Consolidated thread for Priority/Privilege Banking

[EONCOS]

Hi there, I am interested too and have dropped you a pm. please contact me thanks.

Hi, can pm me too...

Thanks

 

[recruit]

Recently joined Citigold.

Noticed their commission for SGX is very attractive at 0.12%. I’m currently with StanChart Priority and being charged 0.18%. Both banks have no minimum commission.

I tried asking my SCB RM to reduce the charges but he said there’s no way he can do. Maybe it’s because my AUM and revenue in SCB is not attractive enough , lol.

 

[darren25]

Anyone with OCBC premier? interested to know more about the premier center and also the goodies

 

[natnaes]

Anyone with OCBC premier? interested to know more about the premier center and also the goodies

I think the main draw of OCBC Premier is travel benefits which you would get from the Premier Voyage card. You can read more on https://www.ocbc.com/personal-banking/premier/en , or even leave your number there for their premier team to call you.

 

[Imhthc]

Anyone with OCBC premier? interested to know more about the premier center and also the goodies

I signed up for their dividend+ acct at 0.8% pa interest if I dun make withdrawal and TOP up $2k per month. The goodies is $400 if I keep $200k with them for 3 months. Din sign up for the voyage card as I m not interested in miles. If u r intending to open one with $350k, there is a referral program and we can split the referral rewards of $250.

 

[crystalnox]

Has anyone ever been charged SCB's Segment Maintenance Fee $50 for falling below $200K AUM?

https://av.sc.com/sg/content/docs/sg-scb-pricing-guide.pdf Page 11

 

[Imhthc]

Has anyone ever been charged SCB's Segment Maintenance Fee $50 for falling below $200K AUM?

https://av.sc.com/sg/content/docs/sg-scb-pricing-guide.pdf Page 11

I would like to know too. I have transferred most of my savings to another bank therefore I no longer maintain the $200k with them.

 

[inlovewithsg]

Hi, any good promotion at the moment for opening a new relationship?

 

[natnaes]

Hi inlovewithsg,

I believe now the more attractive welcome promotions are by Citigold and OCBC Premier. I'm not sure about OCBC, I think there are two tiers for them, but I can provide some details about Citigold since I'm a staff here.

They are now giving out:
- $600 for depositing or investing $250,000 for 3 months
- $300 for phone-guided onboarding
- $200 for new/existing Citi credit cardholder
- $130 per month loyalty gift for holding till 30 Jun 2021

Total reward after 3 months: $1,100
Total reward after 30 Jun 2021: $2,530

They are also giving $300 for each new Citigold referral, so if you have someone to refer you in, or if you want to refer someone, this is something worth noting too.

Can PM me if you wanna know more, cheers!

The difference is OCBC rewards less, but is more straightforward, while Citigold rewards more but you have to work for it, as kindly shared by Desmondc above.

OCBC Rewards:

200k fresh funds and maintain 200k aum for 3 months: $400 cash reward
350k fresh funds and maintain 350k aum for 3 months: $1000 cash reward

 

[cscs3]

Recently joined Citigold.

Noticed their commission for SGX is very attractive at 0.12%. I’m currently with StanChart Priority and being charged 0.18%. Both banks have no minimum commission.

I tried asking my SCB RM to reduce the charges but he said there’s no way he can do. Maybe it’s because my AUM and revenue in SCB is not attractive enough , lol.

Any ideal on how much local banks is charging?
I understand some banks can waive these charges.

 

[oceanicmanta]

Any ideal on how much local banks is charging?
I understand some banks can waive these charges.

DBS Treasures online trading is also 0.12%, no minimum, on custody

Cant recall any banks offer to waive.

Usually have ongoing promo eg) first 5 trades free (via DBS Vickers, 0.18%, min $10, CDP) or 10% comms rebate (DBST)

 

[inlovewithsg]

...

...

Thank you both for your answers. I'm looking into Citi which looks good based on your feedback. Was speaking to DBS yesterday and was surprised that they offer nothing for new customers.

On the longer run, which one you think would be the best option if most your savings are mostly Unit Trust and looking to reduce the purchase fees?

 

[natnaes]

Thank you both for your answers. I'm looking into Citi which looks good based on your feedback. Was speaking to DBS yesterday and was surprised that they offer nothing for new customers.

On the longer run, which one you think would be the best option if most your savings are mostly Unit Trust and looking to reduce the purchase fees?

There are 2 ways to buy UT at OCBC. If you purchase through your RM, there is a 2% fee, and also services such as analysis, tracking, and reminder. Your RM will keep watch on your UT and give you their opinion from time to time.

