Using a private bank may be worth it if you meet the balance requirements. Private banking customers can benefit from working with one specific person or team that gets to know them and their financial situation. These services can make private banking a good choice for those who need wealth management services. In addition, private banking often offers high-net-worth individuals opportunities to earn higher percentage yield rates on CDs or other accounts. It also offers access to investment professionals, estate attorneys, and accountants all in one place to help effectively manage wealth.