1 Fullerton Credit Pte Ltd is a licensed moneylender (License No. 100/2023) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Best 5 Elite Priority Banking Services in Singapore

best priority banking singapore

Priority banking is gaining popularity among younger, aspiring affluent individuals, not just the traditional ultra-wealthy. According to CNA Singapore, it caters to those seeking personalized wealth advice for various goals, including travel and early retirement. 

The rise of digital banking has further enhanced the appeal of priority banking. The Business Times reports that institutions like Citi have pioneered customer-centric digital solutions, allowing clients to connect with their relationship managers remotely. 

Discover how priority banking can be a valuable tool for wealth accumulation, providing personalized advice and digital convenience to meet your financial goals.

What is Priority Banking?

Priority Banking is a premium service offered by banks to their high-net-worth customers. It’s not just any banking experience; it’s a step into a world where your financial needs are given top priority. When you’re part of a priority banking program, you can enjoy these features:

  • Personalized Financial Guidance: At the heart of priority banking is your Dedicated Relationship Manager. Think of them as your personal financial advisor. They’re there to understand your financial goals and assist you in planning to achieve them. 
  • Exclusive Investment Opportunities: As a priority banking client, you get the key to a vault of exclusive investment products. We’re talking about bespoke investment opportunities, often reserved for a select group of clients. From hedge funds to private equity and beyond, priority banking opens doors to investments that can significantly diversify and enhance your portfolio.
  • Lifestyle Perks: Priority banking knows that your life isn’t all about numbers and investments. It’s about experiences and luxury too. This may include complimentary airport lounge access, invitations to exclusive events, and special deals on luxury brands.

To qualify for priority banking, customers usually need to meet certain financial criteria:

  • Assets Under Management (AUM): A minimum amount of investable assets, often ranging from S$200,000 to S$350,000.
  • Total Relationship Balance (TRB): The combined balance of all accounts and investments with the bank, which should meet or exceed the bank’s set threshold.

Pros and Cons of Priority Banking

Pros:

  • Dedicated Relationship Manager: Clients receive individual attention from a relationship manager who understands their financial goals and provides tailored advice.
  • Lifestyle Benefits: Access to exclusive perks such as airport lounge access, travel privileges, and special event invitations enhances the overall banking experience.
  • Investment Opportunities: Priority clients have access to a wider range of investment products, including some that are not available to regular customers.
  • Preferential Rates: Clients often enjoy better interest rates on savings and loans, as well as reduced fees and charges.
  • Higher Transaction Limits: Priority banking customers typically have higher limits for transactions, both online and offline.

Cons:

  • Fees and Charges: While some fees may be reduced, priority banking can come with its own set of charges, including monthly maintenance fees or minimum balance requirements.
  • High Entry Threshold: The eligibility criteria for priority banking can be steep, requiring a significant amount of assets under management or a high total relationship balance.
  • Limited Product Range: Despite having access to exclusive products, priority clients might not always receive the best deals available in the broader market.
  • Unnecessary Services: There’s a risk of being offered services or products that may not align with the client’s financial goals or needs, leading to unnecessary expenses.

What is the Best Priority Banking in Singapore?

At a Glance

FeatureDBS TreasuresMaybank PremierCitigoldStandard Chartered Wealth $averCIMB Preferred
Qualifying CriteriaTRB of at least S$350,000

Accredited Investor status
TRB of S$300,000AUM of S$250,000Deposit of S$200,000 in fresh fundsTRB of S$250,000 or Mortgage Loan Size of S$1,000,000
Special Features• Access to exclusive investment opportunities

• Accredited investor-specific perks
• Personalized investment advice

• Comprehensive financial planning

• Portfolio management
• Investment-centric approach

• Global access
• High-interest rates

• Online investing services

• Sustainable investing
• Preferential rates for financing & deposits

• Dedicated relationship manager

• Curated financial insights
Lifestyle Benefits• Preferred rates

• Tailored perks for accredited investors
• Exclusive event invitations

• Preferential rates

• Global concierge services
• Dedicated relationship manager

• Card fee waiver

• Exclusive event invitations
• Preferential rates

• S$0 overseas transaction fee 1% cashback on Debit Card spend

• High return on account balances

• Priority treatment across ASEAN

• Shopping and dining deals
Additional Perks• Access to exclusive investment opportunities

• Services tailored to accredited investors
• Maybank Premier World Mastercard with rewards and complimentary travel insurance• Investment-centric services

• Global access and connectivity
• Priority Banking Visa Infinite Credit Card 
• Private Wealth status with S$1 million TRB

• Nominate family members for benefits

• Complimentary invites to exclusive events

Each priority banking programme has its unique set of qualifying criteria, with DBS Treasures requiring the highest Total Relationship Balance (TRB) and Accredited Investor status, while Standard Chartered Wealth $aver offers the lowest entry threshold with a deposit of S$200,000 in fresh funds.

