[Help] Need advice on priority banking options SCB or others..

[zeozoe]

My main Singapore account is currently with SCB, which I use mainly because it has low commissions for trading. Recently, I had the opportunity to chat with a CSO regarding upgrading to priority banking.

However the CSO mentioned that I did not meet the criteria since my stock holdings do not count towards the '200k' balance required. He mentioned that only cash in my checking account was counted??

Is this true for priority banking in general to have to hold so much cash to get 'priority'? Are there any banks/brokers that have similar low commission for trading stocks and count my stock holdings towards the 200k etc. figure?

Thanks in advance!

 

[Perisher]

My main Singapore account is currently with SCB, which I use mainly because it has low commissions for trading. Recently, I had the opportunity to chat with a CSO regarding upgrading to priority banking.

However the CSO mentioned that I did not meet the criteria since my stock holdings do not count towards the '200k' balance required. He mentioned that only cash in my checking account was counted??

Is this true for priority banking in general to have to hold so much cash to get 'priority'? Are there any banks/brokers that have similar low commission for trading stocks and count my stock holdings towards the 200k etc. figure?

Thanks in advance!

I called in to ask before leh, the SCB CSO told me can use shares. DBS also accept shares holdings towards AUM. Ask the CSO to check carefully.

 

[zeozoe]

I called in to ask before leh, the SCB CSO told me can use shares. DBS also accept shares holdings towards AUM. Ask the CSO to check carefully.

yeah I found it really weird too.
why would anyone hold $200k in cash unless they were a multi-millionaire or wanted to make some major purchase soon?

did you call in 2016? SCB had some policy changes recently...

 

[Perisher]

yeah I found it really weird too.
why would anyone hold $200k in cash unless they were a multi-millionaire or wanted to make some major purchase soon?

did you call in 2016? SCB had some policy changes recently...

Erm, I called specifically due to the recent min comm change.
Just last month actually.

 

[zeozoe]

Erm, I called specifically due to the recent min comm change.
Just last month actually.

Okay. I wrote in to check with SCB again, I would really like the 0.18% commission + no minimum again so I can rebalance more easily.

So did you decide to switch to SCB in the end? if not where are you and why?

 

[Perisher]

Okay. I wrote in to check with SCB again, I would really like the 0.18% commission + no minimum again so I can rebalance more easily.

So did you decide to switch to SCB in the end? if not where are you and why?

Switch to another brokerage because I got a comparable deal(min comm comparable to SCB's $10 one) without the need to have 200k AUM.

I prefer to have shares in CDP due to reasons like can attend AGM, get voucher, get concert tickets, get movie tickets, get dividends on time etc...

 

[starfish.starfish]

Not true. Investments are included in the 200k aum if u forgo the fresh fund gift.

 

[Perisher]

Not true. Investments are included in the 200k aum if u forgo the fresh fund gift.

Ya. Exactly. Dunno if the CSO knows what he is saying.

 

[henrylbh]

My main Singapore account is currently with SCB, which I use mainly because it has low commissions for trading. Recently, I had the opportunity to chat with a CSO regarding upgrading to priority banking.

However the CSO mentioned that I did not meet the criteria since my stock holdings do not count towards the '200k' balance required. He mentioned that only cash in my checking account was counted??

Is this true for priority banking in general to have to hold so much cash to get 'priority'? Are there any banks/brokers that have similar low commission for trading stocks and count my stock holdings towards the 200k etc. figure?

Thanks in advance!

Priority banking is given without asking. I find nothing useful about it and I never use it.

 

[havetheveryfun]

Switch to another brokerage because I got a comparable deal(min comm comparable to SCB's $10 one) without the need to have 200k AUM.

I prefer to have shares in CDP due to reasons like can attend AGM, get voucher, get concert tickets, get movie tickets, get dividends on time etc...

What brokerage you using ? Is it secret or private ? Interactive Brokers ?

 

[Perisher]

What brokerage you using ? Is it secret or private ? Interactive Brokers ?

Not secret, CIMB. But the rate is depend on your relationship one so can't exactly tell others they will get the same treatment.

 

[Anita loh]

Is citigold a good choice? Anyone has a recommendation?

 

[shareholder]

Is citigold a good choice? Anyone has a recommendation?

Best to try a few banks and compare, everyone has different financial needs and most of the time a good team or RM is the key to positive experience. Some are attracted by the nice lounges, and perks. But many of these are just gimmicks to attract the affluent into investing, and the banks can profit from the fees. Ultimately if the aim is to grow your portfolio, the basis is still financial knowledge, have to read up more to avoid pitfalls. Never rely too much on others to manage, they will help themselves to the money.

 

[Majestic12]

Go for the bank with the best looking female bankers.

OCBC, DBS, Citi and HSBC are tops!

 

[vince123123]

so many good looking female bankers? Anyone to recommend?

Go for the bank with the best looking female bankers.

OCBC, DBS, Citi and HSBC are tops!

 

[donald83]

so many good looking female bankers? Anyone to recommend?

Intro me too. At lease there is another motivation to save up to become priority banking client.

 

[BankerX]

I can confirm that SCB criteria for Priority banking is SGD $200k. Assets under management are counted. So your stocks will be factored in. So make sure at the time you ask to get upgraded your total stock portfolio is above $200k.

Dont suay suay some market crash and your stock portfolio value drop below $200k at the point of application.

 

[oceanicmanta]

I can confirm that SCB criteria for Priority banking is SGD $200k. Assets under management are counted. So your stocks will be factored in. So make sure at the time you ask to get upgraded your total stock portfolio is above $200k.

Dont suay suay some market crash and your stock portfolio value drop below $200k at the point of application.

i think FD is only weighted 50% in AUM in SCB
at least that was the case earlier this year when there was FD promo

 

[BankerX]

i think FD is only weighted 50% in AUM in SCB
at least that was the case earlier this year when there was FD promo

The 50% FD weight is for the promotion to get the gifts/or higher interest when you bring in fresh funds and to be upgraded to Priority banking.

It has no bearing on AUM to be a priority client.

The bare minimum to be a priority banking client is sgd $200k assets (which can include unit trust/stocks/bonds/cash).

To qualify for the special gifts or freebies or fresh fund promotions those have their own terms and conditions.

 

[bardsmanship]

I can confirm that SCB criteria for Priority banking is SGD $200k. Assets under management are counted. So your stocks will be factored in. So make sure at the time you ask to get upgraded your total stock portfolio is above $200k.

Dont suay suay some market crash and your stock portfolio value drop below $200k at the point of application.

Just called SCB, was told stocks are NOT included for the calculation of the SGD $200k needed to qualify for Priority banking.