About priority Banking

[numbers]

those priority banking usually need $xxx amount AUM to qualify,

so does shares in cdp linked to the bank's brokerage count as AUM?

or does the AUM mean insurance, FD, cash deposit ?

 

[Shiny Things]

those priority banking usually need $xxx amount AUM to qualify,

so does shares in cdp linked to the bank's brokerage count as AUM?

or does the AUM mean insurance, FD, cash deposit ?

Shares in CDP: probably not.
Shares held in custody at the bank: almost certainly yes.
Insurance policies: not sure, depends on the bank and the policy.
Cash, fixed deposits, mortgages: yes.

 

[marc_cheng]

Shares in CDP: probably not.
Shares held in custody at the bank: almost certainly yes.
Insurance policies: not sure, depends on the bank and the policy.
Cash, fixed deposits, mortgages: yes.

Sorry to dig out this old thread but I have been reading on this forum stating that mortgages are being considered as part of AUM but I had a brief online chat with DBS officer that says no for DBS Treasures.

Can anyone confirm this?

 

[lalaisgongon]

Sorry to dig out this old thread but I have been reading on this forum stating that mortgages are being considered as part of AUM but I had a brief online chat with DBS officer that says no for DBS Treasures.

Can anyone confirm this?

To some banks only. I rem STD Chartered considers it? but it has to be at least 800k outstanding?

Any reason you would want your Mortgage to be AUM? Treasures by right is wealth management, there is nothing to much to manage if your AUM is simply a mortgage?

 

[marc_cheng]

To some banks only. I rem STD Chartered considers it? but it has to be at least 800k outstanding?

Any reason you would want your Mortgage to be AUM? Treasures by right is wealth management, there is nothing to much to manage if your AUM is simply a mortgage?

I was looking to leverage on the better rates provided by Treasures but I realise there's nothing much to gain there too.

You are right about SC, both SC and HSBC seem to allow home loans as part of AUM too. This allows me to have better liquidity while receiving better rates and commissions at the same time too.

Wonder if this understanding is right?

 

[lalaisgongon]

I was looking to leverage on the better rates provided by Treasures but I realise there's nothing much to gain there too.

You are right about SC, both SC and HSBC seem to allow home loans as part of AUM too. This allows me to have better liquidity while receiving better rates and commissions at the same time too.

Wonder if this understanding is right?

Yup for SC! i guess you get better rates for equity trading?

as for hsbc, i think you get slightly better rates! but you are right, no harm getting PB if its free.
But IMO, go for the one with the lowest interest rate for your mortgage

 

[sanzhu]

Cash ha dei

 

[Keverus]

nice thread.

just curious, wad does the different banks offer differently in their priority/premier segment?

for instance, i notice at mass level, OCBC seems very fond of pushing their Great Eastern products while UOB personal bankers seem more keen to sell you their unit trusts?

i suppose at priority/premier level, it would be ELNs and SI?

 

[dowzkeh]

What about citi gold?

Sent from Samsung SM-G900F using GAGT

 

[lalaisgongon]

What about citigold? IIRC they only look at AUM. they recently raised it from 200k to 250k

 

[Keverus]

so this means ocbc is the only bank to accept premier with just 200k aum...

 

[cybercom8]

so this means ocbc is the only bank to accept premier with just 200k aum...

Think anz is $150k only

 

[dowzkeh]

What about citigold? IIRC they only look at AUM. they recently raised it from 200k to 250k

Sorry I meant to ask if they look at mortgage outstanding as part of AUM

Sent from Samsung SM-G900F using GAGT

 

[limster]

Sorry I meant to ask if they look at mortgage outstanding as part of AUM

Sent from Samsung SM-G900F using GAGT

If you have outstanding mortgage, that means the bank will know your monthly income.

If you have a big housing loan and $20k per month income, my guess is that you got very good chance of qualifying.

After all, because of your larger disposable income, you are a better 'prospect' then someone with $5k a month income and a $200k fixed deposit which is just his 'savings' which is not really disposable income.

 

[Keverus]

If you have outstanding mortgage, that means the bank will know your monthly income.

If you have a big housing loan and $20k per month income, my guess is that you got very good chance of qualifying.

After all, because of your larger disposable income, you are a better 'prospect' then someone with $5k a month income and a $200k fixed deposit which is just his 'savings' which is not really disposable income.

yup. during premier/priority sign-ups, the RM/RDM will actually ask for ur mthly income and sources of income.

 

[bazingaman]

true. high income is good for them. For the loan, this is mainly for SCB and they ask 1mil outstanding loan to be qualified for PB. But to be honest, the priority banking is of no good use these days..

 

[battledome64]

Hi guys if you accumulate funds slowly across 10 years to meet min 350k priority banking..will they welcome you automatically?

Will I be entitled to welcome benefits?

 

[iCuteCube]

Hi guys if you accumulate funds slowly across 10 years to meet min 350k priority banking..will they welcome you automatically?

Will I be entitled to welcome benefits?

350k most probably is the entry the published.

Via invitation, you would most probably only need 200k to enter (CASA + Investment held by the bank).

But please, don't quote me.

 

[battledome64]

350k most probably is the entry the published.

Via invitation, you would most probably only need 200k to enter (CASA + Investment held by the bank).

But please, don't quote me.

Thank you!

 

[numbers]

true. high income is good for them. For the loan, this is mainly for SCB and they ask 1mil outstanding loan to be qualified for PB. But to be honest, the priority banking is of no good use these days..

still got use.....

i once queued and waited 1 hour plus for a less than 5 min counter service. And i saw at the other side priority banking uncle just went to his priority queue chop chop less than 5 min finish his business, no need waste time waiting.