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Private Banking Account That Small Investors Should Open13 min read

Private Banking Account That Small Investors Should Open13 min read

Reading Time: 5 minutes

When most people think of private banking, they assume it’s only for millionaires and billionaires. However, some digital private banks are making luxury services more accessible to everyday investors. While traditional private banks may require minimum balances in the millions, a growing number of online platforms are opening up private banking to those with far more modest balances. One such banking institution is The Kingdom Bank.

What is the Minimum Balance for a Private Bank Account?

Unlike traditional private banks that require minimum balances in the high five or even six figures, The Kingdom Bank only requires a €10,000 minimum balance to open a private banking account. While still higher than most retail bank accounts, this €10,000 threshold is very reasonable for ambitious small investors looking to start accruing the benefits of private banking. Some key points about The Kingdom Bank’s minimum balance requirement:

  • There is no minimum deposit required to open the account – the €10,000 minimum simply needs to be maintained. Funds can be deposited over time after account opening.
  • Balances below €10,000 will still have full access to The Kingdom Bank’s state-of-the-art digital banking platform and can make transactions. The account simply won’t be considered a private banking account until the minimum is reached.
  • The minimum is only a snapshot taken monthly of the account’s value. Temporary dips below €10,000 won’t cause an issue as long as the balance is maintained for the majority of the month.
  • The Kingdom Bank may make exceptions on a case-by-case basis for clients who demonstrate high potential but can’t meet the minimum balance requirement yet.
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What Transactions Can Be Done with a Private Bank Account?

Beyond simply having a higher minimum balance requirement, private banking accounts like those offered by The Kingdom Bank also provide more advanced banking services and asset management capabilities. Here are some of the unique transactions possible with a The Kingdom Bank private banking account:

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Sophisticated cash management – Easily move funds between your bank accounts, payment accounts, savings accounts, and investment accounts all in one place. Tightly integrated cash flow management allows for better long-term planning and short-term liquidity.

Global payment capabilities – Send and receive international wires to dozens of currencies with highly competitive exchange rates. Set up recurring payments or invoices in multiple currencies for international businesses or investments.

Online trading platform – Place trades on your The Kingdom Bank trading account for stocks, forex, commodities, indices, and crypto assets all through a single integrated system. Advanced order types provide flexible trade control.

Competitive financing – Apply for loans secured by eligible assets in your The Kingdom Bank portfolio with advantageous interest rates. Borrow funds for investments, real estate, collectible purchases, or personal needs.

Bespoke investment solutionsPrivate investment management services customized to your goals, risk tolerance, and values. Build a globally-diversified portfolio managed by a dedicated team of wealth advisors.

Global depositary receipts – Invest in foreign markets through depositary receipts to pooled shares of foreign companies trading as local currency securities on your domestic exchange.

Crypto banking services – Buy, sell and store leading digital assets like Bitcoin and Ethereum with bank-grade security. Receive interest on crypto held in savings accounts.

What are the Benefits of Private Banking?

Beyond offering robust payment and investment capabilities, a key benefit of private banking is the high-touch services provided by dedicated wealth advisors. Some of the top benefits private banking provides include:

Personalized wealth planning – Develop a comprehensive strategy to grow, protect and pass on your wealth over generations by addressing unique financial goals, risk tolerance, and life stages.

On-demand relationship manager – Have a designated wealth advisor available via phone, chat or video to field questions, recommend opportunities, and resolve issues promptly. Complex requests don’t get lost at larger banks.

Concierge support services – Leverage your bank’s network to arrange high-end services like luxury travel, exclusive event access, vehicle purchases or artwork appraisals with their preferred partners.

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Goal-based portfolio reporting – Regularly track the performance of your entire portfolio against your long term goals as well as market benchmarks. Evaluate progress and make adjustments as needed through an interactive digital dashboard.

Philanthropic solutions – Set up donor-advised funds, charitable trusts, or foundations to bolster your philanthropic impact through tax planning and multi-year grantmaking capabilities.

Family office administration – Coordinate intergenerational wealth transfers, multi-jurisdictional compliance filings, trustee services, and sophisticated tax and legal strategies for efficiently passing on wealth.

Lifestyle and legacy planning – Develop plans for daily expenses, health, education and succession to ensure your wealth remains effectively deployed across generations according to your values over the long run.

Private banking services provide dedicated support and sophisticated solutions extending far beyond ordinary retail banking. An advisor proactively guides clients towards their wealth goals and priorities through every life stage.

private banking

Who Should Open a Private Banking Account?

While the accessibility of digital private banks is lowering the barrier to entry, private banking still generally requires substantial liquid assets and complexity in one’s financial life to justify the costs. So who would benefit most from working with an institution like The Kingdom Bank?

  • Entrepreneurs & business owners – Sophisticated payment and cash management tools help optimize liquidity for businesses operating internationally.
  • Investors managing sizable portfolios – Dedicated wealth advisors and portfolios catered to tax, risk and values considerations help optimize returns over the long run.
  • Professionals with international needs – Global professionals needing multi-jurisdictional solutions for banking, tax, legal or citizenship planning find robust coordination services.
  • Family wealth managers – Complex needs around intergenerational wealth transfers, reporting and philanthropic legacies are efficiently addressed through family office administration.
  • Digital nomads – Mobile banking tools coupled with global reach enable location-independent lifestyles with easy worldwide money management.
  • Early retirees – Advisors help proactively grow and guard retirement savings through evolving economic conditions over decades without working income.
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Best Digital Bank to Open a Private Bank Account Online

When it comes to finding the top digital private bank, many experts recommend considering The Kingdom Bank as a leading choice. Here are some of the key factors that make The Kingdom Bank stand out:

  • Robust Regulation – With a Class A banking license from Dominica’s Financial Services Unit, The Kingdom Bank adheres to strict oversight and solvency requirements. Deposits are additionally insured by a state-backed deposit protection scheme.
  • User-Friendly App – An intuitive mobile app and online banking portal provide clients constant access to manage accounts, transfer funds, trade assets and view reports – all through highly secure personal digital identifiers.
  • Advanced Technical Infrastructure – As one of the first European banks to fully utilize cloud and API technologies, The Kingdom Bank leverages powerful platforms ensuring fast, reliable and resilient systems built for growth.
  • Personalized Service – Clients enjoy dedicated relationship managers to address complex needs as well as priority phone and chat support from knowledgeable advisors. Service feels highly customizable.
  • Global Regulatory Expertise – Decades of experience navigating international regulations means clients obtain seamless multi-jurisdictional compliance guidance and tax transparency wherever their activities take them.
  • Competitive Pricing – With no minimum deposit or account fees, The Kingdom Bank remains very cost-effective relative to the sophisticated value and services provided especially for large, global portfolios.

Private banking services empower both growing one’s wealth as well as optimizing quality of life through sophisticated money management, planning for future priorities, and coordination of complex activities across borders, businesses, families and generations. Investors should strongly consider working with The Kingdom Bank to take advantage of these once inaccessible solutions through the exceptional user experience of our global digital private banking platform.

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