Millionaires use specialized private banking divisions within large institutions like J.P. Morgan Private Bank, Goldman Sachs, Bank of America Private Bank, and Citi Private Bank, which offer personalized services, wealth management, and exclusive access beyond standard banking, often requiring significant minimum assets (like $1M or $3M+) for entry. They choose banks for tailored solutions, expert teams (economists, strategists), and dedicated private bankers, rather than generic 1-800 numbers.
9 of The Best Banks For High Net Worth Individuals
While CBA banks many Australians, Macquarie Bank consistently has the wealthiest customers in Australia, with high net wealth per capita, high incomes, and high home ownership, making them a top choice for the affluent, alongside other major players like Westpac, St. George, and specialized private banking arms of banks like NAB.
We're not a private bank, so we don't set minimum criteria for income, assets or mortgages.
Morgan Stanley, which has a $2.3-trillion wealth management unit, has tripled its loans to high-net-worth individuals in the last five years. Musk has also been a client of Morgan Stanley's investment bank, hiring it and Goldman Sachs Group Inc.
Tesla bears may not have noticed it, but Tesla profits are forecast to 3x over the next five years. I won't keep you in suspense. The answer is: $8,862.79. That's how much money you'd have today if you had invested $1,000 in Tesla (TSLA +2.06%) stock five years ago -- and it's a pretty nice return, right?
Handelsbanken is a local relationship bank, built on satisfied customers, financial strength and sustainable values. We invest time to get to know our customers, and aim to provide the best service we can; giving sound advice, taking sensible decisions in the branch and creating solutions to match our customers' needs.
Becoming a customer
Find out more about becoming a Handelsbanken customer or call 0800 470 8000 to speak to our Customer Connect team.
The general rule of thumb is to try to have one or two months' of living expenses in it at all times. Some experts recommend adding 30 percent to this number as an extra cushion. To determine your exact living expenses, track your spending over several months, including all bills and discretionary spending.
If you are an Australian tax resident and you have an account in a financial institution overseas, we will receive your information from the tax authority of that jurisdiction. All information reported under these laws is handled in the strictest confidence by the ATO and foreign tax authorities.
The Right Bank Account for Millionaires
“Many millionaires opt for private banking services that provide personalized attention and a dedicated relationship manager. Wealth management accounts may include a suite of financial services such as investment management, estate planning and tax advisory,” she added.
You'll earn roughly $330 to $420+ per month on $100,000, depending on the interest rate (e.g., a 4% to 5% Annual Percentage Yield (APY)), with higher rates earning more, and the amount increasing slightly each month due to compound interest. For example, at a 4.2% APY, you'd get about $4,200 yearly ($350/month), while at 5%, it's $5,000 annually ($416.67/month), with actual earnings varying by bank, account type (savings, CD, bond), and compounding frequency.
You can deposit up to $100 million for each account type. With this option, you may receive expanded insurance protection and still have the flexibility to access your funds when you need them. Customers who want FDIC insurance coverage on large deposits and do not require immediate access to funds.
It's not fully safe to keep $500,000 in one bank because standard government deposit insurance (like the FDIC in the U.S. or FCS in Australia) typically covers only up to $250,000 per depositor, per institution, per ownership category; the excess over $250,000 is unprotected if the bank fails, so you should spread your funds across different banks or use different ownership structures (like joint or business accounts) to ensure full coverage, or explore cash management accounts.
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We're proud to have been recognised as Europe's safest commercial bank, in Global Finance magazine's ranking of the World's Safest Banks 2025.
Handelsbanken is financially stable, and one of the best capitalised banks in Europe. No comparable bank in the world has a higher combined credit rating from S&P, Moody's and Fitch.
Depositing your cash
1.6 Handelsbanken was established in Stockholm in 1871 and in Sweden, it is one of the country's leading banks with a nationwide branch network.
We're able to offer a comprehensive range of mortgage solutions at competitive rates.
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How much $10,000 grows to in 10 years depends on the average annual return (interest rate/growth rate), ranging from around $13,500 at 3% to over $25,000 at 10%, illustrating the power of compounding; for example, at a common 10% market return, it could reach roughly $26,000, while a safer 3-4% CD might yield closer to $13,500 - $15,000.
But if you were smart enough to invest $1,000 in Apple stock at the start of the year 2000, you'd be sitting on a monster gain of 21,230%. This means that modest investment would be worth a whopping $213,000 today (as of July 27).