Standard chart priority banking like nothing much Hor?

[limster]

Unlike you, I find SCB outstanding.

same. even though I don't have PP, I am still a happy SCB customer

I don't think they are perfect (eg: the forex rate for blue tier is terrible) but the benefits outweight the minuses

 

[LM LIM]

I am glad to hear it. May I ask what are the benefits? Thank you.

 

[ericcsn]

I am glad to hear it. May I ask what are the benefits? Thank you.

I use them in many ways.

Say for excess cash beyond other banks' HYSA.

I can give you one example that I have openly mentioned previously.

Suppose you have $200K.

You can open a joint Priority account with a family member who is new to the bank (ie. the family member is at least 12 months outside of SCB, not received priority rewards in last 18 months and aged 21 years).
- the named primary account holder is your family member (even then u can still fully access the account).

Then under the current scheme you can earn, https://av.sc.com/sg/content/docs/sg-priority-banking-q2-26-signup-promo-tc.pdf
1. priority bank referral program reward $800 (you ask the RM to put your own name as the referral) https://www.sc.com/sg/priority/mgm-referral-programme/
2. you opt for their signature fund $700
3. Accredited Investor Reward if you qualify and opt in $500 (harder for joint account eg. show you have $2M of investible assets ex cpf, srs)
4. Keep money in any account including FD, esaver or bonussaver (banks) min 6 months. Or investments. Or a combination. Say you choose the worst bank account which is 1.2% p.a. (meaning keep entire $200k in FD) for 6 months = $200k x 1.2/100/2 = $1200.

So your total min interest for the $200k (not incl AI rewards) is 800+700+1200 = 2700 for 6 months or 2.7% p.a.

If you have $300K (but ex AI rewards), it works out better: 800+ 2000+1800 =4600 for 6 months or 3.07% p.a.

 

[hwckhs]

I guess my RM is a liar:

The last time I requested for fee waiver was in Nov 2024. I don't use the card at all, $0 spend every year. For some reasons, they didn't charge me annual fee last year. I have no idea why is that so, or if fee waiver is still possible nowadays.

 

[limster]

The last time I requested for fee waiver was in Nov 2024. I don't use the card at all, $0 spend every year. For some reasons, they didn't charge me annual fee last year. I have no idea why is that so, or if fee waiver is still possible nowadays.

just checking, you have $0 spend on the card, and they waive the fee automatically and they still let you renew your priority pass?

 

[highsulphur]

just checking, you have $0 spend on the card, and they waive the fee automatically and they still let you renew your priority pass?

Yes

 

[hwckhs]

just checking, you have $0 spend on the card, and they waive the fee automatically and they still let you renew your priority pass?

My wife and I both have separate PB, but I joined a year earlier than her.

After reviewing chat history with our RM, I figured out it works like this:

At the end of the first year of PBVI card membership, the annual fee is charged (appeared in CC bill but we did not pay). We requested for fee waiver through our RM, and were granted swiftly. We had some spends in the first 2 months when we first got the card, due to trying to get some kind of cash rebate or promotion (forgot the details). No further spend on the card after that. I don't think they care about the spend.

However, in subsequent yearly renewals, we were never charged the annual fee again, so we never have to request for fee waiver. I had 2 years went by without annual fee, and my wife had 1 year. We have $0 spend in the subsequent years.

(I mistaken stated having to request for fee waiver each year. We only had to request once for each of us, at the end of the first year.)

At the bottom of https://www.sc.com/sg/credit-cards/priority-visa-infinite-card/ , the last item in FAQ shows:

Am I able to request for a waiver of the annual fee charged to my Standard Chartered Priority Banking Visa Infinite Card?
You may enjoy a waiver of the annual fee charged to your Standard Chartered Priority Banking Visa Infinite Card if you are a fully funded Priority Banking client. For more details, please contact your relationship manager.

I did not understand what "fully funded" means, so I used the "Ask Gemeni" function in Chrome. Note: AI reply may be incorrect.

What Counts Toward Being "Fully Funded"?
The bank doesn't just look at a basic savings account. Your S$200,000 can be distributed across a mix of eligible financial products with the bank, including:

• Eligible Deposits: Cash in your current accounts, savings accounts (like the Wealth $aver Account), or fixed deposits.
• Investments: Mutual funds/unit trusts, structured notes, retail bonds, and equity trading portfolios managed through the bank.
• Insurance: Select bancassurance life insurance policies purchased through Standard Chartered.

The key appears to be what you use to qualify for the $200k. Gemini/AI says loan is not counted as "funded" even though it can be used to qualify for PB. Not sure how true it is. My wife and I use investments for PB, and we meet the requirement at all times.

Hope that helps. I suggest you give the PBVI card another try if keen. You can check with your RM if you want to be sure.

 

[limster]

Hope that helps. I suggest you give the PBVI card another try if keen. You can check with your RM if you want to be sure.

Thanks for the detailed explanation!

 

[Nanonited]

I use them in many ways.

Say for excess cash beyond other banks' HYSA.

I can give you one example that I have openly mentioned previously.

Suppose you have $200K.

