Best Priority Banking Accounts and Benefits in Singapore (2023)

TL;DR

• Priority banking accounts offer attractive benefits to customers such as sign-up rewards, preferential interest rates, and additional rewards for purchase of investment or insurance products.
• For example, Citigold is offering up to S$1,600 of cash rewards for customers who deposit up to S$1 million. Standard Chartered Priority Banking is offering a $7,000 sign up bonus for deposits above S$1 million.
• Citigold is offering a preferential interest rate of up to 3.4% per annum on a 3-month and 6-month fixed deposit with a minimum deposit of $250,000. 
• HSBC Premier is offering $3,000 cash credit for customers who place $350,000 in fresh funds with HSBC Premier and purchase S$50,000 in wealth products. 

You may have heard of banks’ priority banking programs - programs with exclusive perks catering to wealthier individuals, especially those that can engage in significant financial transactions with a bank.

To qualify for priority banking services in Singapore, your account must maintain a minimum threshold of funds, which can be held in your savings account, invested in assets like bonds and shares, or allocated across various other assets. 

This number can range from $200K to $350K as a start, depending on the bank you are signing up with.

What is Priority Banking? 

In Singapore, most bank segments its customers into three tiers of customers: Personal Banking, Priority Banking, and Private Banking. 

When you opt for priority banking, you're essentially enrolling as an esteemed VIP within the bank's clientele, and you can enjoy certain privileges.

For example, you may enjoy higher interest rates, better foreign exchange rates, have a dedicated relationship manager that can cater to your financial needs, access certain wealth management products or even save on certain fees like account fall below fees.

How to qualify for Priority Banking? 

Every bank has its own brand for its Priority Banking customers. For instance, DBS brands it as DBS Treasures. The same Priority Banking status at Citibank is known as Citigold. Since every bank has its own modus operandi, the way to qualify for Priority Banking is also different. 

In general, if you want to be a Priority Banking customer, then you better be prepared to have at least $200,000 of Total Relationship Balance (TRB) with the bank.

To break the technical jargon for you, TRB just refers to the total assets under your name with the bank. These assets generally refer to liquid assets such as cash, investments, or insurance. 

Therefore, in case you are wondering who has $200,000 cash lying in the bank, the $200,000 can be a mixture of cash, investments, and insurance.

What are the advantages of Priority Banking?

#1 - Preferential rates

Priority Banking customers enjoy a preferential rate when it comes to savings account and fixed deposits. After all, the bank doesn’t want you to stop banking with them. Thus, they will offer you preferential rates to keep your money within the bank.

Some banks also offer better-than-market rate on mortgage. If you have a mortgage to service, you might want to put it under your Priority Banking account.

#2 - Access to relationship manager

As a Priority Banking customer of the bank, you will get your own banker or relationship manager to help you manage your wealth. If you have questions about your transactions or accounts, they are there to help you too.

In addition, you may gain access to wider suite of wealth management products, especially if you were to sign up as an accredited investor. 

#3 - Convenience 

Since you are a Priority Banking customer, you get priority for any banking service done at the counter. There are also branches opened specifically to serve the Priority Banking customers that only Priority Banking customers can enter.

Best Priority Banking Accounts and Benefits in Singapore 

There are at least 8 different priority banking programs in Singapore, and not all priority banking accounts are designed the same way. 

The majority of them offer some form of wealth management services, often with attractive perks dangled in front of you such as an eye-watering sign up promotion.

Since every bank has its own Priority Banking, we thought it will be useful to compile a list of all the Priority Banking accounts and how to qualify for one. 

While there are other qualifying criteria, most banks require you to have at least $200,000 (or more) of TRB with them.

Citigold

Citigold is Citibank’s priority banking program catering to those who enjoy wealth planning and investments.

For example, Citigold members can enjoy personalised wealth solutions and tools, preferential interest rates on deposits, receive financial advice and global insights from their team, in addition to a dedicated relationship manager to provide you advice for your wealth.

In addition, Citigold members get to enjoy Citi’s wide array of lifestyle and dining benefits such as 12% discount on Agoda bookings, or complimentary main courses at participating restaurants across Asia. Citigold requires a minimum AUM of $250,000.

You can find out more about Citigold here.

DBS Treasures

DBS Treasure’s is DBS’ priority banking program with great card perks and lifestyle benefits, in addition to traditional wealth management services.

DBS Treasures members can sign up for the DBS Treasures Visa Debit Card and the DBS Treasures Black Elite Card. The former earns 4% cashback on online food delivery, local transport and foreign currency transactions, and ATM fee waivers on your cash withdrawal overseas, while the latter earns you 2.4 miles per dollar on overseas spending (and 1.2 miles per dollar on local spending).

DBS Treasures also gives members access to DBS relationship managers and their suite of investment services, including a suite of sophisticated solutions to grow, protect and pass on your wealth. A minimum of $350,000 and accreditation as an Accredited Investor is required.

You can find out more about DBS Treasures here.

HSBC Premier

HSBC Premier is HSBC’s priority banking program with a focus on wealth planning too. Members can gain access to HSBC’s relationship managers and receive personalised wealth management solutions, including legacy planning and tax advisory solutions.

One unique aspect about HSBC’s priority banking program is the ability to extend your priority benefits to your family members like your spouse and up to three children with no additional funding required. In addition to the wealth planning benefits, they get to enjoy global banking privileges such as bank accounts in over 30 destinations, and global fee-free money transfers. HSBC Premier requries a minimum AUM of $200,000.

You can find out more about HSBC Premier here.

