NAB Private Wealth has been recognised as Australia’s best private bank by Global Finance and Asian Private Banker.

That’s great news for our clients. But for the uninitiated it raises the question: what is private banking? And how do you know if it’s right for you and your family?

How does private banking work?

A private bank is all about service – and opportunities. A quality private banker genuinely understands your personal situation, your finances and goals, and gives you the support and solutions you need, where and when you need them.

That could be as simple as helping you open a new account or borrow extra funds for your new investment property. Or it could be a matter of supporting your more complex needs, whether that be managing your wealth, taking your investing to the next level, succession planning, or even pursuing your philanthropic goals.

And while you’ll enjoy a close relationship with your personal private banker, you’ll also have ready access to a team of specialists – a group of bankers and advisers who can provide you with unique insights and solutions whenever the need arises, including after business hours.

How much money do I need for private banking?

There’s a myth that private banking is for the ultra-rich only. That’s not the case.

While private banks do cater to people with very significant funds, most clients fall into the ‘millionaire next door’ category. That’s people with between $1 million and $5 million in investible assets.

Anyone with $2-3 million in investible assets – or $2-3 million in loans – is in a good place to consider private banking.

Who is private banking for?

Another myth is that private banking is just for wealthy retirees. Many private banking clients are retirees, but private banking also attracts many business owners, professionals and executives from a range of industries, including agriculture, real estate, health care and the arts.

Private banking isn’t a one-size-fits-all proposition. The services and solutions are varied, and suit individuals and families with all kinds of needs.

Take investing. It might be that you want a lot of advice here, or a little. However, even if you’re an experienced investor and want to go it alone, you’ll benefit from the access and insights a good private bank offers.

Learn more about the types of industries and professions NAB Private Wealth works with.

Choosing the private bank that’s right for you

Different private banks have different offerings, so it’s important to consider what you need and what you’ll be getting.

According to RFI Research, the three most important factors for clients choosing a private bank are:

  1. The bank’s financial and investment expertise.
  2. The quality of their bankers and advisers.
  3. The level of personalised service.

The most important part of private banking is the level of service you receive, and you want to ensure it meets your expectations.

How can NAB Private Wealth help?

Throughout the generations, we’ve built our entire business around our clients. Our latest awards are proof that we have what it takes to genuinely serve your needs.

We’re proud to be recognised by Asian Private Banker as “one of the very best private banks in the Asia Pacific region”.  While we consider our sheer size to be a key strength, we agree with the New York-based Global Finance that it’s our offering that matters above all else. As it observed, their “winners are not always the biggest institutions, but rather the best – those with qualities that individuals rate highly when choosing a provider.”

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All products and services mentioned on this website are issued by National Australia Bank Limited ABN 12 004 044 937, Australian Credit Licence and AFSL No. 230686 (NAB), except wealth advice services, which are provided by JBWere Limited ABN 68 137 978 360 AFSL No. 341162 (JBWere), and nabtrade, which is the information, trading and settlement service provided by WealthHub Securities Limited ABN 83 089 718 249 AFSL No. 230704 (WealthHub Securities). JBWere and WealthHub Securities are wholly owned subsidiaries of NAB.

WealthHub Securities’ and JBWere’s obligations do not represent deposits or other liabilities of NAB. NAB does not guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer. You may be exposed to investment risk, including loss of income and principal invested.

Information correct as at March 2023.

©2023 NAB Private Wealth is a division of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. ©2023 JBWere Limited ABN 68 137 978 360 AFSL No. 341162. ©2023 WealthHub Securities Limited ABN 83 089 718 249 AFSL 230704.