Priority Banking 2024 – Which Bank Offers the Best Welcome Rewards?

Alevin Chan

Alevin Chan

Last updated 27 February, 2023

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

CIMB Preferred

Up to S$3,000 

Citigold

Up to S$13,865  

DBS Treasures

Up to S$17,200

HSBC Premier

Up to S$28,800

Standard Chartered Priority

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.   

 

⚡Flash Deal⚡: Get up to S$500 bonus e-capitaV cash vouchers on top of existing rewards when you take a min. loan of S$15,000. Remaining approved applicants will enjoy SingSaver’s Exclusive Offer. Valid till 24 May, 12nn to 6 June 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 a Dyson Purifier Cool Air Purifier TP07 (worth S$909) or an Apple iPad 10th Gen 10.9 64 GB (worth S$691.60) or a Dyson V8 Slim Fluffy (worth S$509) 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. Valid till 30 June 2024.  T&Cs apply.

Existing Customers: Receive up to S$520 Cash via PayNow 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 June 2024. T&Cs apply.

Plus, enjoy up to S$4,100 cashback when you apply for a min. loan of S$12,000 with a tenure of 3 to 5 years. Valid till 31 May 2024. T&Cs apply.


 

Citigold Tactical 50_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Get an Apple iPhone 15 Plus 256GB (worth S$1623.85) or S$1,200 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. Also, apply through SingSaver and enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024. T&Cs apply.

Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

  • Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
  • Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
  • Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of S$800,000 within 3 months of account opening
  • Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank

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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). 

 

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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.

or

Tier 3 - S$6,800 cash credit
sign up with Premier Elite service with at least S$1,200,000 incremental TRB in fresh funds. You must be an existing accredited investor or opt-in to be an accredited investor, and complete a Goal Planner Report with your Relationship Manager.

or

Tier 4 - S$18,000 cash credit sign up with Premier Elite service with at least S$1,200,000 incremental TRB in fresh funds, purchase a minimum of S$200,000 (or foreign currency equivalent) in eligible wealth or insurance products and be an existing accredited investor or opts in to be an accredited investor.

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)

Get 1% p.a. bonus interest on incremental SGD Average Daily Balance on your Everyday Global Account (capped at S$300)
Receive a one-time bonus cash reward of SGD300 for maintaining an average balance of SGD200,000 for 6 consecutive months from the time you sign up

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


Citigold Tactical 50_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Get an Apple iPhone 15 Plus 256GB (worth S$1623.85) or S$1,200 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. Also, apply through SingSaver and enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024. T&Cs apply.

Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

  • Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
  • Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
  • Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of S$800,000 within 3 months of account opening
  • Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank

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.

 

Citigold Tactical 50_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Get an Apple iPhone 15 Plus 256GB (worth S$1623.85) or S$1,200 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. Also, apply through SingSaver and enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024. T&Cs apply.

Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

  • Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
  • Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
  • Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of S$800,000 within 3 months of account opening
  • Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank

 

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

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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