If you have a sizeable, six-digit amount in assets, which bank should you go with as you embark on your wealth journey?
Once you’ve reached this milestone of unlocking privilege banking, the only way to go is up.
All the banks in Singapore have their own version of wealth management services for the affluent. They can further divide the wealth management services based on the amount of assets you have with the bank.
For example, with DBS, you need at least $350,000 to be a DBS Treasures client, $1.5 million to be a DBS Treasures Private client and $5 million or more to enjoy the services of DBS Private Bank.
Having a dedicated relationship manager, wealth management solutions and insights from the banks’ investment experts are a given. To help you decide where to store (and grow) your wealth, here’s where these wealth management services offered by banks stand out.
|Bank||Minimum assets required||Overview of what you can enjoy|
|Citigold||$250,000 investible asset||– Personalised advisory services with a dedicated wealth manager|
– Gain insights from experts on investment trends and opportunities
– Access to luxurious perks at the Citi Wealth Hub
– Preferential interest rates for Citi Wealth First account
|DBS Treasures||Accredited investors with investible assets of S$350,000||– All-in-one iWealth app for all your banking need|
– A dedicated Treasures relationship manager and team of investment experts
– Investment insights from the Chief Investment Office
– FX rate alerts
|OCBC Premier Banking||Deposit or invest $200,000 in fresh funds||– Priority queues at selected OCBC Bank branches and access to OCBC Premier Banking Centres|
– Wealth management insights from the OCBC Wealth Panel
– Exclusive cards to suit your lifestyle
– Preferential fees and charges for selected transactions
|UOB Wealth Banking||Maintain a minimum qualifying AUM of $100,000 (or its equivalent in a foreign currency)||– Priority queues and preferential services at UOB branches|
– Enjoy birthday privileges and curated list of personalised offers and promotions
– Exclusive invitations to events, seminars and workshops all year round for you and your family
|HSBC Premier||Meet one of the following three criteria:|
– Minimum of $200,000 (or its equivalent in foreign currency) in your Total Relationship Balance
– Credit a monthly salary of at least $15,000
– Have a Singapore property loan of at least $800,000 or an Australian property loan of at least AUD$200,000
|– $0 remittance with HSBC’s Worldwide Transfer online|
– Check on your financial fitness with HSBC FinFit
– Bonus interest for HSBC Everyday Global Account
|Standard Chartered Priority Banking||Minimum $200,000 fresh funds||– Free international money transfers and the flexibility to choose your currency|
– Earn points on your entire banking relationship
Citigold: Best for sign-up promotions and access to a dedicated wealth hub
Manage your wealth with a dedicated wealth manager as well as a goal-based wealth advisory tool — Citigold Total Wealth Advisor — that helps you plan, monitor and manage your portfolio. With Citi Wealth Insights, you get to hear from experts on the upcoming investment trends and opportunities.
Enjoy exclusive access to the beautiful Citi Wealth Hub located in Orchard as well as bespoke events created specially for Citigold clients. You can also pamper yourself with the various lifestyle privileges available for Citigold clients.
If you’re using a Citi Wealth First account, you receive preferential rates for a larger balance in your account. If you’re keen on Citigold, read more about the perks of privilege banking with Citibank in this article.
DBS Treasures: Best for their all-in-one app
As a DBS Treasures client, you get to use the exclusive iWealth app for all your needs. The iWealth app allows you to make trades effortlessly, see your entire portfolio and track your investments. You also receive personalised insights and advice, as well as the support of a Treasures relationship manager.
To help you make better investment decisions, you will receive insights from the Chief Investment Office that comes with a shortlist of investments that you can act on. If you require more support, there is also a team of experts available.
Here’s one other perk that would suit those who frequently invest or spend abroad: iWealth looks out for currencies you use most often and sends you FX rate alerts – you’ll never miss a good rate! Lastly, if you’re already a DBS/POSB user, the switch to the iWealth app will be comfortable, bearing many similarities with the current mass market ibanking apps.
OCBC Premier Banking: Best for in-person banking and sending money overseas
Say goodbye to long queues. As an OCBC Premier Banking client, you enjoy priority queues at selected OCBC Bank branches. You also gain access to OCBC Premier Banking Centres islandwide, all uniquely designed for a different and luxurious experience.
In-person banking perks aside, OCBC Premier Banking has all other bases covered, from wealth management solutions (for your deposits, insurance, investments and financing) to exclusive cards to suit your lifestyle. You, too, will receive timely insights given by experts from the OCBC Wealth Panel.
Finally, OCBC Premier Banking clients enjoy preferential fees and charges for selected transactions. You can also send money overseas with $0 cable and commission fees for 18 currencies.
UOB Wealth Banking: Best for low minimum qualifying AUM and birthday privileges
If you’re looking for the fastest way to enjoy the perks privilege banking has to offer, UOB Wealth Banking has the lowest minimum qualifying AUM of $100,000. The perks include having a dedicated relationship manager, wealth advisory services, priority queues and preferential services at UOB branches islandwide.
As a UOB Wealth Banking client, you also receive invites to exciting events, seminars and workshops all year round. Besides having a carefully curated list of personalised offers, your birthday is made even more special with your UOB Wealth Banking eCard that gives you exclusive birthday deals.
If you already bank with UOB, the transition to UOB Wealth Banking is seamless. You can still continue using the UOB Mighty app to manage your finances.
HSBC Premier: Best for global remittance and HSBC FinFit
A bank with global presence, you can find HSBC branches in numerous countries globally. Global citizens can remit money for $0 with HSBC’s Worldwide Transfer online. HSBC encourages you to invest with a 0% sales charge that you’ll enjoy when investing in its Regular Savings Plan, and a 1% sales charge on lump sum investments in unit trusts.
If you’re using HSBC’s Everyday Global Account, as a HSBC Premier client, you enjoy bonus interest rates of up to 1.45% p.a.
You can also check on your financial fitness with HSBC FinFit. Book a FinFit coaching session with HSBC to improve your financial knowledge and habits, develop and fine-tune your financial planning strategy and explore the products or services you need.
Standard Chartered: Best for earning points for rewards
Standard Chartered offers an interesting reward for their Priority Banking clients. You can earn points on your entire banking relationship, including savings, deposits, investments and loans, rather than simply via your card spend. You are also rewarded with tailored lifestyle privileges.
Standard Chartered’s Priority Banking includes all that you’d expect, including personalised wealth management advice and banking solutions. Its worldwide network is one that would appeal to those with overseas banking commitments; with SC Remit, you enjoy free international money transfers and the flexibility to choose your currency.
Grow your wealth, beyond wealth management services
Wealth management services provide a variety of fringe benefits. Besides relying on these wealth management solutions, you can consider taking charge of your own investments and diversifying where your assets are held. One quick way is to create a portfolio with a robo-advisor of your choice, or to use your brokerage account to purchase stocks that you think will stand the test of time.
Read these next:
8 Ways To Accelerate Your Wealth In Singapore
Uniquely Singaporean Things We Do To Accumulate Wealth
Where To Donate And How To Help Charities During COVID-19
8 Investment Books to Read to Change Your Financial Life
Guide To Supplementary Retirement Scheme (SRS) And Tips To Maximise It
By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence.