facebookUltimate Priority Banking Singapore Guide (2022): Banking for the Relatively Rich

Advertisement

301122 priority-banking-singapore-guide

Ultimate Priority Banking Singapore Guide (2022): Banking for the Relatively Rich

profileJoel Koh

I don’t know about you, but I enjoy being treated like VIP, and I’m sure I’m not the only one.

Source: Giphy

This is probably why many businesses have VIP programmes with exclusive perks that make you feel like royalty.

Banks are not different as they offer Priority Banking status to rich individuals who can afford to deposit and transact large amounts with the bank.

And if you were curious, there is also the higher tier Private Banking status which is offered to ultra-high-net-worth individuals (UNHWIs).

Generally speaking, Priority Banking clients will get exclusive lifestyle and financial perks.

But, each bank puts a unique twist on this lofty banking relationship.

If you have at least six-digit figures worth of cash and investable assets lying around and would like to get these perks, here’s how to find the best Priority Banking programme for you!


Best Priority Banking Singapore 2022

Priority Banking ProgrammeMin. Total Relationship Balance (TRB) / Other CriteriaAccredited Investor Status?
CIMB PreferredTRB of S$250,000
OR
S$1M Total Mortgage Loan size
No
CitigoldTRB of S$250,000
No
DBS TreasuresTRB of S$350,000Yes
HSBC PremierTRB of S$200,000
OR
Credit monthly salary >S$15,000
OR
S$800,000 SG Home Loan / AU$200,000 AU Home Loan
No
Maybank PremierTRB of S$300,000No
OCBC PremierTRB of S$200,000No
Standard Chartered Wealth $averTRB of S$200,000No
UOB PrivilegeTRB of S$350,000No

Click to Teleport


What is Priority Banking in Singapore?

As mentioned above, Priority Banking / Premier Banking / Privilege Banking is an exclusive membership offered to affluent customers who can afford to deposit and transact large amounts with the bank.

VIP banking status, if you will.

Source: Giphy

What are the Perks of Priority Banking?

In return for your investment, Priority Banking customers enjoy perks like:

  • Having a personal banker or relationship manager to attend to your queries
  • Access to a whole host of wealth management solutions
  • Preferential rates on loans, savings accounts and fixed deposits
  • Priority counter at bank branches so you can skip the regular line to get your banking done
  • Waiver of banking fees like convenience fees and other fees.

Back to top

How To Qualify for Priority Banking in Singapore?

To qualify for a Priority Banking relationship in Singapore, you would generally need to deposit or transact a minimum qualifying amount with the banks. In bank speak, this is called assets under management (AUM) or total relationship balance (TRB).

Also, this qualifying AUM amount with a bank for a Priority Banking relationship is not limited to cash deposits. It can comprise cash, investments and insurance products.

But take note that the minimum qualifying AUM for a Priority banking relationship ranges anywhere from S$200,000 to S$350,000 in Singapore.

Source: Giphy

How Do I Open a Priority Account?

Opening a Priority Banking account is simple as you can apply online or in person, or at the bank’s physical branch.

It is not that much different from opening a regular savings account.

With that out of the way, here are some of the best Priority Banking accounts to consider.

Back to top

CIMB Preferred Review

First up, we have the CIMB Preferred Priority Banking relationship.

To qualify, you will need a minimum TRB of S$250,000 or a total Mortgage Loan size of at least S$1 million with CIMB. But, like many of the Priority Banking programmes on this list, you do not need to be an Accredited Investor (AI) to qualify.

The qualifying requirements might be steep, but CIMB ensures that membership perks are worth the price of entry.

CIMB Preferred Benefits

You’ll get to enjoy benefits like:

  • Preferential rates for Premium Financing and Portfolio Financing
  • Assigned a dedicated relationship manager to advise you and assist with your banking needs
  • Curated monthly financial insights
  • Shopping and dining deals
  • Preferred status across CIMB branches across ASEAN
  • Complimentary invites to exclusive lifestyle and financial events and more.
Source: CIMB

But do note that there is only one CIMB Preferred branch in Singapore which doubles up as the bank’s main office.

CIMB Preferred Promotions

CIMB is also offering a Welcome Reward if you fulfil the promotion’s conditions:

Source: CIMB

Do remember to read through the campaign’s terms and conditions as well.

Back to top

Citigold Review

Next up, we have the Citigold Priority Banking programme.

To qualify, you will need a minimum AUM of S$250,000 to start and maintain a Citigold relationship. But, the like many of the Priority Banking programmes on this list, you do not need to be an AI to qualify.

Citigold Privilege Banking Benefits

With Citigold, which is more investment-focused, you’ll get to enjoy benefits like:

  • Citigold Insights: Make better-informed decisions with an in-depth understanding of markets, trends and opportunities, all brought to you by our award-winning analysts
  • Premium Citigold Wealth Management Products: Long-term or short-term Investments, liquid assets or insurance Plans
  • Relationship Manager: Your dedicated relationship manager and a team of experts will always be at hand to help you achieve your financial goals
  • Lifestyle and Banking Privileges: As a Citigold customer, you’ll enjoy an array of exclusive, curated lifestyle and banking privileges
  • International Coverage: Your Citigold privileges are extended worldwide, making it convenient for jet setters to access Citibank branches on the go.

