Excellent! ROSHI has found 6 accounts that suit your criteria.

Standard Chartered Priority Private

4.2Good to Excellent

Priority Visa Infinite Credit CardConnected Cards

Up to $9,000Sign-Up Reward

$1,500,000Minimum Deposit

Open Account

on Standard Chartered's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Initial deposit$1,500,000.00

  • Min. Monthly Balance$9000

Fees and Charges

Cheque Book Fee

OCBC Premier Private Client

4.2Good to Excellent

Premier Voyage CardConnected Cards

Up to $9,000Sign-Up Reward

$1,000,000Minimum Deposit

Open Account

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Initial deposit$1,000,000.00

  • Min. Monthly Balance$9000

Fees and Charges

Cheque Book Fee

HSBC Private Banking

4.0Good to Excellent

Premier Mastercard Credit CardConnected Cards

N/ASign-Up Reward

$5,000,000Minimum Deposit

Open Account

on HSBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Initial deposit$5,000,000.00

Fees and Charges

Cheque Book Fee

UOB Private Bank

4.0Good to Excellent

Privilege Banking CardConnected Cards

N/ASign-Up Reward

$5,000,000Minimum Deposit

Open Account

on UOB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Initial deposit$5,000,000.00

Fees and Charges

Cheque Book Fee

DBS Treasures Private Client

4.2Good to Excellent

Treasures Black Elite CardConnected Cards

Up to $5,000Sign-Up Reward

$1,500,000Minimum Deposit

Open Account

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Initial deposit$1,500,000.00

  • Min. Monthly Balance$5000

Fees and Charges

Cheque Book Fee

Citigold Private

4.5Good to Excellent

Prestige CardConnected Cards

Up to $27,256Sign-Up Reward

$1,500,000Minimum Deposit

Open Account

on Citi's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

  • Initial deposit$1,500,000.00

  • Min. Monthly Balance$27256

Fees and Charges

Cheque Book Fee

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Private Banking Explained

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.

What are the Requirements to Become a Private Banking Client?

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.

Best Private Banking Options in Singapore (2022)

Private Bank AccountPerks
Citigold PrivateBest Sign-up Promotion
DBS Treasures Private ClientConvenient Access to Assets
OCBC Premier Private ClientLowest Account Deposit

Pros & Cons of Private Banking

Having Access to Private Bankers
This is for sure one of the most important benefits of being a private banking client. Having access to private bankers. And, not just any bankers, but dedicated private bankers that can assist you in growing your wealth. They are each to reach and will assist you in doing transactions for you.
Getting Personal Attention
TBanks will be eager to assist private bank clients. These are the clients that are bringing all the money to the banks, so their needs are getting priority. They will always bet personal attention from private bankers and won’t need to stand in a queue to get assistance in the bank.
Initial DepositAccess to Good Rates and Freebies
There are so many offers and freebies that private bank clients are getting. From high-interest rates on their savings and investments to discounts on hotel and travel bookings. Even getting access to safe deposit boxes and free money transfer service internationally. All things that normally would cost a lot of money.

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.

Lower Rates
One of the drawbacks of being a private bank client is the amount of interest rate you are going to get from your savings account. Even if you have millions of dollars in your savings account, the interest rate that you are going to get monthly is going to be lower. Much lower than with those that are normal bank clients.
High Management Fees
Because of all the benefits like having your private banker, you are going to pay higher fees than other bank clients. Especially when it comes to the management fees. Not only is this because these clients can afford these fees, but because of all the benefits, they are getting.

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.

Services and Unique Benefits Offered by Private Banks

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.

You Can Earn Credit Card Rewards on Your Income Tax

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.

Choose the Best Bank and Networker

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.

Protect Your Money

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.

Off-market Deals

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.

The Banker Needs Experience

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.

Assets Under Management

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.

A Wide Client Base is Essential

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.

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