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Top 5 Priority Banking Services in Singapore: A Comprehensive Guide

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Priority banking is evolving to cater to a wider audience, including the aspiring affluent in their 20s and 30s, as highlighted by Channel NewsAsia. This shift highlights the growing importance of personalized financial advice and services for achieving diverse goals, from travel to early retirement. 

With a minimum of S$200,000 in assets, more people can now access these privileges. The digital revolution in banking enhances the client experience, allowing for seamless interaction with advisors and a comprehensive approach to wealth management. 

This article provides insights into the top offerings, selection criteria, and tips for qualifying for these exclusive services.

Criteria for Selection

Choosing the best priority banking services involves a careful analysis of various factors that contribute to an exceptional banking experience. Here’s a breakdown of the criteria we considered:

  • Minimum Deposit Requirements: The threshold amount required to qualify for priority banking services is a crucial factor. We’ve looked at banks with varying minimum deposit requirements to cater to a diverse range of clients.
  • Benefits and Services Offered: A comprehensive suite of services is what sets priority banking apart. We’ve evaluated the range and quality of benefits such as personalized wealth management, exclusive investment opportunities, and dedicated relationship managers.
  • Welcome Rewards: To sweeten the deal, many banks offer attractive welcome rewards for new priority banking clients. We’ve considered the value and appeal of these incentives in our selection.

Top 5 Priority Banking Programmes in Singapore

At a Glance

Priority Banking Programme Best 3 Features Promotion Qualifying Criteria Max. Annual Interest Rate
DBS Treasures
  • Relationship Manager and Range of Investment Products
  • Expertise and Access with Market Insights
  • DBS Private Access and Travel Benefits
Get up to S$17,200 with Fresh Funds Deposit, Financial Profile Completion, AI Status Declaration, and Wealth Product Purchase
  • Maintain a TRB of at least S$350,000
  • Accredited Investor status
0.05%
Standard Chartered Priority Banking
  • Wealth Management and International Banking
  • Attractive Interest Rates and Preferential Fees
  • 360° Rewards and Complimentary Priority Pass™ Access
Up to S$13,000 cash reward, up to 7.88% p.a. interest with Bonus$aver and Wealth $aver Maintain a minimum of S$200,000 in deposits and/or investmentsMaintain a minimum of S$1.5 million in housing loans 7.88%
Citigold
  • Team of Experts and Global Market Insights
  • Holistic Wealth Management and Preferential Rates
  • Exclusive Privileges and Citigold Debit Mastercard®
Exclusive welcome rewards, boost savings with bonus interest Minimum of S$250,000 (AUM) 7.51%
UOB Privilege Banking
  • Tailored Wealth Advice and Concierge Services
  • Bespoke Lifestyle Privileges and Privilege Banking Centres
  • Medical and Travel Concierge
Up to 3.40% p.a. interest for three months on incremental fresh funds balance Maintain at all times a minimum required monthly cash deposit and/or investment balance of S$350,000 0.05%
HSBC Premier
  • Wealth Advisory and Tools
  • Worldwide Premier Status and Global Connectivity
  • Premier Family Banking and Education Support
Up to SGD28,800 in welcome gifts, Premier Promotional Time Deposit Rate, Everyday+ Rewards Programme Minimum of S$200,000 (TRB) in deposits, investments, and/or insurance Up to 4.6%

The top 5 priority banking services in Singapore each offer a unique blend of features and benefits to cater to the affluent market. 

  • DBS Treasures stands out with its Accredited Investor status requirement, providing exclusive access to expertly managed investment solutions and lifestyle perks like DBS Private Access lounges. 
  • Standard Chartered offers a lower entry point with a minimum of S$200,000 in deposits or investments and shines with its high maximum interest rate of 7.88%.
  • Citigold sets itself apart with a focus on holistic wealth management, offering preferential rates and a suite of exclusive privileges, including access to a global network of experts. 
  • UOB Privilege Banking emphasizes personalized advice and concierge services, catering to clients’ lifestyle and travel needs, while HSBC Premier offers a comprehensive package with worldwide Premier status, family banking benefits, and a strong focus on digital wealth management tools.

dbs treasures private client

1. DBS Treasures: Best for personalized investment strategies and exclusive lifestyle perks

DBS Treasures offers a premium priority banking experience, providing clients with a wealth of expertise and a comprehensive suite of investment solutions. With round-the-clock access to opportunities, DBS Treasures ensures that you’re always positioned to make the most of your wealth.

