If you’re looking for a more personalized banking experience in Singapore, priority banking may be the answer. Priority banking offers a range of exclusive services and benefits that cater to the unique needs of high-net-worth individuals. This type of banking is designed to provide a higher level of service, convenience, and flexibility to clients who meet certain eligibility criteria.
Priority banking in Singapore is offered by a range of banks, including Citibank, HSBC, DBS, and Standard Chartered. Each bank has its own set of eligibility requirements, account features, and benefits. Some of the common features of priority banking accounts include personalized financial advice, access to premium banking products, and priority service at branches and call centers. Additionally, priority banking clients may be eligible for exclusive rewards and lifestyle benefits, such as travel perks, shopping discounts, and dining privileges.
Overall, priority banking in Singapore is a great option for individuals who are looking for a more personalized banking experience. With a range of exclusive services and benefits, priority banking offers a higher level of convenience, flexibility, and value to high-net-worth clients. If you meet the eligibility criteria, it’s worth considering switching to a priority banking account to take advantage of these benefits.
Key Takeaways
- Priority banking offers a range of exclusive services and benefits to high-net-worth individuals in Singapore.
- Each bank has its own set of eligibility requirements, account features, and benefits for priority banking clients.
- Priority banking clients may be eligible for exclusive rewards and lifestyle benefits, such as travel perks, shopping discounts, and dining privileges.
What Is Priority Banking?
If you’re a high-net-worth individual, you may have heard of the term “Priority Banking.” But what exactly is it, and how does it work? In this section, we’ll explore the essence of Priority Banking and how it operates in Singapore.
The Essence of Priority Banking
Priority Banking is a specialized banking service that caters to affluent clients with significant financial assets. It offers a range of exclusive benefits, including personalized financial advice, access to premium banking products, and a dedicated relationship manager. The goal of Priority Banking is to provide a high level of service and convenience to clients who require more than a standard banking relationship.
Priority Banking is designed to meet the needs of clients who require a higher level of financial expertise and support. It is typically available to clients who maintain a minimum balance in their accounts or have a certain level of income. In return, clients receive a range of benefits, including preferential interest rates, waived fees, and priority access to banking services.
Priority Banking in Singapore
In Singapore, several banks offer Priority Banking services, including Standard Chartered, DBS, UOB, Maybank, and HSBC. Each bank has its own set of eligibility criteria and benefits, so it’s essential to compare the options available to you carefully.
To qualify for Priority Banking in Singapore, you typically need to maintain a minimum balance in your account or have a certain level of income. For example, Standard Chartered requires a minimum balance of SGD 200,000, while HSBC requires a minimum balance of SGD 1,200,000.
Once you qualify for Priority Banking, you’ll have access to a range of exclusive benefits, including personalized financial advice, priority service at branches, preferential interest rates, and waived fees. You’ll also have a dedicated relationship manager who will work with you to develop a customized financial plan based on your goals and needs.
In summary, Priority Banking is a specialized banking service that offers a range of exclusive benefits to affluent clients with significant financial assets. In Singapore, several banks offer Priority Banking services, each with its own set of eligibility criteria and benefits. If you’re looking for a higher level of service and convenience from your bank, Priority Banking may be the right choice for you.
Eligibility and Requirements
If you are interested in becoming a priority banking customer in Singapore, you need to meet certain eligibility criteria and requirements. Here are the most important things you need to know:
Minimum Asset and Balance Requirements
To qualify for priority banking, you need to have a significant amount of assets and maintain a certain minimum balance in your account. The minimum asset and balance requirements vary depending on the bank, but they typically start at around S$200,000 and can go up to S$1 million or more. Some banks may also require you to maintain a minimum monthly balance in your account.
Keep in mind that the higher your assets and balance, the more benefits and privileges you are likely to receive as a priority banking customer. These benefits may include preferential interest rates, waived fees, personalized investment advice, and access to exclusive events and promotions.
Becoming an Accredited Investor
In addition to meeting the minimum asset and balance requirements, some banks may also require you to become an accredited investor. An accredited investor is an individual who has a certain level of financial knowledge, experience, and net worth. To become an accredited investor, you need to meet certain criteria set by the Monetary Authority of Singapore (MAS).
The exact criteria for becoming an accredited investor may vary depending on the bank, but they typically include having a net personal assets exceeding S$2 million or having an income of at least S$300,000 per year. If you meet these criteria, you may be eligible to receive additional benefits and privileges as a priority banking customer, such as access to exclusive investment opportunities and products.
In summary, becoming a priority banking customer in Singapore requires you to meet certain minimum asset and balance requirements, as well as potentially becoming an accredited investor. While the eligibility criteria and requirements may vary depending on the bank, the benefits and privileges of being a priority banking customer can be significant.
