Bank of America Private Bank Review

Most banks’ VIP programs are a way to combine services that are already offered into a single product that you can join or are exclusively offered when you meet minimum requirements. They give you some additional benefits such as slightly better rates on loans and waived fees, and enhanced transaction limits.

Every bank offers some type of VIP or rewards program, and often they’re geared toward specific types of customers. Some are for people with more money, and others are simply an overall program to keep all customers loyal. You’ll find these programs at banks like Chase, Citigold, Union Bank, and Wells Fargo.

Bank of America Private Bank Pros & Cons

Bank of America Private Bank Pros
  • Dedicated financial advisors
  • Full-service financial options not available at regular banks
  • Loans against investment portfolio
Bank of America Private Bank Cons
  • Extremely high minimum investment requirements
  • Low-interest savings accounts
  • Potentially high management fees

Benefits of Bank of America Private Bank

Signing up with Bank of America Private Bank provides you with top-tier financial advisors, so when investing your money is a priority, but you want somebody to help guide you through the process to make the best decisions to maximize investments, then Bank of America Private Bank is a better choice.

Here is what you get with Bank of America Private Bank:

  • Full-service financial advisors for individuals, businesses, and institutions.
  • Trusts and estate planning services
  • Geared towards building wealth through investing

Because Bank of America Private Bank is dedicated to high-wealth investing, they can attract and pay some of the best financial professionals available, whereas a regular investment advisor may not have the same experience or skills, especially when investment portfolios are smaller.

Personalized Attention

You will get dedicated investment and banking advisors who will get to know your accounts, your requirements, and you personally. So instead of cookie-cutter approaches, you get fully personalized service from the best.

Access To Network Of Specialists

Through your dedicated advisors, you can be guided to the best specialists for any specific requirements you have or that come up, including tax professionals or even trust or estate advisors. So there is no need to research or find good advisors in other areas.

Business Advisors

When trying to grow a business, you need more than investment advice, and Bank of America Private Bank offers skilled advisors to help guide you through the process of opening a business, growing, and any legal, financial, or regulatory requirements you may have. So it makes the process much easier when working with them.

Institution Advisors 

Bank of America Private Bank has financial advisors dedicated to institutions, including the best investment approaches and other requirements in operating a nonprofit organization, endowment, or even a foundation.

They can assist better than a regular bank if you need help with employee programs, board governance, or anything specific to institutions.

Bank of America Private Bank vs Standard Accounts

Bank of America Private Bank differs from Bank of America standard accounts by requiring a high minimum investing portfolio available at all times. Still, in return, you get access to dedicated top-tier financial advisors and bankers to earn more through your investments.

Because the goal is investing and wealth-building, you won’t get great savings account interest rates or better day-to-day banking options than you would with Bank of America standard accounts, so you really need to have investment as your goal to work with Bank of America Private Bank.

Bank of America Private Bank vs. Competitors VIP

Wells Fargo PrivateChase Private ClientBank of America PrivateCitigoldUnion Bank Private
Monthly Cost$0$0 – $35$0$0$0
Minimum Investment$1,000,000$150,000$3,000,000$1,000,000$250,000
Fees Waived On Checking Accounts
Dedicated Advisor Team
Day-to-Day Banking and Saving
Loans Backed By Investments
Commission Free Online Trading

Bank of America Private Bank Minimum

Bank of America Private Bank is a totally different bank than what you get with Bank of America accounts. You must have at least $3 Million in liquid assets to invest with Bank of America Private Bank advisors, so it is not available to people with less money.

Without the high minimum investment, it’s not possible to open an account, and the services likely aren’t relevant to you.

Also to note, Bank of America Private Bank is not a program but is an almost totally separate bank, which Bank of America purchased but keeps running almost entirely independently.

So you get access to all of the same types of accounts, credit cards, investments, and loans, but you get dedicated advisors to help you navigate the best options.

How to Sign Up

Bank of America Private Bank requires you to contact them via phone or in-person so that you can make an appointment with one of their advisors.

The advisor will assess if you meet minimum requirements and if they believe the bank can assist you with your investment and other banking needs.

You can make an appointment on their website but must talk directly to an advisor before opening an account.

If you don’t have a minimum of $3 Million in liquid assets which you are also willing to invest through Bank of America Private Bank, you won’t be accepted as a customer, and there are no review processes.

The bank is dedicated to investing, and if you don’t have similar goals, then it wouldn’t be a good match.

You can still work with Bank of America through its standard bank, which has options for anybody and any goals. You will also have access to advisors, but not the same advisors available at Bank of America Private Bank.

Alternatively, you can look at other banks to open accounts with such as Chase, Wells Fargo, or any of the smaller banks that may offer better and more personalized service to you.