Things to Consider When Opening a Private Banking Account

Mar 06, 2025

Things to Consider When Opening a Private Banking Account

Opening a private banking account is not as simple as signing up for a regular savings or checking account.

As a personal and bespoke service dedicated to high-net-worth individuals, private banking requires extra documentation and consideration to set up properly.

Let's explore some of the key things you'll want to think about when getting started with private banking at Jetonbank, one of the world's leading digital banking platforms.

Run through this checklist to make sure you've covered all your bases before applying.

Who Needs a Private Banking Account?

Private banking is tailored for clients with significant assets to manage. Jetonbank generally requires a minimum portfolio size of $500,000 to qualify for a private account.

However, different private banks may have varying threshold requirements so it's always best to check directly with the institution.

Beyond the minimum balance, private banking is most beneficial for those seeking sophisticated wealth management services. This includes things like retirement planning, estate administration, investment advice, tax strategizing, and access to exclusive product offerings.

If you simply want a savings vehicle without personalized attention, a regular savings account may suit your needs better.

But for hands-on financial guidance and high-level client services, private banking could be worth exploring.

private bank account.jpg

Can Only High Net Worth Individuals Use Private Banking?

While private accounts are usually reserved for affluent clients, the definition of "high net worth" can vary in different regions and currencies.

Some private banks may accept customers below the $500k threshold, especially if other factors like income level, investment portfolio complexity, or business ties are strong.

For instance, business owners in certain industries or individuals with large but illiquid assets like real estate may still qualify with below six-figure balances due to the specialized skills and products private banks can offer.

The most important thing is ensuring your financial profile aligns with the services provided. Speak to a Jetonbank relationship manager to see if a private account makes sense, even if net worth is not astronomical. Alternative solutions like basic investment advisory may also be options.

Can Digital Asset Management Be Done with a Private Banking Account?

With new technologies emerging, private banking is evolving to keep pace with modern investment needs.

At Jetonbank, clients can manage both traditional and digital assets seamlessly from one private account.

Digital assets and security tokens are supported alongside traditional holdings like stocks, bonds, and real estate. This allows private clients to build well-diversified, futuristic portfolios under expert guidance.

Jetonbank's flagship digital account acts as a centralized gateway to purchase, sell, and track digital assets and other digital holdings professionally. Private bankers also provide research, advice, and exposure recommendations specific to this innovative asset class.

Overall management is streamlined for ease of use. Digital assets thus present another wealth opportunity private clients can tap into with the assistance of our dedicated bankers.

Technology is expanding private banking's scope to stay on the leading edge of finance.

Things to Consider When Opening a Private Banking Account

Now let's go through some of the key preparations and documentation needed when formally applying for a private account:

Know Your Requirements

Check the minimum balance and any ongoing service fees charged by the bank. Also understand qualifications around things like citizenship, tax residency, business/investment experience that may factor into acceptance.

Gather Documentation

You'll need ID forms like a passport and proof of address usually within the last 3 months. Income sources and estimated annual amounts should be verifiable too.

Outline Your Goals and Strategy

Private bankers want to understand your objectives for factors like risk tolerance, liquidity needs, timeline for goals, and ethical/impact preferences to align recommendations.

Review Product and Service Offerings

Make sure the bank provides suitable investment vehicles, lending, and specialized services correlated to your requirements.

Consider Tax Implications

Work with an international tax professional if needed depending on your residence and the source of your wealth. Some private banks even have in-house experts.

Submit Your Application

Package all materials neatly with any supplemental attachments for smooth processing. Be prepared for some back-and-forth as anti-money laundering checks are done.

Paying attention to these aspects upfront primes the banker-client relationship on the right foot. Jetonbank aims to guide new clients seamlessly through this onboarding process as well.

private banking.jpg

Do I Need Documents for a Private Banking Account?

Yes, most private banks require documentation as part of standard know-your-customer (KYC) and anti-money laundering (AML) reviews. This helps verify identities, prevents financial crimes, and allows personalized service.

Common documentation includes:

  • Passport or national ID containing your photo, name, date of birth and citizenship information.
  • Proof of address like a recent utility bill, bank statement or tax return from the last 3 months.
  • Income source proofs like pay stubs, tax returns, business financials or investment portfolio statements.
  • Documentation for any anticipated large transactions, origin of funds or complex asset structures involved.
  • References from other financial institutions you've worked with previously when possible.

While these checks add an extra step, they establish the legitimacy and protections both sides need for a long-term private banking partnership.

Jetonbank makes electronic submission and remote verification simple using our digital platform.

Just be prepared to share standard paperwork. The relationship managers are also available to answer any document-related questions proactively.

The verification process happens smoothly and securely behind the scenes.

Private banking opens financial doors for experienced investors, entrepreneurs and high-net-worth individuals.

However, taking the time upfront to thoroughly understand qualification requirements, gather necessary documentation, and ensure strategy alignment with product offerings and services will set any new private banking relationship up for success from day one.

For a modern, digitally-enabled private banking experience, clients around the world trust Jetonbank.

To learn more about opening a private account tailored to your unique needs, visit the Jetonbank website or speak with a relationship manager today. Our team of experts is ready to guide qualified clients seamlessly through the entire onboarding process.

* The opinions expressed in this blog are solely those of the author and should not be regarded as expert financial advice. Before engaging in trading, you should consult an independent and suitably licensed financial advisor to ensure that you understand the risks and have the necessary experience and knowledge. Under no circumstances will Jetonbank be liable for any direct, indirect, special, consequential, or incidental damages. Also, Jetonbank is not responsible for any losses that may arise from reliance on any recommendation, forecast, or other information provided. Past performance does not predict future results. The value of investments can fall as well as rise. We value your participation in our discussions and welcome diverse viewpoints.
Thank you for your engagement.

Calendar

Book an Online Meeting to Get to Know Us

Jetonbank services are just a click away.
Reserve your spot now to grow your business.

Schedule Now

Manage transactions seamlessly, send and receive payments globally, and take full control of your finances—all from one powerful platform.

Jetonbank

Join Jetonbank today and access secure, tailored financial solutions designed for businesses.

Jetonbank App

Copyright, Jetonbank 2025. All rights reserved.