Priority banking in Singapore (2025): Benefits, eligibility and more

There are many ways to fake it if you want to look rich in Singapore. You could buy a nice car and then moonlight as a Grab driver to pay off your car loan, or blow a year's worth of savings on a Europe trip and then show it off on Instagram.

But the true indication of an affluent Singaporean is his or her status as a priority banking customer. Priority banking programmes grant high net worth customers perks such as priority queuing, a dedicated relationship manager, better interest rates, and more. Basically, you get the VIP treatment at your bank.

But how does one become a priority banking customer? Which priority banking programme is the best? Here's a guide to the top priority banking programmes in Singapore-their benefits, eligibility requirements, and more.

1. Top 8 priority banking programmes in Singapore

*Refers to total assets, which could be funds in savings accounts, fixed deposits, and various investment instruments.

2. What is priority banking?

Priority banking is designed for high net worth customers who can afford to deposit and transact large amounts of money with a bank.

In short, being a priority banking customer makes you a VIP member at the bank.

How do I qualify for priority banking?

To qualify as a priority banking customer, you need to park a certain amount of assets with the bank. We refer to these as Assets Under Management (AUM). Collectively, your AUM could be cash left in savings accounts or fixed deposit accounts, or in investments such as bonds, shares, unit trusts, ETFs and REITs.

As you will later see, the minimum requirements are not astronomically high-you don't need to be a millionaire. A few banks will let you become a priority banking customer if you have assets of $200,000 with them, which many Singaporeans do have. But just because you can qualify doesn't mean you need to or should.

It's a better idea to shop around for a bank or bank(s) that can give you the best return on your deposits or investments, rather than throw all your money into one bank just because you want to become a priority banking customer.

By the way, you may also have heard the term "private client". This is not the same as being a priority banking customer; these folks even more affluent and are 1 tier above priority banking .

3. Benefits of priority banking

As a priority banking customer, you get preferential treatment, including better rates, a dedicated relationship manager and other perks that will work together to help you get even richer.

While perks vary from bank to bank, in general you get to enjoy the following:

• Priority queuing: Breeze past the masses by taking the priority queue at bank branches or even showing up to branches dedicated to priority banking customers.
• A dedicated relationship manager: Forget about being stuck on the line listening to a recording telling you to press 1 for English. Your relationship manager will be at your service, assisting with your requests and helping you invest your assets.
• Better interest rates: Bank account interest rates tend to be quite low in Singapore. Yours might be a little better with a priority banking savings account.
• Better foreign exchange rates: Continue being a jet setter at better rates.
• Preferential loan packages: Because you're affluent, you're seen as less of a risk, so expect more attractive interest rates when you take out loans.
• Fee waiver: To make it more attractive for you to use them, banks often dangle fee waivers such as for overseas ATM withdrawals.
• Other lifestyle perks: Some perks you might get include travel discounts, airport lounge access, golf discounts and more.

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4. Citigold

Citigold eligibility

Citibank has two priority banking programmes:

1. Citi Priority — minimum balance of $70,000 to be eligible. We'll talk more about this in the section below.
2. Citigold — join as an Accredited Investor to unlock the best investment opportunities.

To be an Accredited Investor with Citigold, you need to meet at least one of the following three requirements:

If you don't qualify as an Accredited Investor, the minimum you need to join Citigold is $250,000 in AUM.

Citigold privileges

While Citigold has higher wealth requirements than Citi Priority, it's also more generous in terms of perks — especially if you opt in as an Accredited Investor:

• Expanded investment opportunities: Gain access to a wider selection of sophisticated financial products and services tailored to meet your wealth management needs.
• Expert wealth guidance: Partner with a dedicated Relationship Manager and a team of wealth experts who are committed to helping you — VIP treatment, here we come.
• E-brokerage bonus: Open a new Citibank Brokerage account and enjoy six months of commission-free buy trades for US and Hong Kong markets.
• Preferential time deposit rates: Enjoy higher interest rates for SGD and USD time deposits, including exclusive investment and insurance time deposit bundles.
• Credit card fee waivers: Save on fees with annual waivers for one Citibank core credit card and one Citibank co-branded credit card (excludes Citi Ultima and Citi Prestige cards).

Additionally, you're entitled to the Citigold Debit Mastercard, which gets you travel, dining and entertainment deals and discounts.

