If you’re wondering about multi-currency accounts and cards, read these:
Digital Multi-Currency Account Comparison 2023: Revolut vs YouTrip vs Instarem vs Wise vs Wirex
Cash vs Credit Card vs Multi-Currency Card For Travelling
Why Use A Multi-Currency Savings Account in 2023?
#6 Earn exclusive preferential rates on timed deposits
While most of us are aware of fixed deposits, did you know that priority banking offers them too at preferential rates? Currently, the typical fixed deposit rates hover between 3% to 4%, a relatively higher interest rate than the measly 0.05% rate by many traditional savings accounts.
But are the timed deposits preferential rates by priority banking all they claim to be? Let’s take a look.
OCBC Premier Banking
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Currency
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Tenure
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Interest rate (p.a.)
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SGD
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6 months
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3.50%
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This rate applies to both OCBC Premier Banking’s timed deposit and CPF timed deposit. When compared to fixed deposits offered in regular banking, this isn’t exactly a fantastic rate. In fact, it only outclasses DBS/POSB and Standard Chartered rates.
UOB Privilege Banking
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Min. investment in unit trusts
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Min. fresh funds deposit
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Tenure
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Total interest rate (p.a.)
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S$100,000 of foreign currency equivalent of S$100,000 in a single trade
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S$200,000
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3 months
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4.75%
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Meanwhile, UOB Privilege Banking’s criteria for preferential rates are a tad different. In order to hit their maximum 4.75% p.a. interest, you’ll need to fulfil three steps:
- Submit a participation form through your Client Advisor or by leaving your contact details
- Deposit a minimum of S$200,000 in fresh funds
- Invest in a minimum of S$100,000 worth of qualifying unit trusts
That said, the maximum fresh funds deposit amount is limited to twice the amount invested in unit trusts.
Although this demands a hefty sum of funds, the interest rate earned is definitely way higher than the maximum 4% p.a. interest of regular fixed deposits.
DBS Treasures
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Currency
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Min. fresh funds deposit
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Tenure
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Total interest rate (p.a.)
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USD
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US$100,000 - US$500,000
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1 - 12 months
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4.11% - 4.68%
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GBP
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£100,000 - £500,000
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3.22% - 3.77%
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AUD
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AUD$100,000 - AUD$500,000
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2.14% - 2.83%
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CHF
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CHF₣100,000 - CHF₣750,000
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0.105% - 1.05%
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HKD
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HKD$100,000 - HKD$5,000,000
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1.56% - 2.44%
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EUR
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€150,000 - €500,000
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1.55% - 2.04%
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CAD
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CAD$100,000 - CAD$500,000
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1 week - 12 months
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2.99% - 4.08%
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NZD
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NZD$100,000 - NZD$500,000
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3.00% - 4.385%
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CNH
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RMB¥100,000 - RMB¥5,000,000
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0.015% - 0.87%
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Disclaimer: Rates are accurate as of 11 April 2023.
The highest 3.20% p.a. fixed deposit rate by DBS/POSB is only eligible for funds up to S$19,999. Any value beyond that will cause the rate to drop to the base 0.05% p.a. (You can click here and here to see the full table.)
Thus, it seems that DBS Treasure’s strong suit lies in its foreign currency timed deposits instead.
As seen from the table above, US dollar features the highest rate of 4.68% p.a. while the Chinese Yuan features the lowest rate of 0.015%. Of course, these rates are also subject to the tenure of the fixed deposit.
You can see all their foreign fixed deposit rates here.
HSBC Premier
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Fresh funds deposit
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Tenure
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Total interest rate (p.a.)
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S$5,000 - S$1 million and above
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1 - 3 months
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0.05%
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6 months |
0.10%
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12 months | 0.15% | |
24 months | 3.00% |
When compared to other timed deposit rates, HSBC Premier's local currency rates are pretty lacklustre unless you hold your funds for at least a year. Moreover, the highest interest earned on your deposits is only 3% p.a.
While this isn't a low rate, this isn't the highest either. Citigold itself already offers 3.80% p.a. interest for a minimum deposit of S$10,000 held for only a 3-month tenure.
The only good thing is that the minimum fresh funds deposit starts as low as S$5,000. Hence, this timed deposit is the best for tertiary students above the age of 18.
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Currency
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Min. fresh funds deposit
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Tenure
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Total interest rate (p.a.)
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USD
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US$100,000 - US$1 million
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1 - 12 months
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4.00% - 4.40%
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GBP
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£100,000 - £1 million
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3.30% - 3.70%
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AUD
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AUD$100,000 - AUD$1 million
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2.40% - 3.00%
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HKD
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HKD$100,000 - HKD$10,000,000
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1.60% - 3.00%
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CAD
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CAD$100,000 - CAD$1 million
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3.00% - 4.00%
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NZD
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NZD$100,000 - NZD$1 million
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3.00% - 4.35%
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Looking at this table, HSBC Premier's foreign currency timed deposit rates are more competitive than DBS Treasure's rates. The only downside is that HSBC Premier has relatively fewer foreign currencies offered.
