Singapore’s priority banking caters to high-net-worth individuals. With the number of wealthy individuals projected to grow from 4,498 in 2022 to 5,300 by 2027, the demand for bespoke banking services is surging, as reported by Knight Frank.

Contrary to popular belief, priority banking is not reserved solely for the older, ultra-wealthy demographic. Aspiring affluent customers, including those in their 20s and 30s, can also benefit from the tailored wealth advice provided by priority banking services. 

This guide is for anyone pursuing significant financial goals—be it young professionals or seasoned investors in Singapore. It offers insights into priority banking, covering eligibility, benefits, and top services.

Key Features and Benefits of Priority Banking Services

Priority banking services offer personalized financial management, exclusive privileges, lifestyle benefits, and enhanced convenience. These features are designed to meet the needs of high-net-worth individuals, providing a holistic approach to managing and growing their wealth.

Personalized Wealth Management

  • Dedicated Relationship Managers: Priority banking clients are often assigned a dedicated relationship manager who provides personalized financial advice and services tailored to the client’s unique financial goals and needs.
  • Customized Investment Solutions: Access a wide range of investment products and services, including bespoke investment strategies and portfolio management, designed to maximize returns and minimize risks.

Exclusive Banking Privileges

  • Preferential Rates: Clients enjoy preferential interest rates on savings, loans, and other banking products, helping them grow their wealth more efficiently. In a nutshell, priority banking customers enjoy better interest rates on savings and investments.
  • Higher Transaction Limits: Priority banking customers benefit from increased transaction limits, allowing for greater flexibility in managing large sums of money.
  • Fee Reductions and Waivers: Clients benefit from reductions or waivers on various banking fees, making financial transactions more cost-effective

Lifestyle Benefits

  • Concierge Services: Access to concierge services that assist with travel arrangements, event planning, and other personal requests, providing luxury to the banking experience.
  • Exclusive Access: Priority clients often receive invitations to exclusive events, private banking lounges, and other VIP experiences.

Enhanced Convenience

  • Priority Queues: Special queues and dedicated tellers at bank branches ensure faster service and a more comfortable banking experience.
  • Online and Mobile Banking: Advanced digital banking platforms offer convenience and accessibility, allowing clients to manage their finances on the go.

Comprehensive Financial Services

  • Wealth Protection: Access various insurance products and services to protect assets and ensure financial security.
  • Estate Planning: Assistance with estate planning, including wills and trusts, to ensure the smooth transfer of wealth to future generations.

Eligibility Criteria for Priority Banking

Minimum Account Balance Requirements

Banks typically require a certain level of AUM or TRB to qualify for priority banking services. This encompasses a range of financial products such as insurance, cash, investments, and more.

The minimum AUM/TRB threshold usually starts from S$200,000 and can go up to S$1,000,000, depending on the financial institution. However, most banks in Singapore set the minimum between S$200,000 and S$350,000 to initiate a priority banking relationship.

Income Requirements

Individuals often need to fall within a higher income bracket to qualify for priority banking. The typical income threshold is set at an annual income of S$120,000 or more.

Age Restrictions

Some banks require priority banking clients to be at least 21 years old. This age criterion ensures that clients have attained a certain level of financial maturity and capability to manage the complex services provided by priority banking.

Eligibility for priority banking in Singapore typically hinges on meeting minimum account balance requirements, falling within a higher income bracket, and meeting age restrictions. Prospective clients should carefully assess these criteria and consult with banks to ensure they align with the banking experience that best suits their financial strategy and goals.

