Private bank

Okay, so you know how mommy keeps some money in her piggy bank at home and the supermarket keeps their money in a cash register, right? Private banks are like that too, but for really big amounts of money like millions or billions of dollars.

People who have a lot of money, like rich families, trusts or big businesses, usually put their money in a private bank so that it is safe and secure. Private banks also offer special services like investment advice, personalized financial planning, wealth management, and even exclusive access to luxury perks such as private jets, VIP events, and elite clubs.

However, not everyone can just walk into a private bank and open an account. They only accept clients who meet certain criteria, such as having a substantial net worth, a high income, or a prestigious social status. This is because they need to make sure their clients are trustworthy and can afford the high fees and minimum deposit requirements.

Overall, private banks are like a super fancy piggy bank for really rich people, where they can keep their money safe, grow their wealth, and enjoy special benefits.