Best Banks for High-Net-Worth Families, 2020

For customers with substantial deposit amounts and investment accounts, these banks offer perks and services that might help you keep your finances in check.

These banks cut fees and load on benefits for customers who keep sizable amounts in deposit and investment accounts. Plus, they offer wealth-management services and access to branches for in-person service. 

BEST: Citibank

Courtesy of Citibank

  • Why it won: Citi caters to customers who can maintain hefty balances with a compelling premium checking account.
  • Standout account: For those who have at least $200,000 in linked deposit, retirement and investment accounts, the Citigold package tucks in plenty of benefits.
  • Where it is: Almost 700 branches in 10 states, with core markets of Chicago, Los Angeles, New York City, Miami, San Francisco and Washington, D.C. Plus, Citi has more than 1,800 branches overseas. (Terms and rates are for New York City.)

The Citigold premium checking package keeps shining, giving Citi a boost to the top of our high-net-worth-families ranking for four years running. Citigold customers get a bountiful assortment of freebies and discounts, including waived fees for standard checks, money orders, incoming wire transfers, stop payments, overdraft transfers and foreign transactions with your debit card. You are reimbursed for all out-of-network ATM fees worldwide and get preferred rates on deposit accounts and loans. (Citigold customers earn a 0.03% rate on checking and up to 0.15% on a savings account, depending on the balance. Citi's top CD rates include 0.45% on a three- or six-month term with a $500 minimum deposit.) If you have a Citi investment account, you'll pay no annual fee, and online or mobile equity trades are a discounted $2.95 each. Citigold members who use the Citi Prestige premium credit card ($495 annual fee) get a $145 statement credit each year. Citigold also comes with a dedicated banking team, including a relationship manager and a financial adviser. Analytics company J.D. Power recently ranked Citibank highest among banks for customer satisfaction with its advisory services. 

Those who keep at least $1 million in linked accounts are eligible for Citigold Private Client, which comes with enhanced benefits such as additional wealth planning and investing services, higher daily limits for purchases, transfers and cash withdrawals (for example, Private Client customers can make up to $5,000 in ATM withdrawals per account each business day, compared with $2,000 for the standard Citigold package), and free domestic and international outgoing wire transfers. 

LICENSING OPTIONS FOR WINNING BANKS: Logo LicensingReprint/E-Print ProductsPlaques

Citigold offers refreshing perks that go beyond everyday banking needs, too. (Note that because of the pandemic, many of the following events and services may be temporarily unavailable.) At more than 100 Citigold lounges worldwide (attached to bank properties), members can kick back and enjoy free refreshments and Wi-Fi. The Culture Pass program provides invitation-only access to special events and private tours at museums and other venues, complimentary admission to institutions such as the Los Angeles County Museum of Art, and a 30% discount on performances at venues such as the New York Philharmonic. You'll also enjoy premium seating at certain sporting events (such as New York Mets games at Citi Field), seminars on the economy and financial markets, and private dining events. Currently, Citigold customers in a handful of states can get rebates of up to $200 a year on certain subscription services, including Amazon Prime, Costco memberships, Hulu, and TSA Precheck or Global Entry for expedited airport security screening; the program will reach Citigold customers nationwide in early 2021. 


Getty Images

  • Why it won: Chase has varying levels of accounts and services for customers with big deposits and a widespread brick-and-mortar presence for those who prefer in-person attention.
  • Standout account: Keep at least $75,000 in deposit and investment accounts to avoid a monthly fee and get premium benefits with Sapphire Checking.
  • Where it is: About 4,900 branches in 38 states, with many locations concentrated in the West, South, Midwest and Mid Atlantic. (Terms and rates are for Columbus, Ohio.)

If you have $75,000 or more in deposits and investments, you may find appeal in Chase's Sapphire Checking account. You're refunded for out-of-network ATM fees both domestically and internationally, and you pay no fee for personal checks, cashier's checks, money orders, stop payments, wire transfers or foreign transactions with your debit card. Trades of stocks, exchange-traded funds and options are commission-free through online investment service You Invest Trade by J.P. Morgan. Sapphire customers pay no monthly fee on Chase's Premier Savings account, and they get a rate of 0.02% to 0.05%, depending on the balance, if they make at least five monthly transactions (including debit card purchases, ATM withdrawals and online transfers) with their checking account. 

Those who keep at least $250,000 in personal and business deposit accounts as well as investment accounts qualify for Chase Private Client, which comes with assistance from a team of professionals, including a personal banker and investment adviser. Private Client services are available at about 3,300 Chase branches; Chase plans to offer it at all branches soon.

LICENSING OPTIONS FOR WINNING BANKS: Logo LicensingReprint/E-Print ProductsPlaques

Most Popular

The 25 Cheapest U.S. Cities to Live In
places to live

The 25 Cheapest U.S. Cities to Live In

Take a look at our list of American cities with the lowest costs of living. Is one of the cheapest cities in the U.S. right for you?
October 13, 2021
4 Big Retirement Blunders (and How to Avoid Them)

4 Big Retirement Blunders (and How to Avoid Them)

It’s too bad, but financial advisers see these four mistakes all the time. Don’t fall into the same traps.
October 6, 2021
The Best Vanguard Funds for 401(k) Retirement Savers
mutual funds

The Best Vanguard Funds for 401(k) Retirement Savers

Vanguard funds account for roughly a third of the 100 most popular 401(k) retirement products. We rank Vanguard's best actively managed funds, includi…
October 8, 2021


11 Best Things to Keep in a Safe Deposit Box

11 Best Things to Keep in a Safe Deposit Box

These valuables and documents, along with some items you hold dear, should be stored securely at your bank.
September 25, 2021
9 Things You’ll Regret Keeping in a Safe Deposit Box

9 Things You’ll Regret Keeping in a Safe Deposit Box

Locking up certain important documents and valuables in a bank vault could turn into a headache for you or your heirs.
September 24, 2021
Long-Term Rates Will Edge Higher
Economic Forecasts

Long-Term Rates Will Edge Higher

Yields on bank savings accounts will stay low. Home mortgage rates will remain affordable.
July 30, 2021
Fintech: The Bank Disrupters
Financial Planning

Fintech: The Bank Disrupters

Fintechs offer mostly free accounts with tantalizing yields and slick features, but don’t expect much hand-holding.
July 25, 2021