Standard Chartered Priority Banking Review (2023): Well-rounded Financial Services Suite with Nifty Online Tools

Alevin Chan

Alevin Chan

Last updated 19 December, 2022

Standard Chartered Priority Banking offers a well-rounded suite of financial services, covering global banking, wealth advice, and seamless portfolio management. Is this the private banking relationship you have been waiting for?

 

Standard Chartered Priority Banking focuses on empowering you, the client, to attain the financial goals you want. 

This philosophy is evident in many touch points - from the flexible methods of qualifying to the tailor-fit financial recommendations you’ll receive, fee-free global banking transactions,  enhanced reward points earn rate, and the ability to seamlessly communicate with your financial team at all times. 

Is this approach the best one for you, and should you sign up for Standard Chartered Priority Banking? Let’s take a closer look. 

Here’s what we’ll be covering in this article:   

  • Pros and cons of SC Priority Banking
  • Why should you choose SC Priority Banking?
  • For whom is SC Priority Banking best suited?
  • Fees and charges
  • What’s the eligibility criteria for SC Priority Banking
  • How do you apply?

Pros and cons of Standard Chartered Priority Banking

Pros Cons
Well-rounded suite of banking and financial services, including for cross-border transactions No bespoke insurance policies offered
Exclusive opportunities to earn reward points No waiver of annual fee for credit cards
Flexible and hassle-free, with useful online and mobile tools  
Tailor-fit recommendations, insight and advice to help you build your portfolio  
No fees for overseas ATM usage, free international money transfer  

Pros

All things considered, the main attractiveness of Standard Chartered Priority Banking lies in it being a well-rounded suite of financial and banking services. 

You’ll get access to three important aspects of wealth management: personalised financial recommendations by professionals, portfolio building and tracking online tools, as well as global banking services, which are refreshingly free of fees.  

Priority banking is also known for its perks and privileges, and here Standard Chartered defers to your own tastes and preferences. You will unlock exclusive opportunities to earn more reward points, which you can then spend as you please.

From now till 31 December 2022, you'll receive up to S$9,000 cash reward when you start a Priority Banking relationship with the bank as a new client. You'll also enjoy up to 3.5% p.a. promotional interest rate on SGD time deposit 

Cons

Now, on to the drawbacks. Standard Chartered makes insurance the main feature of their Priority Banking, but does not offer any bespoke insurance solutions. 

Instead, it defaults to retail products by third-party insurers. Hence, you might be better served speaking to your own financial adviser for your insurance needs. 

Another downside concerns the credit card annual fee - a mere one-year waiver for the Priority Banking Visa Infinite Card, which costs S$321 per year.

 

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Why should you choose Standard Chartered Priority Banking?

#1: Personalised wealth advice and recommendations

The whole point of signing up for private banking is to make your money work harder for you. In this regard, Standard Chartered does not disappoint.

You’ll be provided with personalised advice and insights through your Relationship Manager, who will work with you on your goals and aspirations. 

Facilitating your interaction is Standard Chartered’s My RM, an online service integrated with the Standard Chartered mobile banking app that ensures seamless communication at all times. You’ll be able to contact your financial team, send and receive messages and files, keep track of your investments, and review any actions needed. 

#2: Hassle-free and flexible

Compared to some other programmes, Standard Chartered Priority Banking is a tad more easy-going and flexible. 

You can apply as a member once you deposit and maintain at least S$200,000 in your bank account. Alternatively, you can also qualify if you take up at least S$1.5 million in home mortgages. 
This gives you greater choice in how you qualify for a Priority Banking relationship - if you prefer to keep your cash assets liquid, you can make use of your mortgage to qualify instead.

#3: Boosted reward points with 360° Rewards

Another perk of having a Priority Banking relationship is that you’ll qualify for Standard Chartered’s 360° Rewards programme. 

As the name suggests, this allows you to start earning reward points across a larger selection of banking activities, including mortgages, selected investments, and your current or savings account.

You’ll start earning reward points at a dramatically increased rate, which means you’ll be able to redeem rewards, perks and benefits sooner!

For whom is Standard Chartered Priority Banking best suited?

Standard Chartered Priority Banking is designed to offer a fuss-free, flexible way to enter the privileged world of private banking. To qualify, you need only deposit S$200,000, or take up at least S$1.5 million in housing loans with the bank. There is no minimum income requirement. 

As such, Standard Chartered Priority Banking is suitable for up-and-coming executives, professionals and entrepreneurs looking to keep their momentum going. The tailored advice and opportunities on offer should prove advantageous in this regard. 

Fees and charges

Here are the fees and charges you should take note of when applying for a Priority Banking relationship. For the complete list of Standard Chartered bank fees, refer to the Pricing Guide

  • Segment maintenance fee: S$50/mth
  • Credit card annual fees:
    • Priority Banking Visa Infinite - S$321 (free for first year)
    • Visa Infinite - S$588.50

What’s the eligibility criteria for Standard Chartered Priority Banking?

Qualifying for Standard Chartered Priority Banking is simply a matter of depositing sufficient funds, and holding them for long enough. 

There are two levels available: Priority Banking and Priority Private. See the table below for the qualifying conditions.

  Priority Banking Priority Private
Eligibility conditions Deposit and maintain at least S$200,000 in deposits or investments 

or

Maintain at least S$1.5 million in housing loans
Deposit and maintain at least S$1.5 million in deposits and/or investments

How do you apply?

Applying for Standard Chartered Priority Banking is very convenient. All you have to do is to initiate your application on the website. Standard Chartered will then contact you to guide you through the process. 

To apply for Priority Banking:

  1. Visit https://www.sc.com/sg/priority/
  2. Click on the ‘Start a New Relationship’ button. You will be brought to the online application portal.
  3. Follow the instructions and fill in the necessary information as prompted.
  4. Submit your application and wait for Standard Chartered to contact you.

To apply for Priority Private:

  1. Visit https://www.sc.com/sg/priority/priority-private/ 
  2. Click on the ‘Start a Priority Private Relationship’ button. You will be brought to the online application portal.
  3. Follow the instructions and fill in the necessary information as prompted.
  4. Submit your application and wait for Standard Chartered to contact you.

 

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.