Comparison of Priority Banking Programmes in Singapore

At a Glance

Priority Banking ProgrammeBest 3 FeaturesPromotionQualifying CriteriaMax. Annual Interest Rate
Citigold
  • Dedicated Relationship Manager
  • Global Market Insights
  • Personalised Wealth Management
Welcome rewards up to S$13,865Minimum AUM of S$250,0007.51%
Standard Chartered Priority Banking
  • Wealth Management
  • Seamless Banking
  • International Banking
Rewards include up to S$13,000 in cash, 7.88% p.a. interest with Bonus$averMinimum of S$200,000 in deposits and/or investments, or S$1.5 million in housing loans7.88%
DBS Treasures
  • Relationship Manager
  • Range of Investment Products
  • Expertise and Access
Get up to S$17,200 when you get startedTRB of at least S$350,000 and Accredited Investor status0.05%
UOB Privilege Banking
  • Preferential Interest Rates
  • Tailored Wealth Advice
  • Privilege Banking Centres
Receive as much as 3.40% p.a. interest over three monthsMinimum monthly balance of S$350,0000.05%
HSBC Premier
  • Relationship Manager Support
  • Wealth Tools
  • Premier Family Banking
Welcome Gifts up to SGD28,800Total Relationship Balance of at least S$200,0004.6%
citigold

1. Citigold: Best for global citizens with a focus on sustainability

Citigold is Citibank’s premium banking service that offers a bespoke wealth experience to its clients. It provides exclusive welcome rewards and a holistic approach to wealth management, ensuring a rewarding savings experience with competitive interest rates.

Additionally, Citibank has become the first bank in Singapore to join the Mastercard Priceless Planet Coalition, aiming to fight climate change by pledging to restore 1,000 trees monthly for two years. From March 1, every S$1,000 spent on CPC clients’ World Elite debit cards will result in a tree planted by Citibank. 

CEO Brendan Carney said, “Our CPC clients are global citizens… We know that sustainability matters to our clients in this top-tier segment, and that’s why we joined the Mastercard Priceless Planet Coalition in tandem with this launch.”

Qualifying Criteria

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

Key Features

  • Dedicated Relationship Manager: Clients have access to a dedicated Relationship Manager and a team of financial experts to help achieve their financial goals.
  • Global Market Insights: Benefit from market insights from over 350 analysts worldwide, informing you about global investment opportunities.
  • Personalised Wealth Management: Utilize the Citigold Total Wealth Advisor tool to monitor and manage your wealth goals effectively.
  • Preferential Rates: Enjoy higher returns on your savings with preferential Time Deposit rates, reaching 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.
  • Base Annual Interest Rate: 0.01%
  • Maximum Annual Interest Rate: 7.51%

Benefits 

  • E-Brokerage: Enjoy 6-month commission-free buy trades online for U.S. and Hong Kong markets, making your investment journey more cost-effective.
  • Time Deposit Preferential Rates: To maximize your returns, use preferential interest rates for SGD and USD time deposits, including investment and insurance time deposit bundles.
  • eFX: Participate in FX conversions through Citi eFX or Citibank Global Wallet to win S$50 GrabGifts vouchers.
  • Card Fee Waivers: Receive annual fee waivers on your Citi Credit Cards, adding value to your banking experience.
  • Welcome Rewards: Start your wealth journey with up to S$13,865 in welcome rewards when you join Citigold, subject to terms and conditions.
  • Citi Prestige Card: Earn up to 125,000 Citi ThankYouSM Points when you successfully apply and spend, enhancing your rewards collection.

Promotions

  • Enjoy welcome rewards up to S$13,865 in welcome rewards when you join Citigold, subject to terms and conditions.
  • Receive rewards upon initiating your Citigold relationship with Assets Under Management of at least S$250,000.

Take a look at this Fresh Funds Rewards illustration from Citibank

fresh funds rewards citigold

standard chartered priority banking

2. Standard Chartered Priority Banking: Best for comprehensive wealth management and seamless banking

Standard Chartered Priority Banking is designed to provide a comprehensive priority banking experience, catering to your wealth management needs. It offers access to a full suite of wealth solutions, international banking, and seamless banking services, ensuring that possibilities are everywhere for you.

Qualifying Criteria

  • Maintain a minimum of S$200,000 in deposits and/or investments, or maintain a minimum of S$1.5 million in housing loans with SC.