All five programs offer personalized investment advice and various investment products. Citigold and Standard Chartered Wealth $aver excel with their global access and online investing, respectively. For lifestyle benefits, they provide dedicated managers, better rates, and rewards. Unique to Standard Chartered Wealth $aver are high-interest rates and sustainable investing, appealing for growth and ethical investing.

DBS Treasures logo

1. DBS Treasures

DBS Treasures is an exclusive wealth management service designed for discerning clients who seek a higher level of personalized banking and investment solutions. To qualify for DBS Treasures, clients must meet a Total Relationship Balance (TRB) requirement of S$350,000 and achieve Accredited Investor status. 

This elite service provides access to a wide range of exclusive investment products tailored to the sophisticated needs of high-net-worth individuals. Additionally, clients enjoy a suite of Accredited Investor perks, including bespoke financial advisory services, ready-made portfolios, and professionally-managed investments. 

Yeo Wenxian, the lead at DBS Treasures Singapore, emphasizes, “We’re dedicated to providing you with the appropriate solutions precisely when you need them, tailored to your objectives.”

Qualifying Criteria

  • Maintain a TRB of at least S$350,000
  • Accredited Investor status

Special Features

  • Access to exclusive investment opportunities
  • Accredited investor-specific perks
  • Sign-up prompt includes S$1,500 cash when you transfer a minimum of S$1.5 million of Unit Trusts
  • Exclusive preferential mortgage rates
Maybank premier logo

2. Maybank Premier

Maybank Premier opens the door to a world where your financial and lifestyle needs are met with unparalleled precision and care. Qualifying with a Total Relationship Balance (TRB) of S$300,000 grants you access to a suite of holistic wealth management services designed for your financial growth. But that’s just the beginning. Maybank Premier intertwines financial prosperity with lifestyle luxuries, ensuring a well-rounded experience that caters to all facets of your life.

Qualifying Criteria

  • A Total Relationship Balance of S$300,000

Special Features

  • Personalized Investment Advice: Tailored guidance to navigate the complexities of the market.
  • Comprehensive Financial Planning: A strategic approach to achieving your financial objectives.
  • Portfolio Management: Expert management of your investments for optimal performance.
  • Exclusive Events: Invitations to private gatherings that offer unique experiences.
  • Preferential Rates: Earn an interest rate of up to 8% per annum on the initial $200,000 in your Maybank SaveUp Savings Account.
  • Global Concierge Services: Dedicated assistance wherever you are, for whatever you need.

Additional Perks

Clients of Maybank Premiere will also be entitled to Maybank Premier World Mastercard. Some of its rewards include:

  • Accelerated reward points on overseas expenditures
  • Complimentary travel insurance
  • Unlimited access to select VIP airport lounges
Citigold logo

3. Citigold

Citigold, with its exclusive focus on clients seeking sophisticated wealth planning and investment strategies, sets a high bar for entry with an AUM requirement of S$250,000, ensuring its services are tailored to those who prioritize financial growth and security. Reflecting this dedication to security and client confidence, Citigroup Inc’s CEO, Jane Fraser, recently addressed the fundamental principle at the heart of Citigold’s philosophy.

“It’s very important to protect depositors,” Fraser remarked, underlining the global banking system’s reliance on depositor confidence for stability and security. This assertion came as Fraser expressed her confidence in the resilience of U.S. banks amidst recent closures that had unsettled investors and stirred volatility in the global financial markets.

Qualifying Criteria

  • Maintain a minimum Assets Under Management (AUM) of S$250,000

Special Features

  • Investment-Centric Approach: Citigold is centered around providing personalized wealth solutions and tools to help clients grow and manage their wealth effectively. Members have access to a wide range of investment products and services, tailored to meet their individual financial goals.
  • Global Access: Citigold clients enjoy global banking privileges, allowing them to manage their finances seamlessly across borders. This includes access to international financial advice and insights, as well as the ability to manage multiple currencies.

