[Hypothetical] Maximizing priority banking benefits

[Mephist0pheLes]

Purely hypothetical to gather opinions

Suppose a person 300-500k in cash/stocks and has the following preference:

• Do own investment on individual stocks via brokerage (does not count under AUM?), but open to cost effective RSP from banks (e.g., investsaver, bcip)
• Not really interested in the wealth solutions (including ILP/wholelife) provided by banks
• Travel once/twice to regional countries - so benefits like free lounge access, exclusive hotel rates/promotions are welcomed

in ur experience, which bank do u think would give the best balance between the priority banking benefits and interests earned for the AUM locked in the bank?

Or would you give priority banking a miss and jus do watever to maximise interest (e.g., spreading cash to various banks that offer the best rates)?

 

[highsulphur]

Scb priority banking has a balance programme which gives priority pass and other benefits. The e saver promotion has been ongoing for ages so your opportunity cost of maintaining balance isn't high

 

[Mephist0pheLes]

Thanks, i took a look at eSaver. seems like most of the 1.25% onli applies to incremental amount.

 

[limster]

If you have $500k shares in SCB earning 5% dividend, thats more than $2k a month.

With $2k dividends coming into your account every month, I'm sure you can easily maintain average daily balance of $1k in esaver simply because you are not going to immediately use the cash from dividends collected (you still have to move them to esaver from settlement account of course)

I have dash easy with no minimum balance but find that my average daily balance exceeds $1k anyway because I also don't immediately spend/invest the dividend money....

 

[o00001]

Do own investment on individual stocks via brokerage (does not count under AUM?), but open to cost effective RSP from banks (e.g., investsaver, bcip)

From what i understand, stocks bought under SCB online trading and DBS treasures online equity trading (not DBS vickers) are counted as AUM for priority banking.

 

[mynickname]

Sigh. My holdings all under cdp. Too troublesome to transfer just for all the perks