Priority banking programmes dangle attractive welcome rewards to convince the wealthy to deposit their funds. Here are five of the best on offer.
Being made for the wealthy, priority banking programmes unsurprisingly have high eligibility criteria. To qualify requires at least several hundred thousands, and these must be fresh deposits to boot.
To convince high-net-worth clients to deposit their funds, banks are dangling attractive sign-up promotions that promise to make it worthwhile.
Here are five of the best priority banking welcome rewards currently on offer.
Related to this topic: Priority Banking In Singapore: How Does It Help To Grow Your Wealth?
How to qualify for priority banking welcome rewards
The priority banking welcome rewards highlighted in this article are generally only for new customers.
This means you do not have a prior priority banking relationship with the bank for typically six months to a year.
Also, while there are some eye-popping welcome rewards being dangled out there, getting the entire advertised sum will take some effort.
This may range from making multiple deposits across different banking products and services to fulfilling criteria such as referring friends and family, crediting your salary, and satisfying spending or investment thresholds.
While it may be tempting to “get ‘em all”, you should also consider the opportunity cost of making the required deposits just to qualify for the full welcome reward.
5 Priority Banking programmes with attractive welcome rewards
|
Priority Banking provider |
Welcome rewards |
|
Up to S$3,000 |
|
|
Up to S$13,865 |
|
|
Up to S$17,200 |
|
|
Up to S$28,800 |
|
|
Up to S$13,000 |
CIMB Preferred
To qualify: S$250,000
CIMB Preferred is offering up to S$3,000 in welcome rewards when you open a CIMB Savings/Current Account and deposit a minimum of S$250,000 in fresh funds. You'll also earn an interest rate of up to 3.50% p.a. with no multiple conditions. However, note that this promo isn't stackable with SingSaver's.
|
Total Relationship Balance (TRB) |
Welcome Gift |
|
S$1 million |
S$3,000 |
|
S$250,000 to below S$1 million |
S$800 |
Here's the interest rate you can earn when you open a CIMB StarSaver Account:
|
Account balance |
Interest/profit rates (p.a.) |
|
First S$100,000 |
1.5% |
|
Next S$150,000 |
2.5% |
|
Above S$250,000 |
3.5% |
And this is the interest you can earn when you open a CIMB FastSaver Account:
|
Account balance |
Interest/profit rates (p.a.) |
|
First S$100,000 |
1.5% |
|
Next S$150,000 |
2.5% |
|
Above S$250,000 |
3.5% |
Related to this topic: Priority Banking vs Private Banking: What You Enjoy When You Cross The Last Hurdle
Citigold
To qualify: S$250,000
For Citigold, there is a total of up to S$13,865 in welcome rewards.
To be eligible for the entire sum, here’s what you need to do:
|
Action |
Reward |
|
Deposit S$850,000 in fresh funds into your Citi Wealth First Account |
S$1,750 Fresh Funds Reward |
|
When you purchase S$700,000 of investments and/or insurance |
S$4,200 Wealth Bonus Reward |
|
When you successfully complete your investment Risk Profile and Fact Find Report |
S$100 Wealth Starter Reward |
|
When you hold a Citi Credit Card, take up a Citi Home Loan, and maintain your Citigold relationship for 12 months |
S$1,760 additional cash rewards |
|
When you place S$100,000 in fresh funds, spend S$300 monthly on your Debit Card, increase the monthly average daily balance form the previous month by > S$3,000, take up a home loan, and hold investment/insurance |
S$6,055 interest on your Citi Wealth First Account |
You can also enjoy a promotional interest rate of up to 3.6% p.a. on a 3-month SGD Time Deposit.
However, note that the above rewards will not be applicable in conjunction with the SingSaver exclusive offer.
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⚡Flash Deal⚡: Be one of the first 2 applicants daily at 12pm with at least a minimum loan amount of $15,000, and SingSaver will cover your 1st year’s interest (up to S$400) on top of existing rewards. Valid till 1 May 2024. T&Cs apply.
Singsaver Exclusive Offer: Receive the following rewards when you apply for an SCB CashOne Personal Loan:
New Customers: Receive an Apple iPhone 15 128GB (worth S$1,311) or an AirWheel SE3T Luggage (worth S$1,167) or an Apple iPad 10th Gen 10.9 64 GB (worth S$691.60) or an Ergotune Joobie (worth S$599) or a Nintendo Switch Gen 2 (worth S$399) or up to S$1,040 Cash upon loan approval when you apply for a minimum loan of S$8,000 with a tenure of 3 to 5 years. Valid till 30 April 2024. T&Cs apply.
