Consolidated thread for Priority/Privilege Banking

[Boon Sim]

Yup. Decided to foresake the DBS Treasures $1.6k "welcome gift" promo because that required funds to be earmarked for 6 months with very limited uses. UOB High Yield more attractive, with ability to withdraw funds at anytime. Current promo (1 Mar - 31 Mar) is up to 1.7% for 3 months. Below $2mil, 1.65%. Assuming $350k, that is $481/month, so you get back >$1,600 within 4 months (assuming some sort of roll-over promo after month 3, if not can cycle funds elsewhere).

Just give up the DBS Travel benefits.

 

[neanea]

How does this high yield thing works?

Yup. Decided to foresake the DBS Treasures $1.6k "welcome gift" promo because that required funds to be earmarked for 6 months with very limited uses. UOB High Yield more attractive, with ability to withdraw funds at anytime. Current promo (1 Mar - 31 Mar) is up to 1.7% for 3 months. Below $2mil, 1.65%. Assuming $350k, that is $481/month, so you get back >$1,600 within 4 months (assuming some sort of roll-over promo after month 3, if not can cycle funds elsewhere).

Just give up the DBS Travel benefits.

 

[oceanicmanta]

no, each promotion is usually for 3-4 months. you can even reduce the balance and still get the promo rate...subject to a minimum of $200k i think.

eg you can bank in $1.5m and get 1.65% and then withdraw $1m the next month and still get 1.65% for the balance $500k

- for new HYA customers, minimum is 350k balance each day (not ADB over a month) to get promo rate
- for existing HYA customers, min is 200k to get promo rate

Interest is calculated daily. Anything below the minimum on any day will not earn interest for that day

that's the gist of it as I understand.

 

[Boon Sim]

How does this high yield thing works?

It is a separate new UOB current account for the priority / privilege clients. You get 1.65% p.a. (for balance between $350k - $2mil) for a three month period (the current March promotion period) on the balance in the account, for new privilege clients to the bank.

So for example you deposit fresh funds of $350k to start a new UOB privilege relationship, then it will earn interest at the rate of 1.65% p.a. over the three month period. Unlike other banks, this one has no lock-in period, meaning you can take out (and add) funds as and when you like like a regular transactional current account, and enjoy the high interest rate.

In my case, I had some funds maturing from the lunar new year 1.5% interest promo, so the RM just rolled those funds over and considered as "fresh funds" after she got approval to do so. If not just cycle the funds out and in to be considered fresh funds.

The DBS promo not attractive enough. FD rate so low. After you makan the $1.6k welcome gift your funds left to rot there for 6 months.

 

[SuperGreenHorn]

no, each promotion is usually for 3-4 months. you can even reduce the balance and still get the promo rate...subject to a minimum of $200k i think.

eg you can bank in $1.5m and get 1.65% and then withdraw $1m the next month and still get 1.65% for the balance $500k

Thanks cybercom8! makes perfect sense to park some of our liquidity there, thank you for sharing!

 

[saptak1990]

I converted my DBS India account to Treasures, where min amount to meet is much lower, and got my SG DBS account auto-upgraded to Treasures! I even get all travel benefits including 20% bonus KrisFlyer miles when I just maintain $3k at my DBS SG account. Such fun

 

[zabalang]

How does investing bonds (e.g. corporate & govt bonds) through wealth/privilege banking RM works? What's the typical minimum amount required for each transaction?

 

[arctician]

How does investing bonds (e.g. corporate & govt bonds) through wealth/privilege banking RM works? What's the typical minimum amount required for each transaction?

250k per tranche

 

[neanea]

250k per tranche

Any recommendations what to buy?

 

[arctician]

Any recommendations what to buy?

just ask for investment grade bonds..generally yield 4% with 4-5y maturity

but one must be an accredited investor to buy otc bonds

 

[Izumi8]

Yup. Decided to foresake the DBS Treasures $1.6k "welcome gift" promo because that required funds to be earmarked for 6 months with very limited uses. UOB High Yield more attractive, with ability to withdraw funds at anytime. Current promo (1 Mar - 31 Mar) is up to 1.7% for 3 months. Below $2mil, 1.65%. Assuming $350k, that is $481/month, so you get back >$1,600 within 4 months (assuming some sort of roll-over promo after month 3, if not can cycle funds elsewhere).

Just give up the DBS Travel benefits.

For amount 0 to 350k you earn zero interest, if you deposited 380k, tier interest sturcture means only 30k will have 1.65%, so I do not think you can get $481/month.

 

[cybercom8]

For amount 0 to 350k you earn zero interest, if you deposited 380k, tier interest sturcture means only 30k will have 1.65%, so I do not think you can get $481/month.

you got it wrong

 

[foozgarden]

any one with SCB VI PB?

how useful is the card? other than the unlmited PP use.

 

[naro]

any one with SCB VI PB?

how useful is the card? other than the unlmited PP use.

PB customers trade on SCB Equities online at a cheaper rate.

 

[foozgarden]

PB customers trade on SCB Equities online at a cheaper rate.

thats true..

how about their SCB PB VI card? are the rewards any good? comparable to other bank cc?

 

[louist]

The rewards structure is quite lousy. Though as you've pointed out earlier, unlimited PP is not too bad (if you value it).

That said, SCB Priority's best (to me) feature is the ability to grant complimentary priority status to immediate family. So if you're married, you can effectively get unlimited PP for two already (plus children of credit card applying age, if any)! I find that quite decent, for a free perk. Coupled with discounted online trading, I find it the most worthwhile priority status to maintain, since your trading portfolio counts towards AUM as well.

https://www.sc.com/sg/priority/benefits.html
(Under 'Household Recognition and family benefits')
Complimentary Priority Banking membership extended to your spouse and children

thats true..

how about their SCB PB VI card? are the rewards any good? comparable to other bank cc?

 

[invisible999]

Is there any card giving unlimited Priority Pass access for cardmember and spouse?

 

[cybercom8]

Is there any card giving unlimited Priority Pass access for cardmember and spouse?

was told citi ultima but i am sure many other cards do...and scb vi is easy to obtain for spouse

 

[foozgarden]

The rewards structure is quite lousy. Though as you've pointed out earlier, unlimited PP is not too bad (if you value it).

That said, SCB Priority's best (to me) feature is the ability to grant complimentary priority status to immediate family. So if you're married, you can effectively get unlimited PP for two already (plus children of credit card applying age, if any)! I find that quite decent, for a free perk. Coupled with discounted online trading, I find it the most worthwhile priority status to maintain, since your trading portfolio counts towards AUM as well.

i didnt know you can pass(or, share) the Priority pass and the PB status to your kids!? and then the kids can also trade on their own with lesser fees on SCB.
if thats the case, then its superb..

the transfering of shares from CDP to SCB, has a charge of $10+ per share, iirc.. so maybe its not worth to do so, unless SCB willing to reimburse the charges =)

 

[naro]

i didnt know you can pass(or, share) the Priority pass and the PB status to your kids!? and then the kids can also trade on their own with lesser fees on SCB.
if thats the case, then its superb..

the transfering of shares from CDP to SCB, has a charge of $10+ per share, iirc.. so maybe its not worth to do so, unless SCB willing to reimburse the charges =)

i transferred from CDP to SCB online equities platform, no fees.