Premier Banking - Does it really grow your wealth?

[hdbecpc]

Dear gents,

So far, i have only kept my cash in FDs and never really tried stocks/unit trusts etc. As far as i am concern today, i would like my money to grow; and am not much of a risk-taker.

Recently, i have done a bit of research on premier banking and found the following requirements:-

DBS Treasures:- 350,000 SGD
Maybank Premier:- 300,000 SGD
Citigold:- 250,000 SGD
CIMB Preferred:- 250,000 SGD
HSBC Premier:- 200,000 SGD
OCBC Premier:- 200,000 or 350,000 for higher cash rebates
StanChart Priority:- 200,000 SGD

For those who have kept your money in any of these, can you kindly share your experiences and how it has benefited you in one way another besides the welcome gift?

Thank you.

 

[reddevil0728]

Dear gents,

So far, i have only kept my cash in FDs and never really tried stocks/unit trusts etc. As far as i am concern today, i would like my money to grow; and am not much of a risk-taker.

Recently, i have done a bit of research on premier banking and found the following requirements:-

DBS Treasures:- 350,000 SGD
Maybank Premier:- 300,000 SGD
Citigold:- 250,000 SGD
CIMB Preferred:- 250,000 SGD
HSBC Premier:- 200,000 SGD
OCBC Premier:- 200,000 or 350,000 for higher cash rebates
StanChart Priority:- 200,000 SGD

For those who have kept your money in any of these, can you kindly share your experiences and how it has benefited you in one way another besides the welcome gift?

Thank you.

Depends on whether you willing to invest with them

 

[limster]

I always thought of it in terms of a better service level and saving time.

Time is money and I don't like to queue. It is good to have an assigned RM who can help me with whatever banking I need to do

 

[cassowary18]

Cheap brokerage services. For example, Standard Chartered priority gives you no minimum commissions on their brokerage services which is pretty good.

 

[zuoom]

If you got money. You got money.

 

[reddevil0728]

If you got money. You got money.

Got money can have more money

 

[iduncheckmail]

You need to know why you want premier firstly . If the benefit outweigh the cons then go for it .
Else there is min AUM or Min monthly transactions . You don’t meet these conditions then the monthly fee is more than regular Accts .

 

[kokjj87]

I see not much benefits leh...

 

[tesarise]

short answer:no
premier/priority banking have itsperks (e.g. better rates for loans, lower comms/no min comms for trades) etc, but it doesn't exactly grow your wealth. Need to be in private banking (1.5m+ AUM) if you want the bank to manage investments for you.

 

[Mecisteus]

You got to be kidding.

There is no guarantee your wealth will grow.

But they are guaranteed to earn good commissions from you if you pick the wrong or right products.

 

[apriliasiao]

u will kanna con into buy all those unit trusts, fx swaps and even options. my rm always ask me all these sibei sian one.

 

[htngwilliam]

No matter how much you have, you are better off buying S&P500 than investing on bank instruments due to the low expense ratio. The bank commission is relatively high and it is usually swee for their staff (Bankers/ RM) rather than the client.

Got some perks like can go into premier banking lounges wait as you sip kopi. Sometimes changing CNY notes is easier. Well, with the advancement of digital banking, these perks become worthless. One year I went premier banking lounge to collect notes, I waited longer than normal walk in. Many retirees are sipping kopi, reading newspaper and chatting with their RM.

 

[iduncheckmail]

I see not much benefits leh...

Got some lah. Don’t say don’t have. DBS got preferential housing loan rate , preferriential SGX trading fees. HSBC got preferential saving acct rate.
I don’t really bother about the lounges and pple who try to call me to “advise” me, coz the less I have to visit the bank the better, the less I have to meet with RM the better.

 

[Opps-gal]

https://blog.moneysmart.sg/priority-banking/priority-banking-benefits/

A simple google can help. Just read up.

 

[Thoreldan]

Banks dont make money for customer. They make money from customers.

 

[hwmook]

https://blog.moneysmart.sg/priority-banking/priority-banking-benefits/

A simple google can help. Just read up.

Way outdated.

 

[buaytuckchek]

Banks dont make money for customer. They make money from customers.

I like this very interesting way of putting it.

 

[limster]

https://blog.moneysmart.sg/priority-banking/priority-banking-benefits/

A simple google can help. Just read up.

unfortunately, the article is bad. the writer probably just scraped info from the websites so much info missing - for example, not all banks give auto-waiver on their PB credit cards and a lot of other benefits have been missed out.

 

[limster]

I like this very interesting way of putting it.

The other way to put it is "Where are the Customers yachts?"

 

[reddevil0728]

I like this very interesting way of putting it.

Same as those courses that claims to teach how to get rich.