Difference between SCB Preferred and Priority Banking

[summerfox]

Hi some noob questions for standard chartered bank.

What is the difference between the 2 banking accounts? Got special privilege for loans and deposits? What is the difference for eligibility?

I got offered both, but I don't know which to take. I just want a simple and fuss free banking service.

 

[Mancunian2]

diiferent queue, priority got seated waiting area while preferred must stand,
priority customers pay lower online trading commissions

priority must maintain min $200k or else $50 monthly service charge

 

[avsquare]

diiferent queue, priority got seated waiting area while preferred must stand,
priority customers pay lower online trading commissions

priority must maintain min $200k or else $50 monthly service charge

And priority gets the visa infinite card. Generally priority is higher tier vs preferred banking.

 

[Awesom Andy]

Preferred banking is like normal banking, except you get a few perks like special queues. It's mostly just a name attached to those who qualify to make these customers feel a little bit better, with additional products/services which are only marginally better (if at all) than the base level.

Priority banking is relatively a much bigger step up. You get treated a little bit more special, since you have enough money for the bank to start taking notice.

 

[naruto13]

50k saving/72k income versus 200k saving mah.

 

[summerfox]

Okay looks like i better stick to normal bank account. I don't like bankers who keep pestering me to invest.
Today I visited the bank just to get a mortgage loan and immediately I get pestered to invest this and that....

Imagine I switch to preferred or priority, these bankers will call me non stop!

 

[avsquare]

Okay looks like i better stick to normal bank account. I don't like bankers who keep pestering me to invest.
Today I visited the bank just to get a mortgage loan and immediately I get pestered to invest this and that....

Imagine I switch to preferred or priority, these bankers will call me non stop!

well you can always instruct your bank not to give you marketing calls. the instructions may take some time, like a month to be effective through all their channels but it is possible.

 

[xBbx07]

besides better "treatment" and recognition, is there really a difference in priority banking?

I understand they get slightly better rates in FD and trading fees etc. - is there anything else???

 

[avsquare]

besides better "treatment" and recognition, is there really a difference in priority banking?

I understand they get slightly better rates in FD and trading fees etc. - is there anything else???

I don't think so. If you are interested in "privilege banking", look for other banks, I don't see SCB offer much.

Usually high end banking, you will get better rates, a personal banker to advise you on your portfolio and special treatment as the basic. Some banks has different tier of wealth banking programmes that offer them different perks and credit card schemes.

 

[d5dude]

besides better "treatment" and recognition, is there really a difference in priority banking?

I understand they get slightly better rates in FD and trading fees etc. - is there anything else???

The lower fees can result in substantial savings. I use their telegraphic transfer service quite often and I must have saved over a thousand dollars by now.

 

[Mancunian2]

Okay looks like i better stick to normal bank account. I don't like bankers who keep pestering me to invest.
Today I visited the bank just to get a mortgage loan and immediately I get pestered to invest this and that....

Imagine I switch to preferred or priority, these bankers will call me non stop!

standchart has never called me to sell things since I opened a priority banking acct


ocbc is the worst, called me to make apointment, then fly aeroplane, happened to me twice liao.
now I only have robinson card and a passbook saving acct with them for convenient atm access

 

[limpoop]

besides better "treatment" and recognition, is there really a difference in priority banking?

I understand they get slightly better rates in FD and trading fees etc. - is there anything else???

Special PB branches, no queue, RM welcomes you at the door, free mineral water/tea/coffee, free gifts (sometimes), conduct your banking services in a private room, RM will do all the running

Global ATM card, withdraw cash from any Cirrus ATMs worldwide free of service charge

Free opening of accounts if you relocate and links all accounts

VI card - not much use

PPass - very good if you travel often, no limit on lounge visits

Lower fees and a bit better rates for some services like TT, Forex, bonds

 

[naruto13]

just now saw the priority branch at parkway, the entrance really look grand. must be high class employee inside to serve priority customer too.

 

[stiwipl]

I couldn't spot any differences personally except that in priority you pay extra for the status.

Btw, there is also another status, called "World Partner". You can ask for it if you have at least 20k. As for benefits under "WP", you can make free overseas bank wires (all fees are waived except one - foreign bank charges which are $50 if you pay in SGD or US$28 if you have USD account or equivalent if in EUR); free foreign currency withdrawal /deposit in branch (normally 1.5%) and if I am not mistaken 1 free withdrawal per month from any ATM in SG.

