Banks for Priority Banking | How to Become a Priority Banking Member?
Bank Accounts | Priority Bankingby Priyadarshini 23 January 2023
If you wish to look wealthy in Singapore, there are several ways to do it. You could spend a year’s worth of funds on a Europe trip, or you could purchase a great vehicle, etc. People measure affluence in Singapore as a person’s position as a priority banking customer. In this blog, we tell you about banks for priority banking in Singapore. We use the term “affluence” rather than “wealthy” because genuinely wealthy individuals are placed one layer above priority banking customers. They are private clients of the bank.
Priority banking is for high-net-worth individuals. Individuals who can afford to deposit and transfer large sums of money to and from a bank. You get treated as a VIP member of the bank. To qualify as a priority banking customer, you need to park a specific amount of assets with the bank. For instance, cash in savings or fixed deposit accounts. As well as investments like bonds, stocks, unit trusts, ETFs, and REITs.
The minimum criteria aren’t often that tough. If you have $100,000 in assets with a few banks, you may become a priority banking customer. However, just because you have the ability to qualify does not mean you must or should. Instead of putting all of your money into one bank, it’s better to opt for banks that can provide you the highest returns.
Benefits of Priority Banking
You will receive special treatment as a priority banking customer. For example higher rates, a dedicated relationship manager, and much more. Although benefits may be different for each bank, below are few common perks:
Priority queuing: Get ahead of the line at bank branches by joining the priority line. You can show up at a branch devoted to priority banking clients.
Charge waivers: To entice you to utilize them, banks frequently provide fee exemptions. For example – waivers on international ATM transactions.
Dedicated Relationship Manager: Your relationship manager will be at your disposal. To help you with requests and assisting with asset investments.
Packages of preferential loans: Because you’re wealthy, you’re considered a lower risk, so expect lower interest rates when you borrow money.
Better rates of foreign exchange: Continue to be a jet setter at a lower cost.
Other advantages include: Travel savings, airport lounge access, golf discounts, and other benefits may be available.
Banks for Priority Banking in Singapore
UOB Privilege Banking
UOB Privilege Banking is one of the most difficult priority banking programs to qualify for. With a minimum asset threshold of $350,000. However, their travel and leisure benefits do not appear to be as appealing as those offered by other local banks. Customers with privileged banking accounts are eligible to apply for the UOB Privilege Banking Card. You are offered – For every $1 spent on dining and shopping in other countries, you will earn 2 miles. For every $1 spent on anything else, you get 1.2 miles. If you pay the yearly membership cost, you will receive 60,000 air miles. Sentosa Golf Club offers free green fees on weekdays.
Citibank has two priority banking programs. Citi Priority, which requires a minimum deposit of $70,000. And Citigold, which requires a deposit of $250,000. When you join up for Citi Priority, you can get a bonus of up to $1,400. To be eligible for the entire amount, you must deposit $100,000 in new funds. And purchase $100,000 in unit trusts or life insurance during the first six months of membership. Additionally, you will have to credit your salary as well. GIRO personal income tax, or telecom bill monthly—all while maintaining a minimum balance of $70,000. You’ll also receive a Citi Priority Debit Mastercard. And this entitles you to free cash withdrawals from Citibank ATMs globally. Along with dining, travel, and entertainment benefits.
DBS wants its priority banking clients to know that they are valued. As a result, 11 posh DBS Treasures Centres and 5 DBS Treasures ATM lobbies have been opened exclusively for priority banking clients. With DBS Treasures, you can avoid long queues and get VIP banking services.
Members of DBS Treasures can sign up for the following cards:
DBS Treasures Visa Debit Card – Get 5% cashback when you tap using Visa contactless with a minimum purchase of $400. And a maximum cash withdrawal of $400 per month.
DBS Treasures Black Elite Card – Earn 3.2 miles for every $1 spent at select luxury shops (minimum of $300 in a single receipt). 2.4 miles for international purchases, and 1.2 miles for local purchases.
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