Consolidated thread for Priority/Privilege Banking

[kevinbox]

Hi all,

Eligible Assets Under Management (AUM) for premier banking:

•includes investments and deposits
•includes SRS cash balances and SRS investments with OCBC
•excludes investments in Blue Chip Investment Plan (BCIP)
•excludes Shares held in OCBC Securities

If you require further clarification on this, could you drop us a PM with your query, as well as your contact details?

260Wolskel, could you also PM us with your relationship manager name, so that we could check on the matter?

Thank you.

^DG

Do SRS investments with OCBC includes Shares you bought using SRS funds but using other brokers? Understand the stocks are custodian with OCBC.

 

[BlackIcE84]

hi all, i am deciding between DBS Treasures and SCB Priority, and have three questions

1) Do BOTH DBS and SCB recognise shares held under their custodian account as being "AUM?" I know SCB recognises it, but i've read conflicting responses about DBS Treasures' position


2) SCB Online Trading does not charge fees for custody, or for corporate actions eg dividend handling, rights issues. What about DBS Treasures? There is some info online that DBS charges custody fees for foreign shares, but i cannot find info on their fees for corporate actions. This is particularly important for me as i hold mostly foreign shares.


3) I adopt a buy and hold long-term approach with most of my shareholdings held for more than 5 years. I do not trade regularly, and make less than 20 trades a year. I focus on foreign shares (HK and US) and have minimal SG shares.

Would DBS Treasures or SCB work best for someone in my position? Am willing to consider others like IB / FSMOne also, but if i can get Priority Banking with my current holdings, i don't see much incentive to move towards IB/FSM yet. Am i right on this?

 

[arctician]

hi all, i am deciding between DBS Treasures and SCB Priority, and have three questions

1) Do BOTH DBS and SCB recognise shares held under their custodian account as being "AUM?" I know SCB recognises it, but i've read conflicting responses about DBS Treasures' position


2) SCB Online Trading does not charge fees for custody, or for corporate actions eg dividend handling, rights issues. What about DBS Treasures? There is some info online that DBS charges custody fees for foreign shares, but i cannot find info on their fees for corporate actions. This is particularly important for me as i hold mostly foreign shares.


3) I adopt a buy and hold long-term approach with most of my shareholdings held for more than 5 years. I do not trade regularly, and make less than 20 trades a year. I focus on foreign shares (HK and US) and have minimal SG shares.

Would DBS Treasures or SCB work best for someone in my position? Am willing to consider others like IB / FSMOne also, but if i can get Priority Banking with my current holdings, i don't see much incentive to move towards IB/FSM yet. Am i right on this?

Will go for SCB priority, simply because AUM qualify you for SCB VI which give you 24 visits per year under Priority pass, and esaver provides 1.3-1.4% PA interest rates. And brokerage fees are lower at 0.18% with no min for PB.

DBS treasures has no benefits, except better forex when you do international wire into your account.

 

[klarklar]

Will go for SCB priority, simply because AUM qualify you for SCB VI which give you 24 visits per year under Priority pass, and esaver provides 1.3-1.4% PA interest rates. And brokerage fees are lower at 0.18% with no min for PB.

DBS treasures has no benefits, except better forex when you do international wire into your account.

DBS treasures brokerage fees are cheaper.

 

[highsulphur]

DBS treasures brokerage fees are cheaper.

Cash upfront for normal clients are already very cheap.

How much are treasure clients paying

 

[final1]

Actually Fundsupermart is the cheapest for local brokerage.
0.08%, minimum $10.

However, the benefit of DBS treasures is no minimum comm.
Although the rate is 0.12%.

 

[highsulphur]

Actually Fundsupermart is the cheapest for local brokerage.
0.08%, minimum $10.

However, the benefit of DBS treasures is no minimum comm.
Although the rate is 0.12%.

FS trades go into CDP or custodian?

 

[final1]

Fundsupermart custody.
No custody charges.

 

[highsulphur]

Fundsupermart custody.
No custody charges.

Ok. I rather stick to CDP for ease of selling

 

[arctician]

DBS treasures brokerage fees are cheaper.

0.12% is quite cheap too, didnt know they lower it

Can shares qualify as part of AUM for DBS treasures? Trade using vickers?

 

[BlackIcE84]

0.12% is quite cheap too, didnt know they lower it

Can shares qualify as part of AUM for DBS treasures? Trade using vickers?

Just spoke to a Treasures RM. He confirmed that equity holdings form part of your AUM;shares are held in a Dbs custodian account.

Treasures, however, charges 0.2% of your total shareholding value of foreign shares as custody fees per annum. That is a huge turnoff. Eg $1m in foreign shares = $2000 custody fees. There are no custody fees for local shares

 

[final1]

Just spoke to a Treasures RM. He confirmed that equity holdings form part of your AUM;shares are held in a Dbs custodian account.

Treasures, however charges 0.2% of your total shareholding value as custody fees per annum. That is a huge turnoff. Eg $1m in shares = $2000 custody fees.

Incorrect.
There are no custody fees for SGX shares.
Custody fees are only for foreign shares.

 

[BlackIcE84]

Incorrect.
There are no custody fees for SGX shares.
Custody fees are only for foreign shares.

yes apologies for being inaccurate. as most of my shareholdings are foreign shares, that was my main focus in querying the RM; local shares form only a minute part of my focus. i have amended my post for completeness

 

[final1]

yes apologies for being inaccurate. as most of my shareholdings are foreign shares, that was my main focus in querying the RM; local shares form only a minute part of my focus. i have amended my post for completeness

DBS Treasures is one of the best deals for local shares. Best or 2nd best in my book.

For foreign shares, better to look elsewhere as finding a brokerage with no custody fee for holding foreign shares is easy.

Nothing to apologise for

 

[saggice]

DBS Treasures need a strict $350K ?

 

[OCBC Bank]

Do SRS investments with OCBC includes Shares you bought using SRS funds but using other brokers? Understand the stocks are custodian with OCBC.

Hi Kevin,

It will not be counted as a SRS investment with OCBC.

^CC

 

[BlackIcE84]

DBS Treasures need a strict $350K ?

based on previous comments, they are not always strict. i suppose YMMV depending on your RM and your bargaining skills

 

[arctician]

the 0.12% custodian is really attractive, maybe i will switch. Anyone know if $50k or $200k is enough to qualify for Dbs treasures? not interested in lounge, purely for lower brokerage fees only.

 

[starbugs]

Do SRS investments with OCBC includes Shares you bought using SRS funds but using other brokers? Understand the stocks are custodian with OCBC.

Hi Kevin,

It will not be counted as a SRS investment with OCBC.

^CC

So SRS shares bought via OCBC Securities and using OCBC as SRS agent bank qualify as AUM?

 

[final1]

the 0.12% custodian is really attractive, maybe i will switch. Anyone know if $50k or $200k is enough to qualify for Dbs treasures? not interested in lounge, purely for lower brokerage fees only.

As far as i know, $200k should be able to sign up DBS Treasures although $350k is what is stated on the website.