Which Wealth Account to Go With for S$200k Fresh Funds?

[goodluckchuck3]

Hi all,

I have S$200k in fresh funds and I'm considering opening a wealth banking account.

Currently looking at:

• SC Priority (S$200k)
• HSBC Premier (S$200k)
• Citi Priority (S$70k)

I've done some research, and they all seem quite similar on the surface. The main standout for me is that HSBC Premier extends the Premier status to my spouse and children, which is a nice perk.

I don’t have any investment background and would prefer to keep the funds in low-risk deposits or instruments—not looking to actively trade or invest for now.

Would appreciate any advice or personal experiences, especially around service quality, perks, or whether any of these stand out more in practice. Thanks!

 

[tesarise]

There's honestly not much perks at this level, and don't expect much service if you are just going to park the money in deposit accounts.

Personally I would suggest to go with whichever is running sign up bonus at the moment. Seems like SCB is offering $600 cash bonus for S200k fresh funds. The other 2 nothing at the moment for 200k

 

[BBCWatcher]

There's honestly not much perks at this level, and don't expect much service if you are just going to park the money in deposit accounts.
Personally I would suggest to go with whichever is running sign up bonus at the moment. Seems like SCB is offering $600 cash bonus for S200k fresh funds. The other 2 nothing at the moment for 200k

But then you look at fixed deposit rates, and Standard Chartered isn't offering its fixed deposit promotion on that S$200K. You have to place more than S$200K, and with conditions, to qualify for their 5 month 2.05% fixed deposit rate on a portion of your money. The effective interest rate they're offering on the total sum is much lower, and 2.05% p.a. isn't even particularly close to the best competitive fixed deposit rate in Singapore.

If you're going to park S$200K of cash somewhere, because you've got some big payment to make fairly soon or sooner (like a down payment on a house), figure out what the best interest rate offers are first. For reference, the current Singapore Savings Bond is offering 2.20% p.a. interest for the first 3 years, then progressively higher interest rates if you hold the SSB for longer. It's kind of silly to place a fixed deposit at current market rates when a 2.20%+ SSB exists. (Unless you can't buy any more SSBs.) As another example, 6 month T-bills are currently yielding about 2.30% p.a., although they might dip a bit lower in the next auction.

Singapore Government Securities (such as SSBs and T-bills) are the safest available vehicles for parking Singapore dollars, so there are your points of reference. If a bank is offering a lower interest rate on something similar, that's not so attractive. SSBs are auctioned every month and limited to S$200K per person. 6 month T-bills are auctioned every 2 weeks. Bidding for the next 6 month T-bill auction closes at 9 PM this Wednesday, May 21.

 

[FlyGuardX]

Hsbc premier mastercard can waive annual fee if you can maintain 200k aum. Perks seem decent

 

[limster]

Hsbc premier mastercard can waive annual fee if you can maintain 200k aum. Perks seem decent

if you are choosing bank based on the "best credit card", then the UOB Privilege Banking Visa Signature is rated "take it" on milelion.com and comes with lifetime fee waiver. 4mpd capped at $1+$1k per month (read the milelion review for details).

 

[tesarise]

if you are choosing bank based on the "best credit card", then the UOB Privilege Banking Visa Signature is rated "take it" on milelion.com and comes with lifetime fee waiver. 4mpd capped at $1+$1k per month (read the milelion review for details).

UOB Privilege Banking needs 350k to start though

 

[goodluckchuck3]

thanks guys,

i already have 150k parked in OUB, enjoying the SOSO interest rates, with my salary crediting etc,

im looking to park my 200k somewhere into wealth banking more to enjoy the perks,

i am aware HSBC premier has premier status given to spouse and children , may i know are there any limitations or hidden clause for this?


will want to go down to the branch soon but im quite busy with work. so im asking around here.. many thanks again

 

[FlyGuardX]

Hi all,

I have S$200k in fresh funds and I'm considering opening a wealth banking account.

Currently looking at:

• SC Priority (S$200k)
• HSBC Premier (S$200k)
• Citi Priority (S$70k)

I've done some research, and they all seem quite similar on the surface. The main standout for me is that HSBC Premier extends the Premier status to my spouse and children, which is a nice perk.

I don’t have any investment background and would prefer to keep the funds in low-risk deposits or instruments—not looking to actively trade or invest for now.

Would appreciate any advice or personal experiences, especially around service quality, perks, or whether any of these stand out more in practice. Thanks!

can merry go round but end up with hsbc after a few months

 

[reflecx]

thanks guys,

i already have 150k parked in OUB, enjoying the SOSO interest rates, with my salary crediting etc,

im looking to park my 200k somewhere into wealth banking more to enjoy the perks,

i am aware HSBC premier has premier status given to spouse and children , may i know are there any limitations or hidden clause for this?


will want to go down to the branch soon but im quite busy with work. so im asking around here.. many thanks again

Based on what has been posted in this forum, HSBC is quite strict about maintaining the minimum sum, unlike other banks

 

[goodluckchuck3]

Based on what has been posted in this forum, HSBC is quite strict about the minimum sum, unlike other banks

i m ok with that, park 200k there for the foreseeable future. haha, so just comparing la,

 

[Jirachi]

Hi all,

I have S$200k in fresh funds and I'm considering opening a wealth banking account.

