Consolidated thread for Priority/Privilege Banking

[cybercom8]

This thread very mixed... priority/privilege and even private banking all mentioned!

I have a more mid-range query - have flipped through some of the past few pages, but may have missed out some info. Since DBS and SCB seem to be the main ones that allow owned equities to count towards the AUM, am I right to say that SCB priority banking might be one of the easiest to achieve at $200k? And the benefits aren't too bad, either - lower brokerage fees as well as the VI card (with unlimited priority pass). Nothing spectacular, but not too bad if you're still starting out.

Was also considering Citigold but don't like the fact that it seems you need to invest through them rather than directly on the stock market.

thought citigold has brokerage benefits as well and the stocks count towards AUM?

 

[louist]

Why do you want to join priority Banking?
What do you gain from it?

Mainly - figured that if I have existing assets in my CDP that I can leverage on for free benefits (by simply transferring them somewhere), might as well do so.

thought citigold has brokerage benefits as well and the stocks count towards AUM?

Well, I've been using Citi brokerage previously and would have crossed $200k already if that were the case. The bank's never contacted me about this though - thought they would have. I've sent them a message just to double-check, but doubt that's the case.

(Checked the websites, seems to be no difference in brokerage fees for Citigold.)

 

[bazingaman]

I guess CITI Gold still takes stocks as AUM. I've checked with them quite recently and the answer is yes, as long as the investments are done thorugh them. But as you said, CITI benefits are not really great but I got feedback from friends that the RM's are good. So depends on what we are expecting from the 'status'

 

[stiwipl]

anyone noes if dbs treasures is 350k or still 200k? and does it include stocks purchased using their dbs vickers?

DBS Treasures require 350k initial deposit and at least 200k to maintain.
They have quite good KF miles promo right now or cashback if you prefer but applicable to SGD/USD deposits only.

 

[stiwipl]

So is UOB the only bank that doesn't charge fail below fee for their Privilege banking and requires only 3 months of S$350,000 average balance which after that doesn't need to be maintained?

 

[limpoop]

DBS Treasures require 350k initial deposit and at least 200k to maintain.
They have quite good KF miles promo right now or cashback if you prefer but applicable to SGD/USD deposits only.

40,000 KF miles or $8XX cashback for $300K cash deposit ear-marked for 6 months, you can withdraw any time but they will take back the cashback.

 

[limpoop]

So is UOB the only bank that doesn't charge fail below fee for their Privilege banking and requires only 3 months of S$350,000 average balance which after that doesn't need to be maintained?

Where did you get this info?

 

[stiwipl]

Where did you get this info?

A friend of mine was told so when opening UOB Privilege. Also someone on HWZ wrote he was told the same.

 

[ilovecheese]

DBS Treasures require 350k initial deposit and at least 200k to maintain.
They have quite good KF miles promo right now or cashback if you prefer but applicable to SGD/USD deposits only.

treasures also give free debit card

 

[stiwipl]

treasures also give free debit card

Others don't?

Anyway, for DBS Treasures the main advantages are:
- free ATM withdrawals worldwide (S$5 waiver)
- free incoming Telegraphic Transfers (S$10 waiver)

And that's it basically. Also with current promo you can get 40k miles for deposits in SGD/USD only.

I wonder if there are any waivers / discounts for UOB Privilege customers, as I can't seem to find separate pricing guide for their privileged customers?

 

[edwinttt1978]

Others don't?

Anyway, for DBS Treasures the main advantages are:
- free ATM withdrawals worldwide (S$5 waiver)
- free incoming Telegraphic Transfers (S$10 waiver)

And that's it basically. Also with current promo you can get 40k miles for deposits in SGD/USD only.

I wonder if there are any waivers / discounts for UOB Privilege customers, as I can't seem to find separate pricing guide for their privileged customers?

Can get free unlimited coffee and other beverages lor.

 

[stiwipl]

Can get free unlimited coffee and other beverages lor.

No use for those not visiting branches.

Apparently OCBC doesn't allow to send online international TT FCY transfer from FCY account. The only way to do it is to submit a remittance form to the branch. Strange I think.
Is it the same for UOB?

 

[cybercom8]

citigold private client got free limo rides, free magazines etc...wonder if never invest anything and use all these freebies will get blacklisted or not

 

[limpoop]

Others don't?

Anyway, for DBS Treasures the main advantages are:
- free ATM withdrawals worldwide (S$5 waiver)
- free incoming Telegraphic Transfers (S$10 waiver)

And that's it basically. Also with current promo you can get 40k miles for deposits in SGD/USD only.

I wonder if there are any waivers / discounts for UOB Privilege customers, as I can't seem to find separate pricing guide for their privileged customers?

Why do people want to put $350K for what?

 

[cybercom8]

Why do people want to put $350K for what?

spare funds...

 

[edmwwmde]

so have we got a consensus which one is the best?

 

[invisible999]

citigold private client got free limo rides, free magazines etc...wonder if never invest anything and use all these freebies will get blacklisted or not

I would suggest to avoid dealing with American banks.

P.S. American here.

 

[cybercom8]

I would suggest to avoid dealing with American banks.