To qualify for DBS Treasures, clients must meet a Total Relationship Balance (TRB) requirement of S$350,000 and achieve Accredited Investor status. Clients benefit from an array of perks designed for Accredited Investors, encompassing personalized financial advice, pre-arranged portfolios, and expertly managed investment solutions.

Qualifying Criteria:

  • Maintain a TRB of at least S$350,000
  • Accredited Investor status

Key Features:

  • Relationship Manager: A bespoke relationship manager, accompanied by a specialized team, will offer tailored financial guidance on your investment strategies and estate planning.
  • Range of Investment Products: From bonds and funds investments to equity trading and more, DBS Treasures offers a diverse array of investment options, tailored to meet your financial goals and investment preferences.
  • Lifestyle and Travel Benefits: Elevate your lifestyle with DBS Treasures’ suite of privileges, including travel perks, lifestyle experiences, and banking conveniences designed to complement your journey to success.
  • Expertise and Access: Gain insights from a dedicated team of wealth managers, product specialists, and portfolio managers, empowering you to capitalize on opportunities anytime, anywhere.
  • Market Insights and Digital Capabilities: Stay ahead with real-time market insights and digital tools that enable you to manage your wealth effortlessly.
  • DBS Private Access: Indulge in the exclusivity of DBS Private Access, featuring lounge access, limousine transfers, and a 24-hour concierge service, by invitation only.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: 0.05%

Travel and Lifestyle Benefits:

  • Exclusive Events for Networking: Exotic lifestyle soirees and dining experiences. Curated golf events and more for unique networking opportunities.
  • DBS Private Access Lounges: Conveniently located at Singapore Changi Airport Terminal 3 and Terminal 2. You can enjoy signature Asian services and savor a popular menu of specially selected Asian cuisine.
  • 24/7 Self-Service Bank Lobby: Address last-minute banking needs anytime at the DBS 24/7 self-service lobby, available at the Terminal 3 lounge.
  • Priority Check-In Service: Experience hassle-free travel with priority check-in directly to the immigration area. Simply present your DBS Private Access digital membership card when traveling on select airlines.

Promotions:

Get up to S$17,200 when you get started with DBS Treasures. Here’s how to qualify:

  • Deposit Fresh Funds: Transfer at least SGD350,000, SGD500,000, or SGD1,000,000 from outside DBS/POSB to your DBS/POSB CASA, linked to your DBS Treasures account. Maintain this deposit for 3 months to qualify, ensuring it boosts your total AUM. Transfers from within DBS/POSB, or used in other promotions, do not qualify.
  • Complete Your Financial Profile: Work with your DBS Treasures Relationship Manager to finalize your financial profile.
  • Declare AI Status (Optional): Optionally, declare your Accredited Investor status with DBS Treasures.
  • Purchase Eligible Wealth Products: Buy at least SGD100,000 in wealth products using the Fresh Funds by 30 April 2024 to qualify for the offer.

Take a look at this illustration from DBS Treasures on how to enjoy rewards

dbs treasures promotion

standard chartered priority private

2. Standard Chartered Priority Banking: Best for high-interest rates and comprehensive wealth management services

Standard Chartered Priority Banking offers a comprehensive priority banking experience, designed to cater to your wealth management needs. With access to a full suite of wealth solutions, international banking, and seamless banking services, SC Priority Banking ensures that possibilities are everywhere for you.

Qualifying Criteria:

  • Maintain a minimum of S$200,000 in deposits and/or investments, or maintain a minimum of S$1.5 million in housing loans with SC.

