Priority Banking vs. Private Banking: How to Qualify?
Updated: 21 Jul 2025
Written bySingSaver Team
Team
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.
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
- SingSaver Exclusive Rewards
- Get S$1,000 or an Apple iPad Air M3 13" WiFi 256GB (worth S$1,349) when you make a deposit of S$300,000 and opt in as an Accredited Investor.
- Alternatively, get S$500 when you deposit S$300,000.
- Enjoy additional S$200 Grab Voucher when you make a deposit of S$300,000 within the first 30 days from the date of account opening and maintain the funds until gift fulfilment.
- Enjoy additional S$200 Grab Voucher when you invest S$30,000 within 3 months from the date of account opening.
- Stackable Citi Rewards
- Enjoy $300 rewards when you become an accredited investor. T&Cs apply.
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash. T&Cs apply.
- Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. T&Cs apply.
- Hold a valid primary/main Citi Credit Card and get a S$100 bonus cash reward. T&Cs apply.
- Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
- Enjoy Citigold Preferential Time Deposit Rates of up to 2.70%* p.a. on a 3-month SGD Time Deposit. T&Cs apply.
- Citigold Exclusive Benefits and Privileges
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
- Enjoy zero foreign transaction or currency conversion fees in over 15 currencies with Citibank Global wallet when you pay with your Citigold Debit Mastercard.
- Enjoy 0%* commission buy trades online for U.S. & Hong Kong markets for 6 months when you open a new Citibank Brokerage account.
- Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists
- Receive in-depth global market insights and research knowledge from a team of over 350+ research analysts.
- Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor.
- Citigold status is maintained at Citibank branches overseas.
- Read our full review of Citigold
- What is an Accredited Investor?
- An Accredited Investor is someone who meets the requirements set out by the Monetary Authority of Singapore (MAS) and has opted in to be treated as an Accredited Investor by the bank. Accredited Investors generally have access to a wider range of investment products than non-Accredited Investors, and at the same time require less regulatory protection.
- How to be an Accredited Investor
- Start your wealth journey with Citigold and speak to your relationship manager.
- Advantages of an Accredited Investor
- Expand investment opportunities
- Enjoy access to a wider range of financial products and services, including more sophisticated products to meet your bespoke wealth needs.
- Access to a team of dedicated wealth experts
- You can count on a dedicated Senior Relationship Manager and a team of experts to help you grow your portfolio and partner you to achieve your wealth goals.
- Expand investment opportunities
- Eligibility for Accredited Investor
- Net personal assets exceeding S$2 million in value (or its equivalent in a foreign currency); or
- Financial assets (net of any related liabilities) exceeding S$1 million in value (or its equivalent in a foreign currency); or
- An income in the preceding 12 months of not less than S$300,000 (or its equivalent in a foreign currency)
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.
Pros
Aside from the slew of VIP privileges you'll get with a Citigold account, Citi also gives you many ways to earn bonus interest—up to a maximum of 7.51%.
Cons
While qualifying transactions and saving some extra cash each month are easy enough, the other criteria can be more challenging to meet. This means that it's reasonable to expect that interest rates of 7.51% is the exception, rather than the norm for most months.
HSBC Premier Bank Account
HSBC Premier Bank Account
- Seamless international banking with features like Global View and Global Transfers, facilitating real-time transfers between HSBC accounts in different countries.
- Access to personalized financial advice and wealth management services through a dedicated Relationship Manager.
- Extend Premier status to your spouse and up to three children aged 18 to 30 without additional TRB requirements.
- Enjoy benefits like discounted hotel bookings, travel insurance, and global ATM fee waivers.
- Manage up to 11 different currencies within a single account, facilitating international transactions.
- The need to maintain a TRB of S$200,000 or credit a monthly salary of S$15,000 makes it less accessible for individuals without substantial savings or high incomes.
- Achieving the maximum interest rate requires meeting multiple criteria, which may be challenging for some customers.
- HSBC has a smaller branch network in Singapore compared to some local banks, which might be inconvenient for customers preferring in-person services.
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.
Pros
S$200,000 is as low as you can get when it comes to qualifying AUMs for Priority Banking accounts. It's hard to beat HSBC Premier when it comes to family-centric benefits, since you can gift your Premier status to your spouse and children for free.