 

[xBbx07]

Special PB branches, no queue, RM welcomes you at the door, free mineral water/tea/coffee, free gifts (sometimes), conduct your banking services in a private room, RM will do all the running

Global ATM card, withdraw cash from any Cirrus ATMs worldwide free of service charge

Free opening of accounts if you relocate and links all accounts

VI card - not much use

PPass - very good if you travel often, no limit on lounge visits

Lower fees and a bit better rates for some services like TT, Forex, bonds

The lower fees can result in substantial savings. I use their telegraphic transfer service quite often and I must have saved over a thousand dollars by now.

I don't think so. If you are interested in "privilege banking", look for other banks, I don't see SCB offer much.

Usually high end banking, you will get better rates, a personal banker to advise you on your portfolio and special treatment as the basic. Some banks has different tier of wealth banking programmes that offer them different perks and credit card schemes.

Thanks for the replies.

Had a thorough look at the SCB Priority banking website. The VI card, additional 360 rewards, and PP do look enticing. Also, please correct me if I am wrong, I think SCB offers VI for its priority, DBS and HSBC do not. (UOB Privilege provides VI for min. 350k, I did not look at other banks.)

But I have limited capital, think it might still be better to maintain a few banking accounts for flexibility and the $50k SG-govt guarantee.

 

[materick]

one additional perk: changing fresh notes during cny.

you get priority, go lounge, take a sit, drink some coffee tea, wait for your turn, then go meet the teller and do whatever you need. It's a big plus point, so far I like UOB and stchart for this service...

btw, have you seen the uob pbanking hall at mbfc? wow.

 

[avsquare]

Thanks for the replies.

Had a thorough look at the SCB Priority banking website. The VI card, additional 360 rewards, and PP do look enticing. Also, please correct me if I am wrong, I think SCB offers VI for its priority, DBS and HSBC do not. (UOB Privilege provides VI for min. 350k, I did not look at other banks.)

But I have limited capital, think it might still be better to maintain a few banking accounts for flexibility and the $50k SG-govt guarantee.

Are you a frequent flyer? That's one good qn to ask yourself.

DBS is not offering Visa Infinite because DBS Treasuries offers Amex (DBS Treasuries Black Elite Amex). It offers 1.2miles per $ spent and twice the amount for overseas spend.

If you look at SCB's VI, it's not fantastic, because it's only 1miles per $. Given that it is supposed to be some "special card", the rewards aren't that rewarding.

HSBC - not that I know if. But if you have at least a 6-digit deposit with them, maybe you can use that as a basis to ask for their newly launched Visa Infinite which has some nice perks according to bros here.

 

[d5dude]

Thanks for the replies.

Had a thorough look at the SCB Priority banking website. The VI card, additional 360 rewards, and PP do look enticing. Also, please correct me if I am wrong, I think SCB offers VI for its priority, DBS and HSBC do not. (UOB Privilege provides VI for min. 350k, I did not look at other banks.)

But I have limited capital, think it might still be better to maintain a few banking accounts for flexibility and the $50k SG-govt guarantee.

No point putting 200k in a bank just for priority banking if you have limited capital. For me the money in the bank forms part of my asset allocation, I like to hold a mix of bonds, preference shares, ordinary shares and cash.

Its good to hold slightly more cash given the uncertainties in Europe now.

 

[d5dude]

Are you a frequent flyer? That's one good qn to ask yourself.

DBS is not offering Visa Infinite because DBS Treasuries offers Amex (DBS Treasuries Black Elite Amex). It offers 1.2miles per $ spent and twice the amount for overseas spend.

If you look at SCB's VI, it's not fantastic, because it's only 1miles per $. Given that it is supposed to be some "special card", the rewards aren't that rewarding.

HSBC - not that I know if. But if you have at least a 6-digit deposit with them, maybe you can use that as a basis to ask for their newly launched Visa Infinite which has some nice perks according to bros here.

Well at least the SCB VI is free if you are a priority customer.

 

[avsquare]

Well at least the SCB VI is free if you are a priority customer.

No point putting 200k in a bank just for priority banking if you have limited capital. For me the money in the bank forms part of my asset allocation, I like to hold a mix of bonds, preference shares, ordinary shares and cash.

Its good to hold slightly more cash given the uncertainties in Europe now.

I get your point there - so it really depends on how much capital and assets under your belt.

SCB VI is given to it's priority customer but it does has an annual fee of $300.

Not sure what is the min asset req for SCB, had a feeling that it is lower to attract business.