P.S. American here.

please share why you think so...thanks

 

[zirhk3355]

Happen to be going around checking out priority banking services this weekend and saw this thread, so I thought I would share:

1. There is a recent article on MoneySmart about priority banking: The Best Priority Banking Accounts in Singapore | MoneySmart.sg

2. DBS Treasures: The free 40k KF miles was alittle confusing for me but I sorted it out. To start a new relationship, you need initial deposit of $350k, then you need to maintain $300k for 6 months to be entitled for the 40k KF miles. After that, you can drop down to $200k AUM.

Stocks bought thru DBS Vickers do not count towards AUM. However, they have DBS Trading (custodian account), which has almost the same brokerage fee as Vickers. You keep your money in your DBS/POSB savings account, then GIRO/EPS when you buy shares. There is no maintenance fee.

3. Citigold: I went to take a look at them because I was lured by their global fund transfer (to citibank overseas) and free ATM withdrawals, as I am staying overseas. However, I realised normal Citibanking accounts also can get these for free! I don't see anything else special about them; no unique privileges, investment products, etc. Or maybe cuz I was served on a busy Saturday by a bunch of youngsters at Holland V, so didn't a proper explanation...

4. OCBC Premier: OCBC is the only bank where their securities trading arm is ONE COMPANY with the bank, therefore stocks bought thru their brokerage is counted towards your priority banking AUM. They also have custodian account called Equity Plus Account, but once you put money / stocks inside, you will be charged maintenance fee (no fee if the account is empty).

5. SCB: I was totally enticed by SCB because of their 60k KF miles promo (+30k miles if you refer a friend!!), and heard their brokerage fee is one of the lowest. HOWEVER, I was very turn-off by the slow and messy service at Holland V.

When I finally managed to get seated with a staff, he told me he cannot open an account for me because SCB had classified me as a delinquent account! Nothing embarrassing, I will tell you all why: 8 years ago, I refused to pay a CC annual fee of $180, which ballooned into $400+ and I got a legal letter. I made a big fuss and told them to cancel the card and deal with all these nonsensical charges - little did I know they actually wrote it off as bad debt! The staff told me I can APPEAL to get the tagging off, so I laughed at his face, I am putting money into your bank for investments and I need to APPEAL to do it?? Thanks but no thanks!!

Summary: After thinking the whole weekend, in the end I went with Treasures because of (1) KF miles, (2) nice treasures centre at MBFC, (3) sweet RM. Hey, I am just being frank!

Now they are trying to sell me some mutual funds and ELN, so let's see how it goes for these 6 months!

 

[taediumv]

Happen to be going around checking out priority banking services this weekend and saw this thread, so I thought I would share:

1. There is a recent article on MoneySmart about priority banking: The Best Priority Banking Accounts in Singapore | MoneySmart.sg

2. DBS Treasures: The free 40k KF miles was alittle confusing for me but I sorted it out. To start a new relationship, you need initial deposit of $350k, then you need to maintain $300k for 6 months to be entitled for the 40k KF miles. After that, you can drop down to $200k AUM.

Stocks bought thru DBS Vickers do not count towards AUM. However, they have DBS Trading (custodian account), which has almost the same brokerage fee as Vickers. You keep your money in your DBS/POSB savings account, then GIRO/EPS when you buy shares. There is no maintenance fee.

3. Citigold: I went to take a look at them because I was lured by their global fund transfer (to citibank overseas) and free ATM withdrawals, as I am staying overseas. However, I realised normal Citibanking accounts also can get these for free! I don't see anything else special about them; no unique privileges, investment products, etc. Or maybe cuz I was served on a busy Saturday by a bunch of youngsters at Holland V, so didn't a proper explanation...

4. OCBC Premier: OCBC is the only bank where their securities trading arm is ONE COMPANY with the bank, therefore stocks bought thru their brokerage is counted towards your priority banking AUM. They also have custodian account called Equity Plus Account, but once you put money / stocks inside, you will be charged maintenance fee (no fee if the account is empty).

5. SCB: I was totally enticed by SCB because of their 60k KF miles promo (+30k miles if you refer a friend!!), and heard their brokerage fee is one of the lowest. HOWEVER, I was very turn-off by the slow and messy service at Holland V.

When I finally managed to get seated with a staff, he told me he cannot open an account for me because SCB had classified me as a delinquent account! Nothing embarrassing, I will tell you all why: 8 years ago, I refused to pay a CC annual fee of $180, which ballooned into $400+ and I got a legal letter. I made a big fuss and told them to cancel the card and deal with all these nonsensical charges - little did I know they actually wrote it off as bad debt! The staff told me I can APPEAL to get the tagging off, so I laughed at his face, I am putting money into your bank for investments and I need to APPEAL to do it?? Thanks but no thanks!!

Summary: After thinking the whole weekend, in the end I went with Treasures because of (1) KF miles, (2) nice treasures centre at MBFC, (3) sweet RM. Hey, I am just being frank!

Now they are trying to sell me some mutual funds and ELN, so let's see how it goes for these 6 months!

Informative. Thanks for the write up!