Exclusive Banking Services
If you are looking for a more personalized banking experience, priority banking in Singapore offers exclusive banking services that cater to your needs. Some of the exclusive banking services you can enjoy include dedicated relationship management, priority service, and VIP treatment.
Dedicated Relationship Management
One of the benefits of priority banking in Singapore is having a dedicated relationship manager who will manage your account and provide tailored financial advice. Your relationship manager will help you navigate through complex financial matters, such as wealth management, investments, and retirement planning. They will also provide regular updates on market trends and opportunities that may benefit you.
Priority Service and VIP Treatment
As a priority banking customer, you will enjoy priority service and VIP treatment at the bank. You will have access to exclusive lounges, fast-track services, and dedicated hotlines. You will also receive preferential rates on loans, credit cards, and other financial products. Additionally, you can enjoy lifestyle privileges, such as discounts on dining, travel, and entertainment.
Overall, priority banking in Singapore offers exclusive banking services that cater to your needs. With dedicated relationship management, priority service, and VIP treatment, you can enjoy a more personalized banking experience that meets your financial goals.
Financial Products and Investments
As a priority banking client in Singapore, you have access to a wide range of financial products and investments that can help grow your wealth. Here are some of the investment products and insurance solutions that you can explore:
Investment Products and Insights
Priority banking clients have access to a variety of investment products, including bonds, equities, and structured products. With personalized investment advice from your relationship manager, you can make informed decisions about your investment portfolio.
Structured products are a popular choice for priority banking clients as they offer a combination of capital protection and potential returns. These products are designed to meet your specific investment objectives and can be customized to suit your risk appetite. Your relationship manager can help you understand the features and risks of structured products and how they fit into your overall investment strategy.
In addition to investment products, priority banking clients also have access to exclusive investment insights and research reports. These reports can help you stay informed about market trends and identify potential investment opportunities.
Insurance Solutions for Priority Clients
As a priority banking client, you can also benefit from a range of insurance solutions that can protect your wealth and provide financial security for you and your family. These solutions may include life insurance, health insurance, and travel insurance.
Life insurance can provide a lump sum payout to your beneficiaries in the event of your death, ensuring that your loved ones are financially protected. Health insurance can help cover the cost of medical expenses, while travel insurance can provide coverage for unexpected events while you are traveling.
Your relationship manager can help you understand the different insurance products available and help you choose the ones that best meet your needs. With priority banking, you can have peace of mind knowing that your wealth and financial future are well-protected.
Wealth Management and Growth
When it comes to priority banking in Singapore, wealth management plays a crucial role in helping you achieve your financial goals. With a dedicated relationship manager by your side, you can receive personalized advice and tailored solutions to grow and protect your wealth.
Assets Under Management (AUM)
By entrusting your assets to a priority banking service, you gain access to professional management of your portfolio. This includes a range of investment products and strategies designed to optimize your returns while managing risks effectively. With a focus on diversification and long-term growth, your AUM can be strategically allocated across various asset classes, such as equities, fixed income, and alternative investments.
Legacy Planning and Wealth Transfer
In addition to growing your wealth, priority banking services also offer expertise in legacy planning and wealth transfer. You can receive guidance on structuring your estate, creating trusts, and establishing succession plans to ensure a smooth transfer of wealth to the next generation. This ensures that your hard-earned assets are preserved and passed on according to your wishes.
With priority banking in Singapore, you have the opportunity to leverage wealth management strategies that align with your financial aspirations and secure the future for you and your loved ones.
Rewards and Lifestyle Benefits
Are you looking for exclusive reward programs and lifestyle perks that come with priority banking in Singapore? Look no further! Priority banking accounts offer attractive benefits to customers such as sign-up rewards, preferential interest rates, and additional rewards for purchase of investment or insurance products.
Exclusive Reward Programs
As a priority banking customer, you can enjoy a range of exclusive reward programs that are not available to regular banking customers. For example, Citigold is offering up to S$1,600 of cash rewards for customers who deposit up to S$1 million. Standard Chartered Priority Banking offers up to S$3,000 cashback when you invest in selected Unit Trusts.
Lifestyle Perks and Dining Privileges
In addition to exclusive reward programs, priority banking customers can enjoy a range of lifestyle perks and dining privileges. For example, UOB Privilege Banking offers complimentary travel insurance coverage of up to S$1 million when you charge your travel tickets to your UOB Privilege Reserve or Visa Infinite card. Maybank Premier Wealth offers exclusive discounts on dining, shopping, and travel at selected merchants.