You can also purchase online at 0.88% fee.

UTs are fairly simple at OCBC, there is only a flat fee at the point of purchase and no additional charges.

There are a few pros/cons to each bank and perhaps you can consider what you might find useful to your lifestyle besides UT.

Just between these 2 banks:

For Travel and Savings account, OCBC is very strong in its Voyage card privileges.

The OCBC Premier Dividend+ Savings account is also very straightforward:

0.8% interest, provided no withdrawals in that month, and deposit 2k into the account in that month.

If you live and work globally, especially in Western countries, you get to enjoy Citigold perks in countries such as USA whereas there is no OCBC Premier in USA or Europe.

If you're looking to finance a Home purchase soon, OCBC and UOB tend to give the best rates locally.

Anyway, it would help a lot if you would consider other aspects of your lifestyle in choosing which to bank with, and if we knew that perhaps we could advise.

DBS has a promotion now that the first UT purchase will have a 0.82% cash rebate, up to $4100.

DBS also apparently has the best connected concierge through its Insignia card, next to Centurion, if that's something you might use.

 

[inlovewithsg]

0.88% is quite good for UT with OCBC. Most banks seem to charge 1.5% online (at least the 4 I looked at: DBS, HSBC, Citi and SCB...)

EDIT: the 0.88% is a promotion until end of the year.

 

[Sinkie]

https://www.ocbc.com/personal-bank...r-banking-customers-terms-and-conditions.page

Terms and Conditions Governing the OCBC Premier Banking Welcome Reward Programme Valid from 1 July to 30 September 2020

Receive the following Welcome Reward credited into your OCBC Account when you start a new OCBC Premier Banking relationship:

S$400 cash credit with minimum S$200,000 in fresh funds; or S$1,000 cash credit with minimum S$350,000 in fresh funds.

Worth it?

 

[arctician]

Recently joined Citigold.

Noticed their commission for SGX is very attractive at 0.12%. I’m currently with StanChart Priority and being charged 0.18%. Both banks have no minimum commission.

I tried asking my SCB RM to reduce the charges but he said there’s no way he can do. Maybe it’s because my AUM and revenue in SCB is not attractive enough , lol.

SCB brokerage fee has been fixed at 0.18% all along, i also recently migrated to DBST, their fee at 0.12% is really good, plus first 5 trades free no cap

DBST also count stocks as qualified AUM so you can maintain DBST relationship with no cash.

 

[hwmook]

Transfer in of unit trusts to make up $250000 sound good since I have a lot of unit trusts. Opening account online now....

 

[sk0065]

Your RM makan you la.

UT max I pay 50 bps.

There are 2 ways to buy UT at OCBC. If you purchase through your RM, there is a 2% fee, and also services such as analysis, tracking, and reminder. Your RM will keep watch on your UT and give you their opinion from time to time.

You can also purchase online at 0.88% fee.

UTs are fairly simple at OCBC, there is only a flat fee at the point of purchase and no additional charges.

There are a few pros/cons to each bank and perhaps you can consider what you might find useful to your lifestyle besides UT.

Just between these 2 banks:

For Travel and Savings account, OCBC is very strong in its Voyage card privileges.

The OCBC Premier Dividend+ Savings account is also very straightforward:

0.8% interest, provided no withdrawals in that month, and deposit 2k into the account in that month.

If you live and work globally, especially in Western countries, you get to enjoy Citigold perks in countries such as USA whereas there is no OCBC Premier in USA or Europe.

If you're looking to finance a Home purchase soon, OCBC and UOB tend to give the best rates locally.

Anyway, it would help a lot if you would consider other aspects of your lifestyle in choosing which to bank with, and if we knew that perhaps we could advise.

DBS has a promotion now that the first UT purchase will have a 0.82% cash rebate, up to $4100.

DBS also apparently has the best connected concierge through its Insignia card, next to Centurion, if that's something you might use.

 

[Panerex]

Recently joined Citigold.

Noticed their commission for SGX is very attractive at 0.12%. I’m currently with StanChart Priority and being charged 0.18%. Both banks have no minimum commission.

I tried asking my SCB RM to reduce the charges but he said there’s no way he can do. Maybe it’s because my AUM and revenue in SCB is not attractive enough , lol.

For SCB, did your RM mention even if can lower the fees, how Low can it goes?

 

[natnaes]

Your RM makan you la.

UT max I pay 50 bps.

Wow really, do you buy UTs a lot? That's even cheaper than the online promo 0.88%