Premium/Privilege Banking - any experience/suggestions?

[invisible999]

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.

 

[cybercom8]

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.

some banks raised the minimum sum to $350K already. think you are better off managing your own investments than getting the priority/privilege banking folks do it for you but no harm reading up on what they offer.

 

[FP_IFA]

You should know a bit about investing before letting the banks touch your money. They have been known to package complex products and make it sounds like something safe.

The problem with bankers is they have very limited time (time and number are very important to them) to educate you on what they are going to buy for you. If you don't understand what they are trying to get you to buy, don't give them the approval to go ahead.

 

[Shiny Things]

G'day,

You don't need privilege banking to get access to those investments - you can do it with a common-or-garden brokerage account, and the forumistas will gladly point you to some suitably-low-risk investments if you tell us a bit about your risk profile.

What you get for parking $200-$300k with your bank is a (slightly) better class of service. You get a relationship manager who knows your name and takes your phone calls; a nice bank branch with comfy chairs and free tea and coffee; lower fees on things like wire transfers and safe deposit boxes and share brokerage; fee-free credit cards; and basically you get treated like a person instead of like a number.

You do get offered all sorts of weird and wonderful inverse leveraged structured perpetual PMITA products, but here's the tip: you can, and should, say no to all of them.

I've closed my account now, but I was with DBS Treasures when I was in Singapore and they were pretty great. PM me if you'd like me to refer you to my old RM.

 

[cscs3]

You should know a bit about investing before letting the banks touch your money. They have been known to package complex products and make it sounds like something safe.

The problem with bankers is they have very limited time (time and number are very important to them) to educate you on what they are going to buy for you. If you don't understand what they are trying to get you to buy, don't give them the approval to go ahead.

You are right. Remember this golden rule : As long as the money still in your pocket (bank account). think hard before letting other touch it.

 

[PruCorgi]

Another thing to note:

Bankers, as mentioned by others earlier, have limited time as they have to hit their KPIs/numbers. HOWEVER, if you truly are sincere or have interest in something, and really want them to give you that time and attention (and you have the money ) , they will do so.

Make it clear what you want/don't want, ask for the black & white/proof, etc. For example, once in a blue moon, there will be some OK structured deposits/products, although like Shiny Things pointed out, you're usually better off not going with them.

If they can close a deal with you, they will be happy to do so. And don't be afraid to negotiate for a special package if you are getting multiple products/services. They just don't want to waste time when they have other customers to attend to as well.

 

[mmpeanuts]

Which banks raise their minimum to $350k? Can't be DBS cuz i went to their [Do not embed link in post]premier banking[/URL] site and it's says there that it's still $200k. For that amount of dough, you get a RM (relationship manager) who would advice you on your financial portfolio. Also you get preferential treatment with waivers and better pricing on some of their products and services. And also out for curiosity..i checked the minimum requirement for private banking...$5 million!

 

[arty79]

Which banks raise their minimum to $350k? Can't be DBS cuz i went to their premier banking site and it's says there that it's still $200k. For that amount of dough, you get a RM (relationship manager) who would advice you on your financial portfolio. Also you get preferential treatment with waivers and better pricing on some of their products and services. And also out for curiosity..i checked the minimum requirement for private banking...$5 million!

UOB privilege banking min requirement is $350k.
From my experience with different RMs, each bank has slight differences only in their bank branches' comfortable environments and menus. LOL

One might get exposure to Corporate bonds (min 250k lot) or some inverse equity options instruments but otherwise, what cannot be done with a CFD account with CMC or POEMS? Ok, the Corporate bonds is definitely out for common investors.

End of day, I would advise priortise acquiring knowledge in the things you invest as utmost importance. Don't get sway by pretty girls or handsome boys as your RMs try their best to push the products to you.

On a final note, the larger the sum of monies you invest with them, ie. your AUM, the more good service you would receive.

It is just a affluent banking service, nothing special at all. Feels good initially but seen one, seen all. Unless you are in the USD$5mil cap and above client, then there will be difference in the service level.

 

[Shiny Things]

Which banks raise their minimum to $350k? Can't be DBS cuz i went to their premier banking site ...

FÜCK OFF, DBS KEYWORD SPAMMERS. Jesus. Do you people have nothing better to do than write content-free posts with tenuous links to DBS's website?

What would your parents think if they knew you spent all day screwing around on Hardwarezone and Quora writing these terrible posts? It doesn't even boost DBS's PageRank any more! Google is smart enough to spot this crap and filter it out, so you are literally doing NOTHING.

Fück off, the lot of you.

 

[stiwipl]

UOB privilege banking min requirement is $350k.
From my experience with different RMs, each bank has slight differences only in their bank branches' comfortable environments and menus. LOL
[...]

A friend of mine, who was applying for UOB Privilege, was told by RM that he needs to maintain $350k for 2 months only in order to maintain the status, even if he decides to withdraw most of his funds later on. Can anyone confirm?

 

[Lord Hokage]

considering between UOB, DBS and SCB any recommendations? DBS now apparently has a promotion if you open a privilege account and deposit 250k you get 1.2k taka voucher.

 

[sAVaGEmP5]

SCB i feel better...

 

[wahkao3]

SCB i feel better...

why scb betttter?

 

[Shiny Things]

considering between UOB, DBS and SCB any recommendations? DBS now apparently has a promotion if you open a privilege account and deposit 250k you get 1.2k taka voucher.

Can't speak for UOB, but I've had experience with the other two:

* SCB was a shambles. They lost my credit card application and left my account in some weird half-open state; it took six months before I could close it and move to HSBC.
* HSBC wasn't bad, but they were a bit perfunctory. Their rates are awful, and when I asked them about opening an equity trading account they looked at me like I'd grown a second head.
* DBS was really good. My RM was very cluey and never wasted my time; their rates are decent; their online banking is excellent; and they were happy to help me out whenever I needed something done. (Also their black Amex card is an absolutely epic points machine if you do a lot of overseas spending.)

So basically: DBS. I can even hook you up with my old RM if you'd like; PM me and I'll pass on her details.

 

[sAVaGEmP5]

scb: outlets location, phone banking, and world wide services ?

 

[Lord Hokage]

Icic am using HSBC now, online facility the global view and transfer is great but everything else is not great. Phone call to call centre were terrible things were not followed up at all. Took 3/4 months to resolve problem!

 

[hindsight]

A friend of mine, who was applying for UOB Privilege, was told by RM that he needs to maintain $350k for 2 months only in order to maintain the status, even if he decides to withdraw most of his funds later on. Can anyone confirm?

Its true, a UOB RM called me like 2 months ago and he offered me the same thing.

 

[Lord Hokage]

i understand they normally have a fall below fee? how would that play?

 

[hindsight]

No fall below fee, its a free upgrade. No idea how long it'd last though.

 

[mrohaha]

As long as you are dbs treasures member, is it true that you can use the lounge at the airport? Or are there any criteria to use it?

Are there lounges in airport for other banks too?