Some banks also offer KrisFlyer miles rewards. For example, Standard Chartered Priority Banking offers up to 35,000 KrisFlyer miles when you sign up for a Priority Banking Visa Infinite credit card.
In conclusion, priority banking in Singapore offers a range of rewards and lifestyle benefits that are exclusive to priority banking customers. From cash rewards to lifestyle perks and dining privileges, priority banking customers can enjoy a range of benefits that are not available to regular banking customers.
Banking Programmes and Partnerships
Overview of Priority Banking Programmes
As a priority banking customer, you will have access to exclusive banking programmes that offer a range of benefits and privileges. Some of the most popular programmes in Singapore include Maybank Premier, Citigold, DBS Treasures, and HSBC Premier.
Each of these programmes offers unique benefits such as dedicated relationship managers, preferential interest rates, and exclusive access to events and promotions. You can choose the programme that best fits your financial needs and lifestyle.
Maybank Premier, for example, offers a range of lifestyle privileges such as discounts on dining, travel, and shopping. Citigold, on the other hand, provides access to a team of wealth management experts who can help you achieve your financial goals.
Partnership Benefits with Other Services
In addition to exclusive banking programmes, priority banking customers can also enjoy partnership benefits with other services. For example, HSBC Premier customers can enjoy up to 50% off on dining with selected restaurants in Singapore through the HSBC Dining Privileges programme.
DBS Treasures customers, on the other hand, can enjoy exclusive discounts on travel packages and hotel bookings through the DBS Travel Privileges programme. These partnership benefits allow you to enjoy even more perks and privileges beyond banking.
Overall, priority banking programmes and partnerships offer a range of benefits and privileges that can help you achieve your financial goals while enjoying a premium lifestyle.
Accounts and Deposits
If you’re looking for exclusive banking privileges, a priority banking account could be the perfect fit for you. These accounts offer higher interest rates, lower fees, and access to exclusive financial products and services. Below are some of the account options available to you.
Savings and Current Accounts
Priority banking accounts come with a range of savings and current account options, each with their own unique features and benefits. For example, some accounts offer higher interest rates on your deposits, while others provide you with a dedicated relationship manager to help you manage your finances.
One such account is the Citigold account, which offers preferential interest rates of up to 3.4% per annum on a 3-month and 6-month fixed deposit with a minimum deposit of $250,000. Another option is the HSBC Premier account, which provides exclusive lifestyle privileges through banking programmes.
Fixed Deposits and Fresh Funds Promotions
Fixed deposits are a popular investment option for many people, and priority banking accounts offer a range of options to suit your needs. Some banks offer special fresh funds time deposit promotions, which provide you with higher interest rates on your deposits for a limited time.
For example, Standard Chartered Priority Banking is currently offering a $7,000 sign-up bonus for deposits above S$1 million. Meanwhile, SingSaver offers a range of priority banking accounts with promotional interest rates and cashback offers.
Overall, priority banking accounts offer a range of benefits and privileges that make them an attractive option for those looking for exclusive banking services. Whether you’re looking for higher interest rates, lower fees, or access to exclusive financial products and services, there’s sure to be an account that meets your needs.
Credit and Debit Cards
If you’re a priority banking customer, you can expect to receive a range of credit and debit cards with exclusive benefits and privileges. Let’s take a closer look at what you can expect.
Priority Banking Cards
Most priority banking programs come with a priority banking Visa Infinite credit card. This card is designed to provide you with the highest level of service and rewards. You can expect to receive a range of benefits, such as exclusive access to airport lounges, complimentary travel insurance, and discounts on dining and shopping.
In addition to the Visa Infinite credit card, you will also receive a debit card. This card allows you to access your funds easily and conveniently. You can use it to withdraw cash from ATMs, pay bills, and make purchases online and offline.
Credit Card Privileges
As a priority banking customer, you can also expect to receive a range of credit card privileges. These privileges may include cashback, rewards points, and discounts on dining, shopping, and travel. Some banks may also offer you a welcome bonus when you sign up for a new credit card.
When choosing a credit card, it’s important to look at the benefits and privileges that come with it. For example, some cards may offer higher cashback rates for certain categories, such as dining or groceries. Others may offer more rewards points for travel-related expenses.
Overall, credit and debit cards are an important part of the priority banking experience. They provide you with exclusive benefits and privileges that can help you save money and enjoy a more comfortable lifestyle.
Interest Rates and Fee Structures
As a priority banking customer, you can enjoy preferential interest rates and fee waivers that can save you a significant amount of money in the long run.