So unless you can't find your preferred foreign currency, HSBC Premier might be the go-to choice.
Citigold
Timed Deposit Promotions
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Currency
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Fresh funds deposit
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3 months
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6 months
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USD
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US$50,000 - US$3,000,000
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4.60% p.a. interest
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–
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SGD
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S$10,000 - <S$250,000
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3.80% p.a. interest
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3.38% p.a. interest
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SGD
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S$250,000 - S$3,000,000
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4% p.a. interest
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3.48% p.a. interest
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To qualify, you’ll need to be a qualified Citigold member with an AUM of at least S$250,000 or a Citigold Private Client with an AUM of at least S$1.5 million. The promotional rates are valid on a fresh funds deposit of a minimum S$10,000 to a maximum S$3 million per eligible customer.
Time Deposit Investment Bundle Promotion
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Currency
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Min. timed deposit placement
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Max. timed deposit placement
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Investment sales charge
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2 months
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SGD
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S$50,000
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Lower of:
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1% and above
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6% p.a. interest
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Foreign Currency Time Deposit Investment Bundle Promotion
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Currency
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Min. timed deposit placement
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Max. timed deposit placement
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2 months
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USD
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US$50,000
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Lower of:
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7.50% p.a. interest
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Finally, the preferential timed deposit rates offered by Citigold are quite attractive – racking up to an admirable 4.60% p.a. interest. Moreover, they boast the most diverse range of promotional rates separated into four different bundles:
- Timed deposit
- Timed deposit + investment bundle
- Foreign currency timed deposit + investment bundle
- Insurance + time deposit bundle*
The respective rates have been reflected in the tables above.
*Not listed here. Please refer to their website for the full rates.
As they say, "all good things must come to an end". These promos end on 30 April 2023, so you might want to lock in your fund deposits now before they expire!
Read more:
Best Alternatives to Savings Accounts in Singapore (2023)
What is the Ultimate Credit Card & Savings Account Combo?
Fixed Deposit vs Endowment Plan vs Cash Management Account: Which Should You Choose?
#7 Waived bank fees
Because priority banking customers tend to transact a huge amount of money at a time, pesky bank fees will eat away at their funds very quickly. Thus, most bank fees are waived unless stated otherwise in the fine print.
Honestly, this is just as good, if not better, than waived credit card fees.
#8 Get invited to sign up for exclusive credit cards
No banking experience is complete without the perks and privileges of credit cards. But these aren’t just any ordinary credit card, these are exclusive credit cards – mostly by invitation only.
Indeed, priority banking will make you feel like credit card royalty when you specially write in to apply for them or banks reach out to you.
The biggest advantage of these credit cards is the gamut of exclusive benefits that come with them. Privileges like golf membership, (aforementioned) airport lounge access, discounted accommodation rates, complimentary hotel room upgrades, discounts off travel site bookings, prestigious event invites, and much more.
Here are some priority banking credit cards available on the market.
Credit card
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Key benefits
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Details
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Citi Prestige Card
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5 ThankYou Points (2 miles) per S$1 spend in foreign currency
3.25 ThankYou Points (1.3 miles) per S$1 spend in local currency
6 complimentary golf games in selected golf courses in Singapore, Malaysia, Indonesia, and China
Unlimited, complimentary Priority Pass airport lounge access
8 complimentary airport transfers
Complimentary 1-night stay when booking min. 5D4N stay at any hotel or resort
Extra 30% ThankYou Points according to banking relationship status
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Not exactly a Citigold exclusive, but is considered elite-tier credit card
Annual fee: S$540
Min. annual income: S$120,000
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Standard Chartered Priority Visa Infinite Card
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2.5 360° Rewards Points (1 mile) per S$1 spend
Up to S$50,000 complimentary travel insurance for cardholder and spouse
Complimentary Priority Pass airport lounge visits
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Min. S$500 monthly spend
360° Rewards Points never expire
Annual fee: S$324 (first-year waived)
Min. annual income: S$30,000 (Singaporeans/PR) or $60,000 (Foreigners)
Other priority banking perks:
10 Rewards Points per S$10,000 balance in Current Account per month
10 Rewards Points per S$10,000 balance in fixed deposits per month
5 Rewards Points per S$20,000 investments in average AUM per month
10 Rewards Points per S$10,000 outstanding balance in mortgage loans per month
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Standard Chartered Visa Infinite X Card