Key Features

  • Wealth Management: Receive seasoned advice and curated market insights to achieve your financial goals.
  • Seamless Banking: Experience convenient banking solutions that allow you to bank or invest effortlessly, wherever you are.
  • International Banking: Leverage Standard Chartered’s global banking network to diversify your portfolio and enjoy global priority status across all your accounts.
  • Preferential Rates: Grow your balance with exclusive interest rates of up to 5.00% p.a. with the Wealth $aver priority banking account, available only for Priority Banking clients.
    • Earn up to 5.00% p.a. on your deposits.
    • Get 1% cashback on all your spending with the Wealth $aver debit card.
    • Access up to 14 currencies with the multicurrency feature on the Wealth $aver account.
  • Preferential Fees and Charges: Enjoy preferential rates on Standard Chartered’s online equities platform, plus waivers on selected fees and charges.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: 7.88%

Benefits

  • 360° Rewards: Earn points on all your banking relationships, with the flexibility to redeem them for various rewards.
  • Complimentary Priority Pass™ Access: Enjoy free access to over 1,000 airport lounges worldwide with your Priority Banking Visa Infinite Credit Card.
  • APEC Business Card: Get fast-track access through designated APEC lanes and fee reimbursement for your APEC business card application.
  • Birthday Treats: Celebrate your birthday with a variety of special offers and experiences.

Promotions

Customers new to the bank are eligible for rewards including up to S$13,000 in cash, as much as 7.88% per annum interest with Bonus$aver, and up to 5.00% per annum interest with Wealth $aver. To be eligible:

  • Initiate a new Priority Banking relationship using new funds.
  • Create a Wealth $aver account.
  • Transfer a minimum of S$200,000 in new funds online. A Financial Needs Analysis conducted by your relationship manager will complete the setup.
standard chartered priority banking promotion

(source: Standard Chartered Bank)

dbs treasures

3. DBS Treasures: Best for affluent individuals seeking premium banking experience

DBS Treasures is the priority banking division of DBS Bank, catering to individuals with higher investable assets. It offers a premium banking experience, providing clients with expertise and a comprehensive suite of investment solutions. With round-the-clock access to opportunities, DBS Treasures ensures clients are always positioned to maximize their wealth.

“Our aim is to deliver the appropriate solutions precisely when you need them for your objectives.” – Yeo Wenxian, Head of DBS Treasures Singapore

Qualifying Criteria

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

Key Features

  • Relationship Manager: Clients are assigned a bespoke relationship manager, supported by a specialized team, to offer tailored financial guidance on investment strategies and estate planning.
  • Range of Investment Products: DBS Treasures provides a diverse array of investment options, including bonds, funds, and equity trading, tailored to meet clients’ financial goals and investment preferences.
  • Expertise and Access: Gain insights from a dedicated team of wealth managers, product specialists, and portfolio managers, empowering clients to capitalize on opportunities anytime, anywhere.
  • Market Insights and Digital Capabilities: Stay ahead with real-time market insights and digital tools that enable effortless wealth management.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: 0.05%

Benefits

  • DBS Private Access: Enjoy the exclusivity of DBS Private Access, featuring lounge access, limousine transfers, and a 24-hour concierge service, by invitation only.
  • Exclusive Events for Networking: Attend exotic lifestyle soirees, curated golf events, and dining experiences for unique networking opportunities.
  • 24/7 Self-Service Bank Lobby: Address last-minute banking needs anytime at the DBS 24/7 self-service lobby, available at the Terminal 3 lounge.
  • Priority Check-In Service: Experience hassle-free travel with priority check-in directly to the immigration area when traveling on select airlines by presenting your DBS Private Access digital membership card.

Promotions

Get up to S$17,200 when you get started with DBS Treasures. Take a look at this illustration from DBS Treasures:

dbs treasures promotions

For the latest DBS Treasures promotions, visit their website.

uob privilege banking

4. UOB Privilege Banking: Best for clients focusing on wealth protection and growth 

UOB Privilege Banking offers an exclusive banking experience tailored to meet the unique needs of its clients. With a focus on protecting and growing wealth, UOB provides personalized advice and a range of services designed to enhance its privileged clients’ financial well-being and lifestyle.

