealthy clients across 90+ countries with a dedicated team of experts who devise customized solutions around their specific needs.

This team serves as your single point of contact for all services the bank offers. Everything is under decidedly professional oversight, whether it's investment advice, cash management, or philanthropic endeavors.

Their extraordinary emphasis on creating innovative, client-centric investment solutions helps clients grow their wealth in the complex global marketplace.

Citigroup manages everything from loans to investments to pre-IPO opportunities so their clients can focus on what matters most to them.

Citigroup Private Bank is a premier choice for millionaires seeking sophisticated financial management backed by a powerful international presence and unparalleled expertise.

Northern Trust Wealth Management

Northern Trust Wealth Management is a distinguished name in the elite banking circle, known for its excellent wealth and asset management services.

Privileged individuals who entrust their riches with Northern Trust can expect unparalleled personalized service combined with a sophisticated approach to wealth preservation.

Grounded on the fundamentals of trust, Northern Trust differs from its counterparts by creating tailored financial solutions that truly resonate with its client's objectives.

They provide extensive services- from investment management and private banking to estate planning and even business owner services.

The essence of Northern Trust's success lies in its emphasis on relationship building- establishing long-term relationships with clients, and understanding their unique needs, financial goals, and risk profiles, thus developing customized wealth strategies.

Northern Trust even extends comprehensive advisory on strategic philanthropy and implementing sustainable giving plans for wealthy individuals considering philanthropic activities.

With Northern Trust Wealth Management, you're not just a customer; rather you're part of a collaborative relationship aiming at illuminating opportunities for growing your wealth.

PNC Bank

PNC Bank stands tall among its peers when serving high-net-worth individuals. They offer Wealth Management services with all the bells and whistles one would expect - personalized financial advisors, exclusive investment opportunities, and a range of private banking benefits.

What makes PNC truly special is its unique 'Hawthorn' service. Specifically designed for individuals and families with investable assets exceeding $20 million, Hawthorn provides comprehensive wealth strategies custom-tailored to meet their high-profile clients' multifaceted needs.

Their approach is characterized by customization and collaboration. A dedicated team of specialists gets to know you, understand your goals, monitors trends influencing your wealth, and adjusts strategies as necessary.

Investment management, trust, estate services, banking solutions – you name it; PNC Bank ensures all financial aspects are meticulously handled to maximize returns.

Packed with sophisticated financial tools and resources and a tradition of excellent customer service, PNC Bank provides an efficient wealth-management platform for high-net-worth individuals valuing personalized attention.

Goldman Sachs Private Wealth Management

Eminent for its extraordinary reputation in the financial world, Goldman Sachs Private Wealth Management is a top pick amongst millionaires.

The bank's long-standing history and commitment to financial innovation build its credibility as a trusted banking partner for high-net-worth individuals.

Their wealth management model is incorporated under two sections - Investment Advisory and Private Wealth Management.

This structured approach ensures that their services reach wealthy individuals, family offices, and foundations with tailored advice.

Clients get allocated to a team of dedicated professionals who work closely to create integrated strategies focused on investing, credit liquidity, family governance, and philanthropy.

Truly distinguishing Goldman Sachs is its emphasis on intellectual capital. Experts assess your current financial stand, evaluate external economic trends, and devise strategies accordingly, resulting in intelligent wealth management solutions fuelled by financial industry insights.

Their global footprint in over 30 countries across America, Europe, Asia, and the Middle East, combined with their tailored investment strategies, makes Goldman Sachs Private Wealth Management an attractive choice for millionaires who truly value personalized service backed by strategic intelligence.

Morgan Stanley Wealth Management

Regarding premium banking services for influential individuals, Morgan Stanley Wealth Management has earned quite a reputation.

One of the world's largest wealth management firms, they're well-equipped to serve millionaires and billionaires with their top-tier financial services.

Their personalized approach provides clients access to an expert financial advisor who fully understands their economic ambitions.

They then devise a strategic plan that aligns with your risk appetites and meet those goals. Their comprehensive services include wealth planning, portfolio management, and brokerage services to private wealth management and investment advisory plans.

A prominent feature of Morgan Stanley's offerings is its Sustainable Investing platform. It integrates traditional investing with environmental, social, and governance (ESG) insights to generate competitive returns while contributing to social good.

Moreover, Morgan Stanley’s recently launched digital platform - “Morgan Stanley Access Investing” - allows users comprehensive online portfolio management, which is quite attractive for tech-savvy millionaires who would instead prefer controlling their finances at their fingertips.

The vast expertise within Morgan Stanley Wealth Management combined with cutting-edge technology gives high-net-worth individuals a perfect mix of human touch and digital sophistication, making it another reliable choice for millionaires around the globe.

FAQs About What Banks Do Millionaires Use

Conclusion

The banking choices of millionaires aren't quite as simple as one might believe. The high-net-worth individuals lean toward financial institutions offering a more comprehensive suite of services besides basic banking. J.P. Morgan Private Bank, UBS Wealth Management, Wells Fargo Private Bank, and Bank of America Private Bank top this list due to their highly personalized services ranging from complex international wealth management to intricate estate planning.

Remember, though you might not be a millionaire now, knowing what banks millionaires use can be a blueprint for handling your burgeoning personal wealth.

These insights could guide you to building and preserving wealth most securely and strategically possible.

After all, it's always better to know where you're heading; the journey becomes smoother when you're acutely aware of your destination.