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Have you ever wondered where your favorite celebrities stash their cash in the United States? It’s no secret famous high-net-worth individuals often have different financial needs outside of what the average checking and savings account banks offer. If you have millions in assets, as many celebrities do, you should seek out the same private wealth management or banking services they use.
5 Banks Celebrities Use
Several banks attract the ultra-rich or high-profile clientele. Celebrities have a range of options to consider when it comes to managing not only their finances but also their investment portfolios, real estate endeavors, unlimited credit cards, mortgage rates and premium checking accounts. Ultimately, the choice of the bank depends on the individual needs and preferences of each celebrity, but here are five financial institutions where you’ll find celebrities are often banking clients:
- Wells Fargo Private Bank
- Bank of America Private Bank
- J.P. Morgan Private Bank
- Citi Private Bank
- HSBC Global Private Banking
1. Wells Fargo Private Bank
With Wells Fargo Banking, you get a financial institution that is known for its private bank services as well as the standard variety of products and services. It offers classic wealth and investment management solutions as well as products such as premium CDs, checking and savings accounts, for celebrities and eventually for their heirs.
Here are some things to know:
- There is international availability and exchange services and payments are offered in over 100 currencies.
- It offers services that are dedicated to law firms and partners such as escrow services, treasury management, corporate trust management and settlement fund services.
- Wells Fargo Private Bank also offers high-end specialist services such as asset management for expensive art collections, negotiating contracts, diversifying property tax payments or oil rights to manage royalty and rental income.
2. Bank of America Private Bank
Bank of America’s Private Bank targets clients with over $3 million in investable assets. If you qualify, you’ll enjoy the lack of a monthly fee and a competitive interest rate for your account and also the ability to gain bonus rewards earned through a paired Bank of America credit card. Celebrities are also privy to rate discounts on a variety of loan products, including auto financing, HELOCs, and mortgage rates.
3. J.P. Morgan Private Bank
J.P. Morgan Private Bank has established itself as a preferred banking partner for many celebrities. With specialized services like Private Client Banking & Investments, it caters to the affluent clientele, providing personalized financial solutions tailored to their specific needs. Here are some key takeaways:
- The bank’s reputation for discretion and reliability has made it a trusted choice for celebrities seeking comprehensive banking services.
- Every personal banker is a fiduciary, which means the person you work with is legally required to put your financial interests ahead of their own or their firm’s so there is an added layer of security for your finances as well as the financial advice you are given.
- Though J.P. Morgan Private Bank doesn’t publish its minimum balance requirements, many private banks require at least $1 million in investable assets to qualify for private banking so it likely requires a high minimum for its products and services.
4. Citi Private Bank
Citi Private Bank offers customized private banking and sophisticated financial services to preserve and grow wealth both domestically and internationally. Here are some features that attract celebrity clientele:
- There is a $10 million minimum to invest with the bank.
- A total net worth of at least $25 million is required for individuals or businesses to work with Citi Private Bank.
- Products and services include alternative assets, access to a private banker, investment guidance and higher deposit limits.
- This bank specializes in global services and portfolio and risk management.
Citi Private Bank Account Celebrities Like: Citigold® Private Client
Celebrity clients who can maintain an average monthly balance of $1 million or more across all linked accounts and prefer personalized guidance and waived fees tend to like the Citigold® Private Client account. Aside from the included professional advice the account also offers unlimited ATM fee refunds and high debit card limits for the linked checking account.
5. HSBC Global Private Banking
HSBC Global Private Banking provides investment, bespoke financing, discretionary portfolio management, wealth planning and asset management services. Here are some reasons why celebrities tend to bank with HSBC:
- Private bankers help manage day-to-day funds and investments.
- HSBC Global Private Banking has a team of professionals to help with asset allocation and balancing and diversifying your portfolio based on your risk tolerance.
- The Expat Bank Account is good for those who travel internationally as it can be set up in U.S. dollars, British pounds or euros.
- HSBC Global can provide you with assistance and guidance to hand over control of your business to other family members.
HSBC Global Private Banking Account Celebrities Like: HSBC Premier Checking
The HSBC Premier Checking requires you to meet a $75,000 minimum balance requirement. You also need to have at least $5,000 in direct deposits per month or have an HSBC U.S. mortgage with an original loan balance of $500,000 or more which is usually achievable for famous celebrities. HSBC Premium Checking also offers high-rolling clients rebates on non-HSBC ATM withdrawals and access to a high-yield savings account.
Which Credit Card Do Most Celebrities Use?
Outside of traditional banking institutions, some celebrities opt for niche banks that cater exclusively to high-net-worth individuals. However, when it comes to how they spend their money you’ll find many swiping credit cards that require applicants to meet high income or spending standards such as the following:
- Centurion Card from American Express, also known as the Amex Black Card. This card is invitation-only.
- Platinum Card from American Express
- Chase Sapphire Reserve card
Final Take To GO
The bottom line is, that ultra-rich celebrities often have a wide variety of banking and security needs for their finances. Their long-term goals may differ from the average American, but the next time you’re strolling down Hollywood Boulevard or tuning in to a blockbuster movie premiere, remember that behind the glitz and glamour, many celebrities rely on the same banks you use, but just with added benefits.
FAQ
Here are some answers to frequently asked questions about which banks celebrities use.
- What bank do most rich people use?
- Wells Fargo, Citibank, Marcus by Goldman Sachs, HSBC, J.P. Morgan Chase and Bank of America are all contenders in the celebrity banking arena. Boasting a wide range of services, including wealth management and personalized banking solutions, these private banks offer celebrities the convenience and security they require to manage their finances effectively. Accessibility and innovative digital banking features also make them popular choices among those leading busy lifestyles.
- What type of banks do celebrities use?
- It's important to note that the choice of bank for celebrities ultimately depends on various factors such as location, services offered, and personal preferences. While some may prioritize convenience and accessibility, others may value personalized attention and specialized financial advice. As such, there is no one-size-fits-all answer to the question of which bank celebrities use.
- Where do rich people deposit their money?
- Wells Fargo remains a prominent choice for celebrities and rich people to deposit their money due to its comprehensive services, extensive network, and reputation for reliability. Citibank is another well-known institution favored by celebrities for its global presence and exclusive banking privileges. With tailored services designed for high-net-worth clients, Citibank caters to the unique financial needs of celebrities across the globe.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
