What is A Priority Banking Account?
A Priority Banking Account is kind of like achieving elite status in a hotel chain's loyalty program - except instead of room nights, they measure your value to the organisation based on what you have in the bank (also known as Asset Under Management - AUM). AUM refers to the amount of money that you have with the bank. In many cases, AUM refer to the cold, hard cash that sits in your savings account. Most banks will also includes your personal investments on fixed deposit accounts and ETFs. You would be surprised that some even include the mortgage loan(s) that you take up with the bank itself.
What Benefits do I get with Priority Banking?
Depending on which bank you decide to open a Priority Banking Account with, you will have to satisfy a different set of minimum AUM requirement. What usually happens when you open a Priority Banking account is the inclusion of a Relationship Manager (not to be confused with Private Banker) who will work with and for you to make the best out of your savings. Additionally, different banks will offer a contrasting range of benefits which may extend beyond banking - think travel benefits too - check out the summary below!
What is the Minimum Sum required for a Priority Banking Account?
(Last Update: 28 January 2017)
As mentioned earlier, a minimum AUM is usually required by the bank before a Priority Banking (or equivalent) status is bestowed upon you. Do note that most (if not all) of the banks will require you to maintain this minimum sum on a monthly basis and a fall-below fee (usually S$20-50 a month) may be imposed if you do not meet this requirement. This minimum sum will differ from bank-to-bank as well as product-to-product (even within the same bank!). Please refer to the following table for a quick overview of the minimum sum required for each Priority Banking product - do note that this table includes preferred banking accounts too!
|Priority Banking Comparison in Singapore|
||Applicable Credit Card(s)||Unique Credit Card Features|
|HSBC||Advance||S$30,000||HSBC Advance Credit Card||Up to 3.5% Cashback per Month
No Annual Fee
|Citibank||Citi Priority||S$70,000||Citi Priority Debit Mastercard||N/A|
|UOB||Wealth Banking||S$100,000||UOB PRVI Miles American Express||Up to 8 Free Airport Limousine Transfers a Year
20,000 Bonus Miles for ≥ S$50,000 Annual Spend
|Standard Chartered||Priority Banking||S$200,000||Priority Banking Visa Infinite Credit Card||Four to Unlimited Visits to Priority Pass Lounges (Guests count towards limit)
(Principal Cardholders Only)
20% Rebate on Uber Rides
Refund on APEC Business Travel Card Application Fee
|OCBC||Premier Banking||S$200,000||OCBC Voyage Card||Unlimited Access to Plaza Premium Lounges (Cardholder + Guest)
Free Airport Limousine (S$3,000 Spend)
|HSBC||Premier||S$200,000||HSBC Premier MasterCard||Up to 5% Cash Rebate on Selected Spendings|
|Maybank||Premier Wealth||S$200,000||Premier Wealth Debit Card||Free Withdrawals at Maybank ATMs in Brunei, Cambodia, Indonesia, Malaysia, Papua New Guinea, Philippines and Singapore.|
|Citibank||Citigold||S$250,000||Citi Prestige Card||Unlimited Priority Pass Airport Lounge Access
Up to 8 Free Airport Limousine Transfers a Year
Benefits at Luxury Hotels
Stay 4 Nights for the Price of 3 at Hotels
|CIMB||Preferred||S$250,000||CIMB Visa Infinite||3x Priority Pass Airport Lounge Visits|
|DBS||Treasures||S$350,000||DBS Treasures Black Elite Card||8X DBS Points (equivalent to 3.2 miles / S$1) at luxury boutiques.
6X DBS Points (equivalent to 2.4 miles / S$1) on all overseas spend.
|UOB||Privilege Banking||S$350,000||UOB Privilege Banking Credit Card||60,000 Welcome/Renewal Miles
Access to Tower Club Singapore, China Club Singapore and Overseas Clubs