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Bank of America Private Client Review Highlights
• Bank of America operates a private bank for
high-net-worth individuals, families, and institutions.
• Bank of America does not publish a universal asset minimum for establishing a Private Bank relationship.
• Customers who qualify receive access to a range of banking, investing, lending, trust, estate-planning, and philanthropic services.
• Bank of America Private Bank serves both
individual and institutional clients.
Bank of America Private Client Introduction
Bank of America has a private bank that serves the complex financial needs of affluent individuals, families, and institutions. Let’s take a closer look.
Available Services at Bank of America Private Bank
Bank of America Private Bank offers a broad range of financial services. The services available to a particular client depend on the client’s financial situation, eligibility, and goals. Here are some examples:
- Alternative investments
- Art services
- Banking and cash management
- Business-owner services
- Credit and customized lending
- Donor-advised funds
- Endowment and foundation services
- Family-office services
- Fixed-income investments
- Home financing
- Investment management
- Private philanthropy
- Specialty asset management
- Sustainable and impact investing
- Trust and estate services
- Wealth planning and transfer strategies
- Additional specialized services
Each category includes specialized services that can be incorporated into a broader wealth-management strategy. For example, Bank of America’s Art Services team assists with art planning, lending, consignment, estate planning, philanthropy, and the sale of art and collectibles. The bank also offers consulting and investment-management services for museums and foundations.
Private Bank clients work with a dedicated team led by a
Private Client Advisor. Depending on the client’s needs, the team may also include a wealth strategist, trust officer, portfolio manager, lending specialist, and other professionals.
Bank of America BofA Rewards™ Program
Bank of America offers a loyalty program called BofA Rewards. It has four tiers: Member, Preferred Plus, Preferred Honors, and Premier. The regular balance requirement for the highest tier, Premier, is
$1 million in qualifying Bank of America deposit and Merrill investment accounts. However, Bank of America Private Bank clients qualify for the Premier tier regardless of their balances. Premier customers receive benefits that include:
- A 0.375% mortgage interest-rate discount with qualifying PayPlan enrollment
- A 0.50% interest-rate discount on eligible Bank of America auto loans
- A 0.625% interest-rate discount on eligible home-equity lines of credit
- Unlimited Bank of America fee waivers for eligible non-Bank of America ATM transactions
- Waived international debit-card foreign-currency transaction fees
- A 75% rewards bonus on eligible Bank of America credit cards
There is
no fee to join or participate in BofA Rewards. Private Bank investment-management, trust, lending, brokerage, and other financial products may carry separate fees.
Education
Bank of America Private Bank’s website has a large selection of educational materials for affluent individuals, families, business owners, and institutions. Here are some examples of topics covered:
- Increasing the impact of charitable giving
- Using an outsourced chief investment officer for a nonprofit
- Creating an investment policy statement for a foundation or public charity
- Estate planning for the entire family
- The stages of charitable giving
- Using Private Bank Online for domestic wire transfers
Opening an Account
A good place to start with Bank of America Private Bank is its dedicated contact line at
1.800.878.7878. Prospective clients can also complete an online contact form to request a call from a Private Client Advisor.
Customers who prefer to meet in person can use the Private Bank location finder to search by city, state, or ZIP code. Not every regular Bank of America financial center has a Private Client Advisor, so customers should locate a designated Private Bank office before visiting.
Alternative To Wealth Management
Traditional wealth-management firms commonly charge around 1% of assets annually, while
Webull Advisors
charges just 0.15%–0.30%, depending on the strategy. For investors who primarily need automated
portfolio management and rebalancing, Webull can provide these core services while leaving more of their
money invested.
Open Webull Account
Bank of America Private Client Minimum and Requirements
Bank of America’s public Private Bank materials do not specify a universal minimum balance required to become a client. Eligibility and relationship requirements are discussed with a Private Client Advisor and can depend on the client’s needs, assets, and requested services.
The
$1 million balance requirement applies to attaining the Premier tier of BofA Rewards through qualifying balances. It is not presented by Bank of America as a universal minimum for opening every type of Private Bank relationship. Private Bank clients qualify for Premier status regardless of their qualifying account balances.
Bank of America Private Client Fees
Bank of America Private Bank is not entirely fee-free. Investment management, trust administration, brokerage, lending, alternative investments, and other products and services may have fees. However, Private Bank clients qualify for the Premier tier of BofA Rewards, which waives many common banking charges. These include monthly maintenance fees on eligible checking and savings accounts and fees for incoming and outgoing domestic and international wire transfers.
Wire transfers remain subject to account eligibility, transaction limits, security reviews, and approval requirements. Therefore, Private Bank accounts do not have unlimited, unrestricted wire-transfer capability.
Software
Bank of America Private Bank provides online and mobile access for banking, borrowing, and investment-account information. Private Bank clients can use the same credentials for the Private Bank website and mobile app. Bank of America has also integrated Private Bank and regular Bank of America accounts into a unified mobile experience.
Eligible Bank of America deposit accounts and Merrill investment accounts can be linked to Private Bank Online and the mobile app. Available tools include bill payment, account transfers, domestic wire transfers, Zelle, mobile check deposit, research, secure messaging, document delivery, and Erica. Private Bank Online displays investment holdings and market information, but it does not support entering securities trades.
Customer Service
Private Bank customers can contact their dedicated advisory team, call
1.800.878.7878, or visit a Private Bank office. The Private Bank Support Network is available 24 hours a day, seven days a week, while the operating hours of individual offices vary by location.
Bank of America Private Client Review Verdict
Bank of America offers an extensive Private Bank program that combines investing, banking, lending, trust, estate-planning, and philanthropic services. Its dedicated advisory teams, Private Bank offices, digital tools, and extensive BofA Rewards benefits may make it an attractive option for eligible individuals, families, and institutions with complex financial needs.
A Higher Return Way to Invest
Financial advisor and wealth management fees substantially reduce an investor’s portfolio value over the long term.
A less expensive approach is to
build a diversified portfolio with commission-free index funds at
Charles Schwab,
allowing more of the investment returns to remain in the account.
Open Schwab Account
Updated on 8/28/2026.
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