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UOB Privilege Banking
Privilege Banking CardConnected Cards
Up to $1,200Sign-Up Reward
on UOB's website
Standard Chartered Priority
Priority Visa Infinite Credit CardConnected Cards
Up to $9,000Sign-Up Reward
on Standard Chartered's website
OCBC Premier Banking
Premier Voyage CardConnected Cards
Up to $2,750Sign-Up Reward
on OCBC's website
Premier World MastercardConnected Cards
on Maybank's website
Premier Mastercard Credit CardConnected Cards
on HSBC's website
Treasures Black Elite CardConnected Cards
on DBS's website
Priority Debit MastercardConnected Cards
on Citi's website
Prestige CardConnected Cards
Up to $6,826Sign-Up Reward
on Citi's website
Priority banking is completely different from normal banking. It is designed for wealthy customers who can afford large amounts of deposits and transact large amounts of money with a bank. When you are a priority banking customer, you will be a VIP client at the bank and you will get some additional benefits that normal clients will not get.
In order for you to qualify to become a priority banking client, you need to qualify first. There are a couple of things you need to qualify for. You need to have a certain number of assets with the bank. These assets can be anything from investments, bonds, shares, and cash in your savings account.
The requirements for becoming a priority banking client aren’t as high as you might think you should have assets of at least $70,000 in the bank. . To become a private bank client’s requirements are a lot higher.
However, just because you do qualify, it doesn’t mean that you should consider it. You need to make sure that this is really something that will benefit you and your finances before you consider becoming a priority banking customer.
|Priority Bank Account||Perks|
|Standard Chartered Priority||Best Sign-up Promotion|
|Maybank Premier||Most Affordable Priority Service|
|DBS Treasures||Best for DBS All-in-One App|
To qualify for priority banking, you need to make sure that you know what your assets under management or AUM are. This is the main requirement you will need to switch to priority banking. At most banks, the main requirement is a minimum of $70,000 AUM at the bank to qualify. This is a lot less than the AUM requirements for private banking. These are some of the minimum AUM required to become a priority banking client:
|Total Assets||Suitable Priority Banking Programs|
|At least $50,000 in the bank||Citi Priority, Maybank Premier|
|OCBC 360 accountAt least $200,000 in the bank||CIMB Preferred, Citigold, HSBC Premier, OCBC Premier Banking, Standard Chartered Priority|
|At least $350,000 in the bank||DBS Treasures, UOB Privilege Banking|
What do you need from the bank? What benefits do you want when you become a priority banking client? Are you looking for better exchange rates or are the requirements the most important thing for you to consider?
When you are changing banks or becomes a priority banking client, you will need to deposit a large sum of money into your new bank account. You need to make sure that you know what this amount should be. What you can afford and what the minimum requirement is.
This is essential. You should take your time and compare banks before you just go and change to priority banking at the first bank you find. Or, to change to priority banking at the bank that you are using for years. Different banks have different options, benefits, and requirements.
You should also make a shortlist of banks to ensure that you know which banks are the best for switching to a priority banking client will be. See what their services are and the type of experience you are getting from them before you choose a bank.
Take your time. Don’t go and make any hasty decisions that you will regret. There are many things that you need to consider before you can know that you are choosing the right bank to become a priority banking client.