Existing Customers: Receive up to S$520 Cash upon loan approval when you apply for a minimum loan of S$8,000 with a tenure of 3 to 5 years. Valid till 30 April 2024. T&Cs apply.
Plus, enjoy up to S$4,100 cashback when you apply for a min. loan of S$10,000 with a tenure of 3 to 5 years. Valid till 30 April 2024. T&Cs apply.
⚡Flash Deal⚡: Get an extra S$200 cash on top of an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or an Apple Products Bundle [Apple iPad Air (5th Generation) 10.9" WiFi 256 GB + Apple Magic Keyboard + Apple Pencil (2nd generation)] (worth S$1,779.50) or S$1,500 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Valid till 2 May 2024. T&Cs apply.
Applicable to new-to-bank only (i.e. users with no Citigold or Current and Savings Accounts). If a user has applied for Citi Credit Card or Personal Loan, they will still be eligible.
Plus, score over S$2,460 bonus cash when you maintain your Citigold relationship and fulfil the following qualifying criteria (T&Cs apply):
- Complete an Investment Risk Profile and Fact Find Report and get S$100 cash
- Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward.
- Take up a Citi Home Loan with min. loan size of S$800,000 within 3 months of account opening and get a S$500 bonus cash reward.
- Purchase S$100,000 worth of investments and/or insurance from Citibank to enjoy a S$600 bonus cash reward.
- Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward.
DBS Treasures
To qualify: S$350,000
DBS Treasures offers the highest welcome rewards of up to S$17,200. This is composed of several rewards, as follows:
|
Action |
Reward |
|
Deposit fresh funds of S$1 million into your DBS Savings Account |
S$7,000 |
|
Opt-in as an Accredited Investor to access investment solutions |
S$1,000 |
|
Invest S$500,00 in unit trusts |
S$4,100 |
|
Purchase a single-premium insurance policy worth S$500,000 |
S$1,500 |
|
Refinance a home mortgage of S$1.5 million |
S$3,600 |
In effect, you’d need to sink in at least S$1 million with the bank and jump through a few hoops to receive S$17,700 in rewards.
But that doesn’t mean you’d have to be a millionaire to qualify for DBS Treasures. In fact, you can get rewarded with up to S$8,000 cash when you deposit a minimum of S$350,000 to your account and declare Accredited Investor with DBS Treasures.
|
Fresh funds deposit amount |
Cash gift |
|
At least S$350,000 |
S$1,800 |
|
At least S$500,000 |
S$3,000 |
|
At least S$1,000,000 |
S$7,000 |
Plus, you'll get an additional S$1,000 if you opt-in as an Accredited Investor.
Standard Chartered Priority
To qualify: S$200,000
You can get up to S$13,000 welcome cash rewards when you sign up as a Standard Chartered Priority customer.
|
Total value of fresh funds placed or maintained in eligible deposits and/or eligible investments within three calendar months of Wealth $aver Account and Priority Banking Visa Infinite Credit Card opening |
Cash reward |
|
Deposit fresh funds of S$200,000 to <S$1 million |
S$1,000 |
|
Deposit fresh funds of S$1 million to <S$1.5 million |
S$4,000 |
|
S$1.5 million and above and also sign up as a Priority Private client and consents to be treated as an Accredited Investor (where applicable and as determined by the Bank in its sole and absolute discretion) |
S$7,000 |
You'll also receive additional cash rewards of S$200 for every S$100,000 (or equivalent in foreign currencies) investment products with the bank (eligible unit trusts, bonds, and structured products) in a single day, capped at S$6,000.
Additionally, you can enjoy an interest rate of up to 5.00% p.a. on your Wealth $aver Account, and up to 3.30% p.a. on time deposits (for six months).
SingSaver's Exclusive Offer: Be one of the 3 winners to win an Apple iPad Pro 11" Wifi 128GB (worth S$1,272.30) when you open a Standard Chartered Wealth $aver account and start a Priority Banking relationship with a minimum S$200,000 in Eligible Deposits or Eligible Investments & maintain it for 3 months, complete a Financial Needs Analysis (FNA) and upgrade to Priority Banking. Valid till 30 April 2024. T&Cs apply.
