Complete Guide to Best Singapore Priority Banking Account [2024 Guide]

Priority Banking is a premium banking segment that caters to the distinct needs of affluent individuals, setting them apart as VIP clients within a bank's customer base. In Singapore, the banking industry generally categorizes its customers into three main tiers: Personal Banking, Priority Banking, and Private Banking. Choosing Priority Banking means opting into an exclusive club where members are privy to a range of special privileges and services.

The journey into Priority Banking typically begins with an investable asset requirement ranging from $200,000 to $350,000, depending on the bank. This investment unlocks a suite of benefits tailored to the sophisticated needs of high-net-worth individuals. From dedicated relationship managers to access to exclusive banking channels and lifestyle perks, Priority Banking is about elevating your banking experience to match your financial aspirations. Our guide aims to navigate through the best Priority Banking accounts in Singapore, helping you find the perfect match for your wealth management needs.

Introduction to Priority Banking and How to Qualify for Priority Banking

At its core, Priority Banking is about elevating your banking experience to a level that goes beyond the conventional. As a Priority Banking customer, you gain access to a suite of benefits designed to complement your affluent lifestyle and sophisticated financial needs. 

These benefits often include higher interest rates on savings and deposits, advantageous foreign exchange rates, a dedicated relationship manager to assist with your financial planning, exclusive access to select wealth management products, and waivers on various banking fees such as account fall below fees. Essentially, Priority Banking offers a more personalized and rewarding banking relationship.

How to Qualify for Priority Banking?

Qualifying for Priority Banking is a matter of meeting a bank's specified criteria, primarily revolving around the Total Relationship Balance (TRB) you maintain with the bank. The TRB encompasses the total value of the liquid assets you have under the bank's management, including cash, investments, and insurance products.

In Singapore, the entry threshold for Priority Banking status typically ranges from S$200,000 to S$500,000, although this can vary widely between banks. 

Some institutions may offer Priority Banking privileges to customers with assets slightly below the six-figure mark, but such cases are more an exception than a standard.

Each bank brands its Priority Banking service differently—DBS calls it DBS Treasures, while Citibank refers to it as Citigold. Despite the different names, the essence of Priority Banking remains consistent: it's a program for those who are prepared to engage in more significant financial transactions with their bank, including a mix of cash, investments, and insurance.

What is Total Relationship Balance (TRB)

The concept of Total Relationship Balance (TRB) or Assets Under Management (AUM) is central to qualifying for Priority Banking. It's not just about having a large sum of money in your savings account; it's about how much you have invested and insured through the bank. This comprehensive approach encourages customers to not only save their money with the bank but also to grow their wealth and increase their insurance coverage through the same institution.

In return for maintaining their TRB or AUM within the required range, Priority Banking customers enjoy a myriad of financial and lifestyle benefits. These perks are part of the bank's strategy to reward their most valued clients and encourage them to continue renewing their Priority Banking membership annually, thereby fostering a mutually beneficial relationship between the bank and its affluent customers.

What are the Benefits of Priority Banking

Financial Benefits:

• Access to Wealth Experts or a Dedicated Relationship Manager: Priority Banking clients are assigned a dedicated Relationship Manager or have access to a team of wealth experts. These professionals offer tailored advice considering the client's personal situation and goals, facilitating the achievement of these goals more efficiently.
• Personalized Investment Insights: Clients receive personalized investment insights, enabling better decision-making for wealth accumulation. This is complemented by a more extensive range of financial services and products, offering enhanced opportunities for financial growth.
• Preferential Rates on Financial Products: Enjoy preferential rates on savings accounts, fixed deposits, and possibly better-than-market rates on mortgages. This is a strategy banks use to retain high-value clients by offering more attractive returns and loan conditions.

Lifestyle Benefits:

• Exclusive Discounts: Priority Banking members can look forward to discounts at select retailers and dining establishments, catering to the interests of shopaholics and foodies alike.
• Travel Perks: Frequent fliers benefit from discounted limousine transfers to the airport and preferential rates at hotels, making travel more comfortable and luxurious.
• Priority Queues and Dedicated Branches: Transactions can be conducted with greater privacy, comfort, and efficiency through priority queues or at dedicated Priority Banking branches, ensuring a superior banking experience.

Best Singapore Priority Banking Account

CIMB Preferred

CIMB Preferred Banking caters to affluent clients with a required Total Relationship Balance (TRB) of S$250,000, offering a blend of financial and lifestyle benefits without necessitating Accredited Investor status. This program assigns each client a dedicated Relationship Manager for tailored financial advice, supported by the CIMB Preferred Call Centre for all banking needs. Additionally, it offers a unique family banking program allowing members' families to enjoy similar perks. 

