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Elite Wealth
Private Bank Comparison: Minimums, Services and Who Qualifies
Most private banks don’t publish a minimum. Of those that do, UBS positions its advisors for $1M+ investors, Schwab Private Client starts at $1M, Citi Private Bank at $5 million and Fidelity Private Wealth at about $10M. J.P. Morgan is the largest, with $3.8 trillion in client assets. Checked September 25, 2026.
Which Private Bank Fits You
Most private banks don’t publish a minimum, so the best starting point is what each says about who it serves. These picks use each firm’s own pages and Form CRS, checked September 25, 2026.
Starting out at $1M
UBS Wealth Management
UBS positions its Financial Advisors for investors with $1M or more, with Wealth Way planning, banking and mortgages.
See in comparison table ↑
Private service inside a brokerage
Schwab Private Client
Private Client Services from $1M in assets and Private Wealth Services from $10M, with alternatives from $5M.
Schwab review →
Globally mobile families
Citi Private Bank
A published $5 million minimum, cross-border banking and lending against real estate, art and aircraft.
See in comparison table ↑
The largest private bank here
J.P. Morgan Private Bank
$3.8 trillion in client assets globally, with planning, alternatives and trust services.
See in comparison table ↑
Trusts and estates
Northern Trust Wealth Management
Trust and estate services, banking and lending, and family office solutions in 20 US states and 18 countries.
See in comparison table ↑
Lending and concentrated stock
Bank of America Private Bank
Lending, concentrated stock strategies, trust and art services, with investment advice through Merrill.
See in comparison table ↑What Each Asset Level Opens Up
| Assets | What becomes available | Published by |
|---|---|---|
| $1M+ | Private-client service and a dedicated advisor | UBS (guideline), Schwab Private Client Services |
| $5M+ | Private banking minimum; alternative and private-market investments | Citi Private Bank; alternatives at Schwab and Fidelity |
| $10M+ | Private wealth tiers at brokerage firms | Fidelity Private Wealth Management, Schwab Private Wealth Services |
| $100M+ | Single family office services | Citi Private Bank |
Only thresholds the firms publish, checked September 25, 2026. J.P. Morgan, Goldman Sachs, Morgan Stanley, Bank of America and Northern Trust don’t publish minimums; J.P. Morgan says a minimum of investable assets may apply. Credit Suisse, listed on older versions of this page, is now part of UBS.
What Private Banks Offer Beyond Investing
Credit
Specialist lending
Loans against securities, property, art or aircraft, which Citi and Bank of America both list, often at terms retail banks don’t offer.
Legacy
Trust and estate services
Acting as trustee and planning how wealth passes on, a focus at Northern Trust, J.P. Morgan and Morgan Stanley.
Access
Alternative investments
Private equity, hedge funds and private credit, usually for clients above a set asset level.
Family
Family office and governance
Help running a family’s finances across generations, from reporting to family meetings and philanthropy.
What To Ask a Private Bank
- What minimum applies to me? Most don’t publish one, so ask what asset level they expect and what service it buys.
- How are you paid? Ask for all advisory, product, lending and trust fees in writing, and read the Form CRS.
- When do you act as a fiduciary? Bank of America Private Bank, for example, says it isn’t a fiduciary for all products.
- Who is on my team? Find out who handles investing, lending, trusts and day-to-day banking, and how often you’ll meet.
- What lending terms are available? Compare rates and what happens to a securities-backed loan if markets fall.
- What happens if my advisor leaves? Ask how the bank keeps your service consistent through staff changes.
How To Choose a Private Bank
- List what you need. Investing, lending, trusts, cross-border banking or family office support.
- Check where you qualify. Use the published minimums above as a guide, and ask firms that don’t publish one.
- Shortlist two or three banks. Match each bank’s strengths in the comparison table to your needs.
- Compare full costs. Get fee proposals covering advice, products, lending and trust services.
- Check the firm and advisors. Look them up on FINRA BrokerCheck and the SEC’s adviser database.
- Review every year. Check performance after fees and whether the services still match your needs.
How We Compared
Minimums, services and scale come from each firm’s official private banking pages and Form CRS, checked September 25, 2026 and summarized in the comparison table. “Not published” means the firm didn’t state it. Firms marked “Special Offer” are AInvest partners, and AInvest may be compensated when you open an account through this page. This isn’t a recommendation of any bank; confirm minimums, fees and terms directly with each firm.
FAQ & Glossary
What is the minimum to open a private bank account?
Most private banks don’t publish one. Of those that do, Citi Private Bank sets a $5 million minimum, Schwab Private Client Services starts at $1M in assets, Fidelity Private Wealth Management typically needs $10M+ in investable assets, and UBS positions its advisors for investors with $1M or more. Checked September 25, 2026.
Which private banks accept clients with $1 million?
UBS positions its Financial Advisors for investors with $1M or more in investable assets, and Schwab Private Client Services starts at $1M. Most other private banks here don’t publish a minimum, so ask each one directly. Checked September 25, 2026.
Who qualifies for a private banking service?
Most private banks require clients to have at least $250,000 to $1 million or more in investable assets. High net worth individuals and families with complex balance sheets benefit most from integrated private banking service.
What products and services do private banking clients receive?
Services offered include portfolio management, real estate lending, retirement planning, succession planning, estate planning, tax strategies, and access to alternative investments—all coordinated by a dedicated private banker.
How do relationship managers differ from standard bank advisors?
Relationship managers in a private banking service serve as long-term strategic partners coordinating the full private banking team across all products and services. Standard advisors typically handle limited product categories without integrated management services.
Is a private banking service worth the fees for most high net worth clients?
Value depends on service depth and how well the private banking team executes management strategies. Clients who fully utilize retirement planning, succession planning, real estate, and portfolio management services typically see fees justified by long-term outcomes.
How can I evaluate private bank quality before committing?
Interview relationship managers directly, request full fee schedules and disclosure documents, ask for references from private banking clients at your net worth level, and test responsiveness with a limited engagement before consolidating assets.
What is Private Banking Service?
An integrated suite of products and services provided by a private bank to high net worth clients through dedicated relationship managers, including portfolio management, lending, retirement planning, and succession planning.
What is Relationship Manager?
A private banker who acts as the primary point of contact for a private banking client, coordinating the private banking team and all management services across the client's financial life.
What is Succession Planning?
The process of preparing assets and ownership structures for transfer to heirs or future leadership. A core private banking service for business owners and multi-generational families.
What is Securities-Backed Lending?
Credit facility using investment portfolio as collateral. Allows high net worth clients to access liquidity without selling assets; involves margin call risk if portfolio value falls.
What is Assets Under Management (AUM)?
The total market value of assets a private banking team manages on behalf of clients. Used as the basis for calculating portfolio management fees.