Citigold Privileges

  • Dedicated Relationship Manager: Each Citigold member is assigned a dedicated relationship manager to provide personalized wealth management advice.
  • Preferential Rates: Benefit from enhanced Time Deposit rates with up to 3.60% p.a. for a 3-month SGD Time Deposit and up to 3.20% p.a. for a 6-month SGD Time Deposit, offering attractive returns on short-term savings.
  • Lifestyle and Dining Benefits: Citigold membership comes with an array of lifestyle perks, including a 12% discount on Agoda bookings and complimentary main courses at participating restaurants across Asia.
Standard Chartered Wealth saver logo

4. Standard Chartered Wealth $aver

Standard Chartered Wealth $aver is a priority banking program that offers a comprehensive mix of investment, savings, and lifestyle benefits. This program is designed for individuals who are looking for a holistic approach to wealth management. To qualify for this program, customers are required to deposit S$200,000 in fresh funds.

Qualifying Criteria

  • Required to deposit S$200,000 in fresh funds.

Special Features

  • High-Interest Rates: With the Wealth $aver priority banking account, customers can earn up to 5.0% annual interest, making it an attractive option for growing savings.
  • Online Investing Services: Customers have access to a range of online investing services, including unit trusts, forex trading, and premium currency investments, which offer potentially higher returns than traditional fixed deposits.
  • Sustainable Investing: The program provides options for sustainable investing, allowing customers to align their investment choices with their values.

Lifestyle Benefits

  • Global Banking: Enjoy seamless banking across over 30 markets in Asia, Africa, and the Middle East, with the ability to link all accounts in one view.
  • Preferential Rates: Customers receive preferential rates on Standard Chartered’s online equities platform and special waivers on selected fees and charges. For instance, clients can enjoy S$0 overseas transaction fee on foreign currency spend.
  • Rewards Program: Participate in the 360 rewards program and earn points on card spending, product holdings, and online transactions.

Additional Perks

  • Priority Banking Visa Infinite Credit Card: Customers who sign up for this credit card receive complimentary access to over 1,000 airport lounges worldwide.
  • Legacy Planning Solutions: The program offers solutions for legacy planning, ensuring that customers’ wealth is managed and distributed according to their wishes.
CIMB preferred logo

5. CIMB Preferred

CIMB Preferred is a priority banking service that offers a range of wealth management solutions for individuals with a high Total Relationship Balance (TRB). To qualify, customers need a minimum TRB of S$250,000 or a mortgage loan size of at least S$1 million with CIMB. Additionally, achieving a TRB of S$1 million with S$200,000 in wealth balances grants clients Private Wealth status.

Qualifying Criteria

  • A minimum TRB of S$250,000 or a mortgage loan size of at least S$1 million with CIMB

Special Features

  • Preferential Rates: Enjoy competitive rates for premium financing, portfolio financing, and fixed deposits.
  • Dedicated Relationship Manager: Receive personalized advice and assistance with your banking needs.
  • Financial Insights: Access curated monthly financial insights to stay informed about market trends.
  • Lifestyle Benefits: Benefit from shopping and dining deals, and high returns of up to 3.5% per annum on account balances.
  • Attractive Interest Rates: Benefit from rates of up to 3.50% p.a. with a CIMB StarSaver account, without multiple conditions.

Priority Banking vs. Private Banking

While both priority banking and private banking cater to affluent clients, they serve different segments of the wealth spectrum and offer distinct services.

At a Glance

FeaturePriority BankingPrivate Banking
ClienteleAffluent individuals with substantial assetsUltra-high-net-worth individuals (HNWIs)
Asset ThresholdLower than private banking, but higher than personal banking (e.g., S$200,000 – S$350,000 AUM)Higher (e.g., S$1 million+ AUM)
ServicesEnhanced banking services, premium investmentsBespoke financial management, estate planning, tax services, insurance, trust, and estate planning
PersonalizationHigh degree of service and expertise, but less personalized than private bankingHighly personalized financial services and products
Relationship ManagerDedicatedDedicated, often with a team of specialists
Wealth ManagementAccess to premium productsComprehensive and personalized solutions
ExclusivityMore exclusive than personal banking, but less so than private bankingHighly exclusive services and offerings
Financial AdviceFocused on investment and general financial adviceMore complex financial needs, including estate planning, tax strategies, etc.

Key insights: If you’re an affluent individual looking for enhanced banking services and access to premium investments, priority banking could be a good fit. 

If you’re an ultra-wealthy individual seeking a comprehensive suite of tailored financial management services, private banking would be more appropriate.