You can also benefit from high-interest savings opportunities like the CIMB StarSaver Account, which offers up to 3.50% p.a. interest. Other perks include complimentary airport lounge access, exclusive invitations to events, and special shopping and dining deals. 

Although there's only one CIMB Preferred branch in Singapore, located at the bank's main office, this ensures personalized and private service. Welcome Promotion 2024:

CIMB offers a Welcome Reward of S$800 for those who deposited S$250,000 to below S$1 million or S$3,000 for those who deposited S$1 million and above.

Citigold

Citigold by Citibank is more than just a priority banking service; it's a comprehensive package designed for those who take their wealth seriously. With a minimum investment or deposit of S$250,000, Citigold opens the door to a world of enhanced financial and lifestyle perks. You can get a warm welcome with numerous sign up rewards and can earn up to 3.70% per annum on 3-month SGD Time Deposits, showcasing Citigold's commitment to rewarding its clients. 

At the heart of Citigold is the personalized service provided by dedicated Relationship Managers and a team of financial experts. Whether you're looking into insurance options, mortgage advice, or building an investment portfolio, there's a specialist ready to guide you. For those looking to boost their savings, the Citi Wealth First account promises impressive interest rates, going as high as 7.51% p.a. 

But Citigold's appeal isn't confined to Singapore's shores. Its global presence means that, whether you're dining in Paris or shopping in Tokyo, your Citigold status follows, ensuring convenience and continued access to premium services worldwide. And it doesn’t stop at banking; members enjoy a slice of the good life with exclusive discounts and offers, like 12% off Agoda bookings and complimentary treats at select restaurants across Asia. 

Welcome Promotion 2024:

You will get to enjoy welcome rewards worth up to S$13,865 when you join Citigold.

DBS Treasures

DBS Treasures stands out with its high entry bar, requiring S$350,000 in investable assets plus Accredited Investor status. This exclusive club offers its members a broad spectrum of investment opportunities, backed by DBS's wealth experts. The priority service isn't just limited to financial advice; it extends across four exclusive DBS Treasures Centres in Singapore and enhances your experience at all DBS and POSB branches. 

But it's not all about the numbers. DBS Treasures also makes life more enjoyable with its Lifestyle Privileges Programme. From earning 4% cashback on your online food deliveries and local commutes to racking up 2.4 miles for every dollar spent overseas, the perks cater to both your financial and lifestyle needs. 

Welcome Promotion 2024:

You will get to enjoy welcome rewards worth up to S$17,200 when you join Citigold.

HSBC Premier

HSBC Premier makes elite banking accessible with its flexible qualification criteria. You can join by maintaining a Total Relationship Balance (TRB) of S$200,000, crediting a monthly salary of S$15,000, or taking a significant property loan in Singapore or Australia. What sets HSBC Premier apart is its family-centric approach. Not just focusing on your financial well-being, it extends its premier benefits to your spouse and children, ensuring that your entire family enjoys a unified banking experience. 

Beyond just managing wealth, HSBC Premier offers a suite of personalized services from relationship managers who assist with everything from legacy planning to tax advice. The program shines with its HSBC Premier Mastercard, linking lifestyle perks directly to your spending. Members and their families also enjoy global banking privileges like seamless fee-free money transfers and access to HSBC accounts in over 30 countries. 

Welcome Promotion 2024:

You can get rewards up to SGD18,000 when you join as a HSBC Premier customer.

Maybank Premier

Maybank Premier sets a high bar for entry with a minimum requirement of S$300,000 in deposits or investments, positioning it as a premium choice for discerning clients. Once you're in, the benefits start rolling in, notably with the chance to earn up to 8% p.a. on the first S$200,000 through the Premier Save Up programme. This level of return is compelling, especially when you consider that you don't need to be an Accredited Investor to enjoy these rates. 

Joining Maybank Premier means receiving personalized service from a dedicated Relationship Manager, ensuring your banking and investment needs are met with expert advice tailored just for you. But the perks aren't just about the numbers. Maybank Premier members indulge in a variety of lifestyle benefits that cover dining, golf, travel, and more, including exclusive event invitations and priority transaction services. 

With six Premier Wealth Centres spread across its network in Singapore, Maybank ensures that Premier customers always have access to premium services. Additionally, the Maybank Premier World Mastercard Card extends the realm of benefits further, offering a comprehensive suite of privileges that underscore Maybank Premier as not just a banking programme, but a lifestyle choice for those who qualify.

