Private banking includes personalized financial services and products that retail banks and other financial institutions offer to high-net-worth individuals (HNWI). These services and products often include:

• investment and portfolio management

• wealth management

• tax services

• will, trust, and estate planning services

• insurance products

• jumbo mortgages

• lines of credit

• bill payment.

Private banking clients often receive discounted or preferred pricing on these services and products.

To be eligible for private banking services and products, retail bank clients are often required to maintain balances in their bank accounts (checking, savings, money market) and investment accounts (IRAs, mutual funds) totaling $150,000 to $250,000 or more.

In Idaho, private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals by offering a suite of personalized financial products and services, which may include investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment services. Clients typically receive preferred pricing and may need to maintain a certain balance across their accounts to qualify for private banking. Idaho follows federal regulations such as the Bank Secrecy Act and anti-money laundering laws, which require financial institutions to implement specific record-keeping and reporting measures. Additionally, the Idaho Department of Finance oversees state-chartered banks and ensures they comply with state banking laws and regulations. Estate planning services, including wills and trusts, are also governed by Idaho's probate and estate laws. It's important for individuals seeking private banking services in Idaho to consult with an attorney to understand the specific legal implications and requirements of such services.