Key Features:

  • Wealth Management: Benefit from seasoned advice and curated market insights to achieve your financial goals.
  • International Banking: Leverage our global banking network to diversify your portfolio and enjoy global priority status across all your accounts.
  • Seamless Banking: Experience convenient banking solutions that allow you to bank or invest effortlessly, wherever you are.
  • Attractive Interest Rates: Grow your balance with exclusive interest rates of up to 5.00% p.a. with Wealth $aver priority banking account, available only for Priority Banking clients.
  • Preferential Fees and Charges: Enjoy preferential rates on our online equities platform, plus waivers on selected fees and charges.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: 7.88%

Travel and Lifestyle Benefits:

  • 360° Rewards: Earn points on all your banking relationships, with the flexibility to redeem them for various rewards.
  • Complimentary Priority Pass™ Access: Enjoy free access to over 1,000 airport lounges worldwide with your Priority Banking Visa Infinite Credit Card.
  • APEC Business Card: Get fast-track access through designated APEC lanes and fee reimbursement for your APEC business card application.
  • Birthday Treats: Celebrate your birthday with a variety of special offers and experiences.

Promotions:

New-to-bank customers can receive up to S$13,000 cash reward, up to 7.88% p.a. interest with Bonus$aver, and up to 5.00% p.a. interest with Wealth $aver. To qualify:

  • Start a new Priority Banking relationship with fresh funds
  • Open a new Wealth $aver account
  • Bring in a minimum of S$200,000 in fresh funds via online transfers. Your relationship manager will then complete a Financial Needs Analysis to finalize the process.

citigold

3. Citigold: Best for global market insights and holistic wealth management

Citigold offers a bespoke wealth experience, providing clients with exclusive welcome rewards and a holistic approach to wealth management. With Citigold, you can enjoy a rewarding savings experience with up to 7.51% p.a. interest through the Citi Wealth First Account.

Citigroup Inc’s Chief Executive Officer, Jane Fraser, recently spoke to the core value guiding Citigold’s approach. “The protection of depositors is paramount,” stated Fraser, emphasizing the critical role that depositor trust plays in the overall stability and security of the global banking system.

Qualifying Criteria:

  • Maintain a minimum Assets Under Management (AUM) of S$250,000

Key Features:

  • Team of Experts: Your Relationship Manager and a team of experts will be at hand to help you achieve your financial goals.
  • Global Market Insights: Access market insights from over 350 analysts worldwide.
  • Holistic, Personalised Wealth Management: Monitor and manage your wealth goals with the Citigold Total Wealth Advisor tool.
  • Preferential Rates: Enjoy higher returns on your savings with preferential Time Deposit rates, reaching up to 3.60% p.a. for a 3-month SGD Time Deposit and up to 3.20% p.a. for a 6-month SGD Time Deposit, making short-term investments more rewarding.
  • Base Annual Interest Rate: 0.01%
  • Maximum Annual Interest Rate: 7.51%

Privileges:

  • E-Brokerage: Enjoy 6-month commission-free buy trades online for U.S. and Hong Kong markets.
  • Time Deposit Preferential Rates: Benefit from preferential interest rates for SGD and USD time deposits, including investment and insurance time deposit bundles.
  • eFX: Stand a chance to win S$50 GrabGifts vouchers when you perform FX conversions through Citi eFX or Citibank Global Wallet.
  • Card Fee Waivers: Get annual fee waivers on your Citi Credit Cards.

Travel and Lifestyle Benefits:

  • Citigold Debit Mastercard®: Enjoy zero foreign transaction or currency conversion fees in over 150 currencies with Citibank Global Wallet when you pay with your Citigold Debit Mastercard.
  • Exclusive Privileges: Gain access to global banking and lifestyle privileges, travel benefits, and by-invitation-only events and experiences.

Promotions:

Start your Citigold relationship and enjoy exclusive welcome rewards, including the chance to boost your savings with bonus interest on your banking and wealth relationship activities.

Take a look at this illustration from Citibank

citibank wealth relationship activities

uob privilege banking

4. UOB Privilege Banking: Best for lifestyle services and tailored wealth advice

UOB Privilege Banking offers an exclusive banking experience tailored to meet the unique needs of its clients. With a focus on protecting and growing wealth, UOB provides personalized advice and a range of services designed to enhance the financial well-being and lifestyle of its privileged clients.

Qualifying Criteria:

  • Maintain at all times a minimum required monthly cash deposit and/or investment balance of S$350,000 (or its equivalent in a foreign currency).