You also get more perks with the Citi Prestige Card:

• Complimentary night stay when you book four nights at a hotel or resort — and there’s no limit to the number of times you can use this benefit!
• Welcome gift of up to 125,000 ThankYou Points (50,000 miles)
• Unlimited Priority Pass VIP airport lounge access
• Golf privileges — six complimentary golf games

Citigold welcome rewards

Currently, if you join Citigold as an Accredited Investor, you can get up to $8,900 in rewards. Yes, please!

But to get the maximum cash amount, you need to do things like invest or insure, do a fixed deposit, and maintain your Citigold relationship up to point of reward fulfilment:

* By the end of the welcome period, which is a period of three months after you successfully open your Citigold account, including the enrolment month.

On top of that, you’ll be rewarded with an additional $500 cash if you take up a Citi Home Loan (minimum $800,000).

If you don’t want to invest or insure, you’ll still get $2,500 + $388 in rewards so long as you fulfil the fresh funds, risk profile, Accredited Investor, and Citi credit card requirements.

Simply want to join Citigold and maintain funds in your account? From now till Jan 31, 2024, apply via MoneySmart to get $800 cash via PayNow or 11,250 SmartPoints when you:

• Start a Citigold relationship as an Accredited Investor
• Make a $300,000 deposit within 3 months of account opening and maintain the funds until gift fulfilment

T&Cs apply.

5. Citi Priority

Citi Priority is the more accessible of Citi’s 2 priority banking programmes, with a minimum requirement of $70,000.

Like Citigold, you also get a debit card — the Citi Priority Debit Mastercard. This card lets you withdraw cash free at Citibank ATMs worldwide and gives you some dining, travel and entertainment perks.

Your Citi Priority status will also get you preferential rates for things like fixed deposits, plus get you personalised services to manage your wealth.

6. DBS Treasures

DBS wants its priority banking DBS Treasures customers to know they are important. That’s why there are 3 fancy DBS Treasures Centres opened just for priority banking customers, as well as their DBS Treasures Exclusive Safekeeping Centre.

Open from 830 am to 430 pm (weekdays) / 1 pm (Saturdays; closed on Sundays), this centre is for you can to keep your valuables. It also has private parking lots and is equipped with lounge areas where you can have a drink and relax.

If one of your incentives for becoming a priority banking customer is to avoid long queues and get VIP treatment, then DBS is one of your best bets.

Other perks include fee waivers on telegraphic transfers and withdrawals from Visa/PLUS ATMs worldwide.

DBS Treasures members get to sign up for the following cards:

• DBS Treasures Visa Debit Card: 4% cashback on online food delivery, local transport and in foreign currency (including online purchases).
• DBS Treasures Black Elite Card: 2.4 miles for overseas spend, 1.2 miles for local spend, and S$1 million travel insurance coverage

DBS Treasures eligibility

You need at least $350,000 in investible assets for DBS Treasures.

Just FYI in case you’re curious, you can become a DBS Treasures Private Client if you have $1.5 million, and you unlock FBS Private Bank status at $5 million.

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7. HSBC Premier

To become a HSBC Premier customer, you need to tick one of the following boxes:

• Have assets of at least $200,000 with HSBC
• Hold HSBC Premier status in another country / region
• Take up a property loan of at least $1,000,000 (you get 12 months complimentary Premier status)

The priority banking programme has two tiers, Premier and Premier Elite. The latter targets a wealthier clientele — those with at least $1.2 million in total relationship balance and who qualify as an Accredited Investor.

As an HSBC Premier customer, you gain access to their HSBC Premier Mastercard Credit Card, which gives you the following perks:

• 5% cash rebates on dining, groceries, petrol and transport, both locally and overseas (capped at $150 per month)
• 1 Rewards point for every $1 spent

To qualify for the maximum cash rebates, you must spend $600 a month.

HSBC Premier’s welcome gift is currently a gift of up to S27,088 in cash rewards and a preferential 3% p.a. interest rate. It being the Chinese New Year season, you’ll also enjoy a festive gift: a complimentary abalone gift set when you meet up with your dedicated Relationship Manager:

• 3-piece festive abalone gift set (Premier customers with $300,000 fresh funds)
• 6-piece festive abalone gift set (Premier Elite customers with $1.2 million fresh funds and qualify as an Accredited Investor)

8. Maybank Premier Wealth

Maybank Premier Wealth members enjoy priority services at Maybank branches in Singapore and Malaysia, as well as Bank Internasional Indonesia branches in Indonesia. It’s thus a good programme to consider if you frequently travel to Malaysia or Indonesia.

