SCB Priority vs. UOB Privilege Banking: Priority Banking in Singapore

Standard Chartered Priority and UOB Privilege Banking have markedly different entry points. The former requires just S$200,000 to qualify, while for the latter, you’d need at least S$350,000. 

With such a gap, it’s safe to say that both programmes are aimed at different segments of the market, an assumption further borne out when considering the mix of services offered by each platform. 

But besides wealth level, what other differences are there between these two popular priority banking programmes in Singapore?

Both Standard Chartered Priority and UOB Privilege are priority banking programmes aimed at high-income earners in Singapore. Both platforms promise to help clients grow and protect their wealth through wealth advisory and management services, digital tools, personalised insights, and access to exclusive investment opportunities and banking products.  

There are also a slew of lifestyle privileges and rewards customers can enjoy, including elevated banking experiences, preferential interest rates, special promotions, and exclusive lifestyle events. Customers are offered premium credit cards with high-level perks, including accelerated points earn rates, concierge services, airport lounge access and other benefits. 

Both programmes have a similar sign-up process: Simply deposit and maintain the minimum account balance required, and indicate your interest by way of email, phone call or online form.

Minimum qualifying deposit

Of the two, Standard Chartered Priority has a lower barrier to entry. You can sign up just by depositing a minimum of S$200,000 in fresh funds. Alternatively, you can maintain at least S$1.5 million in housing loans with the bank.

Meanwhile, UOB Privilege Banking requires you to maintain at least S$350,000 in deposits and/or investments with the bank to qualify. This sum can also be maintained in a foreign currency. 

Credit card benefits (and annual fees)

Customers of Standard Chartered Priority can apply for the Priority Visa Infinite Credit Card, which offers an accelerated earn rate of the bank’s 360° Rewards points. 

Besides earning 2.5 points per S$1 spent, customers will also be rewarded points based on their account balances for savings accounts, fixed deposits, investments and mortgages. This means you can passively rack up points just for maintaining your banking relationship, and actively using your card will help you accumulate points even faster. 

UOB Privilege customers, on the other hand, can apply for the UOB Privilege Banking Card. This card functions more like a traditional air miles card, allowing holders to earn 1.2 miles per S$1 spent locally, and 2 miles per dollar spent on luxury brands and overseas transactions. 

You’ll also receive 60,000 air miles upon paying the card’s annual fee – which sits at a cool S$1,994 (first year waived). In contrast, the Standard Chartered Priority Visa Infinite Credit Card has an annual fee of S$327 (first year waived). 

Area of focus

Standard Chartered Priority’s range of services seems to be more tightly focused on investment and wealth growth. Customers can access in-depth market insights, personalised investment planning, and portfolio management tools to track their financial goals. 

UOB Privilege Banking, too, offers a similar suite of investment and wealth services. However, it goes beyond wealth advisory services, providing customers with travel and medical concierge services, as well as overseas education advice via the bank’s partner consultant.

Now that you have an idea of what two priority banking programmes in Singapore offer, you may be wondering what your options are. Take a look at our top recommendations below:

SingSaver’s take

Standard Chartered Priority Banking suits individuals who are looking for both wealth management and spending rewards with no annual fee. It offers comprehensive wealth management, global banking, and exclusive lifestyle perks for those with a minimum of $200,000 in assets. Benefits include a dedicated Relationship Manager, unlimited 1% cashback with the Wealth $aver debit card, and up to 7.68% p.a. interest with the Bonus$aver account (if criteria are met).

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SingSaver’s take

UOB Privilege Banking is the right choice for you if you are looking for a wealth management solution that also focuses on areas beyond growing wealth. This includes your family, education and lifestyle needs. This priority banking programme offers insights pertaining to each of these individual areas, putting you in a good place to reach both your personal and financial goals.

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SingSaver’s take

This priority banking programme is ideal for individuals seeking comprehensive wealth management services, and clients who are interested in global banking and investment opportunities. In addition, you are able to maintain your Citigold status worldwide, ensuring that you can transact with privacy and efficiency no matter where in the world you are.

Read full review

Well, if you’re looking to dip your toes into priority banking without committing too much funds, the lower qualifying amount of Standard Chartered Priority will make it the better choice. 

Assuming you’re in the market for either programme, Standard Chartered Priority offers just investment advisory services, which is perfectly ok if that’s all you’re looking for. Plus, there’s the potential to receive cash rewards, which aligns with your overall goal. 

But if you’re seeking lifestyle and family services – on top of wealth advisory and management – then UOB Privilege Banking will likely offer a more well-rounded experience between the two.

If you find that neither of these priority banking programmes are quite what you are looking for, you have plenty of other options, including 

Compare best priority banking accounts