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Priority banking is a premium banking service offered to high and ultra-high-net-worth individuals that provides them access to personalised banking solutions and services. It is designed to specially cater to the financial needs and goals of such clients and to provide them with a superior banking experience. Priority banking customers can enjoy various benefits, including personalised and exclusive financial services, products, and preferential interest rates.
Priority banking in Singapore offers a range of benefits tailored to suit your lifestyle and unique financial goals. Here are some of the benefits you can expect as a priority banking customer:
Primarily, priority banking customers can expect to receive personalised banking solutions to suit your financial needs and achieve your financial goals
Priority banking customers will also be assigned a dedicated relationship manager who will take the time to understand your financial needs and goals. Your relationship manager will act as your point of contact and provide you will banking advice and solutions on a need-to basis
You can enjoy priority access to banking services, which allows you access to priority queues and dedicated banking lines to have your queries answered.
Priority banking customers can also enjoy exclusive access to a range of financial products and services. They include credit cards, mortgage loans, insurance and investment products, as well as wealth management services.
You may also receive preferential interest rates for the deposits, credit cards, and loans they offer.
Finally, priority banking customers will also typically get to enjoy several lifestyle privileges and perks, such as complimentary airport lounge access, concierge services, and invitations to exclusive closed-door events.
Offered to high-net-worth individuals, priority banking services in Singapore typically has the following eligibility criteria:
Ultimately, the bank will aim to conduct a holistic assessment of individuals to ascertain their financial situation and goals before establishing their eligibility for priority banking services.
Priority banking customers will generally enjoy exclusive access to a range of products and services that are not available to regular banking customers. You can expect a more personalised and exclusive banking experience with priority banking services to meet your needs and goals. Here are some of the products and services you can expect:
You will be assigned a dedicated relationship manager that can provide you with personalised financial advice and guidance to help you achieve your financial goals.
Priority banking customers will also have access to priority banking centers dedicated to serving their priority banking customers, where you can enjoy a more conducive and exclusive banking experience.
Priority banking customers may be given premium credit or debit cards, which give access and special privileges such as exclusive discounts, complimentary airport lounge access, cash rebates, and many more.
Priority banking customers will have access to a wider range of investment and insurance products, such as structured products, bonds, and unit trusts.
Priority banking customers may enjoy preferential interest rates and loan terms for their credit facilities, personal loans, mortgage loans, and more.
Lastly, priority banking customers may be able to receive customised wealth management services, such as advisory, financial planning, and portfolio management solutions.
Priority banking services in Singapore come with fees and charges. Often, they may also be higher than regular banking services. Do take note that these fees will vary depending on your bank of choice and the type of priority banking services you choose to sign up for. It is thus important that you take time to carefully review these fees and charges. Some banks may also allow fee waivers when you meet certain requirements. Here are some of the fees and charges you may incur as a priority banking customer:
You may need to pay an account maintenance fee for your account on a monthly or annual basis
Another fee that you may incur is the transaction fee. These are charges associated when you perform transactions such as ATM withdrawals, bill payments, and transfer your funds.
Like any other credit card, you will be charged credit card fees, such as annual fees, late payment fees, and foreign transaction fees, as a priority banking customer. Some banks may allow waiver of their credit card annual fees. Do check with your bank provider to find out their terms and conditions.
You may be charged investment fees for investment products such as unit trusts, structured products, and bonds. However, you may be charged lower fees compared to retail customers since you have access to a wider range of investment products and services.
If you take up loans with your bank of choice, some of the fees that you'd be charged include processing fees, late payment fees, and early repayment fees.
Lastly, while you will have access to a wider range of products and services, you may also be charged fees for the wealth management services that you engage in. Some of these services include portfolio management and financial planning.
With so many banks offering different types of priority banking services and wealth management solutions, choose the priority banking solution that works for you. Here are some consideration factors when deciding which priority banking service to go within Singapore:
In general, it pays to be careful when comparing banks and establishing your financial needs and goals before deciding. It may be helpful to speak with a bank representative should you have any doubts or concerns; this would also enable you to get a better understanding of the various services and products they offer.
When comparing banks, look for a bank with a good reputation for its trustworthiness, reliability, and stability. To help you determine these factors, you can also look at each bank's history, financial reports, financial strengths, and customer reviews.
Understand the range of products and services offered by banks of your consideration and establish if they would help you to meet your financial goals and needs.
There are fees and charges associated with using priority banking services, as detailed above. To get the most value for the services you will engage, compare fees and charges across various banks. It is advisable to consider banks that offer transparent and competitive pricing.
Consider the expertise of the relationship manager that is assigned to you and whether he/she has the necessary experience and knowledge to help you along in achieving your financial needs and goals. It is important to have a relationship manager responsive to your needs.
If you foresee yourself making use of the banking services in their physical bank branches, be sure to consider the accessibility to the bank's location and their operating hours. If the access and convenience of banking services are an important consideration for you, be sure to look for banks that offer accessible banking services such as online banking, ATMs, and mobile banking.
Look for a bank that provides prompt and helpful customer services to support you when you need it/.
With so many banks offering varying types of priority banking products and services, it is difficult to pinpoint which is the 'best' provider since this is a very personal decision. The best priority banking provider and products largely depend on your lifestyle, financial needs, and goals. Here are some of the popular priority banking service providers in Singapore: UOB Privilege Banking, HSBC Premier, DBS Treasures, Citibank Priority, and Standard Chartered Priority Banking. Choosing a provider and products that can help you best achieve your goals will be the ideal one for you.
To determine the best priority banking service provider, do read about the factors you should consider before committing to opening a priority banking account. In summary, here are some of the factors you should think about before choosing your priority banking service provider:
Yes, you can cancel your priority banking services at any time. Here are some of the procedures you should note, although they would vary depending on the bank and the type of services you engage in.
To cancel your priority banking service, you will typically be required to inform your relationship manager to begin the termination process. They may ask you to provide a reason for your intention to cancel their service. Thereafter, they may offer to assist you in completing any outstanding transactions or account balances. Some banks may require you to complete and submit a written request or a form as proof to enable you to cancel your service. You may complete them either in person, by mail, or by submission of an online form. Before terminating the service, be sure to read through the terms and conditions of your priority banking agreement, as there could be fees associated with termination before the contractual period.
Once your priority banking account is terminated, your account will be converted to a regular banking account with the standard fees and charges. You will also no longer be able to enjoy the privileges and perks of your priority banking account.
Most banks in Singapore require a minimum amount of deposit or investment that is significantly higher than regular banking accounts to allow you to qualify for their priority banking services. The minimum qualifying criteria for priority banking services in Singapore varies depending on your priority banking service provider and the type of banking services you use.
Generally, the minimum qualifying amount for priority banking services in Singapore ranges between S$200,000 to S$1,000,000. The makeup of this amount may vary depending on your service provider. Some banks may require a minimum annual income level, while others may require a combination of deposit or investment amounts. On top of this minimum qualifying amount, some banks may also require you to commit to maintaining an investment portfolio with them to qualify for their priority banking services.
It is important to note and recognise that while priority banking services may offer you access to more exclusive benefits and services, they could also come with higher fees compared to regular banking account and services. Be sure to research and review the terms and conditions of the provider of your choice to determine if they will be a good fit for your financial goals and present circumstances.
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