Cons
Singapore dollar deposits are covered by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000, to protect against the unlikely scenario of a bank failure. This will not be enough to cover all of your funds, if you're a HSBC Premier client.
Standard Chartered Priority Banking
- Earn up to 7.68% p.a. on deposits with Bonus $aver for balances of up to S$100,000
- Gain access to a full suite of wealth solutions, seasoned advice, coupled with curated market insights to achieve your financial goals
- Tap on Standard Chartered international banking network across over 25 markets for all your financial needs
- Enjoy a suite of digital wealth and convenient banking solutions that allow you to bank or invest conveniently, wherever you are
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.
Pros
Fast-track APEC clearance at airports and complimentary lounge access are 2 big perks for anybody who has to fly frequently for work. It also helps that you can bring your Priority perks with you to over 25 markets worldwide.
Cons
Unlike with HSBC Premier, you cannot transfer your Priority benefits to your spouse or children.
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
- Enjoy attractive interest rates up to 3.50% p.a. without multiple conditions with a CIMB StarSaver account
- Wide range of wealth management solutions, that are supported by a variety of insurance and investment companies
- Enjoy regional recognition across ASEAN with CIMB Preferred
- Allow your family members to enjoy the same benefits with CIMB Preferred Family Banking programme
- Instantaneous funds transfer between Singapore and Malaysia
- Receive Wealth Management advice and recommendations from a dedicated Relationship Manager, supported by a team of specialists
- Insured up to S$100,000 by SDIC. Additional T&Cs apply.
- Lifestyle privileges comprised solely of airport lounge access and lifestyle event invites
- No specialised credit or debit card available for clients
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.
Pros
The CIMB Preferred Account's borderless banking features and robust regional presence will benefit those who spend significant chunks of their time in Malaysia and around the region.
Cons
Those with ties outside the region, or who often travel to cities outside of ASEAN will not be able to benefit as much.
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
- SingSaver Exclusive Rewards
- Get S$1,000 or an Apple iPad Air M3 13" WiFi 256GB (worth S$1,349) when you make a deposit of S$300,000 and opt in as an Accredited Investor.
- Alternatively, get S$500 when you deposit S$300,000.
- Enjoy additional S$200 Grab Voucher when you make a deposit of S$300,000 within the first 30 days from the date of account opening and maintain the funds until gift fulfilment.
- Enjoy additional S$200 Grab Voucher when you invest S$30,000 within 3 months from the date of account opening.
- Stackable Citi Rewards
- Enjoy $300 rewards when you become an accredited investor. T&Cs apply.
- Complete Investment Risk Profile and Fact Find Report and get S$100 cash. T&Cs apply.
- Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. T&Cs apply.
- Hold a valid primary/main Citi Credit Card and get a S$100 bonus cash reward. T&Cs apply.
- Take up a Citi Home Loan and get a S$500 bonus cash reward. T&Cs apply.
- Enjoy Citigold Preferential Time Deposit Rates of up to 2.70%* p.a. on a 3-month SGD Time Deposit. T&Cs apply.
- Citigold Exclusive Benefits and Privileges
- Enjoy up to 7.51% p.a. interest when you join Citigold and open a Wealth First account. T&Cs apply.
- Enjoy zero foreign transaction or currency conversion fees in over 15 currencies with Citibank Global wallet when you pay with your Citigold Debit Mastercard.
- Enjoy 0%* commission buy trades online for U.S. & Hong Kong markets for 6 months when you open a new Citibank Brokerage account.
- Get wealth management advice and solutions from a dedicated Relationship Manager and team of wealth specialists
- Receive in-depth global market insights and research knowledge from a team of over 350+ research analysts.
- Enjoy fully personalised wealth management solutions with Citigold's Total Wealth Advisor.
- Citigold status is maintained at Citibank branches overseas.
- Read our full review of Citigold
- What is an Accredited Investor?
- An Accredited Investor is someone who meets the requirements set out by the Monetary Authority of Singapore (MAS) and has opted in to be treated as an Accredited Investor by the bank. Accredited Investors generally have access to a wider range of investment products than non-Accredited Investors, and at the same time require less regulatory protection.
