What is Priority Banking?
Priority banking is a specialised banking service for high-net-worth clients with significant financial assets who are usually looking to transact larger sums with the bank. This amount can range from S$100,000 to S$500,000. Some of the providers offering priority banking services in Singapore include DBS, Standard Chartered, Citibank, OCBC, UOB, HSBC, and more. Priority banking offers a comprehensive suite of financial solutions. Some of them include personalised financial services, wealth management, investment advice, and access to exclusive investment products. With the help of a dedicated relationship manager and personalised banking service, priority banking is an attractive option for those seeking customised financial solutions.
Best Priority Banking Accounts in Singapore 2023
What Are the Eligibility Criteria for Priority Banking in Singapore?
The eligibility criteria for priority banking in Singapore vary across banks in Singapore. Be sure to find out the eligibility from individual banks to know if you meet the requirements. In general, here are some of the common critieria:
Minimum Investment/Deposit Amount
Compared to regular banking services, priority banking requires a higher investment or deposit amount. The qualifying amount varies and does not have to only be in cash, and can usually be a mix of insurance, cash, and investment products with the bank. This mix of financial assets is often referred to as Assets Under Management (AUM) of Total Relationship Balance (TRB). Depending on your bank of choice, the specific amount needed usually varies from S$200,000 to S$1,000,000.
Priority banking also often requires a higher income level for individuals to be eligible. The minimum annual income require varies but usually starts from S$120,000 or more.
Some banks may impose age restrictions to qualify for priority banking. For example, limiting only individuals above 21 years old to be eligible for priority banking services.
Some banks may only limit priority banking services to Singaporeans or permanent residents, although foreign nationals who meet specific criteria may be eligible for priority banking services with some banks.
Creditworthiness, including credit history, credit score, and debt-to-income ratio, may be factors affecting your eligibility for priority banking services
Existing Relationship With Bank
Customers who maintain a good relationship with the bank, such as actively banking with them, and having a long-term account or investment, may often be eligible for priority banking
What Are the Benefits and Services Provided by Priority Banking?
Priority banking providers in Singapore offer a wide range of exclusive benefits and privileges that vary across specific banks and the package offered. In general, here are some of the benefits that you can expect.
Personalized Financial Services
A dedicated relationship manager will often be allocated to you as a single point of contact for all your banking needs. Your relationship manager will provide you with customised financial solutions and advice tailored to suit your risk appetite and goals.
Exclusive Wealth Management Services
As a priority banking client, you will also have access to exclusive wealth management services and investment products, such as portfolio management, investment advice, and more.
Preferential Rates and Charges
You may be eligible for exclusive rates and fees on banking products, including fixed deposits, loans, credit cards, and savings accounts.
Receive Priority Service
Receive priority when you bank in person at branches and gain access to priority queues, exclusive lounges, and other banking facilities.
Get Exclusive Offers and Discounts
Be entitled to exclusive discounts and deals on lifestyle products and services for travel, shopping, entertainment, and dining.
Enjoy Enhanced Security Features
Get enhanced security features, such as access to fraud protection services, secure banking applications, and higher transaction limits.
Get Global Access to Services
Have access to a global network of partner ATMs and banks and enjoy the convenience of banking on the go or abroad.
Comparing Priority Banking Accounts: How to Choose the Best Priority Banking Programme?
To choose the best priority banking, you will need to carefully consider your financial needs and goals, as well as evaluate the services and benefits of the different banks. Here are some key consideration factors to help you make an informed decision:
Minimum Investment or Investment Requirements
Banks will differ in their required minimum investment or balance requirements for priority banking. Take into account your present financial capacity and whether you qualify for the minimum requirement for each bank.
Range of Services Provided
Evaluate the range of services provided by the different providers. Look for a priority banking service that provides a range of service that meets your financial needs and goals.
Find Out Fees and Charges
Different banks have different fees and charges associated with the use of their services. Find out the fees charged by banks to evaluate if their services and products are cost-effective and value for money.
Level of Personalised Service Provided
Understand the level of personalised service offered by each bank, such as the availability and access to a dedicated relationship manager, access to exclusive events, and customised financial solutions.
Find Out Bank Reputation
Find out the reputation of each bank to know if they are reliable. Research their credit rating, and performance, and read customer reviews.
Network and Accessibility of Services
Evaluate the bank's accessibility and network as this will affect the convenience of utilising their services. Consider the availability of ATMs and bank branches and the user experience of online banking services and mobile banking applications.
Look for Additional Benefits and Privileges
Look for additional privileges provided by each bank. Take advantage of any preferential rates, fees, offers, and discounts.
How Do I Apply for Priority Banking in Singapore?
After ascertaining your eligibility, here are some steps you will typically need to follow to apply for priority banking in Singapore.
Step 1: Schedule an Appointment With The Bank
Contact the bank that you intend to open a priority banking account with to schedule an appointment with a priority banking representative
Step 2: Prepare All Relevant Documents
Enquire about the necessary documents necessary for a successful application. Prepare and bring the relevant documents on your appointment day. Often, the documents needed are your identification card, financial statements, and proof of address
Step 3: Meet With Bank Representative
Discuss your financial goals and needs with your priority banking representative. Raise any questions you may have and enquire about any products or services that may be suitable for you.
Step 4: Submit Documents and Complete the Application
When you have decided to proceed with opening an account, your priority banking representative will assist you to complete the application process. Once your application is approved, you will receive a priority banking debit or credit card and have access to the various facilities and services afforded to priority banking clients
Frequently Asked Questions
Can I access priority banking services online?
Yes, many banks have priority banking services available online for the convenience of their customers. Some of the common services you should be able to access include transaction history, account information, account management, wealth management tools, investment advice, and specialised tools and calculators that you can use for financial planning purposes.
Are priority banking services available 24/7?
Priority banking customers will be able to access a range of services online 24/7, such as automated phone banking services, and mobile and internet banking. While you are unlikely to enjoy the full suite of in-person priority banking services 24/7, some banks may be able to access dedicated relationship managers or customer service representatives during extended hours compared to regular banking customers. This will vary between banks. In case of emergencies, some banks may offer emergency 24/7 assistance for their priority banking customers.
Can I have multiple accounts with priority banking?
Yes, you can have multiple accounts with priority banking services. Some of these accounts include checking accounts, investment accounts, loans, credit cards, and savings accounts. To help you better manage your accounts and finances, you can also consider consolidating accounts under one priority banking profile, which may entitle you to benefits such as personalised banking services and support, preferential fees and charges, and exclusive access to investment opportunities and facilities.
Can priority banking help me with my financial planning?
Yes, priority banking services will typically include personalised financial planning and wealth management for customers. You will have access to financial advisors and relationship managers that can help you clarify your financial needs and goals, and assist you in reaching them by crafting personalised investment strategies, analysing financial data, or helping you to manage any risks. You may also be able to access exclusive investment products and opportunities. Do note that the extent of financial planning and the range of services provided would vary between banks.
What happens if I don't meet the minimum balance requirement for priority banking?
If you do not meet the minimum required balance for priority banking, you may not be able to access all the benefits offered to priority banking customers. These benefits vary between banks but could include access to a dedicated relationship manager, preferential fees and rates, and exclusive investment products, or opportunities. You may also be subject to certain penalties for falling below. Be sure to check with your preferred bank about their priority banking eligibility, especially the minimum balance requirement and the consequences of falling below it. You may also consider other banks or banking options if you are unable to maintain the minimum balance.