You can open a joint Priority account with a family member who is new to the bank (ie. the family member is at least 12 months outside of SCB, not received priority rewards in last 18 months and aged 21 years).
- the named primary account holder is your family member (even then u can still fully access the account).

Then under the current scheme you can earn, https://av.sc.com/sg/content/docs/sg-priority-banking-q2-26-signup-promo-tc.pdf
1. priority bank referral program reward $800 (you ask the RM to put your own name as the referral) https://www.sc.com/sg/priority/mgm-referral-programme/
2. you opt for their signature fund $700
3. Accredited Investor Reward if you qualify and opt in $500 (harder for joint account eg. show you have $2M of investible assets ex cpf, srs)
4. Keep money in any account including FD, esaver or bonussaver (banks) min 6 months. Or investments. Or a combination. Say you choose the worst bank account which is 1.2% p.a. (meaning keep entire $200k in FD) for 6 months = $200k x 1.2/100/2 = $1200.

So your total min interest for the $200k (not incl AI rewards) is 800+700+1200 = 2700 for 6 months or 2.7% p.a.

If you have $300K (but ex AI rewards), it works out better: 800+ 2000+1800 =4600 for 6 months or 3.07% p.a.

Thanks Eric for sharing. Just to ask, can we open joint such that the account needs both signatures to withdraw from the bank physically but for ibanking, I can freely deposit and withdraw? I guess to open bonussaver will need to open a joint bonussaver too and can qualify for new to bonussaver rewards (not sure if there is such thing as joint credit card though as that is part of the criteria)?

I wonder if they will issue a separate bonussaver debit card also though

 

[ericcsn]

Thanks Eric for sharing. Just to ask, can we open joint such that the account needs both signatures to withdraw from the bank physically but for ibanking, I can freely deposit and withdraw? I guess to open bonussaver will need to open a joint bonussaver too and can qualify for new to bonussaver rewards (not sure if there is such thing as joint credit card though as that is part of the criteria)?

I wonder if they will issue a separate bonussaver debit card also though

Theoretical a joint account can be a Joint-Alternate ("Joint or") or a Joint-All ("Joint and") type but I can't recall whether SCB has the latter option.

Clearly I was interested only with the former, since then either account holder can perform transactions (withdrawals, transfers, or bill payments) independently, without the other’s permission.

My joint accounts are in esaver and wealthsaver (and I hold my own personal accounts for these 2 as well). Bonusaver is just personal banking in my case, so I dont have any sharing on how SCB will treat rewards for a joint account version of bonusaver (assuming they allow a joint account for it).

So wealthsaver is important for the very first time since your fresh funds (of $200K) must initially enter into SCB through this account for the new to banking rewards. You don't have to keep a single cent in it after that (any SCB rewards will find their way into there later).

I will give a further add: HSBC also have similar rewards for premier banking when you do a joint account. And I recall after telling a friend who opened a joint account that he went on to get a total of 6 main and sub premier banking credit cards for the unlimited free priority passes.

 

[Nanonited]

Theoretical a joint account can be a Joint-Alternate ("Joint or") or a Joint-All ("Joint and") type but I can't recall whether SCB has the latter option.

Clearly I was interested only with the former, since then either account holder can perform transactions (withdrawals, transfers, or bill payments) independently, without the other’s permission.

My joint accounts are in esaver and wealthsaver (and I hold my own personal accounts for these 2 as well). Bonusaver is just personal banking in my case, so I dont have any sharing on how SCB will treat rewards for a joint account version of bonusaver (assuming they allow a joint account for it).

So wealthsaver is important for the very first time since your fresh funds (of $200K) must initially enter into SCB through this account for the new to banking rewards. You don't have to keep a single cent in it after that (any SCB rewards will find their way into there later).

I will give a further add: HSBC also have similar rewards for premier banking when you do a joint account. And I recall after telling a friend who opened a joint account that he went on to get a total of 6 main and sub premier banking credit cards for the unlimited free priority passes.

Oh cause you mentioned the lowest is 1.2% fixed d. For esaver we cant use it for interest because we need to rotate funds every 2 mths yet we need to keep funds for 6 mths so we are stuck with the 9 mths 1.4% promo?

 

[ericcsn]

Oh cause you mentioned the lowest is 1.2% fixed d. For esaver we cant use it for interest because we need to rotate funds every 2 mths yet we need to keep funds for 6 mths so we are stuck with the 9 mths 1.4% promo?

Yes the FD for priority just got upgraded to 1.4% (instead of 1.2%) https://www.sc.com/sg/save/time-deposits/singapore-dollar-time-deposit/ - and yes the FD is for 9 months.

At this point (but no guarantee in future) you can use the joint esaver to rotate out into a non SC bank account and back into your personal esaver provided the primary (- not secondary -) account holder is the same person.

Indeed you can do any combo, above with bonussaver, investments etc. And if you find wealthsaver gives u higher interests within the period, then swing out to a non SC and back in (never move direct from one SC account to another SC account, it eats up your interests).

 

[HOT123]

I got esaver 3 months 1.8% from Jun to Aug, I moved from ocbc premier dividend plus @1.6% over. The biggest difference is esaver can withdraw anytime