Priority Banking in Singapore | Banking Options in Singapore
Bank Accounts | Priority Banking | Singaporeby Priyadarshini 12 March 2021
Always wanted to be a rich Singaporean? Well, the true mark of a wealthy Singaporean is having the status of a priority banking customer. Don’t know what priority banking is? Read on to find out more. In this blog, we tell you all about priority banking in Singapore.
Priority banking is a service designed for only high net worth bank customers who usually deposit and transact large sums of money with that bank. It is like being a VIP member or having a VIP pass for your bank. To be eligible for a priority banking client, you need to have stored a particular amount of assets with the bank.
For instance, it can be cash in your savings accounts or your fixed deposits, or investments like shares, bonds, ETFs, unit trusts, etc. Don’t worry the minimum requirements are not always that high. And there are some banks that will let you be a priority banking customer on having assets worth $100,000. To be fair, that amount is common in Singapore.
Benefits of Priority Banking in Singapore
Of course, as a priority banking customer, you will get preferential treatment. For instance, better interest rates, a relationship manager dedicated only to you, and many other perks. All of which will help to grow your wealth.
You no more have to wait in queues. You can easily breeze past the crowd by taking the priority queue at the bank. Also, there are separate branches of the bank dedicated only to priority banking customers.
Better Interest Rates:
Bank account interest rates tend to be quite pathetic in Singapore. Yours might be a little better with a priority banking badge.
No more waiting at phone lines listening to the recorded audio. Your dedicated relationship manager will always be there for you at your service. He/she will provide you assistance with your requests and help you invest your assets correctly.
As you are considered affluent so the bank will see you as less of a risk. And you will get attractive interest rates when you apply for loans.
Better Foreign Exchange Rates:
If better interest rates were not enough, then brace up for this one. You can continue being a jet setter at better rates with better foreign exchange rates as well
What makes it, even more, better is that you will have ATM fees, and other extra charges waived. For example, extra fees for overseas ATM withdrawals.
There are a host of other benefits as well like discounts on travel, access to airport lounges, and much more.
Now you know all about priority banking in Singapore. Want to have priority banking status? Check out our other blogs on banking in Singapore to find out about the best banks in the country.