Many banks and wealth management firms offer private banking, a service that caters to busy professionals and high-net-worth individuals with unique banking needs. Here’s how you can determine whether private banking fits your financial lifestyle.

What is private banking?

Private banking connects clients with a dedicated relationship manager who handles everything from routine transfers to complex loans. Instead of using a branch or call center, clients work directly with their private banker who understands their financial picture and provides tailored advice. This concierge approach often includes perks, such as access to specialized experts and exclusive opportunities and events.

What does private banking offer?

Services vary by institution but typically include:

• Premium checking or savings accounts with preferential rates and higher limits
• Highly personalized service from a team of experts that extends beyond traditional banking hours
• Wealth management, including investment and financial planning 
• Fiduciary and trust services, including estate planning and tax specialists
• Mortgage lending for residential and vacation homes
• Commercial lending and treasury services for business needs
• Lines of credit with competitive rates or waived fees
• Credit card services
• Agricultural lending and equipment finance

The most effective private banking programs integrate wealth management to go beyond transactions, helping to simplify your life while enhancing your fiscal future.

Who is private banking for?

While guidelines vary, this elite service is ideal for individuals with a net worth of $1 million or greater or those earning $250,000 a year or more.

Private banking usually requires a minimum balance, including deposit accounts, investments, or both.

Why would I want a private banker?

Private banking offers a simple, seamless solution, with a key point person who coordinates a team of experts to meet your financial needs. If you value convenience, personalized guidance, and customized financial solutions, private banking could be a powerful tool for you.