 “We understand Asia and Asean – its history, the opportunities and risks simply because our roots are here.” – Mr Chew Mun Yew, Head of UOB Private Wealth

Qualifying Criteria

  • Maintain at all times a minimum required monthly cash deposit and/or investment balance of S$350,000 (or its equivalent in a foreign currency).

Key Features

  • Preferential Interest Rates: Earn an attractive interest rate of up to 3.40% p.a. for three months on your incremental fresh funds balance when you deposit a minimum of S$200,000 in fresh funds into your existing Privilege Account, or a minimum initial deposit of S$350,000 in fresh funds into newly opened Priority Banking Accounts (promotion available from 1 March 2024 to 28 March 2024).
  • Tailored Wealth Advice: Receive expert advice tailored to the different stages of your life to protect and grow your wealth.
  • Privilege Banking Centres: Experience personalized banking in the comfort and privacy of dedicated Privilege Banking Centres islandwide and across the region.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: 0.05%

Benefits 

  • Medical Concierge: Access an extensive network of specialists and medical services for all your family’s health needs with the complimentary UOB Medical Concierge service.
  • Lifestyle Concierge: Benefit from a personalized concierge service that attends to your everyday and unconventional requests.
  • Travel Concierge: Get access to travel ideas and customized itineraries for the perfect vacation.
  • Birthday Deals: Enjoy handpicked exclusive deals to make your celebration unforgettable, including dining experiences at Michelin-starred establishments and luxurious staycations with your nearest and dearest.

Promotions

Receive as much as 3.40% p.a. interest over three months on your additional fresh funds balance, starting with a minimum of S$200,000 in fresh funds. Valid from 1 March 2024 to 28 March 2024.

uob privilege banking promotion

(source: UOB Privilege Banking)

hsbc premier

5. HSBC Premier

HSBC Premier in Singapore offers an exclusive banking experience tailored to meet the needs of its affluent clients. With personalized financial solutions, global privileges, and dedicated support, it ensures that managing wealth is both seamless and rewarding, wherever life takes you. A standout feature of HSBC Premier is the extension of its benefits to the immediate family members of customers, without any requirement for a minimum balance.

“The widening of our premier coverage to include our customers’ families removes some of these added pressures. This is particularly helpful for customers who have kids studying overseas – it provides peace of mind that they will have extra on-the-ground financial and personal support when they can’t be with them,” Alice Fok, HSBC Bank (Singapore)’s Head of Customer, International and Marketing, explained in an interview with the Singapore Business Review.

Qualifying Criteria

  • Have a Total Relationship Balance of at least S$200,000 in deposits, investments, and/or insurance.

Key Features

  • Relationship Manager Support: Access Relationship Managers supported by a team of investment, insurance, and FX specialists for personalized insights and guidance.
  • Wealth Tools: Utilize the HSBC Wealth Dashboard and Wealth Portfolio Intelligence Service for investment management and portfolio analytics.
  • Digital Wealth: Manage your wealth conveniently through the HSBC Singapore app.
  • Wealth Insights: Get exclusive insights and analysis with the best of HSBC’s global views.
  • Premier Family Banking: Sponsor your spouse and children for Premier status and benefits with no additional funding required.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: Up to 4.6%

Benefits

  • Premier Elite Services: Access tailored wealth management solutions, prioritized service, and exclusive experiences with HSBC Concierge Service globally.
  • Education Support: Receive support for your child’s overseas education, including complimentary consultations from education partners.
  • Global Connectivity: Access 11 currencies through the HSBC Everyday Global Account (EGA) and seamless international banking via Global View, Global Transfers, and Global Money Transfers inclusive of China UnionPay.

