priority banking singapore

Best Priority Banking Services in Singapore: A Comparative Guide

Singapore has some of the best priority banking services worldwide. This is because Singapore’s financial market segment is one of the strongest in the world. 

Even during the COVID-19 pandemic, Singapore’s allure as a stable financial center increased, and in 2021, new inflows reached a net of S$448bn. The Monetary Authority of Singapore (MAS) says, “With a total asset size of almost US$2 trillion, the Singapore banking sector is critical to Singapore’s role in financing local and regional growth in trade and infrastructure, and an established global private banking centre.”

 Priority banking stands as a symbol of personalized excellence. These elite services extend beyond the ordinary, delivering tailored solutions that align with your financial goals. 

As we delve into the nuances of priority banking in Singapore, anticipate an insightful journey that unveils the intricacies of each service, empowering you to make decisions that resonate with your unique financial ambitions.

What Is Priority Banking?

Priority banking is a distinguished tier of financial services that caters to high-net-worth individuals, offering exclusive benefits and personalized solutions beyond standard banking.

In Singapore’s banking sector, priority banking addresses the unique financial needs of discerning clients. Beyond conventional services, it provides dedicated relationship managers, bespoke investment opportunities, and elite privileges, elevating the banking experience for individuals with substantial financial portfolios.

 This tailored approach brings a lot of high net-worth individuals (HNWIs) to Singapore who come with huge investments and financial assets, resulting in economic growth. Additionally, it enables diversification of financial services and enhances Singapore’s reputation as a financial hub.

Eligibility Criteria for Priority Banking Singapore

To open a priority banking account in Singapore, you need to meet specific criteria indicative of your substantial financial standing. The eligibility criteria usually include:

  • Minimum Asset Level: Maintain a specified level of assets with the bank, ensuring that your financial portfolio aligns with the thresholds set for Priority Banking services.
  • Income Requirements: Demonstrate a consistent and substantial income, often surpassing a predefined annual threshold, to qualify for the exclusive benefits and services associated with Priority Banking.
  • Investment Portfolio: Showcase a robust investment portfolio, indicating a proactive approach to wealth management.
  • Bank Relationship: Establish a strong relationship with the bank by consolidating a significant portion of your banking activities. This may include savings, investments, and other financial products.
  • Credit Facility Utilization: Utilize credit facilities such as mortgages, loans, or credit cards, reflecting a broader engagement with the bank’s financial services.

Comparison of Top Priority Banking Services in Singapore

Priority Banking Services Total Relationship Balance (TRB) Promotional Interest Rates Global Presence Best for
 

UOB Privilege

 

S$350,000

 

3.40%

 

Yes

Personalized financial excellence
 

DBS Treasures

 

S$350,000

 

 

Yes

Discerning wealth management
 

Maybank Premier

 

S$300,000

 

3.50%

 

Yes

Tailored and shariah-compliant financial solutions
 

CIMB Preferred

 

S$250,000

 

3.50%

 

Limited

Financial versatility and personalized banking
 

Citigold

 

S$250,000

 

3.70%

 

Yes

Global banking excellence
 

HSBC Premier

 

S$200,000

 

3.65%

 

Yes

Global affluence and international banking
 

SCB Priority

 

S$200,000

 

3.20%

 

Yes

Comprehensive banking experience

UOB Privilege Banking logo

1. UOB Privilege – Best for Personalized Financial Excellence

UOB Privilege is designed to cater to the discerning needs of high-net-worth individuals. It has one of the best priority banking accounts that go beyond conventional offerings, providing a personalized and comprehensive approach to wealth management.

With this service, you get the UOB Privilege Banking Card, which allows you to enjoy several perks. Some include 2 miles for every $1 you spend on retail and overseas dining and 2 miles for every $1 you spend in Singapore on high-end brands such as Hermes and Chanel.

Exclusive Benefits

  • Dedicated Relationship Managers: Enjoy the expertise of dedicated relationship managers committed to understanding and addressing your financial goals. You will also benefit from personalized advice and strategic wealth management.
  • Higher Interest Rates: Maximize your returns with UOB Privilege’s preferential interest rates on savings and investment products. Watch your wealth grow with competitive rates exclusive to priority banking clients.
  • Exclusive Lifestyle Privileges: Indulge in a world of exclusive lifestyle perks, from travel privileges to access to premium events. UOB Privilege goes beyond banking, offering a suite of privileges to enhance your overall lifestyle.

