5 Best Priority Banking in Singapore
Priority banking is where the relatively wealthy take their money. Not quite rich enough to be a private client of the bank, but definitely a cut above the rest of us.
These accounts are designed for high net worth individuals who make big transactions. In return for their custom, they become banking VIPs.
The benefits of being a priority banking customer include priority queueing, allowing you to whizz past the regular customers when you visit your branch. You also get a relationship manager, Someone who handles all of your banking needs including investments. You are offered better interest rates and foreign exchange rates than other customers and even stronger loan packages. Many accounts will also offer to waiver traditional fees such as for overseas card us to make their account an attractive option. There are also often more novelty perks such as airport lounge access, golf discounts and travel discounts.
These accounts have a minimum requirement, this means you are expected to have a certain amount of capital be it across savings accounts, fixed deposits and other investments such as bonds, shares, unit trusts, ETFs and REITs. But in return, you will receive the whole spectrum of perks and benefits.
Some of the minimum requirements are perfectly achievable by ordinary Singaporeans, but it is important to weigh up the benefits you will receive by becoming a priority customer.
1. DBS Treasures
If you qualify by having $350,000 in the bank you can enjoy the real VIP treatment in one of 11 DBC Treasures Centres or 5 DBS Treatures ATMs for use by priority customers only.
They even offer a DBS Treasures Exclusive Safekeeping Centre where you can lock up your valuables. This service comes with free parking and a bar.
Saving you money, DBS waive fees on telegraphic transfers and withdrawals abroad. You also get 5% cashback when you use contactless and airlines on luxury spending.
2. UOB Privilege Banking
Another account that requires a $350,000 capital to join, it is one of the most exclusive priority bank accounts out there. The perks include 2 miles for every $1 spent on overseas dining and retail and 1.2 miles per $1 spent everywhere else. Members enjoy complimentary weekday green fees at the swanky Sentosa Golf Club, and if you upgrade to annual membership, you receive 60,000 air miles.
The biggest perk with this account is the high-interest rates – around 1.88% which is significantly higher than the market rate.
3. OCBC Premier
With one of the lower minimum requirements, at $200,000, OCBC Premier seems keen to attract new customers. Especially those at the upper end of the scale, as they are offering customers who join with $350,000 or more $1,000 cash credit.
If you’re an investor, you’ll be impressed by the range of perks on offer. If you invest a lump sum of $200,000 in unit trusts, you will receive an $800 reward and $200 in shopping vouchers. Purchase of Single Premium Insurance worth $100,000 will also earn you $200 and shopping vouchers worth $600. As well as 1.5% on foreign currency deposits, you will also skip the queues in selected branches.
The debit card will secure you a 1$ rebate on overseas spending as well as duty-free in Singapore, plus anything you spend on selected transport, fast food and convenience shops.
The OCBC Premier VOYAGE Card is designed with frequent flyers in mind. You will receive 2.3 miles with every $1 spent abroad, 1.6 miles with every $1 spent on eating out in Singapore and 1.2 miles for every $1 on local shopping. You’ll get VIP airport lounge access and a free limo service when you spend more than $3,000 in a month. There are also golf privileges and 19% off at Caltex petrol stations for topping up your own vehicle.
4. Citi Priority
Offering the lowest minimum requirement of all, only $70,000, the Citi Priority is the lower of the two Citibank priority programmes.
Offering $1,400 if you sign up with over $100,000 and deposit $100,000 in unit trusts or life insurance within your first 6 months. You will also need to deposit your salary and maintain a balance of $70,000 or more to qualify.
Your Citi Priority Debit Mastercard will allow you to withdraw cash for free at Citibank ATMs worldwide and you’ll be in for the dining, travel and entertainment perks as well.
The more premium Citigold account requires $250,000 in the bank to sign up, but the perks are far greater. Their welcome gift is an impressive $6,300 or two business class tickets to the Maldives.
To qualify, you need to deposit $500,000 in fresh funds, buy $250,000 of unit trusts or life insurance in the first six months, credit your salary to the account and maintain your balance at $250,00 or more.
With your Citi Prestige Card, you will get 15% bonus points on retail spending, this goes up the longer you remain a customer reaching 30% after ten years. You will receive a welcome gift of 25,000 miles and unlimited VIP airport lounge access and 8 limo transfers as well as the standard golf privileges.
5. Maybank Premier Wealth
With your $300,000 in savings, you could open a Maybank Premium Wealth account and enjoy priority services across Singapore and Malaysia as well as Bank Internasional branches in Indonesia, great if you travel a lot within Southeast Asia.
There are three Premier Centres which you gain exclusive access to, in Maybank Tower, Holland Village and Marine Parade.
Interest currently sits at 2.05% on deposits into your Maybank Prestige Savings Account and use of your Maybank Premier Wealth World Mastercard will earn you limo trips, VIP airport lounge access and air miles.