Priority Banking vs. Private Banking: How to Qualify?
written_by SingSaver Team
updated: Jun 04, 2025
The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.
Once you have a 6-7 figure sum you need to stash in the bank, you'll be well on your way to becoming either a Priority or Private Banking client. Read on to find out which one suits your needs better.
Table of contents
Priority Banking and Private Banking are like twins; while they may look similar, they are completely separate and different individuals. In this article, we'll go over the differences between the two, the perks they offer and which banking service is best equipped to meet your needs.
The best Priority Banking options in Singapore
Citigold
Citigold (Time Limited Offer of Up to S$2,400 Cash)
on_provider_website
| Min. Deposit | S$ 300,000.00 |
|---|---|
| Max. Annual Interest Rate | 7.51% |
| Min. Annual Interest Rate | 0.01% |
| REWARDS | |
| |
product_details
SingSaver’s take
Citigold's minimum AUM requirement is among the lowest out there, which makes it significantly easier to qualify for Citigold. If you are a frequent traveller with S$250,000 to spare, you'll love Citigold's travel benefits and Global Wallet. Plus, you'll have access to all the expert advice you need to grow your wealth.
HSBC Premier Bank Account
HSBC Premier Bank Account
| Min. Deposit | S$ 200,000.00 |
|---|---|
| Max. Annual Interest Rate | 4.25% |
| Min. Annual Interest Rate | 0.05% |
product_details
SingSaver’s take
HSBC Premier rewards its clients with family-centric benefits, such as legacy planning, healthcare protection for the whole family and international education for children under 18. HSBC Premier is also a multi-currency account, making it a great choice for well-heeled, global families.
Standard Chartered Priority Banking
Standard Chartered Priority Banking
on_provider_website
| Base Annual Interest Rate | 0.05% |
|---|---|
| Max. Annual Interest Rate | 7.68% |
product_details
SingSaver’s take
Standard Chartered Priority Banking's AUM of S$200,000 is one of the easiest to reach. In return for parking your money with the bank, you get a good blend of investments, wealth management solutions and VIP lifestyle benefits.
This is your sign to consider Priority Banking
5 signs to determine if you're ready to make the leap from Personal to Priority Banking.
CIMB Preferred
CIMB Preferred
on_provider_website
| Base Annual Interest Rate | 1.5% |
|---|---|
| Max. Annual Interest Rate | 3.5% |
product_details
SingSaver’s take
Perhaps the Priority Banking account of choice for those who shuttle frequently between Malaysia and Singapore, CIMB Preferred also has a strong presence in ASEAN. It's an excellent choice for those with families with ties to neighbouring countries in the region.
What is Priority Banking?
Priority Banking sits one tier above Personal Banking, which is what you and I probably use. Priority Banking, however, is for the mass affluent. According to The Straits Times, the Mass Affluent are defined as those with investible assets between US$500,000 to under US$5 million.
To qualify for Priority Banking, banks require customers to have Assets Under Management (AUM) between S$200,000 to S$350,000. The exact figure varies from bank to bank.
AUM doesn't just refer to cold, hard cash. Some banks, like Standard Chartered Bank, let customers sign up for Priority Banking if they have at least S$1.5 million in housing loans with them. Other products offered by the bank, such as investment and insurance products, also contribute to one's total AUM.
Once you're a Priority Bank client, you’ll enjoy VIP privileges reserved for people like you. This includes exclusive lifestyle perks, preferential rates for loans and credit cards, priority queuing at the bank, and your own Relationship Manager.
Note that Priority Banking perks may differ greatly from bank to bank, with some of them offering more value for money than others.
>> FIND OUT: Standard Chartered vs. UOB Priority Banking: Who's Better?
The best Private Banking options in Singapore
Citigold Private Client
Citigold (Time Limited Offer of Up to S$2,400 Cash)
on_provider_website
| Min. Deposit | S$ 300,000.00 |
|---|---|
| Max. Annual Interest Rate | 7.51% |
| Min. Annual Interest Rate | 0.01% |
| REWARDS | |
| |
product_details
SingSaver’s take
From fee-free cash withdrawals from any Citi ATM in the world, to complimentary airport limousine transfers, Citigold Private Client has developed an impressive assortment of ways to make life as smooth-sailing as possible for their esteemed customers.
SingSaver x Citigold Exclusive Offer
Get an Apple iPhone 16 128GB, an Apple iPad Air (M3) 11", or up to S$1,000 cash via PayNow when you successfully apply for a Citigold account, become an Accredited Investor, and make a S$300,000 deposit within 3 months of account opening, maintaining these funds until gift fulfilment. Valid till 30 June 2025. T&Cs apply.
Plus, enjoy an additional S$200 Grab Voucher and welcome rewards up to S$500 cash from Citigold when you complete additional requirements. T&Cs apply.
