What is priority banking?
Priority banking is a step above retail banking, being offered to high-net-worth individuals who intend to transact larger amounts with banks. Priority banking clients are granted personalised financial advice, a wider range of financial products and services, and better lifestyle privileges.
How do I qualify for priority banking?
Each priority banking programme has a minimum Assets Under Management (AUM) amount that you need to meet. You can do so by making a cash deposit, purchasing qualifying investment products, or a combination of both. Perform a check before applying because the AUM amount varies across the many priority banking programmes available in Singapore.
Which is the best priority banking programme in Singapore?
It depends because each priority banking programme in Singapore is unique. Firstly, not all priority banking programmes have the same qualifying AUM. Secondly, the financial services and products offered aren’t identical across the board. Finally, lifestyle privileges and other fringe benefits that are granted differ as well. That said, some of the top ones in Singapore include Citigold, DBS Treasures, OCBC Premier, and UOB Privilege Banking.
What are some features of a priority banking programme?
Some features of a priority banking programme include wealth planning, quicker and more personalised service at banks, access to a wider range of financial services and products, and more.
What does a Relationship Manager do?
A bank’s Relationship Manager provides personalised financial advice to priority banking and private banking clients. They suggest appropriate investment products and financial services based on their client's current situation and goals, be it short-term or long-term ones.
What is private banking?
Private banking is a tier above priority banking and is offered only to ultra-high-net-worth individuals. Qualifying requirements are even more stringent, but clients receive the widest range of financial services and products, best service, and most luxurious lifestyle benefits.
Which private banking programme is the best?
Like priority banking programmes that are a tier below private banking, it depends. No private banking programme is the same, so it pays to do your research and compare what’s available before you decide to sign up with a particular bank.
What are the benefits of a premium bank account?
Several benefits of a premium bank account include fee-free withdrawals from ATMs overseas, no foreign exchange fees, and bonus interest rates that are extended to a greater balance in your account.
What is the importance of Know Your Customer (KYC)?
Due to the exclusive nature of priority banking programmes, KYC checks conducted by banks are stricter as compared to retail banking products and services. It’s important for banks to know who their priority banking clients are and verify their identity, as the amounts of money transacted will be much larger than retail banking customers.
When can a banker disclose a customer's account?
There are several scenarios where a bank can disclose a customer’s account information. Firstly, it can do so if it needs to take legal action against a customer. Secondly, it can also do so if a customer permits it in writing. Last but not least, a bank can disclose a customer’s information to the police or court for investigation purposes.