Consolidated thread for Priority/Privilege Banking

[icicic]

You mean all those in this thread are rich? Lol

I mean those who qualify to discuss about this stuff are usually not your average folk. Might not be unhw but still doing better than most I guess. Maybe listen to well meaning advice about diversification and investment. Life is hard enough why carry additional chip on shoulder as excess weight? Maybe those who know how to stretch their dollar are the ones who join those ranks.

 

[Polar Bear King]

actually what is so good about Priority/Privilege Banking other than you get a short to NO queue?
does Priority/Privilege Banking customers get a credit card with special perks or higher rebate?
UOB recently called to invite me to their premiere banking but i turned them down.

 

[zoossh]

actually what is so good about Priority/Privilege Banking other than you get a short to NO queue?
does Priority/Privilege Banking customers get a credit card with special perks or higher rebate?
UOB recently called to invite me to their premiere banking but i turned them down.

Some have a higher fast transfer limit which makes things convenient

 

[lalaisgongon]

actually what is so good about Priority/Privilege Banking other than you get a short to NO queue?
does Priority/Privilege Banking customers get a credit card with special perks or higher rebate?
UOB recently called to invite me to their premiere banking but i turned them down.

Well,
Sometime back, in UOB case, For privilege banking they were given a high yield account that came it around 1.68% PA.

Some might argue: " look i can get better returns on the stock market/investing myself"
But at least whatever money that is not being used or is in transits earns 1.68 percent. compared to those without this account? Its better to have than not to have. Every dollar earned is still a dollar!

Technically, you still can enjoy the interest of the High yield account with the same min sum 200K or 350k, (i cant remb) without the privilege banking status.

Furthermore, in citigold's case, i saw they offered 1.5% for 9 mths on SGD while normal citi clients get 1.3

Other benefits include lower fees (if you do alot of banking, pay here pay there, cancel check) or International banking (Forex rates, Transactions fees, International accounts, USD dollar denominated card)

To sum it up, its not really the name or the status that gives you the benefits. Its actually the money that you have "invested" or put with the bank, and it just happens when you put a decent size amount they give you that status?

However, if you just have the status and dont have money to invest. The best you get is prob the fringe benefits i guess?
Free Priority pass?
Free Visa infinite ( which means free hilton gold)
Shorter queues like you mention.
Waiting area with free coffee? ( Think of more of it as a quiet place to wait )

 

[hwarzoner]

for me actually i dun really need priority/privilege status, i just want to have higher FAST transfer limit will be enough for me to do bank transfer ,almost all the bank dun allow more that 100k per xfer for normal account holder...

 

[zoossh]

Well,
Sometime back, in UOB case, For privilege banking they were given a high yield account that came it around 1.68% PA.

it is the other way round. u had enough deposit to have high yield account means u qualify for privi banking.

by the way, anyone know if ocbc and maybank charge fall below fee if your deposit drop below 200k?

 

[lalaisgongon]

it is the other way round. u had enough deposit to have high yield account means u qualify for privi banking.

by the way, anyone know if ocbc and maybank charge fall below fee if your deposit drop below 200k?

Which i did say,

"To sum it up, its not really the name or the status that gives you the benefits. Its actually the money that you have "invested" or put with the bank, and it just happens when you put a decent size amount they give you that status?"

And i think OCBC doesnt. although they wrote they did, they didnt charge me after i pulled out my funds and told them to close the acc

 

[Inix]

I'm sorry to be blunt but yes. and not by insinuating that someone is cheapo or thinking that just because he/she is Priority/Privilege banking customer, he/she doesn't know what it feels like to earn 3k a month.

pilates is also correct to point out that 1mil in SG context, while yes is not insignificant but also is nothing really to brag about. The bulk of private bankers here service that AUM size while most priority bankers service 250k to sub 1mil accounts.

Some PB outfits even turn you away with 1mil AUM to priority banking or 'normal' private banking tiers as they look to manage UHNW accounts with 30-50mil AUM.

there are many ways to making money and becoming rich. its good that u have the desire to learn how to become wealthy but the harsh reality is that no one owns anyone else any reasons to teach or share any insights.