DBS Treasures Private Client
DBS Treasures
| Base Annual Interest Rate | 0.05% |
|---|---|
| Max. Annual Interest Rate | 0.05% |
product_details
SingSaver’s take
DBS Treasures Private Client is only 1 out of 2 Private Banking solutions DBS offers, with the other being DBS Private Bank. While the former requires an AUM of S$1.5 million, the latter requires at least S$5 million. It's no surprise that there is little information out there on both groups, since exclusivity is the name of the game.
OCBC Premier Private Client
OCBC Premier Banking
[1].png?width=300&disable=upscale&fit=bounds&auto=webp)
| Base Annual Interest Rate | 0.05% |
|---|---|
| Max. Annual Interest Rate | 0.05% |
product_details
SingSaver’s take
OCBC Premier Private Client's eligibility criteria seems straightforward at first glance, but you also need to qualify as an Accredited Investor on top of having an AUM of S$1.5 million. That means you'll need to satisfy one additional criterion; net personal assets exceeding S$2 million, an income of at least S$300,000 in the last 12 months, or financial assets that exceed S$1 million.
Standard Chartered Priority Private Banking
Standard Chartered Priority Banking
on_provider_website
| Min. Deposit | S$ 200,000.00 |
|---|---|
| Max. Annual Interest Rate | 7.68% |
| Min. Annual Interest Rate | 0.05% |
product_details
SingSaver’s take
A step up from Standard Chartered Bank's Priority Banking status, Priority Private Banking offers investment solutions, legacy planning and more global experiences in comparison. A good upgrade for those who lead truly global lifestyles and who require more than just international banking privileges.
Priority Banking vs Private Banking: Which one should you choose?
If you would like lifestyle and financial benefits in exchange for parking a decent chunk of investible assets at a bank of your choice, Priority Banking and Private Banking are both great options.
Private Banking sometimes provides a broader range of wealth management services that aren’t available to Priority Banking members, as well as expanded global services. For example, Standard Chartered only grants legacy planning and international wealth solutions to its Priority Private Banking members.
Finally, AUM requirements are also significantly lower for Priority Banking members. If you’re in a position to consider both options, do ensure that the additional value offered by Private Banking services is aligned with your needs and goals.
HSBC Premier vs. Citigold: Which should you pick?
Discover the similarities and differences between these 2 Priority Banking accounts.
Frequently asked questions about Priority Banking and Private Banking
What is the difference between Private Banking and Privilege Banking?
Banks use various terms to differentiate their products from their competitors. When it comes to Priority Banking, you’ll hear terms like “Premier”, “Preferred” and “Privilege” being thrown around. But these are just names tagged onto different Priority Banking products. Don’t confuse Priority Banking with Private Banking, however, as these two types of products are on a completely different level. While one is suited for the mass affluent, the other is tailored to ultra-high-net-worth individuals (UHNWI). In Singapore, Priority Banking tends to have an AUM requirement ranging from S$200,000 and up, whereas the AUM requirement for Private Banking typically starts at S$1.5 million.
How do you qualify for UOB Priority Banking?
UOB’s Priority Banking’s eligibility requirements are among the most challenging to meet. You’ll need a minimum of S$350,000 (or its equivalent in a foreign currency) in qualifying Assets Under Management (AUM). That’s S$150,000 above Standard Chartered Priority Banking’s AUM requirement of S$200,000!
How do you qualify for Priority Banking with Standard Chartered Bank?
To qualify for Standard Chartered Bank’s Priority Banking services, you’ll need to maintain a minimum of S$200,000 in deposits and/or investments. Alternatively, you’ll need to have a minimum of S$1.5 million in housing loans with Standard Chartered Bank. Standard Chartered Bank members who want to upgrade to Priority Private Banking will have to make sure they have an AUM of at least S$1.5 million.
Who qualifies for Private Banking?
While Priority Banking caters to those with 6 figures in their bank account, Private Banking is for those with 7 figures and above in their bank account. That means that instead of an AUM requirement of up to S$350,000, you'll need an AUM of at least S$1.5 million. For example, DBS Treasures Private Client and Citigold Private Client accounts have a minimum qualifying AUM of S$1.5 million, whereas you'll need an AUM of S$5 million to sign up for DBS Private Banking!
How much to qualify for DBS private banking?
When it comes to Private Banking at DBS bank, there are 2 tiers you can choose from. Clients with investible assets of S$1.5 million and above will be eligible for DBS Treasures Private Client. Meanwhile, clients with an AUM of at least S$5 million can opt for DBS's top tier Private Bank account instead.
Learn how Priority Banking can help you accumulate more wealth
From preferential rates that give you higher interest rates, to investment opportunities for Accredited Investors, discover how Priority Banking can benefit your bank account balance.
about_the_author
SingSaver Team
At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.