Privilege Banking

[Jasmine990]

Hi, I would like to know what are the leading Privilege Banking's bank, and what are the perks about their products etc?

how many banks are there, that provides Privilege banking, and the good things about them, like the advantages, perks, etc.

whats the difference between, Privilege, priority, premium banking
I know Private Banking is totally different

Know that for Privilege banking, some need 200k - 350k depending on the banks
but not very sure if Priority and Premium banking means the same thing.

Asking because some banks don't list what they offer or not to the full extent unless you are a customer or maybe they use different terms to represent their Privilege banking.

Would love to see several different banks so i can do a comparison

Thank you so much!

 

[limpoop]

Google "singapore privilege banking"

Or Read

http://forums.hardwarezone.com.sg/c...hread-priority-privilege-banking-4378991.html

 

[Jasmine990]

Thank you!

 

[focus1974]

Now got new game in town.
Previlege Reserve by UOB for sgd$2mil and Treasures Pte Client by DBS for sgd$1.5mil.

I would say if you can qualify, go for these two.
They combined best of Private banking and Priority/preveilege banking.

 

[cybercom8]

Now got new game in town.
Previlege Reserve by UOB for sgd$2mil and Treasures Pte Client by DBS for sgd$1.5mil.

I would say if you can qualify, go for these two.
They combined best of Private banking and Priority/preveilege banking.

can share in what ways they are better than the normal priority/privilege banking?

 

[Shiny Things]

So I can get you started.

At the "privilege banking" level (usually $250k to $350k), there's:

DBS Treasures
UOB Privilege Banking (I notice they've introduced Wealth Banking at the $100k level)
OCBC Premier Banking
Stanchart Priority Banking
HSBC Premier
Citigold
ANZ Signature Priority

At the "low private banking" level (usually $1m to $2m), there's:
DBS Treasures Private Client
UOB Privilege Reserve
OCBC Private Bank kicks in at USD 1mio;
Stanchart Private kicks in at USD 2mio;
HSBC Private Bank doesn't say where they kick in, but I'm going to say it's around this level
ANZ Private Bank would probably take you if you've got seven figures, their Australian arm certainly does.

At the "mid private banking" level ($5mio or so):
DBS and UOB's private banks kick in
The big global private banks (CS, UBS, BAML, JPM) start to take interest

Incidentally, it's sort of odd that "Private" in Singapore generally kicks in at such a high level ($5m or so). Over here, US Trust (BAML's private arm) and Wells Fargo Private will both welcome you with open arms if you've got a million USD.

 

[focus1974]

can share in what ways they are better than the normal priority/privilege banking?

I was using UBS and CS but I just "downgraded" my CS account to DBS Private Client.
Will be switching out of UBS soon.

I've found DBS private client gives me as much flexibility (in terms of Credit limit, investment instruments) but with REDUCED min. charges as well as % charges and NO AUM charge.

So I save a huge chunk of expenses.

The inhouse research reports etc .. is easily assessible if you just ask any brokerage brokers(phillips, dbs vickers) to keep you in the loop. They sent all sorts of reports from all the banks. So nothing much value-added from private bank.

As for those events and whatever, those are unrelated to how my money is doing. Those are perks that are only for those who gives good business to their RMs thru' structured products. I am not one of them, I only buy direct equities and bonds.

So my main consideration is the unnecessary charges .

Anyway, I qualify for DBS private bank as well but I won't be taking it up as I found Private Client to be adequate for my needs.

 

[highsulphur]

You mean these banks charge you for simply parking money with them?

Uob tried to get me to buy a certain fund with a sales charge of 2%. I could have gone to fundsupermart and get it myself for 1/10 the charge...

 

[Shiny Things]

You mean these banks charge you for simply parking money with them?

Yeah - fees as a percentage of assets under management is a pretty common arrangement at the top end. (I'd imagine they don't charge you for cash accounts, only for investment assets - stocks and bonds and such - focus1974, is that right?)

 

[limster]

You mean these banks charge you for simply parking money with them?

Uob tried to get me to buy a certain fund with a sales charge of 2%. I could have gone to fundsupermart and get it myself for 1/10 the charge...

FSM sales charge is 0.5%, then their platform fee is 0.5% a year (0.125% per quarter). After 3 years of holding, thats basically 2% already.

At least UOB gives you privilege banking status for your investments and NO platform fee. Can drink free coffee and tea and read newspaper at their centres (if you go to any of these private banking centres, you see the majority are women who do not work, just go there drink coffee read newspaper).

FSM, if you invest large amount, you get nothing, instead you get the privilege of paying quarterly platform fees.....

 

[focus1974]

Yeah - fees as a percentage of assets under management is a pretty common arrangement at the top end. (I'd imagine they don't charge you for cash accounts, only for investment assets - stocks and bonds and such - focus1974, is that right?)

Nope, % of AUM is for everything under consideration CASH & Investments.
However, the higher AUM you go, the lesser the %.

 

[sebastgt]

Now got new game in town.
Previlege Reserve by UOB for sgd$2mil and Treasures Pte Client by DBS for sgd$1.5mil.

I would say if you can qualify, go for these two.
They combined best of Private banking and Priority/preveilege banking.

One more:
Citigold private client for sgd 1 mil.

 

[boroangel]

Saw on the website that new members signign up with Citigold (provided u have no previous bank account with them) entitles you to $500 statement credit.

Not bad? $500 just for signing up if you have the cash, still good money.