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Up to 2 miles per S$1 spend or 2% cash reward or 360° Rewards Points
2 complimentary Priority Pass airport lounge access per year
Up to complimentary S$1 million travel insurance coverage
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360° Rewards Points never expire
Annual fee: S$702 (first year waived)
Min. annual income: S$30,000 (Priority/Private Banking customers), otherwise S$80,000
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UOB Reserve Card
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2.4 miles per S$1 spend in foreign currency
2 miles per S$1 spend in local currency on luxury goods
1.6 miles per S$1 spend on all other local purchases
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By invite only
Min. spend requirement: S$1 million per year
or
A total of S$10 million transaction though UOB Payment Facility per year
Annual fee: S$3,888
Min. annual income: S$500,000
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OCBC Premier VOYAGE Card
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2.2 VOYAGE Miles per S$1 spend in foreign currency
1.3 VOYAGE Miles per S$1 spend in local currency
Up to 2.3% cash rebate
Unlimited, complimentary airport lounge visits
Complimentary airport transfer service with min. S$12,000 spend per quarter
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VOYAGE Miles never expire
Fuel savings:
Annual fee: S$492.50 with 15,000 VOYAGE Miles or S$3,240 with 150,000 VOYAGE Miles
Min. annual income: S$120,000
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OCBC Premier Visa Infinite Card
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28 OCBC$ per S$5 spend (2.24 mpd) in foreign currency
16 OCBC$ per S$5 spend (1.28 mpd) in local currency
2 complimentary Plaza Premium airport lounge visits per year
Complimentary airport transfer service
Up to US$1,000 e-commerce protection
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1 mile = 2.5 OCBC$
Can be used to earn miles on bills like income tax, insurance, school fees, car loans, etc. with CardUp
Fuel savings:
Annual fee: N/A
Min. annual income: S$30,000 (Singaporean/PR) or S$60,000 (Foreigner)
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DBS Treasures Black Elite Card
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2.4 miles per S$1 spend in foreign currency
1.2 miles per S$1 spend in local currency
Up to S$1 million travel insurance coverage
3.2 miles per S$1 spend on min. S$300 retail spend on eligible Club 21 boutiques
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DBS has stopped accepting Black Elite Card applications temporarily since 1 Jan 2023
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Maybank Privilege Horizon Visa Signature Card
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8X TREATS Points (3.2 miles) per S$1 spend on dining and travel in local and foreign currency
5X TREATS Points per S$1 spend on air tickets, cruise, travel packages, and foreign currency transactions
Complimentary travel insurance coverage
2 complimentary Grab airport transfers
Unlimited, complimentary VIP airport lounge access
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By invite only
Miles can only be redeemed via the TREATS SG app
Annual fee: N/A
Min. annual income: S$30,000 (Singaporean/PR) or S$45,000 (Malaysian) or S$60,000 (Foreigner)
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#9 Enjoy better foreign exchange rates
Have you noticed the common denominator among all these credit cards? Well, if you haven’t figured it out yet, all these credit cards reward accelerated miles or points earn rates on overseas spend.
Why? Because if you’re a priority banking customer, chances are, you’ll be jet-setting around the globe fairly often. During your travels, the last thing you’d want to be hindered by are annoying foreign exchange rates.
That’s why priority banking programmes endeavour to offer customers with the best foreign exchange rates possible. Not only will you be able to transact your foreign purchases at the best exchange rates, but you can also convert foreign currencies at much lower prices.
What are the disadvantages of priority banking?
While priority banking might look all glitz and glamour at first glance, not everything that glitters is gold.
Some downsides to priority banking include…
#1 Some management fee exceptions
While one of the major plus points of priority banking is the waived bank fees, convenience fees, and all other fees, there are still a few hefty management fees here and there.
Take OCBC Premier for example.
If you were to open a Premier Dividend+ Savings Account, you’d be subjected to a S$50,000 fee on your minimum initial deposit. But, there are exceptions. If you open a Foreign Currency Deposit Account, you actually enjoy a lower 0.75% minimum commission-in-lieu of exchange when no foreign exchange is involved.
However, these are very minor “T&Cs apply” sort of conditions.
#2 Watch out for penalty fees
Since priority banking requires a large minimum amount of funds deposits or asset value from the get-go, it stands to reason that there’ll be hefty penalty fees incurred for compliance failures.
For instance, a possible issue would be if your account balance falls below a certain amount. This fall-below fee is a common penalty observed in both regular and priority banking alike, except the latter would incur a higher cost.
Is priority banking worth it?
Honestly, we’d say, just go for it if you satisfy all the priority banking requirements. If you think about it, the mechanics of priority banking is akin to regular banking – just that it’s for higher net-worth individuals and features tons of better, exclusive privileges.
There are not many disadvantages to priority banking, other than heftier credit card annual fees and other occasional fees. Apart from those, priority banking is definitely a cut above the rest in terms of banking experience.
However, it’s not even the upper-most echelon in the world of premium banking. There’s still another tier beyond that called Private Clients or Private Banking. As reference, DBS requires you to own over S$1.5 million or over S$5 million in investible assets before you can even think of qualifying.
Source: DBS
But do note, these values are not fixed across all banks. Every bank has its own different definitions and benchmark for what qualifies as high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI).
Read these next:
Normal Banking vs Priority Banking: Which Should I Choose?
The Four Most Exclusive Credit Cards in Singapore
Citi Wealth First Account: High Rates & Best For Citigold Clients
Priority Banking 2023: Which Bank Offers the Best Welcome Rewards?
Best Ways to Grow Your Wealth Through Priority Banking
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