Yahoo Finance The Ultimate Guide to the Best Priority Banking Accounts in Singapore
Whenever you go to your local bank in Singapore, you may notice words such as “Premier” or “Treasures” attached to the end of the bank. They’re not there just to look pretty. No, they indicate a particular type of priority banking account.
That fancy wording is meant to attach a level of prestige to that priority banking service. Why? Because these accounts are designed to serve individuals who have minimum account balances.
Also known as “wealth management” or “private banking”, every big bank in Singapore will have a priority banking service that caters to certain income segments.
So, first off, how do you actually qualify for one of these accounts? Well, you obviously need to have cash to splash.
Singapore Priority Banking and Minimum Qualifying Balances
The traditional term for that would be you maintaining a minimum “total relationship balance” (TRB) with the bank across its various services.
This could include deposits, investments, insurance, as well as any other financial services products that qualify.
It’s also pretty much a given that you’ll be assigned a dedicated relationship manager (you’re special, yes!) for all your banking needs if you do become a priority banking client at any of these major banks.
Typically, the minimum TRB—also known as assets under management (AUM)—to qualify for an account can range anywhere from S$200,000 to S$350,000.
Remember that that’s just the entry-level tier for priority banking. Some banks go one step further and will even have more exclusive tiers that tailor their offerings (and benefits) to even more wealthy clients with higher TRBs.
For example, DBS has DBS Treasures Private Client, which only deals with those with at least S$1.5 million in TRB and DBS Private Bank, which focuses on clients with a minimum TRB of S$5 million.
Here, we’ll be covering primarily the entry-level tiers of priority banking and wealth management services in Singapore.
ALSO READ: Priority Banking in Singapore (2023): Benefits, Eligibility, And More
Best Priority Banking Accounts in Singapore
Bank | Priority banking account | Minimum TRB (S$) | Welcome promo and campaign dates | Qualifying criteria |
DBS | DBS Treasures | 350,000 | Receive up to S$14,100* as a new client from 1 April up until 30 June 2024 | Deposit at least S$1,000,000 (S$7,500 cash gift), Opt in as accredited investor (receive S$1,000 cash gift), Invest S$500,000 of fresh funds in Unit Trusts online (receive S$4,100 cash gift), Insure with a single premium of S$500,000 with remaining funds (receive S$1,500 cash gift) |
OCBC | OCBC Premier Banking | 200,000 | Receive up to S$12,250* as a new client from 1 April up until 30 June 2024 | Deposit S$350,000 fresh funds in Premier Dividend+ Savings Account (receive S$700 cash gift), Earn 3.3% interest rate when you top up S$3,000 monthly with no withdrawals over 12 months (S$11,550 in interest) |
UOB | UOB Privilege Banking | 350,000 | N/A | N/A |
Citi | Citigold | 250,000 | Receive rewards up to S$13,865* as a new client from 17 May to 31 July 2024 | To be eligible for full S$13,865, individuals have to fulfill the following: Establish Citigold relationships with S$800,000 in fresh funds (excluding Time Deposits), Invest S$400,000 and take insurance of S$300,000 (of S$800,000 in fresh funds) from enrolment month to end of qualifying period, Maintain S$100,000 in Citi Wealth First Account, spend S$300 monthly on your Citi Debit Mastercard and save S$3,000 monthly for 12 months from time of establishing Citigold relationship, Hold an eligible primary Citi Credit Card, Take up a new home loan with Citi of at least S$800,000, and Maintain the Citigold relationship until the end of Loyalty Maintenance Period |
HSBC | HSBC Premier | 200,000 | Receive rewards up to S$27,100* as a new client from 1 April to 30 June 2024 | Establish TRB of S$1,200,000 in fresh funds (receive S$6,800 cash credit), Open investment account and make first trade (S$50 cash credit), New registration for PayNow and link to EGA account (S$50 cash credit), Activate your EGA debit card and make 7 purchases using EGA debit card (S$50 cash credit), Every S$50,000 purchased in eligible investment products up to S$1,000,000 (S$150 cash credit), Every S$50,000 purchased in eligible investment and/or insurance products up to S$1,000,000 (S$400 cash credit), Set up a Lombard Facility with HSBC (S$100 cash credit), Apply for Premier Mastercard Credit Card and receive Samsonite ZELTUS 69cm Spinner Exp (worth S$680), Get 1% cashback when you spend on HSBC Everyday Global Debit Card, HSBC Credit Card or make a GIRO bill payment (capped at S$500), Get 1% p.a. bonus interest on incremental SGD Average Daily Balance on your EGA (capped at S$300), Maintain average balance of S$200,000 for six consecutive months from the time you sign up (S$300 cash reward) |
Standard Chartered | Standard Chartered Priority | 200,000 | Receive up to S$13,000* for new clients from 11 April up until 30 June 2024 | Deposit S$1.5 million and above ans also sign up as a Priority Private client and consent to be treated as an Accredited Investor (receive S$7,000 cash), For every S$50,000 invested in eligible unit trusts, bonds and structured products (receive S$100 cash, capped at S$6,000) |
*Contingent on meeting certain deposit and investment requirements
DBS Treasures
Grow wealth ★★★☆☆
Exclusive deals ★★★☆☆
VIP treatment ★★★★☆
The DBS Treasures priority banking account is the bank’s entry-level private banking set-up. It requires individuals to deposit at least S$350,000 in investible assets.
