Premium/Privilege Banking - any experience/suggestions?

[unseen]

I don't need either. AI may be good but decided not to go ahead to sign those forms since I couldn't get a specific bond that I wanted.

With Preferred you get much better service and better rates for any products you get from them.

 

[unseen]

Is there a comparison table for 250-300k ? Am interested to find out on the %fixed deposit, lounge service, airport transfer service and concerige service etc. Citigold seems good

$250k to $300k is not a lot of money. It is no different from having $100k. If you have $1 million, go private. Otherwise, you're just mass affluent. $350k can get you into the UOB priority banking though.

Fixed deposit in Singapore is shXt, lounge service (airport) depends on your credit cards that you hold, airport transfer and concierge too. Based on my experience. Get a good credit card, it brings you much further.

SCB's VI preferred gets you all this stuff for free. Airport lounge is unlimited, better than any of the other services other than the Citibank Prestige, but then you need to pay for Prestige.

 

[unseen]

Hello everybody,

Can someone share their thoughts regarding Premier/Priority banking with leading banks - DBS, UOB, OCBC, Standard Chartered, HSBC, etc.

If I understand correctly the standard requirement among all these banks is to have S$200K in investments/deposits. So what one is getting in return to park $200K with the bank?

My primary interest is stable and safe (I know that this is oxymoron) investment options the bank provides - blend mutual funds, long term investments, life annuities, etc. I'm not interested in currency/forex, precious metals, shorting and all other right risk investments.

So. Any experience?

P.S. Please do not mix Premium/Privilege account with Private Banking. I know that are requirements for the latter one.

Thanks.

SCB - Golden "Ang" pows this year. Best online service. Lots of things you can do online. Good international banking experience. RMs not so chio. You do F2F banking in private rooms. Haven't been to that many lounges in SG, but OK only.

CIMB - Nicest Ang Pows this year, premium feeling. Good international linkage, no real international banking. RMs some not bad, some..... You do F2F banking in private rooms. All their lounges look very nice, modern, jazzy, serves fruit juices etc.

HSBC - Lousy cheapo Ang Pows this year. Good international banking experience, but not very good online system. However, lots of products you can access online. IRL banking done at counter/desks, don't feel very premier. Looks are definitely not a consideration during hiring. Maybe it's the branches I visit... the Raffles place place lounge looks so old.

Citigold - 2nd Nicest Ang Pows this year, feels premium, gives bags to hold oranges too. RMs are chio. Front desks are chio. You do F2F banking in private rooms. Most of the "lounges" are really quite pathetic to rest in, but not as bad as HSBC. Oh yes, you can draw from overseas Citibank ATMs FOC IIRC.

OCBC - nvr get ang pow this year. RMs quite chio. No international banking (i.e. oversea OCBCs are considered individual entities with no links). You !!QUEUE!! up to do your F2F banking. Not much available online (I've not used it that much), and haven't been to many of their lounges, but 1 - 2 of them looks pretty presentable.

UOB - Ugly ang pows this year (can't stand that "fish"). Chio staff at the main flagship places. Haven't done much banking, but definitely no international presence (i.e. linkages with overseas uobs) Fantastic to lounge in, impress guests. IIRC, You queue up to do F2F banking at the branches too.

DBS - dunno. Anyone?

---------------
Of all the banks, I'd go with....
uh....
Citigold, because the RMs are chio and ang pows are nice.
SCB, because of the Preferred VI card.

I'd avoid OCBC, UOB and OCBC => too high requirements of $350k with no benefits in any way that I can see. Too many Singaporeans, queues in either priority or normal banking is too long.

The above are important to me because... the banks are largely the same. The overall service experience is more important. Using $300k to earn 1%@ $3k a year works out to be $250 a month. It's negligible.

Go for the chio RMs. They will make more of a difference.
Go for SCB's VI Preferred, it will also make a difference.

---------------

As for parking money... Singapore is a very lousy place to park money. I'm not sure why people are so amazed with Fixed D rates of 2%, 3%. Barely matches inflation. Blended products that are high risk gives 5% to 8%, nothing assured.

Putting it overseas will in the correct places will get you easily 6% to 9%, and that's on a short term basis. High risk products gives 15% to 25%. I'm not even doing these through overseas brokerages but banks which already "makan" me.

 

[smallfry]

Can you share what are the overseas investments that can give 6 to 9% easily?

 

[numbers]

yes i would like to know too what products are comparable to FD in sg but give 6-9%

and are they as safe as FD

 

[Sinkie]

yes i would like to know too what products are comparable to FD in sg but give 6-9%

and are they as safe as FD

Fixed deposit as safe as sg yet giving 6-8%

Pls intro

 

[arctician]

Go for the chio RMs. They will make more of a difference.
Go for SCB's VI Preferred, it will also make a difference.

i am more interested to know how chio RMs can make a difference?

if they can make a difference, i can bring all my $ to citigold no problem

 

[chopra]

1% only? Citi got maxigold ma

 

[numbers]

Fixed deposit as safe as sg yet giving 6-8%

Pls intro

intro pls.....becos i really think it is all air talk only....hard to believe 6%++ and still as safe as sg FD

 

[Nofear40]

intro pls.....becos i really think it is all air talk only....hard to believe 6%++ and still as safe as sg FD

I am trying to find 4% interest per annum but as safe as SGD FD
But to no avail.

 

[shareholder]

I am trying to find 4% interest per annum but as safe as SGD FD
But to no avail.

If you trust that SG won't collapse, a mix sg 30 yr bonds and sti etf can give you close to that.

 

[Nofear40]

If you trust that SG won't collapse, a mix sg 30 yr bonds and sti etf can give you close to that.

Thanks, but 30 years bond to me is too long
Haha

 

[yosithezet]

From what I'm reading, there is no real difference between the various difference banks in the sub 1m level. UOB at the 350+ level gives Tower and China clubs. The rest have nice places to relax. Any other considerations for going DBS vs UOB vs Citi?

 

[elnewbie]

What "nice places to relax" ? I don't think so.

From what I'm reading, there is no real difference between the various difference banks in the sub 1m level. UOB at the 350+ level gives Tower and China clubs. The rest have nice places to relax. Any other considerations for going DBS vs UOB vs Citi?

 

[yosithezet]

What "nice places to relax" ? I don't think so.

Haha... they all promote their relaxing branches to rest your feet while shopping. Tower Club/China Club and the recirprocal entry in other countries seems like an actual benefit.

 

[rerear]

Is there any referral fee for uob? Anyone interested in helping to refer can PM thanks.

 

[staedtler_07]

Is there any referral fee for uob? Anyone interested in helping to refer can PM thanks.

You want to get into UOB Privilege?

 

[bluegt]

I am trying to find 4% interest per annum but as safe as SGD FD
But to no avail.

What about using leverage to buy a 3-4% bond? Not as safe as an FD, but very unlikely that a AA or A rated company will collapse...

Anyone have experience with those via privilege/private banking?

 

[itedino]

The funds must be how many months outside DBS den consider fresh fund ah?

 

[limster]

What "nice places to relax" ? I don't think so.

such centres are filled with elderly uncles n aunties reading newspaper n drinking tea or coffee. its like an upmarket community club reading room. they probably withdrew cpf n bought structured deposit n given pb in return... because the Hnw will read newspapers in their country club rather than pb centre