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Standard Chartered Priority Private
Priority Visa Infinite Credit CardConnected Cards
Up to $9,000Sign-Up Reward
on Standard Chartered's website
OCBC Premier Private Client
Premier Voyage CardConnected Cards
Up to $9,000Sign-Up Reward
on OCBC's website
HSBC Private Banking
Premier Mastercard Credit CardConnected Cards
on HSBC's website
UOB Private Bank
Privilege Banking CardConnected Cards
on UOB's website
DBS Treasures Private Client
Treasures Black Elite CardConnected Cards
Up to $5,000Sign-Up Reward
on DBS's website
Prestige CardConnected Cards
Up to $27,256Sign-Up Reward
on Citi's website
Private banking is a financial service that banks and banking institutions provide to clients that are known as high-net-worth persons. There are some clients that are making use of priority banking as well as private banking. Even if these two banking options are similar, there are actually some differences that you need to know about.
Priority banking is a banking option that is targeting the richer clients. Clients that can afford to deposit and spend large sums of money with a bank. These people will be known as the VIP clients of a bank and will have some other benefits like better interest on savings and loans. They will even get access to priority queues as well as a personal banker that will take care of their accounts personally.
Private banking is completely different. Clients from private banking get all the benefits of priority banking, but there are some other benefits they will have as well. They will get management services like investments, portfolio management, and estate planning. For privacy protection, private banking clients are also getting a relationship manager or a private banker to handle all their banking transactions. This manager or banker will be available at all times for any assistance or advice to their investments and other banking information.
To qualify as a private bank client, a minimum AUM (assets under management) of $1 million is required. However, it differs from bank to bank and you need to make sure that you know which bank will meet your personal needs. To qualify while for priority banking, you need to have an AUM of just $70,000.
|Private Bank Account||Perks|
|Citigold Private||Best Sign-up Promotion|
|DBS Treasures Private Client||Convenient Access to Assets|
|OCBC Premier Private Client||Lowest Account Deposit|
There are some banks that are offering competitive rates for buying and selling currencies and on loans and credit cards. Making it easier to get access to these services.
Some banks might even ask a percentage of the investment that you are investing in the bank in the form of high fees on your investments.
As we mentioned earlier there are some unique benefits that private banking is offering its clients. Unique benefits like having access to a private banker, and other benefits like tax, legal, and other financial benefits that only private banking clients can get.
Private banking clients have access to other investments with higher profit and exclusive hedge funds on equity partnerships. Some banks might provide some other personalized privileges and services for their private clients as well. Different banks have different services to offer, so doing thorough research before choosing the bank you want to use, is essential.
Some examples of different services that different banks have to offer is DBS Treasures Private Client provides a network for their clients that allows them to connect to other clients all over the world. Giving them opportunities that other clients won’t have. UOB Private Clients can again make use of the medical concierge as well as a travel concierge.
One thing that every private banking client needs to know is the rewards that you can earn with paying your big expenses. You can earn rewards by paying your rent, insurance, and taxes through CardUp. Different banks are offering different credit card rewards.
The bank that you choose should be a great networker. Meaning that the banker needs to have international network support that will assist you in growing your assets. He should be able to introduce you to new business contacts and assist you in growing your business.
Your private banker’s main focus should be to protect your money. Give you advice and answer all your questions about your money and investments. Your banker should also protect you from emotional investments and unreasonable investments.
It is great if your private banker can give you privileged off-market deals. Meaning that he is giving you exclusive offers and deals that other clients of the bank aren’t getting.
This is essential. The private banker that you are going to use needs to have the right amount of experience. He needs to be able to assist you with any financial decisions that you need to make. And, it will not help if he can’t advise you on things that you don’t know already. 5 years of experience is the minimum experience you want in a private banker.
You should make sure that your banker is a senior and that it has a considered number of AUM or assets under management. However, some banks are reluctant to disclose this information.
This is something that you want to make sure about. That the private banker has a wide client base. The wider his client base, the more benefits there will be for you. The banker can arrange meetings and connections between clients to further your wealth.