Key Features

  • Personalized Financial Solutions: UOB wealth banking centres create tailored financial solutions that align with your unique financial objectives.
  • Comprehensive Digital Banking: Priority banking customers experience seamless banking with UOB Privilege’s comprehensive digital platform, ensuring accessibility and convenience.
  • Global Banking Access: Experience seamless banking with access to UOB’s extensive global network, providing convenience for your international financial needs.
  • Comprehensive Insurance Coverage: Access a range of insurance products, including life, health, and travel insurance, ensuring you and your family are well-protected.
  • Priority Customer Support: Enjoy priority customer support, ensuring your inquiries and requests are handled promptly and efficiently.

Fees and Charges

  • The minimum deposit requirement is S$350,000

DBS Treasures logo

 

2. DBS Treasures – Best for Discerning Wealth Management

This exclusive wealth management platform offered by DBS Bank is designed to cater to wealthy individuals. DBS Treasures offers personalized wealth management solutions, dedicated relationship managers, and access to curated investment opportunities.

Priority banking customers using this service get a DBS Treasures Visa Debit Card and a Black Elite Card. The debit card has a 4% cashback on local transport, online food delivery, and all foreign currency transactions. On the other hand, the black elite card offers S$1 million in travel insurance, 2.4 miles for foreign spending, and 1.2 miles for local expenditure.

Exclusive Benefits

  • Higher Interest Rates: Enjoy elevated interest rates on savings and investment products, maximizing the growth of your financial portfolio.
  • Dedicated Relationship Managers: Access personalized financial advice and tailored solutions with dedicated relationship managers committed to understanding and meeting your unique needs.
  • Comprehensive Wealth Management: Priority banking customers benefit from a holistic approach to wealth management, with curated investment opportunities and financial planning services to secure their financial future.
  • Exclusive Events and Privileges: Gain access to exclusive events, lifestyle privileges, and premium services, enriching your overall banking experience.
  • Concierge Services: Benefit from concierge services that extend beyond banking, offering assistance with travel arrangements, event bookings, and lifestyle experiences.

Key Features

  • Holistic Wealth Management: DBS Treasures provides a comprehensive platform for managing your wealth, covering savings, investments, and financial planning.
  • Digital Banking Excellence: Experience seamless digital banking services, allowing you to manage your finances conveniently and efficiently.
  • Global Network: Leverage DBS’s extensive global network for international banking needs, ensuring seamless financial transactions across borders.
  • Global Market Insights: Stay informed with timely market insights, research reports, and expert analyses to make well-informed investment decisions.
  • Exclusive Banking Products: As a priority banking client, you get to enjoy preferential rates and terms on a variety of banking products, including loans, credit cards, and savings accounts.

Fees and Charges

  • The minimum deposit requirement is S$350,000

Maybank premier logo

3. Maybank Premier – Best for Tailored and Shariah-Compliant Financial Solutions

Maybank Premier is a distinguished player in priority banking, offering a specialized focus on Islamic banking solutions. It combines exclusive benefits with a commitment to personalized and ethical wealth management.

Priority banking customers using this platform are eligible for the Maybank Premier Wealth World Mastercard, which allows them to enjoy golf privileges and 2 complimentary Plaza Premium airport lounge access passes annually. In addition, you get to earn profit rates of up to 2.90% per annum.

Exclusive Benefits

  • Shariah-Compliant Wealth Solutions: Maybank Premier provides exclusive access to Islamic financial products, ensuring all services adhere to Shariah principles.
  • Global Recognition and Privileges: Premier clients enjoy worldwide recognition and exclusive privileges spanning travel, lifestyle, and financial services.
  • Dedicated Relationship Managers: Clients benefit from the expertise of dedicated priority banking relationship managers, providing personalized financial advice and guidance.
  • Exclusive Events and Networking: Maybank Premier organizes exclusive events and networking opportunities, fostering a sense of community among its esteemed clientele.

Key Features

  • Tailored Financial Solutions: Maybank Premier offers personalized financial solutions that align with its clients’ unique needs and preferences.
  • Comprehensive Advisory Services: Clients receive comprehensive advisory services, ensuring informed decision-making regarding their wealth management strategies.
  • Global Banking Access: Premier clients gain access to Maybank’s international network, facilitating seamless global banking and investment opportunities.
  • 24/7 Priority Customer Support: Maybank Premier prioritizes customer satisfaction, offering round-the-clock support to address the diverse needs of its discerning clients.

Fees and Charges

  • The minimum deposit requirement is S$300,000

CIMB preferred logo

4. CIMB Preferred – Best for Financial Versatility and Personalized Banking

CIMB Preferred is a premier banking service tailored for persons seeking comprehensive financial solutions and personalized services. It offers excellent priority banking programmes and an exclusive suite of benefits designed to enhance the banking experience, making it an ideal choice for those who value financial versatility and a personalized approach to wealth management.

