If you’re in Singapore and you have money, then your relationship with your bank can be more than just the basic savings account and entry-level credit cards.
If you have serious amounts of cash then you are privy to special perks with what’s called “priority banking” accounts.
While there are various tiers to what’s classed as priority banking in Singapore, given the affluence of many individuals in the city state, the starting point for many financial institutions is set at S$250,000 – S$350,000.
That means individuals must have a total relationship balance (TRB) – so savings, investments, various financial products etc. – with a bank of at least this amount. However, higher tiers of priority banking can require a TRB of at least S$500,000.
With a priority banking account at this level, there also come a variety of added benefits. So, here are the best priority banking accounts – along with their benefits – in Singapore for those who have a TRB of at least S$500,000.
DBS Treasures Private Client
Let’s start with Singapore’s biggest bank – DBS – and its entry-level priority banking service; DBS Treasures.
With a required minimum TRB of S$1.5 million, clients of this priority banking service can enjoy benefits such as a dedicated relationship manager (RM) and access to exclusive investment opportunities.
Beyond that, you’ll have access to a 24-hour wealth management service that will cater to your every desire in the wealth space.
Of course, lifestyle privileges are a large part of the appeal here and DBS Treasures Private Client offers individuals specially-curated experiences such as exclusive luxury events or tailored menus at Michelin-starred restaurants. Other perks include exclusive DBS Treasures lounges at Changi Airport Terminals 2 and 3 as well as a dedicated airport limousine service.
Currently, the priority banking service is offering individuals the opportunity to earn up to S$15,500 by meeting certain criteria, like opening a wealth management account and depositing S$1 million in fresh funds to buy unit trusts.
OCBC Premier Private Client
Next up is OCBC Premier Private Client, which requires individuals to have investible assets of S$1.5 million in order to open an account.
Similar to DBS, OCBC also offers dedicated RMs and wealth advisors that can help clients determine the best investment strategy for their situation. They can also enjoy preferential rates on overseas transfers and special investment services, like gold and silver buying as well as storage.
In terms of curated experiences, clients of OCBC Premier Private Client can enjoy invitations to special exclusive events while also enjoying unlimited airport transfers from their home to Singapore Changi Airport.
Other special perks include the ability to redeem VOYAGE miles – with no blackout dates – on OCBC’s special higher-tier credit card.
Citigold Private Client
Finally, rounding out the list for those priority banking services that require at least S$500,000 in terms of TRB/total investible assets is Citigold Private Client. Citi actually has a lower-tier service called simply Citigold that requires “only” S$250,000 in TRB.
So, Citigold Private Client is much more demanding in that it requires clients to have a minimum TRB of S$1.5 million, similar to the higher-tier offerings from DBS and OCBC.
For clients of Citigold Private Client, they can enjoy a dedicated senior RM and team of experts that are there to help manage their portfolio and financial goals. As usual, the Citigold Private Client service also gives individuals exclusive access to invitation-only events as well as travel benefits and lifestyle privileges.
In terms of access to investment tools, Citigold Private Client also grants access to insights from its 350+ analysts worldwide. Banking wise, clients can enjoy zero foreign transaction or currency conversion fees on over 150 currencies if they pay with the Citigold Debit Mastercard.
Notable Exclusions And Alternatives In Singapore
As readers can see, priority banking services in Singapore that require a minimum TRB of S$500,000 are few and far between. One of the surprising omissions is UOB, which has its UOB Privilege Banking tier – requiring a TRB of S$350,000 – but no private banking tier higher than that.
In that sense, it’s the only one of the “Big Three” Singapore banks that doesn’t have a higher-tier private banking service. Other large banks with priority banking offerings include the likes of HSBC, Standard Chartered, and Maybank but their minimum TRB requirements vary from S$250,000 to S$350,000.
Other potential inclusions in the list would be UBS Wealth Management, which actually deals with clients with at least US$2 million (S$2.7 million) in investible assets.
They can also help clients tailor investments, meet financing needs, and help with insurance requirements. However, UBS caters more to ultra-high net worth individuals and isn’t a traditional bank with the array of typical banking services offered by the others.
Read Also: Ultra-High Net Worth Credit Cards In Singapore And How Are They Different From Regular Cards
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