CIMB Preferred Banking Review (2024): Flexible and Customisable Wealth Management

Alevin Chan

Alevin Chan

Last updated 02 January, 2024

CIMB Preferred gives you a greater range of insurers and investment houses to choose from. Find out what else this wealth management platform has to offer.

CIMB Preferred may not be as well-known as other, more well-advertised priority banking platforms out there. But that doesn’t mean the platform should be overlooked.

Indeed, there are some interesting features and benefits that just might render it a better-than-expected fit – especially if you’re the type that likes to have a larger say in your wealth management solution.

Table of contents  

Welcome Offer: Receive S$88 Cashback when you make a minimum of S$108 eligible spends within 30 days of card approval date. Plus, receive S$100 Cashback (S$188 in total) when you increase your minimum eligible spends to S$988 within 60 days of card approval date. Valid till 31 July 2024. T&Cs apply.

 


Pros and cons of CIMB Preferred

Pros

Cons

Open architecture; greater range of financial products

Requires at least S$250,000 in fresh funds to qualify

Preferential banking rates, waiver of several fees and charges

Complimentary airport lounge access only in Singapore and Malaysia

Personalised recommendations and monthly market insights

 

Exclusive lifestyle events and financial webinars

 

Enjoy 3.50% p.a. interest when you open a CIMB Star$aver Account 

 

 

Why should you choose CIMB Preferred?

#1: Greater selection of insurance and investment products

Unlike its counterparts, CIMB Preferred doesn’t place restrictions on the insurers or investment firms they work with.

What this means is that clients potentially have a greater selection of investment schemes and insurance plans to choose from, creating higher flexibility in how they want to build their wealth.


#2: Preferential rates for selected banking transactions

As a CIMB Preferred customer, you will be eligible for preferential rates when carrying out certain banking transactions.

These privileges apply to premium financing and portfolio financing, and are disclosed upfront, allowing you to better optimise your banking relationship.

Note that other bank services may be charged at the prevailing rate.


#3: Dedicated support team

You will be assigned a dedicated Relationship Manager as your main point of contact, but he or she won’t be the only one attending to you.

There will also be a team of investment specialists that work to help you find investment opportunities and curate monthly market insights so you can better keep up with market trends and changes.


#4: Lifestyle privileges and exclusive events

CIMB Preferred customers can look forward to a range of lifestyle privileges, including four complimentary airport lounge visits per year.

However, lounge visits are restricted to Singapore and Malaysia only, so you’ll have to use your other travel credit cards for lounge access in other countries.

Speaking of which, your Preferred status will also be maintained as you travel throughout ASEAN, which means you can enjoy priority banking even outside of Singapore.

In addition, you will also receive invitations to bespoke events – ranging from lifestyle workshops and dining experiences, to financial advisory and investment webinars – where you can network, learn new hobbies, indulge in your passions, or simply keep abreast of potential investment opportunities.


#5: Enjoy an interest rate of up to 3.50% p.a. when you open a CIMB Star$aver Account

You can enjoy an interest of up to 3.50% p.a. on your funds when you open a CIMB Star$aver Account when you make a deposit of S$250,000 or more.

Account balance

Interest rates (p.a.)

First S$100,000

1.50%

Next S$150,000

2.50%

Above S$250,000

3.50% 

The CIMB Star$aver Account is a no-frills account where you don't have to jump through hoops to earn a high interest. Plus, there's no interest cap on your deposits!

 

Related to this topic: Priority Banking vs Private Banking: What You Enjoy When You Cross The Last Hurdle


For whom is CIMB Preferred best suited?

One of the biggest differentiators is CIMB’s open architecture; the bank has no restrictions in regards to the insurers and investment houses they work with.

This means that you will have a greater selection of potential insurance plans or investment products to choose from – or may even be free to nominate your own.

Of course, you can also go with CIMB’s own selection of financial products if you do not have any particular ones in mind.

Another easily overlooked benefit of CIMB Preferred is the relative lack of fees and charges. Many of the usual charges here are waived – including CIMB credit card annual fees – so you’re less likely to encounter any surprises in your monthly statements.

One drawback is that CIMB has a slightly higher minimum qualifying amount of S$250,000 (some competitors only require S$200,000).

Still, if you have the finances to qualify, and enjoy the option to nominate your own financial products, CIMB Preferred may be worth a look.

Related to this topic: Priority Banking In Singapore: How Does It Help To Grow Your Wealth?

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Fees and charges

Here are the fees and charges you should take note of when applying for a CIMB Preferred account. For the complete list of bank fees, refer to the Rates & Charges page.

  • Excess limit fee: Higher of SGD Prime Rate + 5%, or S$20
  • Lost or stolen credit card liability: S$100
  • Outward TT or MEPS: S$20 plus agent fee, if applicable

What’s the eligibility criteria for CIMB Preferred?

Qualifying for CIMB Preferred is simple and fuss-free; you simply need to deposit sufficient funds, and maintain a minimum account balance.

There are two tiers in CIMB’s priority banking platform. You’ll start off with CIMB Preferred, and then be upgraded to CIMB Private Wealth once you fulfil the qualifying criteria.

See the table below for more details.

 

CIMB Preferred

CIMB Private Wealth

Eligibility conditions

Open a CIMB Star$aver account and deposit fresh funds totalling S$250,000 or more

-or-

Achieve a total mortgage loan size of at least S$1 million

Achieve a Total Relationship Balance (TRB) of S$1 million or more, and maintain at least S$200,000 wealth balance

Related to this topic: Why a Priority Banking Account Makes Sense in a Recession


CIMB Preferred sign-up rewards and promotions

Open a CIMB StarSaver Account via SingSaver and get an iPhone 15 Pro 128GB (worth S$1,664.25) or an Apple Macbook Air 256GB 13 inch (M2 Chip) (worth S$1,613.80) when you deposit a minimum of S$250,000 in fresh funds within one month of account opening and maintain the funds for at least six months. Promo valid till 31 March 2024. 


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How do you apply?

  1. Fill up and submit the online application form 
  2. A representative from CIMB will contact you shortly regarding your request
  3. Alternatively, call the Preferred Call Centre at 6333 1111 from 9am to 7pm daily

If you’re an existing CIMB customer, you may reach out via the following ways:

  1. Reach out to your Relationship Manager via phone (6333 1111) or CIMB Consult-OnTheGo
  2. Write in to cimbpreferred.sg@cimb.com

To enjoy SingSaver's exclusive promo, apply via the button below.

 

 

Read these next:

How To Calculate Your Net Worth In Singapore?

How to Set and Track Your Wealth Goals for Financial Success in 2023

Citigold Review: An Abundance Of Wealth Solutions For The Well-Heeled

HSBC Premier Banking Review (2023): What’s In It For You?

Standard Chartered Priority Banking Review: Well-rounded Financial Services Suite with Nifty Online Tools

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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