Citigold Promotion

If you plan to apply for Citigold, you might want to consider SingSaver’s exclusive Citigold offer.

Enjoy 2X chances in SingSaver’s Score Big Grand Lucky Draw when you apply for a chance to win your share of over S$30,000 worth of prizes (valid till 18 December 2022, T&Cs apply)!

Disclaimer: Seedly and SingSaver are companies owned by Hyphen Group.

Back to top

DBS Treasures Review

In addition, we have DBS’s Priority Banking programme DBS Treasures.

DBS Treasures has the strictest qualifying criteria on this list, as to qualify, you will need a minimum AUM of $350,000 in investable assets and be an AI.

But, it’s not all bad as if you are an AI, your DBS relationship manager can recommend a wider range of more sophisticated financial instruments to you.

DBS Treasures Benefits

With a DBS Treasures relationship, you’ll get to enjoy perks like:

  • Exclusive access to four DBS Treasures centres across Singapore and better service at other DBS and POSB branches
  • Relationship Manager: Your dedicated relationship manager and a team of experts will provide personalised financial advice on your investing and legacy plans
  • Sophisticated Products: AIs get access to a wider range of more sophisticated investment products
  • Intelligent Wealth App: Provides insights into the markets
  • Exclusive investment webinars and networking events
  • Lifestyle Perks: A suite of curated indulgences and privileges.

DBS Treasures Promotion

In addition, DBS is offering a welcome gift of up to S$16,200 if you fulfil the following requirements:

  • Deposit Fresh Fund(s) from outside DBS/ POSB of at least S$350,000, S$500,000 or S$1,000,000 (“Fresh Funds Deposit”), or its foreign currency equivalent to their DBS/POSB Current Account/ Savings Account (“CASA”) tagged to their current DBS Treasures relationship. The Fresh Funds Deposit must be maintained with DBS for at least 3 months from the date of deposit, with a corresponding increase in Customers’ total assets under management (“AUM”)Fresh funds deposited must be maintained for at least three months from the date of last deposit
  • Purchase a minimum of S$100,000 in Investment and/ or Insurance
  • Opt in as an AI and complete your financial profile with your relationship manager.

Back to top

HSBC Premier Review

HSBC Premier has the most flexible qualification requirements, with three options to choose from:

  • Place a minimum of $200,000 (or its equivalent in foreign currency) in your TRB
  • Credit your monthly salary of >$15,000
  • Take up an HSBC Home Loan: Either a Singapore property loan of at least S$800,000 or an Australian property loan of at least AU$200,000.

No AI status is needed here too.

HSBC Premier Benefits

HSBC Premier customers will get to enjoy these family-focused benefits:

  • Gain access to HSBC’s qualified HSBC Premier Relationship Directors and carefully tailored wealth management solutions, including legacy planning* and tax advisory*
  • Enjoy prioritised service, preferential pricing on selected products and access to selected HSBC Global Private Banking wealth insights and events
  • Unlock a world of extraordinary and lasting experiences with access to HSBC Concierge Service globally
  • An exclusive range of Premier rewards, offers and partnerships
  • Premier status for your spouse and up to three children (aged 12 to 30), with no minimum TRB requirement
  • Lifestyle benefits tied to HSBC Premier Mastercard rather than the Priority Banking programme itself.

Note: Children under 18 cannot hold Premier status in other countries/regions.

Also, take note that the lifestyle benefits are tied to an HSBC Premier Mastercard instead of the HSBC Premier Banking relationship.

HSBC Premier Promotion

Plus, you’ll get to enjoy a welcome gift of up to S$15,052 when you join HSBC Premier.

Source: HSBC

Back to top

Maybank Premier Review

Alternatively, you can look at the Maybank Premier Priority Banking programme.

To become a Maybank Premier Client, you must make deposits and/or investments of S$300,000 or more with Maybank, which is one of the highest qualification amounts on this list.

No AI status is needed here too.

Maybank Premier Benefits

As a Maybank Premier customer, you’ll enjoy privileges like

  • A dedicated relationship manager who will offer you financial advice
  • Preferential rates for banking transactions and investments and faster processing for credit facilities
  • Earn up to 3.75% p.a. interest on selected qualifying products through the Maybank Premier Save Up programme
  • Privileged access to Maybank Premier Centres
    • In Singapore alone, there are five Premier Wealth Centres that cater exclusively to Premier customers.
  • Priority service at all Maybank branches in Singapore, Malaysia and Bank Internasional Indonesia (BII) Branches in Indonesia
  • Withdraw cash in local currency from any Maybank ATM in Malaysia, Brunei, the Philippines, Indonesia (BII ATMs) and Cambodia without any service charge.
  • Exclusive deals and invitations to private functions, such as special previews and lifestyle events
  • Birthday, dining, golfing and travel perks.

