A Quick Guide to Priority Banking in Singapore

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!

Priority Banking in Singapore

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
Bank	Account	Minimum Requirement	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