- How to be an Accredited Investor
- Start your wealth journey with Citigold and speak to your relationship manager.
- Advantages of an Accredited Investor
- Expand investment opportunities
- Enjoy access to a wider range of financial products and services, including more sophisticated products to meet your bespoke wealth needs.
- Access to a team of dedicated wealth experts
- You can count on a dedicated Senior Relationship Manager and a team of experts to help you grow your portfolio and partner you to achieve your wealth goals.
- Expand investment opportunities
- Eligibility for Accredited Investor
- Net personal assets exceeding S$2 million in value (or its equivalent in a foreign currency); or
- Financial assets (net of any related liabilities) exceeding S$1 million in value (or its equivalent in a foreign currency); or
- An income in the preceding 12 months of not less than S$300,000 (or its equivalent in a foreign currency)
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.
Pros
Thanks to Citibank's strong global presence, Citigold Private Client members can delight in their exclusive privileges anywhere they are in the world. Features like Citibank Global Wallet, Citibank Global Transfer and Global ATM Access make traveling for work and pleasure a breeze.
Cons
Citigold Private Client's AUM requirement of S$1.5 million and above is not something that most people can meet. But then, that's what exclusivity is for, isn't it?
SingSaver x Citigold Exclusive Offer
Get an Apple iPad Air (M3) 13" Wi-Fi 256GB 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 31 August 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
- Gain access to a dedicated Relationship Manager and team of Wealth Experts
- 3 DBS Treasures Centres available for clients islandwide
- Wide range of investment products available
- Fall-below fees for the DBS Multiplier are waived
- Enjoy various lifestyle and travel benefits via the DBS Lifestyle Privileges programme
- Accredited Investor status required
- S$50 monthly service fee if balance falls below S$200,000
- Manual enrolment required to access lifestyle privileges
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.
Pros
Turn a dreary work trip into a relaxing, even pleasant one with DBS Treasures Private Client's slew of travel privileges. Managed to score the uber exclusive DBS Insignia Visa Infinite Card? You'll earn 2 miles per dollar on overseas spend and 1.6 miles per dollar on local spend.
Cons
DBS Treasures Private Client's aura of exclusivity may be appealing to some, but to others, the lack of available information could prove to be annoying. Details like base and maximum annual interest rates will only be known to members of this prestigious club.
OCBC Premier Private Client
OCBC Premier Banking
- Get access to a dedicated Relationship Manager for investment advice and wealth planning
- OCBC Premier Banking Centres and priority queues at selected branches are available
- OneAdvisor Home portal allows you to easily search for homes in Singapore
- Preferential fees and charges are applicable to selected transactions
- Receive a complimentary OCBC Premier Visa Infinite credit card
- Lack of dedicated investment privileges
- Lifestyle benefits wholly tied to OCBC Premier World Elite debit card
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.
Pros
Savvy investors who bounce around Asian countries like Indonesia, Malaysia and Hong Kong will love the exclusive perks OCBC has to offer. They will also benefit from being able to exchange miles earned on their credit card for flights on any airline.
Cons
The additional requirement of Accredited Investor qualification makes it significantly harder to meet the eligibility requirements for the OCBC Premier Private Client account.
Standard Chartered Priority Private Banking
- Earn up to 7.68% p.a. on deposits with Bonus $aver for balances of up to S$100,000
- Gain access to a full suite of wealth solutions, seasoned advice, coupled with curated market insights to achieve your financial goals
- Tap on Standard Chartered international banking network across over 25 markets for all your financial needs
- Enjoy a suite of digital wealth and convenient banking solutions that allow you to bank or invest conveniently, wherever you are
SingSaver’s take
A step up from Standard Chartered Bank's Priority Banking status, Priority Private Banking offers investment solutions, legacy planning and more global experiences in comparison. A good upgrade for those who lead truly global lifestyles and who require more than just international banking privileges.
Pros
One of the biggest advantages of the Priority Private Banking account is the ability to link to Standard Chartered's other products, for added perks. Signing up for the Bonus$aver account, for example, will net you an interest rate of up to 6.05% on your account balance.
Cons
Lack of ability to transfer privileges to family members or spouses.
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
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.
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!
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.
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!
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.
Latest reads on premium bank accounts
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.