Benefits of priority banking
There are a host of benefits when you apply for a priority banking programme:
- Save time via priority queue at bank outlets
- Access a wider range of financial products and services
- Personalised services that tailor portfolios unique to your goals and needs
- Exclusive lifestyle and travel privileges
Differences between priority and private banking
Although they appear to be synonymous, private banking is actually a large step-up from priority banking. Private banking caters to ultra-high-net-worth individuals, with AUM requirements that are multiples higher than priority banking programmes.
In turn, clients are offered the widest range of financial products and services, the most personalised service, and the best perks.
Fees and charges to look out for in a priority banking programme
There aren’t any fees or charges for joining a priority banking programme. However, annual membership renewal depends on whether you maintain the minimum AUM stipulated by the bank.
If you do not meet that requirement, banks can either levy a fee or deny membership renewal and convert your priority banking relationship to a personal banking one.