Exclusive Benefits

  • Preferential Interest Rates: Enjoy competitive interest rates on savings and investment products, maximizing the potential returns on your wealth.
  • Dedicated Relationship Managers: Benefit from the expertise and guidance of dedicated priority banking relationship managers, providing personalized financial advice and assistance.
  • Priority Banking Rewards: Access a priority banking programme that recognizes and appreciates your loyalty, offering exclusive perks and privileges.
  • Priority Queues at Branches: Skip the queues with priority service at CIMB branches, ensuring a seamless and efficient banking experience.
  • Exclusive Invitations: Receive invitations to exclusive events, seminars, and financial planning sessions, providing insights and networking opportunities.

Key Features

  • Comprehensive Financial Services: CIMB Preferred provides a wide range of financial services, including savings accounts, investments, and loans, ensuring all your financial needs are met.
  • Preferential Access: Experience enhanced accessibility through a dedicated mobile app, allowing you to manage your finances seamlessly.
  • Tailored Solutions: Receive personalized financial solutions that cater to your unique goals and aspirations, aligning with the distinctive nature of your financial portfolio.
  • Multi-Currency Accounts: Manage your funds conveniently with multi-currency accounts, allowing you to transact in various currencies without the need for multiple accounts.
  • Complimentary Concierge Services: Access concierge services for travel, dining, and lifestyle, adding a touch of luxury to your everyday experiences.

Fees and Charges

  • The minimum deposit requirement is S$250,000

Citigold logo

5. Citigold – Best for Global Banking Excellence

Citigold is the epitome of global priority banking, offering unparalleled financial services designed for the international elite. This premier banking service from Citibank caters to individuals with a worldwide outlook.

Members can access the Citi Prestige Card, which allows them to enjoy perks such as 6 complimentary golf games and a gift of up to 177,500 ThankYou Points.

Exclusive Benefits

  • Global Recognition: Citigold clients enjoy recognition and privileges at Citigold lounges worldwide, providing a sense of exclusivity wherever they go.
  • Dedicated Relationship Managers: Personalized financial guidance is at the core, with dedicated relationship managers offering tailored advice to meet individual wealth management goals.
  • International Investment Opportunities: Citigold opens doors to a world of global investment opportunities, allowing clients to diversify their portfolios on an international scale.
  • Access to Exclusive Events: Beyond banking, Citigold members gain access to exclusive events and networking opportunities, fostering a community of like-minded global citizens.

Key Features

  • Global Banking Services: Citigold offers a suite of global banking services, ensuring a seamless experience for those with international lifestyles.
  • Citigold Lounge Access: Exclusive access to Citigold lounges worldwide, providing a sophisticated space for banking and relaxation.
  • International Investment Insights: Citigold provides valuable insights into global markets, empowering clients to make informed decisions about their international investments.
  • Priority International Debit Card: Enjoy the benefits of the Priority International Debit Card, facilitating secure and convenient transactions with global acceptance.

Fees and Charges

  • To open priority banking accounts with Citibank, the minimum deposit requirement is S$250,000

Customer Experiences and Reviews

It has a rating of 4.8/5 on Seedly.

  • Here’s what one of the reviewers says, “Good place to park your spare cash. Especially good sign-up bonus! Love it, however, this is just one of the many high interest accounts nowadays. Do look and research around.”

HSBC Premier logo

 

6. HSBC Premier – Best for Global Affluence and International Banking

HSBC Premier is one of the best best priority banking accounts. It offers a comprehensive suite of financial services for people with an international lifestyle. Beyond conventional banking, it also provides a seamless and sophisticated approach to managing wealth on a global scale.

Exclusive Benefits

  • Worldwide Support: Access a dedicated Premier Relationship Manager for global personalized assistance and support.
  • Emergency Services: Premier clients enjoy emergency services like a Global Emergency Hotline, ensuring assistance when needed.
  • Premier International Debit Card: A premier debit card offering global acceptance and exclusive privileges for seamless transactions worldwide.
  • Higher Interest Rates: Enjoy preferential interest rates on savings and investment products, maximizing returns.
  • Global Recognition: Benefit from international recognition and preferential treatment across HSBC branches.
  • Priority Status: Benefit from priority status in HSBC branches, giving you priority service for your banking needs.