Key Features:

  • Privilege Account: Boost your savings with up to 3.40% p.a. interest on your incremental fresh funds balance when you deposit a minimum of S$200,000 in fresh funds.
  • Tailored Wealth Advice: Receive expert advice tailored to the different stages of your life to protect and grow your wealth.
  • Concierge Services: Enjoy access to concierge services for health, overseas education, lifestyle, and travel needs for you and your loved ones.
  • Bespoke Lifestyle Privileges: Indulge in special treats during your birthday month and enjoy specially curated offers throughout the year.
  • Privilege Banking Centres: Experience personalized banking in the comfort and privacy of dedicated Privilege Banking Centres islandwide and across the region.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: 0.05%

Travel and Lifestyle Benefits:

  • Medical Concierge: Access an extensive network of specialists and medical services for all your family’s health needs with the complimentary UOB Medical Concierge service.
  • Lifestyle Concierge: Benefit from a personalized concierge service that attends to your everyday and unconventional requests.
  • Travel Concierge: Get access to travel ideas and customized itineraries for the perfect vacation.

Promotions:

Earn up to 3.40% p.a. interest for three months on your incremental fresh funds balance with a minimum deposit of S$200,000 in fresh funds (promotion valid from 1 March 2024 to 28 March 2024).

This is how interest adds up:

Fresh Funds Total Interest Rate (p.a.) Interest Amount (3 months)
S$200,000 3.40% S$1,700
S$350,000 3.40% S$2,975
S$1 Million 3.40% S$8,500
S$2 Million 3.40% S$17,000
S$3 Million 3.40%

S$25,500

(source: UOB)

Interest amount earned is equivalent to earning 3.40% p.a. in interest over a 3 month period with respective Fresh Fund maintained in the account for a period of three (3) months from your participation date. The interest amount you earn varies according to the Fresh Funds maintained in the Account and the number of calendar days in the month.

hsbc premier

5. HSBC Premier: Best for family banking benefits and global connectivity

HSBC Premier in Singapore offers an exclusive banking experience tailored to meet the needs of its affluent clients. With personalized financial solutions, global privileges, and dedicated support, it ensures that managing wealth is both seamless and rewarding, wherever life takes you. 

A standout feature of HSBC Premier is the extension of its benefits to the immediate family members of customers, without any requirement for a minimum balance.

“Expanding our Premier benefits to our customers’ families alleviates additional stressors. This is especially beneficial for those with children studying abroad, offering reassurance that their loved ones have access to comprehensive financial and personal support in their absence,” Alice Fok, HSBC Bank (Singapore)’s Head of Customer, International and Marketing, explained.

Qualifying Criteria:

  • Have a Total Relationship Balance of at least S$200,000 in deposits, investments, and/or insurance.

Key Features:

  • Wealth Advisory: Access Relationship Managers supported by a team of investment, insurance, and FX specialists for personalized insights and guidance.
  • Wealth Tools: Utilize the HSBC Wealth Dashboard and Wealth Portfolio Intelligence Service for investment management and portfolio analytics.
  • Digital Wealth: Manage your wealth conveniently through the HSBC Singapore app.
  • Wealth Insights: Get exclusive insights and analysis with the best of HSBC’s global views.
  • Worldwide Premier Status and Benefits: Enjoy Premier status globally, not just in Singapore.
  • Premier Family Banking: Sponsor your spouse and children for Premier status and benefits with no additional funding required.
  • Base Annual Interest Rate: 0.05%
  • Maximum Annual Interest Rate: Up to 4.6%

Travel and Lifestyle Benefits:

  • Premier Elite Services: Access tailored wealth management solutions, prioritized service, and exclusive experiences with HSBC Concierge Service globally.
  • Education Support: Receive support for your child’s overseas education, including complimentary consultations from education partners.

Promotions:

  • Premier Promotional Time Deposit Rate: Enjoy 3.40% p.a. interest on 3-month SGD Time Deposits.
  • Everyday+ Rewards Programme: Earn up to SGD800 cash rewards each month with the HSBC Everyday Global Account.
  • Welcome Gifts: Start a new relationship with HSBC Premier and get rewards up to SGD28,800 (SGD18,000 for the HSBC Premier welcome rewards + SGD10,800 for additional promotions).