Standard Chartered Priority Banking

Standard Chartered’s priority banking offers a good mix of investments, savings and lifestyle benefits in addition to the wealth management solutions typically available for priority banking programs.

With their priority banking, you can sign up for Standard Chartered’s Wealth$aver account and earn up to 5.0% annual interest, enjoy seamless global banking across over 30 markets in Asia, Africa and in the Middle East and link all of them in one view, enjoy preferential rates on their online equities platform and receive special waivers on selected fees and charges. You can also participate in their 360 rewards program and earn rewards points on card spending and product holdings, including mortgage, selected investments, deposits and online transactions.

For those who sign up for the Priority Banking Visa Infinite Credit Card, you can also receive complimentary access to over 1,000 airport lounges worldwide.

You can find out more about Standard Chartered Priority Banking here.

UOB Privilege Banking

UOB Privilege Banking is UOB’s offering in this segment of the market, offering plenty of perks and benefits from travel, dining and lifestyle, to education and wellness. UOB Privilege Banking members can also sign up for the UOB Privilege Banking card, which gives 2 miles per dollar on overseas dining and retail and 5 miles per dollar on bookings with selected airline partners and hotels.

UOB also has quite the repository of perks in the dining and lifestyle segment. For example, UOB frequently offers dining benefits such as a 1-for-1 lunch buffet at Triple Three Mandarin Orchard, which makes it a popular choice among those looking for a well-rounded experience. For those interested, a minimum AUM of $350,000 is needed to bank with UOB Privilege Banking.

You can find out more about UOB Privilege Banking here.

Best Priority Banking Accounts with Most Attractive Sign-up Rewards 

While choosing a priority banking program often is a matter of personal preferences, many offer attractive sign up bonuses for signing up and depositing your initial capital to begin a priority relationship with them.

The reward varies according to your deposit tier:

• For deposits less than $1 million: Citigold offers up to $1,600 welcome cash.
• For deposits more than $1 million: Standard Chartered Priority banking offers an impressive $7,000 in welcome cash with less requirements, or HSBC Premier if you have plans to purchase a minimum of $100K in wealth products

Best Priority Banking Accounts with Highest Preferential Interest Rates or Fixed Deposit Rates

Banks may offers priority banking customers a higher interest rate for savings accounts and fixed deposits.

For example, Citigold offers priority banking clients an interest rate of 3.4% per annum on a 3-month fixed deposit with a minimum deposit of S$250,000. This is above the fixed deposit rate of 3.2% per annum offered to non-priority banking customers. However, keep in mind that this preferential time deposit offer from Citi is applicable only if you opt not to take up their welcome cash offer. 

You can find out how these fixed deposit rates compare to the best fixed deposit rates in Singapore here.

Best Priority Banking Accounts with additional rewards for spend/invest/insure

If you're aiming to enhance your wealth through the bank's wealth and insurance options, it's essential to identify which banks offer the best value for your investment.

We've compared priority banking deals that offer rewards for expanding your portfolio within the bank. With everyone having different preferences, you can choose the option that suits you best.

Among the five banks compared, only Citi, HSBC, and Standard Chartered provide extra rewards to customers who engage in spending, borrowing, and investing/insuring with them.

Best bank for eligible wealth and insurance products: HSBC Priority Banking

Next, let's look at the rewards for spend, borrow, and save categories with the bank.

HSBC seems to offer the sweetest deals for priority banking customers:

• Best priority banking deal for credit card spend: HSBC Priority banking
• Best priority banking deal for a mortgage loan: HSBC Priority banking

What is the difference between Priority Banking and Private Banking?

While both Priority Banking and Private Banking are considered VIPs by the banks, Private Banking is a tier higher than Priority Banking. 

To qualify, you will need to have assets in the range of millions. Similar to Priority Banking, the asset needs to be liquid and investable. So if you are thinking about using your million dollar HDB flat as part of the $1 million, that doesn’t quite qualify in most cases.

What should you consider when selecting a Priority Banking account?

Qualifying requirements

To have more than $200,000 of investable assets is a tall ask for many of us. Therefore, if you are really keen on getting your hands on a Priority Banking account, the fastest way is to find the one that has the lowest barrier to entry. 

For instance, if you are already planning to invest in a condo and need mortgage financing of at least $800,000, then HSBC Premier lets you enter into the Priority Banking world with that alone.

Perks and privileges

Importantly, what’s the point of being a Priority Banking customer without getting some perks and/or privileges? If you don’t get some good perks out of a Priority Banking account, then there really isn’t any point for you to get locked-in with the bank right?

What would Beansprout do?

If you are seeking preferential treatment such as preferential interest rates on deposits or loan, priority queues and a dedicated relationship manager to speak to, starting a priority banking relationship can bring one closer to their financial goals.

We would consider the qualification requirements as well as perks and privileges when deciding which priority banking account to open.

If you are looking for the best priority banking account with the best sign up bonus, consider Citigold for deposits up to $1 million as it offers up to $1600 welcome cash. For deposits above $1 million, Standard Chartered Priority Banking offers a $7,000 sign up bonus with fewer requirements.

If you are looking for the best priority banking account with a higher fixed deposit rate compared to non-priority banking customers, Citigold offers up to 3.4% p.a. on a 3-month time deposit with minimum $250,000 in deposits. 

If you are looking for the best priority banking account with eligible wealth products, HSBC Premier appears to offer the best rewards.  You can receive up to $3,000 cash credit if you place $350,000 in fresh funds with HSBC Premier and purchase S$50,000 in wealth products. 

Find out how you can also gain access to a wider range of investment products by qualifying as an accredited investor.