Consolidated thread for Priority/Privilege Banking

[belgarathc]

Where to see this promo? Can transfer from cdp?

It looks like a generic scb promo mailer to me.

<ADV> Get up to S$3,000 when you consolidate your investments with us

Terms and Conditions:
*Standard Chartered Bank Wealth Transfer-In Promotion Terms and Conditions apply. This Promotion is valid from 1‌‌ J‌uly 202‌3 to 3‌0 Se‌ptember 202‌3, both dates inclusive ("Promotion Period"), and is open to new and existing Priority Banking customers of Standard Chartered Bank (Singapore) Limited. To qualify for the Promotion, Eligible Customers need to successfully transfer in Eligible Unit Trusts, Eligible Equities and Eligible Fixed Income products (as defined in each of the product promotion terms and conditions) during the Promotion Period. Under this Promotion, regardless of the number of accounts held with the Bank, each Eligible Customer's entitlement to the cash reward is capped at a maximum of S$1,000 for the Promotion Period for each product category - Eligible Unit Trusts, Eligible Equities and Eligible Fixed Income products. For clarity, the Standard Chartered Bank Wealth Transfer-In – Unit Trusts, Equities, and Fixed Income Promotion Terms and Conditions apply for each respective product category. Visit the Bank's website stated on this electronic mailer for the full Terms and Conditions that apply.

 

[Masters16]

Anyone has experience with the mobile trading app for Citigold vs SCB Priority's? How do they fare against each other?

 

[recruit]

I received the top up email. I think SCB quite good liao. Since 2021 I have not met the min AUM of $200k with them but I was still given the priority banking benefits and free lounge visits which was awesome esp when i fly budget.

Now i’m not sure if i should top up by 31 dec 2023 or just let the status go. Other than the lounge visits, I don’t really use them for anything else. But there’s alot of sentimental value because it’s the first bank i attained priority banking status with. Lol.

 

[highsulphur]

I received the top up email. I think SCB quite good liao. Since 2021 I have not met the min AUM of $200k with them but I was still given the priority banking benefits and free lounge visits which was awesome esp when i fly budget.

Now i’m not sure if i should top up by 31 dec 2023 or just let the status go. Other than the lounge visits, I don’t really use them for anything else. But there’s alot of sentimental value because it’s the first bank i attained priority banking status with. Lol.

I didnt receive any sms or email on the promotion but I enquired at the branch and seems like it's opened to all. Would likely transfer some etf from CDP over but need to confirm whether the etf qualifies. Also will hit the max transfer fee of $108, so need to transfer more to make it worthwhile

 

[crystalnox]

I didnt receive any sms or email on the promotion but I enquired at the branch and seems like it's opened to all. Would likely transfer some etf from CDP over but need to confirm whether the etf qualifies. Also will hit the max transfer fee of $108, so need to transfer more to make it worthwhile

Open to non-Priority customers as well? I wouldn't mind shifting over a small portion from IBKR since it's basically just S$10.80 per counter, still earn ~$40 while diversifying a bit.

 

[highsulphur]

Open to non-Priority customers as well? I wouldn't mind shifting over a small portion from IBKR since it's basically just S$10.80 per counter, still earn ~$40 while diversifying a bit.

Its $10.80 per 1000 shares for a counter
Capper at $108 per counter

 

[crystalnox]

Its $10.80 per 1000 shares for a counter
Capper at $108 per counter

Per 1000 shares only applies if there's a change in ownership, otherwise it's just $10.80 per counter, per transfer from my understanding.

Edit: S$10.80 is for CDP transfers only so assuming I'm going from IBKR -> SCB directly, it will be SGD50 instead. Plus the potential per 1000 shares mentioned by @highsulphur since it might be considered a "change in beneficial ownership" from IBKR to SCB custodian?

So any one else thinking of going this route will probably have to transfer into CDP first (IBKR -S$10.80), then into SCB from CDP (SC -S$10.80).

 

[rhysrayne]

For citigold status, I understand on the website it states that need to maintain 250k in AUM. If I need to invest somewhere else in the meantime, how long does it take for Citi to remove your Citigold status if your AUM does not clear the threshold?

 

[estoppel]

I received the top up email. I think SCB quite good liao. Since 2021 I have not met the min AUM of $200k with them but I was still given the priority banking benefits and free lounge visits which was awesome esp when i fly budget.

Now i’m not sure if i should top up by 31 dec 2023 or just let the status go. Other than the lounge visits, I don’t really use them for anything else. But there’s alot of sentimental value because it’s the first bank i attained priority banking status with. Lol.

Received the email too. Doubt i will be topping up cash to meet the AUM bah, currently only equities are held by SCB.

On the other hand, I have been below the 200k AUM for a few years now but still maintain the status. So i guess i'll see how it goes next year?

 

[highsulphur]

Per 1000 shares only applies if there's a change in ownership, otherwise it's just $10.80 per counter, per transfer from my understanding.

Edit: S$10.80 is for CDP transfers only so assuming I'm going from IBKR -> SCB directly, it will be SGD50 instead. Plus the potential per 1000 shares mentioned by @highsulphur since it might be considered a "change in beneficial ownership" from IBKR to SCB custodian?

So any one else thinking of going this route will probably have to transfer into CDP first (IBKR -S$10.80), then into SCB from CDP (SC -S$10.80).

it is not clear. I am actually transferring from my CDP to SCB's CDP custodian account. The CSO that attended to me seems to think it is $10.80 per 1000 shares instead of per counter.

 

[highsulphur]

it is not clear. I am actually transferring from my CDP to SCB's CDP custodian account. The CSO that attended to me seems to think it is $10.80 per 1000 shares instead of per counter.

Has been 11 days and SCB can't even answer two straightforward questions for an ongoing promotion

1) does ABF qualifies for the promotion as a share to be transferred
2) does transferring the share from CDP to scb with no change in beneficiary owner cost only $10.80 per counter

Anyone actually participated in this promo successfully?

 

[numbers]

scb priority banking lounge any good?

 

[rerear]

which Changi lounges can SCB Priority get into, need to apply any PP or Dragonpass etc., or just show credit cards

 

[crystalnox]

which Changi lounges can SCB Priority get into, need to apply any PP or Dragonpass etc., or just show credit cards

https://av.sc.com/sg/content/docs/sg-pbvi-tnc-full.pdf page 5

 

[dxdx999]

For citigold status, I understand on the website it states that need to maintain 250k in AUM. If I need to invest somewhere else in the meantime, how long does it take for Citi to remove your Citigold status if your AUM does not clear the threshold?

What's the benefit of being citigold

 

[Thai_Rak_Thai]

Is Citi priority considered premier banking or waste of time? Since there is Citigold

 

[Imhthc]

For citigold status, I understand on the website it states that need to maintain 250k in AUM. If I need to invest somewhere else in the meantime, how long does it take for Citi to remove your Citigold status if your AUM does not clear the threshold?

Not sure whether they will even remove ur citigold status since there is an Account Service Fee of S$15 per month will if your TRB is less than S$15,000 at the end of each month.

 

[CrashWire]

Is Citi priority considered premier banking or waste of time? Since there is Citigold

What's your definition of "premier banking"? What perks are you expecting?

There's a few others in the not-here-not-there category like UOB Wealth and Maybank Privilege.

 

[hwmook]

Not sure whether they will even remove ur citigold status since there is an Account Service Fee of S$15 per month will if your TRB is less than S$15,000 at the end of each month.

They removed mine so yes they will do so.

 

[Imhthc]

They removed mine so yes they will do so.

Does this mean that you no longer have to pay the service fee? Or u have >$15k, but <$250K?