I know of people who never earned more than $3K a month for their entire lifetime and are PB customers today. Retired with recurring passive income. And its simply because they managed to scrimp and save their way. The fact that they taught their kids well didn't make it worse.

How much one earns is just a small subset of one's wealth. The bigger point is how much one spends. And the sooner people learn this, well, the better.

 

[zoossh]

Which i did say,

"To sum it up, its not really the name or the status that gives you the benefits. Its actually the money that you have "invested" or put with the bank, and it just happens when you put a decent size amount they give you that status?"

And i think OCBC doesnt. although they wrote they did, they didnt charge me after i pulled out my funds and told them to close the acc

gd, i shall ask them for it when it comes jun.

 

[Inix]

Yes that's the reality and the rich gets richer

And Wee Shu Min will say "Get out of my elite uncaring face". But having said that, $200K not so elite

 

[ahboy82]

anyone with dbs treasures? r there any perks to place yr stocks under them instead of cdp? got cheaper fees?

 

[lalaisgongon]

anyone with dbs treasures? r there any perks to place yr stocks under them instead of cdp? got cheaper fees?

Off hand, no purpose unless you want to get a line of credit based on those stocks?

think not only you dont get cheaper fees, you might still need to pay custodian fees.

But all in, if you take a line of credit, might be cheaper than margin financing from brokers

 

[neanea]

I don't think anyone will share how to make more money. This thread like any other is just a talk c*** thread

I mean those who qualify to discuss about this stuff are usually not your average folk. Might not be unhw but still doing better than most I guess. Maybe listen to well meaning advice about diversification and investment. Life is hard enough why carry additional chip on shoulder as excess weight? Maybe those who know how to stretch their dollar are the ones who join those ranks.

 

[zoossh]

I don't think anyone will share how to make more money. This thread like any other is just a talk c*** thread

banking is meant to put deposit. pls create a separate thread for other purposes. u wan to be bitter abt it, u wont get any response. i dun do any investment, not that i dun wan to share with u.

 

[neanea]

banking is meant to put deposit. pls create a separate thread for other purposes. u wan to be bitter abt it, u wont get any response. i dun do any investment, not that i dun wan to share with u.

Not talking about you, I am saying in general

 

[sebastgt]

anyone with dbs treasures? r there any perks to place yr stocks under them instead of cdp? got cheaper fees?

Placing stock with DBS counts towards AUM for qualifying as DBS Treasures member while with CDP do not.

Currently, member's brokerage fee is 0.18% with no min charge and there is no custodian fee for local stock.

There is no charge for transfer of stocks from CDP to DBS.
You have to pay to transfer stocks from DBS to CDP.
Transfer takes 2 to 3 weeks to process.

DBS gives you a line of credit based on 60 to 70% of the value your stocks. Interest rate is good, close to Sibor.

 

[icicic]

I don't think anyone will share how to make more money. This thread like any other is just a talk c*** thread

One forum level up I have learnt many things. Is all about keeping your eyes open.

 

[wts2013]

I don't think anyone will share how to make more money. This thread like any other is just a talk c*** thread

are u sure? Money mind thread does, here also, I learnt alot about making more money from here and there, also shared alot as well, hahaha

 

[sebastgt]

Off hand, no purpose unless you want to get a line of credit based on those stocks?

think not only you dont get cheaper fees, you might still need to pay custodian fees.

But all in, if you take a line of credit, might be cheaper than margin financing from brokers

Custodian fees are currently waived for Singapore, Hong Kong, Malaysia and Thailand markets. Custodian fees are charged for other foreign stocks.

 

[lalaisgongon]

Placing stock with DBS counts towards AUM for qualifying as DBS Treasures member while with CDP do not.

Currently, member's brokerage fee is 0.18% with no min charge and there is no custodian fee for local stock.

There is no charge for transfer of stocks from CDP to DBS.
You have to pay to transfer stocks from DBS to CDP.
Transfer takes 2 to 3 weeks to process.

DBS gives you a line of credit based on 60 to 70% of the value your stocks. Interest rate is good, close to Sibor.

IIRC .18 only applys to buy.
its still 0.35 when you sell it?

I agree on the line of credit, might be the lowest on the market?

anyone who know of any facility that can beat dbs's?