Currently looking at:

• SC Priority (S$200k)
• HSBC Premier (S$200k)
• Citi Priority (S$70k)

I've done some research, and they all seem quite similar on the surface. The main standout for me is that HSBC Premier extends the Premier status to my spouse and children, which is a nice perk.

I don’t have any investment background and would prefer to keep the funds in low-risk deposits or instruments—not looking to actively trade or invest for now.

Would appreciate any advice or personal experiences, especially around service quality, perks, or whether any of these stand out more in practice. Thanks!

Frankly speaking, not worth it. Unless you do a lot of banking physically at the branches. If you really want it, the HSBC one may be the better choice?

 

[singaporean11]

if you are choosing bank based on the "best credit card", then the UOB Privilege Banking Visa Signature is rated "take it" on milelion.com and comes with lifetime fee waiver. 4mpd capped at $1+$1k per month (read the milelion review for details).

UOB Privilege Banking needs 350k to start though

UOB Privilege Banking Visa Signature annual card membership fee of S$1,962 (inclusive of 9% GST) - only waived for 1st year.

 

[SBC]

thanks guys,

i already have 150k parked in OUB, enjoying the SOSO interest rates, with my salary crediting etc,

im looking to park my 200k somewhere into wealth banking more to enjoy the perks,

i am aware HSBC premier has premier status given to spouse and children , may i know are there any limitations or hidden clause for this?


will want to go down to the branch soon but im quite busy with work. so im asking around here.. many thanks again

Seems like more keen on its peak than to generate wealth via investing.
Am I wrong?

 

[Mephist0pheLes]

Got wat perks? Free biscuits when u visit their branch?

 

[BBCWatcher]

If you're sensible, you just figure out what the perks are worth. Then you decide whether the value of the perks offsets the interest you'll lose on S$200K. The bank isn't a charity. On average if it's offering perks with actual value, it'll cut the interest you receive.

Start with the best interest rate offer you can get on S$200K. Figure out what that is. THEN look at banks offering "priority" or "privilege." Decide what those non-interest offers are worth (in S$X per year)...and if the value of the perks makes up for the lost interest you'll suffer there. Maybe it will, probably it won't.

 

[limster]

UOB Privilege Banking Visa Signature annual card membership fee of S$1,962 (inclusive of 9% GST) - only waived for 1st year.

I'm still enjoying lifetime fee waiver. Even if officially no lifetime fee waiver now, can check with RM whether its easy to waive.

Its still one of the best cards with 4mpd ..... though after I type this, UOB might nerf it, like they nerfed the UOB Krisflyer card

 

[EDMW-Hates-Me]

But then you look at fixed deposit rates, and Standard Chartered isn't offering its fixed deposit promotion on that S$200K. You have to place more than S$200K, and with conditions, to qualify for their 5 month 2.05% fixed deposit rate on a portion of your money. The effective interest rate they're offering on the total sum is much lower, and 2.05% p.a. isn't even particularly close to the best competitive fixed deposit rate in Singapore.

If you're going to park S$200K of cash somewhere, because you've got some big payment to make fairly soon or sooner (like a down payment on a house), figure out what the best interest rate offers are first. For reference, the current Singapore Savings Bond is offering 2.20% p.a. interest for the first 3 years, then progressively higher interest rates if you hold the SSB for longer. It's kind of silly to place a fixed deposit at current market rates when a 2.20%+ SSB exists. (Unless you can't buy any more SSBs.) As another example, 6 month T-bills are currently yielding about 2.30% p.a., although they might dip a bit lower in the next auction.

Singapore Government Securities (such as SSBs and T-bills) are the safest available vehicles for parking Singapore dollars, so there are your points of reference. If a bank is offering a lower interest rate on something similar, that's not so attractive. SSBs are auctioned every month and limited to S$200K per person. 6 month T-bills are auctioned every 2 weeks. Bidding for the next 6 month T-bill auction closes at 9 PM this Wednesday, May 21.

What do you think about savvy endowment? Slightly better rates.

 

[BBCWatcher]

What do you think about savvy endowment? Slightly better rates.

If you can tolerate a 3+ year lock — for example, you have tuition payments to make starting 3+ years from now — it’s a decent offer.

 

[elloz123]

You spend few ks every month no need AUM also they waive for you. Dunno what perk you want premier banking is nothing fancy.

 

[highsulphur]

Scb priority has priority pass for it's priority clients