Welcome Promotion 2024:

You will also receive up to S$1,800 Cash Credit when you join Maybank Premier

 OCBC Premier

OCBC Premier Banking makes the elite club more accessible with a requirement of just S$200,000 in fresh funds, without needing Accredited Investor status. You can benefit from priority queues at select branches and personalized advice from OCBC's Wealth Panel, enhancing the banking experience. 

An exclusive perk for joining is the complimentary OCBC Premier Visa Infinite Credit Card, packed with its privileges. OCBC doesn't just focus on premium service; they also offer a broad range of investment opportunities, including Singapore’s first low-carbon ETF, and perks like zero fees for gold and silver investments, and fee-free overseas transfers in 18 currencies. 

Adding to the allure, OCBC Premier Banking offers up to 3.70% a year on your Premier Dividend + Saving when you deposit S$2,000 a month and make no withdrawals.

Welcome Promotion 2024:

You can receive up to S$13,650 when you start a Premier Banking relationship with S$350,000 in fresh funds.

Standard Chartered Priority

At Standard Chartered Priority Banking, you get a comprehensive package combining investments, savings, and lifestyle perks. With the Wealth$aver account, you can earn up to 5.0% annual interest and enjoy global banking ease across over 30 markets. You'll get preferential rates on the online equities platform, fee waivers on selected services, and can earn points through the 360 rewards program on everything from card spending to mortgages and deposits. 

Signing up gives you a Priority Banking Visa Infinite Credit Card, unlocking access to over 1,000 airport lounges worldwide without an annual fee if you maintain your Priority status. You'll also have a dedicated relationship manager and market research at your fingertips, ensuring your investment strategy is sharp and informed. 

Qualifying for this elite service requires S$200,000 in deposits/investments or a S$1.5 million housing loan, with no need for Accredited Investor status. It's a global, comprehensive banking service that extends its privileges to your family too, making your financial growth and comfort its priority.

Welcome Promotion 2024:

You will receive up to S$13,000 Cash Reward as a new-to-bank customer.

UOB Privilege

UOB Privilege Banking sets itself apart with the most accessible entry requirement among Singapore's top banks, asking for an Assets Under Management (AUM) of just S$100,000. No need to be an Accredited Investor here, making it a straightforward path to premium banking. 

Once you're part of UOB Wealth Banking, you'll find the perks on par with what DBS and OCBC offer. With seven dedicated Wealth Banking Centres across Singapore, priority service at branches, and a team including a dedicated Relationship Manager ready to tailor financial solutions for you, UOB ensures your banking experience is both personalized and exclusive. 

UOB Privilege Banking doesn't just focus on the financial; it extends into travel, dining, lifestyle, and even wellness benefits. Their Privilege Banking Card is a gem, offering 2 miles per dollar on overseas spending and up to 5 miles on bookings with selected partners. Plus, dining benefits like 1-for-1 buffets at premium restaurants add a layer of luxury to your lifestyle. 

To qualify for UOB Privilege Banking, you need an AUM of S$350,000. In return, you get preferential rates on financial products, exclusive event invitations, and access to lifestyle, education, and wellness advisory services. It's a comprehensive package that covers not just your financial growth but also enriches your lifestyle significantly.

Best Priority Banking Account Welcome Promotion

Best Priority Banking Account Fixed Deposit Rates

Looking for better returns without the hassle of minimum deposits? StashAway Simple Guaranteed steps in as an innovative option, offering competitive guaranteed returns without the constraints of traditional fixed deposit accounts. 

It's an attractive choice for anyone seeking flexibility and simplicity in managing their cash, free from the rigid tiered systems and deposit limits often seen in banking. Perfect for investors of all levels, StashAway Simple ensures your money works harder for you, with the ease of access that comes without any minimum or maximum deposit requirements.

StashAway Simple Guaranteed Interest Rates:

Best Priority Banking Account Preferential Interest Rates

Best Priority Banking Account Additional Rewards

Differences between Priority Banking and Private Banking

Priority Banking is designed for affluent individuals, typically requiring a lower minimum investment compared to Private Banking. It offers enhanced banking services, better interest rates, and access to a dedicated relationship manager. You'll enjoy perks like airport lounge access and priority service but within a framework that's still part of the broader retail banking environment. 

Private Banking, on the other hand, caters to the ultra-wealthy with significantly higher minimum investments. This service is about bespoke financial management and planning, offering access to exclusive investment opportunities and specialized financial advice. Private Banking clients receive highly personalized service, including estate planning, tax advice, and even art investment consulting. 

In essence, Priority Banking can be seen as a step up from standard banking services, providing added value through convenience and improved rates. Private Banking is a more exclusive domain, offering a suite of services tailored to the intricate financial needs of high-net-worth individuals.