Ultimate Priority Banking Singapore Guide (2023): Banking for the Relatively Rich

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

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 privileged 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!

TL;DR: Best Priority Banking Singapore 2023: Which Priority Banking Is the Best in Singapore?

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• What is Priority Banking in Singapore? What are the Perks of Priority Banking?
• How To Qualify for Priority Banking in Singapore?
• How Do I Open a Priority Account?
• CIMB Preferred
• Citigold
• DBS Treasures
• HSBC Premier
• Maybank Premier
• OCBC Premier
• Standard Chartered Wealth $aver Priority Banking
• UOB Privilege

What is Priority Banking  Account? Privilege Banking / Premier Banking in Singapore Explained

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.

What Is the Benefit of Priority Banking? What Is the Interest Rate for Priority Banking in Singapore?

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.

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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.

How Do I Open a Priority Account?

Opening a Priority Banking account is simple as applying online, 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.

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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.

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:

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

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Citi Priority Banking: 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, 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 are keen on Citigold, you might want to consider our sister company SingSaver’s Exclusive Offer: Receive S$1,000 cash or an additional S$200 on top of an Apple iPad Air 5th Gen (worth S$887.20) or a Hinomi H1 Pro Ergonomic Office Chair (worth S$999) when you make a minimum deposit of S$250,000 within three months of account opening. Valid till 28 February 2023. T&Cs apply.

Apply Now

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DBS Privilege Banking: 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 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$17,700 if you fulfil the following requirements from 1 January 2023 to 31 March 2023:

• 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 Eligible Wealth Product(s)
• Successfully declare Accredited Investor (“AI”) status with DBS Treasures and complete your financial profile with your relationship manager.

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HSBC Premier Review

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

• Place a minimum of S$200,000 (or its equivalent in foreign currency) in your TRB
• Credit your monthly salary of ≥S$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.

HSBC Premier Promotion

Plus, you’ll get to enjoy a welcome gift of up to S$15,310 when you join HSBC Premier.

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Maybank Premier Wealth Singapore 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 Wealth Singapore 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 Wealth Singapore Promotion

That’s not all; Maybank is offering users up to S$1,800 Cash Credit* when they join Maybank Premier:

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Best Premier Banking Singapore: 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.

OCBC Premier Banking Benefits

• Priority queues at selected OCBC Bank branches
• Tap into Singapore’s first low-carbon ETF – a diversified fund that gives you access to 50 Singapore companies with a lower carbon footprint, available via Online Equities Account or as a Blue Chip Investment Plan counter.
• Preferential fees and charges for selected transactions
• S$250 cash credit when you refer a friend
• Invest in shares, ETFs, REITs and bonds across 15 global exchanges including China, Hong Kong and US
• Invest in gold and silver with no storage required and zero service fees.
• Send money overseas with S$0 cable and commission fees for 18 currencies
• Dedicated relationship manager who will assist you with your financial planning and investments
• Complimentary OCBC Premier Visa Infinite Credit Card that comes with its own set of privileges.

OCBC Premier Banking Promotion

Enjoy up to 4.5% a year on your Premier Dividend+ Savings Account in the first 3 months when you join. T&Cs apply.

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Standard Chartered Priority Banking (Wealth $aver) Review

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

To qualify, you must 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.

SCB Priority Banking Benefits

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

• An SC Priority Banking Visa Infinite Credit Card with a complimentary Priority Pass membership 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, and 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 if they wish to open an account in
• Extension of Priority benefits to family members and referral benefits.

Standard Chartered Wealth $aver Priority Banking Promo

New-to-bank customers can receive up to S$9,000 cash reward for starting a Priority Banking relationship with the bank. Simply open a new Wealth $aver account, which immediately qualifies you for up to 5% interest p.a on your deposit balance of a minimum of S$200,000 fresh funds via online transfers. 

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UOB Priority Banking: 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 concierge
• Education advisory
• Birthday privileges carefully curated dining and retail offers and promotions all year.

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.

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