Promotions

  • Enjoy 3.40% p.a. interest on 3-month SGD Time Deposits.
  • Earn up to SGD800 cash rewards each month with the HSBC Everyday Global Account.
  • Welcome Gifts: Start a new relationship with HSBC Premier and get rewards up to SGD28,800 (SGD18,000 for the HSBC Premier welcome rewards + SGD10,800 for additional promotions).

Recommendations

Here are some recommendations based on different needs and preferences of high-net-worth individuals:

For Global Citizens with a Focus on Sustainability: Citigold

Citigold offers a unique sustainability initiative by pledging to restore 1,000 trees monthly for two years, making it an ideal choice for environmentally conscious clients. Additionally, its global market insights and personalized wealth management make it suitable for global citizens.

For Comprehensive Wealth Management and Seamless Banking: Standard Chartered Priority Banking

Standard Chartered offers seasoned advice, convenient banking solutions, and access to a global banking network, making it ideal for individuals seeking comprehensive wealth management and seamless banking experiences.

For Premium Banking Experience with Round-the-Clock Access: DBS Treasures

DBS Treasures provides a range of investment products, expertise and access, and digital capabilities, ensuring that clients can manage their wealth effectively at any time.

For Wealth Protection and Growth: UOB Privilege Banking

UOB Privilege Banking focuses on protecting and growing wealth with tailored advice and preferential interest rates, making it suitable for clients prioritizing wealth protection and growth.

For Global Privileges and Family Inclusivity: HSBC Premier

HSBC Premier offers worldwide premier status, family banking benefits without additional funding, and support for children’s overseas education, making it ideal for families seeking global privileges and inclusivity.

Read Also: Top-Tier Private Banking in Singapore

FAQs

1. What is the minimum for priority banking in Singapore?

The minimum amount required to qualify for priority banking in Singapore varies among banks. For example, Citigold requires a minimum Assets Under Management (AUM) of S$250,000 while Standard Chartered Priority Banking requires a minimum of S$200,000 in deposits and/or investments.

2. How do I qualify for OCBC priority banking?

To qualify for OCBC Premier Banking, you typically need to maintain a minimum average balance of S$200,000 in deposits and/or investments with OCBC. It’s advisable to check with OCBC directly for the most up-to-date qualifying criteria and any additional requirements.

3. Which bank has the best customer service in Singapore?

Customer service satisfaction can vary based on individual experiences and preferences. In Singapore, banks like DBS, OCBC, UOB, and HSBC are known for their strong customer service. DBS, in particular, has been recognized for its digital banking services and customer service excellence. However, it’s recommended to consider reviews and feedback from current customers to determine which bank’s customer service aligns best with your expectations.

4. How do you qualify for UOB Priority banking?

To qualify for UOB Privilege Banking, you need to maintain a minimum required monthly cash deposit and/or investment balance of S$350,000 (or its equivalent in a foreign currency). It’s important to check with UOB for any updates to the qualifying criteria and to understand the full range of services and benefits offered.

Conclusion

Priority banking in Singapore caters to the diverse needs of high-net-worth individuals, offering tailored financial solutions, exclusive privileges, and dedicated support. With options like Citigold, Standard Chartered Priority Banking, DBS Treasures, UOB Privilege Banking, and HSBC Premier, clients can choose a program that best aligns with their financial goals, lifestyle preferences, and family needs, ensuring a seamless and rewarding banking experience.

Key Takeaways

  • Priority banking offers bespoke financial planning and investment options with dedicated advisors. Select a program that fits your investment strategy and needs.
  • Citigold and Standard Chartered Priority Banking in Singapore have differing entry levels, starting at S$250,000 and S$200,000 respectively. Choose based on your financial situation.
  • HSBC Premier provides family inclusivity and international perks without extra costs. Ideal for those with families or frequent travelers seeking global banking access.

Unlock financial freedom today with Fortune Credit. Singapore’s trusted legal money lender, Fortune Credit offers fast approval personal loan processes and flexible plans tailored to meet your needs. Request a quote today!