Priority banking is mainly for affluent customers who can afford to invest a huge sum of their money into a bank. It can be in the form of cash, savings, fixed deposits, or investments like stocks, bonds, and shares, among others.   In exchange for your huge financial investment, you will be treated as a VIP member with benefits like priority queues, better interest rates, waived fees, and sometimes, lifestyle privileges.   On the other hand, private banking requires higher minimum deposits from interested individuals, which means it targets mostly elite clients. The required deposit usually doesn’t fall below a million dollars.   Private banking members enjoy a range of wealth management services like portfolio management, estate planning, retirement planning, and legacy planning.   Other banks with priority banking can offer any of these as well, but the selection offered to private banking clients is more diverse.   Finally, the most notable advantage of being a private banking customer would have to be tax avoidance. It’s certainly one of the top reasons people opt for it.