Pros:
Tailored for Accredited Investors who want personalised service and investment ideas
Individuals receive in-depth research/analysis from the firm’s Chief Investment Office
Access to suite of products and services, from hedge funds and private placements to IPOs or legacy planning
Cons:
Relatively higher minimum TRB versus other priority banking services
Ideal for:
Those of us who want more complex and sophisticated investment products
Individuals who want access to the exclusive lounges that DBS Treasures offers its clients
OCBC Premier Banking
Grow wealth ★★★☆☆
Exclusive deals ★★☆☆☆
VIP treatment ★★☆☆☆
OCBC Premier Banking is Singapore’s second-largest bank’s entry-level private banking account. The cost of entry? At least S$200,000 in total relationship balance.
Pros:
Priority queues at selected OCBC branches, so you don’t need to wait so long to see someone
Send money overseas with S$0 cable and commission fees for 18 different currencies
Cons:
Relatively limited options for premium segment credit cards
Ideal for:
Investors who want comprehensive access to global exchanges and bespoke investment services, like a precious metals account
Individuals who regularly transfer money overseas
UOB Privilege Banking
Grow wealth ★★★☆☆
Exclusive deals ★★★★★
VIP treatment ★★★☆☆
UOB Privilege Banking offers those of us with S$350,000 in spare cash the opportunity to start up a priority banking relationship with them.
Pros:
Comprehensive concierge services that include medical, education advisory, travel, and lifestyle
Year-long deals on a selection of dining, retail, and other offers, including places like GEMMA, Sushi Jiro, Si Chuan Dou Hua, and Ikeda Spa.
Receive up to S$1,000 when you refer a friend to start a banking relationship with UOB Privilege Banking
Cons:
No sign-up offers for deposit of fresh funds
Ideal for:
Those who appreciate the finer things in life and want tailored recommendations from concierge professionals
People who appreciate special deals on dining/retail/beauty spending or curated birthday offers
Citigold
Grow wealth ★★★★★
Exclusive deals ★★☆☆☆
VIP treatment ★★☆☆☆
As the saying goes, “Citi never sleeps” and that’s even more true for those of us who sign on for Citigold. A minimum TRB of $250,000 will get you access to the Citigold service and its global markets expertise.
Pros:
Commission-free buy trades online, via its e-brokerage, for US and Hong Kong exchanges
Preferential rates on SGD and USD time deposits
Global market insights via over 350 investment analysts worldwide
Cons:
Less of a focus on lifestyle rewards and offers
Ideal for:
Individuals who want to keep on top of markets and want competitive deals on various savings/investment products
Those of us who want a priority banking relationship with a global bank and end-to-end wealth solutions
HSBC Premier
Grow wealth ★★☆☆☆
Exclusive deals ★★★☆☆
VIP treatment ★★★☆☆
HSBC is also known as a global bank, in a similar vein to Citi. The London-headquartered bank has a priority banking service named HSBC Premier that requires at least S$200,000 in TRB.
Pros:
Can sponsor your spouse and children to enjoy Premier status and all its benefits with no additional funding required
Global connectivity and access to 11 currencies through the HSBC Everyday Global Account (EGA)
Support child’s overseas education with a banking account ready for use at their destination before departing
Cons:
Seems to have less investment-focused products than other priority banking services
Ideal for:
Individuals who want a priority banking service that can help with financial wellbeing services for children’s overseas education
Those of us who value having priority banking benefits for our family
Standard Chartered Priority
Grow wealth ★★★☆☆
Exclusive deals ★★★☆☆
VIP treatment ★★☆☆☆
Standard Chartered is another bank that has a regional footprint in Asia as well as in the Middle East and the UK. Standard Chartered Priority requires individuals to front up S$200,000 to start a relationship with them.
Pros:
Can earn up to 5% p.a. in interest on balances up to S$500,000 with its Wealth $aver account when you start a priority banking relationship
Access up to 14 currencies in one account and convert at attractive FX rates
Earn unlimited 1% cashback on local and foreign spending with the Wealth $aver debit card
Cons:
Not a wide range of premium segment credit cards for priority banking customers as compared to UOB, DBS, and Citibank.
Ideal for:
Those of us who really like maximising that interest on our hoard of cash in savings
Individuals who want like cashback and want to make the most of promotional rates on time deposits
ALSO READ: Could Trust+ Be Better Than Fixed Deposits or T-Bills?
Final Thoughts
Overall, many of the top banks in Singapore have comprehensive services when it comes to their priority banking offerings.
Minimum TRBs can vary but not too wildly so if you have anywhere from S$200,000 to S$350,000 then you should be able to start up a wealth management account at any of the big banks.
While the sign-up offers can look particularly juicy, it’s worth noting that reaching the full amount comes with a lot of caveats—in regards to either spending, placing money into investment or purchasing insurance plans.
If you wanted to grow your wealth, Citigold would be the top pick. For exclusive deals? UOB Privilege Banking’s extensive range of offers and concierge services probably take top spot. And finally, if you’re looking for that VIP treatment then DBS Treasures and its numerous lounges and exclusive events win out.
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