Recommendations

Here are some recommendations based on different needs and preferences of high-net-worth individuals:

  • Investment-Focused: For individuals prioritizing a diverse range of investment options and expert financial advice, DBS Treasures is a strong choice. Its focus on Accredited Investor status ensures access to personalized investment strategies and a wide array of financial products.
  • High-Interest Seekers: If maximizing returns on savings is a priority, Standard Chartered’s Priority Banking offers an attractive maximum interest rate of 7.88%, making it an appealing option for those looking to grow their wealth through savings.
  • Global Connectivity: For those who require global banking services and international wealth management, Citigold stands out with its worldwide network of experts, global market insights, and preferential rates on foreign currency transactions.
  • Lifestyle and Concierge Services: UOB Privilege Banking is ideal for individuals seeking a premium lifestyle experience, offering bespoke privileges, concierge services, and special treats during your birthday month, enhancing the overall banking experience.
  • Family-Oriented Services: HSBC Premier is a great option for those looking to extend banking benefits to their family members. Its Premier Family Banking feature allows for the sponsorship of immediate family members, ensuring they enjoy the same Premier status and benefits.

Application Process: Qualifying for Priority Banking in Singapore

Total Relationship Balance

To qualify for priority banking in Singapore, you typically need to maintain a Total Relationship Balance (TRB) that includes deposits, investments, and/or insurance products. The TRB requirement varies across banks but generally ranges from S$200,000 to S$350,000.

Documentation

  • Standard documentation includes a valid ID (NRIC or passport), proof of address, and income documents.
  • Additional documents may be required for investment or insurance products.

Application Steps

The application process may vary per bank, but here is a general overview of the steps:

1. Contact the Bank: Reach out to the bank of your choice to express interest in their priority banking services.

2. Financial Review: Schedule a meeting with a Dedicated Relationship Manager to discuss your financial goals and assess your eligibility.

3. Submit Documents: Provide the necessary documentation for verification and assessment.

4. Account Opening: Once approved, you will need to open the required accounts and deposit the minimum TRB.

5. Enjoy Benefits: Start enjoying the exclusive services and benefits offered by your priority banking program.

FAQs

1. What is the minimum for priority banking in Singapore?

The minimum requirement for priority banking in Singapore varies among different banks. Generally, to qualify for priority banking services, individuals need to maintain a Total Relationship Balance (TRB) that includes deposits, investments, and/or insurance. The TRB requirement typically ranges from S$200,000 to S$350,000. It’s important to check with the specific bank for their exact qualifying criteria.

2. How do I become a priority banking customer?

To become a priority banking customer, follow these steps:

  • Research and Choose a Bank: Start by researching different banks that offer priority banking services and compare their features, benefits, and qualifying criteria to find one that suits your needs.
  • Meet the Qualifying Criteria: Ensure that you meet the minimum Total Relationship Balance (TRB) requirement set by the bank. This may include a combination of deposits, investments, and/or insurance products.
  • Apply for Priority Banking: Contact the bank to express your interest in their priority banking services. You may need to fill out an application form and provide necessary documentation such as identification, proof of address, and financial statements.
  • Set Up Accounts: If approved, you will need to open the required accounts and deposit the minimum TRB to activate your priority banking status.
  • Maintain Your Status: To continue enjoying the benefits of priority banking, make sure to maintain the required TRB and comply with the bank’s terms and conditions.

Conclusion

Priority banking services in Singapore cater to the diverse needs of high-net-worth individuals, offering tailored investment strategies, exclusive lifestyle benefits, and global connectivity. Whether you prioritize investment diversity, high-interest rates, or family-oriented services, there’s a priority banking service to suit your needs.

Key takeaways:

  • Priority banking in Singapore is designed to meet the varied needs of affluent clients, offering personalized investment strategies, high interest rates, and global connectivity. 
  • DBS for tailored investments, Standard Chartered for high rates, Citigold for global insights, UOB for lifestyle, and HSBC for family benefits.
  • Clients of priority banking enjoy not just financial management services but also exclusive lifestyle perks. This includes access to private lounges, concierge services, and privileges that enhance their lifestyle

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