facebookWhich Priority Banking is recommended? Assuming I have $300K funds. What are the benefits, or should I just put the money directly into brokerage investments? - Seedly

Anonymous

14 Sep 2021

Saving Hacks

Which Priority Banking is recommended? Assuming I have $300K funds. What are the benefits, or should I just put the money directly into brokerage investments?

Is it worth it? or should I just stick to normal banking.

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Nigel Tan

16 Sep 2021

Executive Senior Financial Planner at Great Eastern Life

Priority banking does offer some accounts with slightly better interest than the normal consumer banking savings account. You get to beat the queue if you're doing banking services personally and you can get ang paos directly from your RM as well. Likely, you'll get called once in awhile where the privilege banking RM will invite you to hear them out if you don't mind. You also get to use their overdraft facilitiy if you're in need of cash urgently.

You can open a PB account, then transfer your funds out after that and still hold PB status. Not alot of people know this trick!

SCB sign up bonus quite attractive and their trading platform is quite good for penny stocks since it’s low fees but the UX is horrid.

Last time can use lounge if tired from shopping but now with covid quite pointless, the travel perks also useless.

Unless you’re a businessman, the added benefit might be preferential rates for loans?

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Actually nothing special, only once a year they will call u for feedback and must maintain certain a...

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