Preferential Interest Rates
One of the most significant benefits of being a priority banking customer is the preferential interest rates that you can enjoy on your deposits and loans. For instance, HSBC offers a base interest rate of 0.05% p.a. on its Everyday Global Account. Still, you can earn an additional 1% p.a. when you qualify for the HSBC Everyday+ Rewards Program and up to 3.45% bonus interest rate. Additionally, you can earn up to S$29,670 in rewards when you sign up for an HSBC Everyday Global Account (Premier). The offer is valid till 30 Nov 2023. [1]
Citibank also offers preferential interest rates on deposits and loans for its Citigold customers. For example, Citigold is offering up to S$1,600 of cash rewards for customers who deposit up to S$1 million. [2]
Understanding Fees and Charges
While priority banking offers a range of benefits, it is essential to understand the fees and charges that come with the account. For instance, some banks may charge an annual fee for maintaining a priority banking account, while others may waive the fee if you meet certain criteria.
It is also important to note that some banks may charge fees for specific services such as foreign currency transactions, chequebook issuance, and fund transfers. However, as a priority banking customer, you may be eligible for fee waivers or discounts on these services.
In conclusion, priority banking offers a range of benefits, including preferential interest rates and fee waivers. However, it is essential to understand the fees and charges that come with the account to make the most of the benefits.
Joining and Transitioning to Priority Banking
If you’re interested in joining Priority Banking in Singapore, you need to meet certain requirements set by the bank. The eligibility criteria vary from bank to bank, but typically include a minimum Total Relationship Balance (TRB) or investable assets.
New-to-Bank Customers
If you’re a new-to-bank customer, you can still qualify for Priority Banking in Singapore. Banks usually offer welcome gifts and exclusive benefits to new customers who sign up for Priority Banking. You may need to meet certain criteria, such as maintaining a minimum balance or investing a certain amount of money with the bank.
Consolidating Assets for Priority Status
If you’re an existing customer of the bank but don’t meet the eligibility criteria for Priority Banking, you may still be able to qualify by consolidating your assets with the bank. This means transferring your deposits, investments, and other financial products to the bank to increase your Total Relationship Balance.
Consolidating your assets can also help you enjoy more benefits and perks of Priority Banking, such as higher interest rates, personalized wealth management advice, and access to exclusive events and privileges.
To make the most of your Priority Banking membership, it’s important to understand the eligibility criteria and requirements of the bank you’re interested in. You can compare the benefits and features of different Priority Banking programs in Singapore to find the one that best suits your needs and financial goals.
Frequently Asked Questions
What exclusive benefits can I enjoy with OCBC Premier Banking?
As an OCBC Premier Banking customer, you can enjoy a wide range of exclusive benefits including preferential interest rates on deposits, loans, and mortgages. You will also have access to a dedicated relationship manager, who will provide personalized financial advice and wealth management solutions to help you achieve your financial goals. Additionally, you can enjoy exclusive lifestyle privileges such as dining and hotel discounts, access to airport lounges, and more.
How can I unlock lifestyle privileges with Standard Chartered Priority Banking?
As a Standard Chartered Priority Banking customer, you can enjoy a host of exclusive lifestyle privileges including dining, shopping, and travel benefits. To unlock these privileges, you need to maintain a minimum average daily balance of SGD 200,000 in your Priority Banking account. You can also enjoy a range of banking benefits such as preferential interest rates, fee waivers, and more.
What are the qualification criteria for HSBC Premier Banking in Singapore?
To qualify for HSBC Premier Banking in Singapore, you need to maintain a minimum Total Relationship Balance of SGD 200,000. This includes your deposits, investments, and/or insurance with HSBC. Once you become an HSBC Premier Banking customer, you can enjoy a range of exclusive benefits including personalized financial advice, preferential interest rates, and more.
Are there any special promotions currently available for Priority Banking customers?
Yes, there are often special promotions available for Priority Banking customers in Singapore. These promotions can include preferential interest rates, fee waivers, cash rewards, and more. To find out more about the current promotions available, you can visit the websites of the various banks offering Priority Banking in Singapore.
What steps should I take to become a UOB Priority Banking member?
To become a UOB Priority Banking member, you need to maintain a minimum Total Relationship Balance of SGD 350,000. This includes your deposits, investments, and/or insurance with UOB. Once you become a Priority Banking member, you can enjoy a range of exclusive benefits including personalized financial advice, preferential interest rates, and more.
How does Priority Banking enhance my banking experience?
Priority Banking enhances your banking experience by providing you with personalized financial advice and wealth management solutions to help you achieve your financial goals. You will also have access to a dedicated relationship manager, who will provide you with a high level of service and support. Additionally, you can enjoy a range of exclusive benefits such as preferential interest rates, fee waivers, lifestyle privileges, and more.