Key Features

  • International Expertise: HSBC Premier leverages its global presence, providing clients access to international banking expertise and insights.
  • Wealth Management Solutions: Comprehensive wealth management solutions, including investment opportunities and financial planning services.
  • Tailored Financial Services: Personalized financial solutions catering to high-net-worth individuals’ unique needs.
  • Global Accessibility: Access your accounts and manage your finances worldwide through HSBC’s advanced digital platforms.

Fees and Charges

The minimum deposit requirement is S$200,000

Customer Experiences and Reviews

It has a rating of 4.0/5 on Seedly.

  • Here’s what one of the reviewers says, “One of the greatest advantages of HSBC Premier Banking is that you can extend the premier banking status to your family — including your spouse and up to three children between the ages of 18 and 30 years old — something that not many other premier banking services provide. Not only will you be able to enjoy the perks of an HSBC Premier Banking relationship, your family gets to enjoy it too.”

SCB Priority logo

7. SCB Priority – Best for Comprehensive Banking Experience

Standard Chartered Priority Banking (SCB Priority) is best suited for individuals seeking exclusive benefits such as higher interest rates, dedicated relationship managers, and a comprehensive banking experience that extends across various financial facets. Standard Chartered has a promotion running from 1st Jan to 31st March 2024, where you will receive a reward of up to S$13,000 when you sign up for their priority banking.

Exclusive Benefits

  • Preferred Interest Rates: Enjoy preferential interest rates on savings and investment products, optimizing returns on your financial portfolio.
  • Dedicated Relationship Managers: Benefit from personalized attention and expert advice with a dedicated relationship manager committed to understanding and addressing your financial goals.
  • Priority Banking Rewards Program: Access an exclusive rewards program, earning you perks and privileges as a token of appreciation for your loyalty.
  • Comprehensive Financial Solutions: Gain priority status across a range of banking services, ensuring seamless and efficient management of your financial affairs.

Key Features

  • Global Investment Opportunities: SCB Priority offers access to a diverse range of global investment opportunities, allowing you to diversify and enhance your investment portfolio.
  • Market Insights: Stay ahead with regular updates and insights into global financial markets, empowering you to make informed decisions.
  • Priority Banking Centers: Enjoy the convenience of Priority Banking Centers, which are designed to provide an exclusive and comfortable banking environment.
  • Integrated Digital Banking: Experience the convenience of integrated digital banking services, allowing you to manage your finances with ease and flexibility.

Fees and Charges

The minimum requirement is S$200,000

Customer Experiences and Reviews

It has a rating of 4.3/5 on Seedly.

  • Here’s what one of the reviewers says, “It was a good filled mouth-watering experience. Will recommend to all my family members, friends and colleagues.”

FAQs

1. What is the best priority banking in Singapore?

Determining the best priority banking service depends on your preferences and financial needs. Popular choices include DBS Treasures, UOB Privilege, and Citigold, which are known for their comprehensive services and exclusive benefits.

2. What is the minimum balance for priority banking in Singapore?

Minimum balance requirements vary among banks. Generally, it ranges from SGD 200,000 to SGD 1,000,000, reflecting the need for a substantial financial portfolio to access priority banking services.

3. How do I qualify for UOB priority banking?

To qualify for UOB Privilege, you must meet specific criteria such as maintaining a minimum average daily balance, showcasing a substantial income, or consolidating banking activities with UOB.

4. What is the meaning of priority banking?

Priority banking is an exclusive tier of financial services designed for high-net-worth individuals. It offers personalized solutions, dedicated relationship managers, and elite privileges, enhancing the banking experience for clients with significant financial portfolios.

Read Also: Best 10 Digital Banks in 2024 & Digital Banking vs Traditional Banking

Closing

In Singapore’s competitive landscape of priority banking, discerning clients must carefully navigate a maze of minimum balances, welcome bonuses, and exclusive perks. Ultimately, the ideal service caters to individual needs, whether it’s maximizing returns through preferential interest rates, enjoying dedicated wealth management expertise, or leveraging a concierge network for a seamless lifestyle. Before committing, thoroughly assess your financial priorities and investment goals to identify the program that best orchestrates your financial well-being and elevates your banking experience. When choosing a priority banking service in Singapore, focus on these points: 

  • Ensure that the bank’s minimum balance criteria align with your financial capabilities. 
  • Look for banks that offer dedicated relationship managers and tailored financial advice.
  • Evaluate the additional perks that come with priority banking. These might include exclusive access to events, travel benefits, and higher reward points.
  • Consider the convenience and efficiency of the bank’s online and digital services. 
  • Research the bank’s reputation in the market and read customer reviews. 

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