Maybank Premier Promotion

That’s not all, Maybank is offering users up to S$2,000 Cash Credit* when they join Maybank Premier;

Source: Maybank

Back to top

OCBC Premier Banking Review

There’s also the OCBC Premier Banking programme.

To qualify for OCBC Premier Banking, you must deposit or invest S$200,000 in fresh funds.

No Accredited Investor status is needed here as well.

Eligible Client must not have had an OCBC Premier Banking or OCBC Premier Private Client relationship in the last 12 months prior to the commencement of the Promotion

OCBC Premier Benefits

  • Dedicated relationship manager who will assist you with your financial planning and investments
  • Priority queues at selected OCBC Bank branches
  • Preferential fees and charges for selected transactions
  • Send money overseas with S$0 cable and commission fees for 18 currencies
  • Draw on timely insights and investment recommendations from the OCBC Wealth Panel and plan for your life goals
  • Invest in gold and silver with no storage required and zero service fees
  • S$250 worth of cash credit when you refer a friend.

OCBC Premier Promotion

Enjoy up to 4% a year on your Premier Dividend+ Savings Account in the first 3 months when you join T&Cs apply.

Back to top

Standard Chartered Wealth $aver Priority Banking Review

Otherwise, you might want to consider the Standard Chartered Wealth $aver Priority Banking programme

To qualify, you will need to have at least S$200,000 in deposits and/or investments or S$1.5 million in housing loans.

No AI status is required here too.

Standard Chartered Wealth $aver Priority Banking Benefits

With Standard Chartered Wealth $aver, you’ll get to enjoy benefits like:

  • An SC Priority Banking Visa Infinite Credit Card that comes with a complimentary Priority Pass membership which allows you to access more than 1,000 airport lounges worldwide. No annual fee if you maintain your Priority status with SC the following year
  • Earn 360 Rewards points through card spends on your Standard Chartered Priority Banking Visa Infinite credit card and other product holdings, such as mortgage loans, select investments and deposits
  • Enjoy preferential rates on SC’s Online Equities platform and for select products and services, such as fixed deposits, as well as waivers on most account maintenance fees and charges, such as deposit account fall-below fees and chequebook fees
  • Market Research and Advisory from SC experts
  • Dedicated relationship manager to assist you with your banking and investment needs.
  • Global recognition of Priority status in a second country of their choice that they wish to open an account in
  • Extension of Priority benefits to family members and referral benefits.

Standard Chartered Wealth $aver Priority Banking Promo

Check out this SingSaver Exclusive Offer.

Apply for this product and score 3X entries in SingSaver’s Score Big Grand Lucky Draw, where you stand to win your share of over $30,000 worth of exciting prizes (valid till 18 December 2022, T&Cs apply)!

Disclaimer: Seedly and SingSaver are companies owned by Hyphen Group.

Back to top

UOB Privilege Banking

Last but not least, we have the UOB Privilege Banking Priority Banking programme.

UOB’s requirements are the lowest on this list as to qualify as a UOB Privilege Banking customer, you will need to maintain a minimum qualifying AUM of S$350,000 (or its equivalent in a foreign currency) in deposits and/or investments.

You don’t need AI status, either.

UOB Privilege Banking Benefits

With UOB Wealth Banking, you’ll get to enjoy:

  • A dedicated Relationship Manager who will work with a team of specialists to provide you with tailored financial solutions that match your risk profile
  • Investment Insights and Advisory for all your wealth goals
  • Exclusive access to five UOB Wealth Banking Centres across Singapore and four overseas
  • Priority queues and service at regular UOB branches
  • Preferential services and pricing on products such as Telegraphic Transfers, FX rates, demand drafts and cheque fees at any of UOB’s branches islandwide
  • Invitation to exclusive UOB Privilege Banking events
  • Preferential rates on financial products like Fixed Deposits, Global Currency Premium accounts and more
  • Lifestyle, travel and medical conierge
  • Education advisory
  • Birthday privileges and carefully curated dining and retail offers and promotions all year long.

UOB Privilege Banking Promo

In terms of promos, deposit a minimum of S$200,000 in fresh funds, and you now enjoy a higher interest rate of 2.6% p.a. for an extended duration of six months on your incremental fresh funds’ balance.

Source: UOB

Read More

Advertisement

profile
About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them.
You can contribute your thoughts like Joel Koh here.

🔥 What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
Stay updated with the latest finance tips!
Receive bite-sized finance on Telegram here.

💬 Comments (0)

What are your thoughts?

No comments yet.
Be the first to share your thoughts!

🔥 What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles

Join our Community!

Discuss your thoughts with like-minded members in these community groups!

Stay updated with the latest finance tips!
Receive bite-sized finance on Telegram here.

Advertisement