Eligibility and Qualifying Criteria

Understanding and meeting these financial benchmarks and conditions are pivotal for accessing the suite of enhanced services provided by priority banking. It’s advisable to assess your financial standing against these criteria and consult with potential banks for a comprehensive understanding of their specific requirements and the benefits of their priority banking programs. 

Minimum Assets Under Management (AUM) or Total Relationship Balance (TRB)

To qualify for priority banking, individuals typically need to meet certain financial thresholds. These thresholds vary between banks but generally include:

  • Assets Under Management (AUM): This refers to the total value of the assets that the bank manages on behalf of the client. The minimum AUM requirement for priority banking usually ranges from S$200,000 to S$1,000,000, with most institutions requiring S$200,000 to S$350,000 to initiate a priority banking relationship.
  • Total Relationship Balance (TRB): This is the combined balance of all the client’s accounts and investments with the bank. The TRB requirement is often similar to the AUM threshold and is used to determine eligibility for priority banking services.

Additional Criteria

In addition to AUM or TRB requirements, banks may consider other factors when determining eligibility for priority banking:

  • Income Levels: Some banks may have minimum income requirements for priority banking clients. This criterion is generally pegged at an annual income of S$120,000 or higher, positioning these services for a higher income bracket.
  • Age Considerations: A majority of banks target clients who are at least 21 years old, ensuring that individuals possess a sufficient level of financial maturity and capability for handling the intricate services offered.
  • Net Worth: The client’s overall net worth, including assets and liabilities, may be considered as part of the eligibility criteria.
  • Investment Portfolios: The size and composition of the client’s investment portfolio can also play a role in qualifying for priority banking services.

Choosing the Right Priority Banking Program

When selecting a priority banking program, several key factors should be taken into account to ensure that the chosen program aligns with your financial goals, preferences, and net worth.

Factors to Consider

  • Investment Focus: If your primary goal is to grow your wealth through investments, look for a program that offers a wide range of investment products and personalised financial advice.
  • Savings and Interest Rates: For those focused on saving, consider programs that offer high interest rates on savings accounts or deposit products.
  • Wealth Management: If you require comprehensive wealth management services, including estate planning and tax advisory, choose a program that provides these services.
  • Lifestyle Benefits: Evaluate the lifestyle perks and privileges offered by each program, such as travel benefits, dining discounts, and exclusive event invitations, to see which aligns with your preferences.
  • Global Access: If you frequently travel or have financial interests in multiple countries, consider a program that offers global banking services and international support.
  • Qualifying Criteria: Ensure that you meet the eligibility criteria for the program, including minimum asset requirements and any other specific conditions.
  • Costs and Fees: Consider the costs associated with the program, such as monthly fees, transaction charges, and any other applicable fees, to ensure that they are justified by the benefits provided.

Personalized Solutions

In the realm of priority banking, personalized solutions are crucial for addressing the unique financial needs and goals of each client. Tailored investment strategies, customized wealth management plans, and bespoke financial advisory services ensure that clients receive guidance that aligns with their individual objectives and risk tolerance. This personalized approach facilitates more informed decision-making and enhances the overall banking experience.

Strategy Alignment

Aligning financial strategies with personal goals is essential for achieving long-term financial success. Priority banking programs that offer a comprehensive analysis of a client’s financial situation, along with customized recommendations, help ensure that investment choices and financial plans are in sync with the client’s aspirations and life milestones. This alignment is key to maximizing wealth growth and securing financial well-being.

Conclusion

Choosing the right priority banking program involves evaluating your financial goals, preferences, and eligibility. Effective wealth management involves partnering with a bank that grasps your objectives and supports your journey to achieving them.

Key Takeaways

  • Priority banking programs, such as DBS Treasures and Maybank Premier, offer tailored financial advice and access to unique investment products, catering to the sophisticated needs of affluent individuals.
  • Clients enjoy a range of lifestyle perks, including airport lounge access, exclusive event invitations, and preferential rates on banking products, enhancing the overall banking experience.
  • To access these services, clients must meet certain thresholds, such as a minimum Total Relationship Balance (TRB) ranging from S$200,000 to S$350,000.

Whether you’re planning a major purchase or simply need extra funds for an unexpected expense, our fast approval personal loans are designed to meet your unique needs. Visit us now to learn more and take the first step towards achieving your financial goals!

Popular Posts

Apply now with
Call Now
Directions
× WhatsApp Us