HSBC Premier
To qualify: S$200,000
Next up, we have HSBC Premier, which promises a total welcome package of S$28,800.
|
HSBC Premier customers |
Eligibility criteria |
|
Premier Welcome Reward for incremental fresh funds |
Tier 1 - S$1,600 cash credit with an incremental TRB of S$300,000 in fresh funds and complete a Goal Planner Report with your Relationship Manager. Or Tier 2 - S$3,800 cash credit with an incremental TRB of S$300,000 in fresh funds and purchase a minimum of S$100,000 (or foreign currency equivalent) in eligible wealth or insurance products. |
|
Premier Mastercard Credit Card Sign Up Promotion |
Choose either a Samsonite ZELTUS 69cm Spinner Exp with built-in scale, or S$150 cashback, when you spend at least S$1,000 and provide marketing consent upon applying. Existing cardholders will still be eligible for S$50 cashback. Other T&Cs apply. |
|
Everyday Global Account |
Get 1% cashback when you spend with your HSBC Everyday Global Debit Card, HSBC credit card or make a GIRO payment (capped at S$500) |
|
Premier Referral Programme Promotion |
up to S$3,300 |
Note that you need to have a minimum of S$300,000 in TRB to qualify for the cash credit rewards.
Related to this topic: Have Enough Money To Jet Off to Space? 5 Signs You’re Ready For Priority Banking
⚡Flash Deal⚡: Get an extra S$200 cash on top of an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or an Apple Products Bundle [Apple iPad Air (5th Generation) 10.9" WiFi 256 GB + Apple Magic Keyboard + Apple Pencil (2nd generation)] (worth S$1,779.50) or S$1,500 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Valid till 2 May 2024. T&Cs apply.
Applicable to new-to-bank only (i.e. users with no Citigold or Current and Savings Accounts). If a user has applied for Citi Credit Card or Personal Loan, they will still be eligible.
Plus, score over S$2,460 bonus cash when you maintain your Citigold relationship and fulfil the following qualifying criteria (T&Cs apply):
- Complete an Investment Risk Profile and Fact Find Report and get S$100 cash
- Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward.
- Take up a Citi Home Loan with min. loan size of S$800,000 within 3 months of account opening and get a S$500 bonus cash reward.
- Purchase S$100,000 worth of investments and/or insurance from Citibank to enjoy a S$600 bonus cash reward.
- Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward.
Should you sign up for priority banking?
Yes – but not simply because of the welcome rewards.
You should consider if the priority banking programme is a close match for your financial goals and objectives, and if the platform will help you in a concrete manner.
At a very basic level, all priority banking programmes have similar offerings, such as
- Dedicated service managers or teams
- Preferential interest rates
- Fees that are lower or waived
- Premium credit cards
- VIP or elevated treatment
- Lifestyle perks and exclusive invites
However, while these privileges are nice to have, the main purpose of priority banking is to accelerate the growth of your wealth – or at least, to have it properly managed by experienced professionals.
The extent to which each priority banking programme can do this for you will pretty much depend on what banking products and services are offered, as well as the type of opportunities and markets that you can access as a customer.
Hence, you should carefully evaluate the platforms you’re interested in to see how each one could potentially help you, both in the short and long term.
In any case, you can – and should – arrange a call or meeting to find out exactly how a priority banking programme can help you achieve your financial goals before signing up for an account.
⚡Flash Deal⚡: Get an extra S$200 cash on top of an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or an Apple Products Bundle [Apple iPad Air (5th Generation) 10.9" WiFi 256 GB + Apple Magic Keyboard + Apple Pencil (2nd generation)] (worth S$1,779.50) or S$1,500 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Valid till 2 May 2024. T&Cs apply.
Applicable to new-to-bank only (i.e. users with no Citigold or Current and Savings Accounts). If a user has applied for Citi Credit Card or Personal Loan, they will still be eligible.
Plus, score over S$2,460 bonus cash when you maintain your Citigold relationship and fulfil the following qualifying criteria (T&Cs apply):
- Complete an Investment Risk Profile and Fact Find Report and get S$100 cash
- Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward.
- Take up a Citi Home Loan with min. loan size of S$800,000 within 3 months of account opening and get a S$500 bonus cash reward.
- Purchase S$100,000 worth of investments and/or insurance from Citibank to enjoy a S$600 bonus cash reward.
- Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward.
Read these next:
Best Ways to Grow Your Wealth Through Priority Banking
A Full Guide To Priority Banking In Singapore
Citigold Review (2023): An Abundance Of Wealth Solutions For The Well-Heeled
Privilege Banking: What’s In It For You and Your Money
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