Consolidated thread for Priority/Privilege Banking

wts2013

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It's a willing buyer, willing seller system. No one is forcing you to buy any product. I have also seen clients who try to take advantage of their bankers.

Sounds like RM talking, haha.

I've a friend, SCB RM recommended to take home refinancing loan of 1m at 1%, put into CPF to earn 2.5%. Wow! that was a good deal if u qualify, he can withdraw CPF in less than 2 years' time.
 

lalaisgongon

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Sounds like RM talking, haha.

I've a friend, SCB RM recommended to take home refinancing loan of 1m at 1%, put into CPF to earn 2.5%. Wow! that was a good deal if u qualify, he can withdraw CPF in less than 2 years' time.

It may sound like an RM talking but its true?

and if you are not interested in it you can always manage your money somewhere. the fact that they are still around shows that they have a certain value.
 

wts2013

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It may sound like an RM talking but its true?

and if you are not interested in it you can always manage your money somewhere. the fact that they are still around shows that they have a certain value.

Oops, another RM sounding? Buyers beware! They are around cos there's money to be made by Bankers!
 

limpoop

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Bank: ANZ Signature Priority Banking
Minimum Assets Under Management(AUM): S$150k
Fall below fee charged: Yes
Downgrade if AUM not met: Not Sure
Pros:
1) 4 branches at Raffles Place, Orchard Rd, Thomson & Marine Parade. Usual Coffee & Resting area.
2) Free Visa Infinite Card for both Principal & Supplementary. 8x points for highest foreign currency spend. Priority Pass + Free Sats lounge/Limo/Golf upon spending $1K to $3K.
3) Flexible quarterly fixed deposit rate upto 1.1%
Cons:
Lousy Internet banking.
No Internet stock trading.

They serve Evian mineral water.

The free Sats lounge access is twice a year no min. spending.
 

limpoop

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Any promo for new customers?

So far I found:

CitiGold:

S$300 cash reward or 20,000 Citi Miles
(a) Maintains S$200,000 AUM for at least three (3) months from the date the relationship is established and continues to maintain such AUM up to the date the welcome reward is credited.

Additional S$200 cash reward or 10,000 Citi Miles
(b) Primary client completes a Personal Financial Report (PFR) and Investment Risk Profile (IRP) with his/her Relationship Manager within the first month the Citigold relationship is established; and
(c) Is not being referred under the Citigold Client Referral Programme.


HSBC Premier:

Welcome Cash Rewards+
S$1,200,000 S$600
S$500,000 S$250
S$200,000 S$100
 

cybercom8

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got both cash rewards but these are just to compensate for the super low interest rates.
 

Boorseye

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Pardon me, just checking if asset under management includes stocks purchased under their brokerage?
 

limpoop

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Pardon me, just checking if asset under management includes stocks purchased under their brokerage?

What I know if your stocks/shares/bonds are under the bank's custody then consider inside AUM.
 

limpoop

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For SC, yes

True, if you buy from SC, the bank keeps the security.

But if you buy from Kayhian or Kimeng, UOB/Maybank will not keep as you will transfer to CDP so not under AUM.

I wonder if you own DBS bonds but kept in CDP is this under AUM of DBS?
 

sebastgt

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True, if you buy from SC, the bank keeps the security.

But if you buy from Kayhian or Kimeng, UOB/Maybank will not keep as you will transfer to CDP so not under AUM.

I wonder if you own DBS bonds but kept in CDP is this under AUM of DBS?

I think u need to transfer the DBS bond to under the custody of DBS to be considered as AUM of DBS. Should be a simple task of filling up some forms at the bank.
 

sebastgt

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That's when they can try to "eat" u, haha.

They don't eat u. They help you to grow your wealth, as well as to help the banks to grow theirs. Win-win situation. Of course you have to assess to see if stock broker, bank RM or insurance agent provide you the better deal to suit your need.
 

sebastgt

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True, if you buy from SC, the bank keeps the security.

But if you buy from Kayhian or Kimeng, UOB/Maybank will not keep as you will transfer to CDP so not under AUM.

I wonder if you own DBS bonds but kept in CDP is this under AUM of DBS?

Kayhian will require you to keep the shares under their custody Uob kayhian nominees if you buy shares under their share financial scheme. A UOB bank officer told me that it is not considered as AUM as they treat kayhian and uob as separate.
 

sebastgt

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It's a willing buyer, willing seller system. No one is forcing you to buy any product. I have also seen clients who try to take advantage of their bankers.
Yes, true. If their investment is losing money, they sue the bankers and usually get something back through out of court settlement.
 
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