In Singapore, you’ll be able to do all your banking in comfort and privacy at these Maybank Premier Lounges: Maybank@BukitTimah, Maybank@HollandV, Maybank@JurongPoint, Maybank@MarineParade, Maybank@Tampines, Maybank@Tower and MSpace@Maybank Orchard.

You’ll also a dedicated Maybank Premier Relationship Manager whom you can draw on for insights, wealth advice, and personalised services.

Your Maybank Premier Wealth Platinum Debit Card lets you withdraw cash from Maybank ATMs in Malaysia, Brunei, the Philippines, Indonesia and Cambodia without any service charge. You’ll also be eligible for the Maybank Premier Wealth World Mastercard, which offers the following perks:

• Two complimentary airport transfers a year (with minimum $3,000 spend within three months)
• Two complimentary Plaza Premium airport lounge access passes a year
• 10x TREATS points (or four air miles) for every $1 spent at selected boutiques and restaurants and at all petrol stations in Singapore
• Golf privileges i.e. complimentary green fees
• Member rates at Healthway Medical

To be a Maybank Premier Wealth Client, you’ll need at least $300,000 in investments or cash with Maybank.

9. OCBC Premier

You need at least $350,000 to become an OCBC Premier client. Should you join OCBC Premier? Here’s what they can offer:

• Up to 3.30% (2.95% from 1 Feb 2025) on your Premier Dividend+ Savings Account when you deposit at least S$3,000 a month and make no withdrawals.
• Preferential fees and charges for selected transactions
• Market insights from OCBC Wealth Panel

Additionally, the OCBC Premier VOYAGE Card gets you the following perks:

• 2.2 VOYAGE miles with every $1 spent in foreign currency
• 1.3 VOYAGE miles with every $1 spent in local currency
• VOYAGE miles never expire
• Unlimited access to over 1,200 Dragonpass lounges worldwide
• 2x free transfer services with minimum spend of $12,000 in a quarter
• Up to 23% off on fuel spending at Sinopec, 19% off at Caltex and 14% off at Esso

They also have a debit card, the Premier World Elite Debit Card. If you spend $400 a month on the card, you can enjoy an unlimited 1% rebate on overseas spending and duty-free shops in Singapore, as well as selected online merchants, transport, fast food and convenience stores in Singapore.

This is a rather generous rebate for a debit card, although you can easily find credit cards that beat it.

10. Standard Chartered Priority Banking

If you can fund at least $200,000, you can join Standard Chartered Priority Banking. This programme makes it easier for you to grow your wealth with Standard Chartered, giving you access to digital wealth solutions and market updates. You’ll also have access to their Priority Banking team.

With the Standard Chartered Priority Visa Infinite Credit Card, you get the following perks:

• 2.5 rewards points (1 air mile for every $1 spent) for every $1 spent
• Priority Pass lounge access
• Complimentary travel insurance (worth $50,000) for you and your spouse
• 24-hour Priority Banking Service Line: 1800 846 8000 (Singapore) / +65 68468000 (Overseas)

By way of welcome gift, Standard Chartered is advertising a whopping $43,525 worth of welcome rewards when you join thir priority banking programme.

The catch? You have to do a whole bunch of stuff to get that figure, such as parking your cash in equities/unit trusts/other investments with the bank.

If you do the minimum and just fund $200,000, plus complete a Financial Needs Analysis, you’ll get $600. Opt in to be treated as an Accredited Investor and you can get an additional $1,000 cash reward.

11. UOB Privilege Banking

With a minimum asset requirement of $350,000, UOB Privilege Banking is one of the harder priority banking programmes to qualify for. It comes with privileges such as:

• Dedicated Privilege Banking Centres
• Preferential services, including priority queues and preferential pricing
• Fee-free cash withdrawals at UOB ATMs around the region.

Aside from the aforementioned usual preferential rates and priority banking services, a big draw of UOB Privilege Banking is the UOB Privilege Banking Card, which offers the following perks:

• Two miles for every $1 spent on overseas dining and retail
• Two miles for every $1 spent locally on selected luxury fashion brands, such as Chanel, Christian Louboutin, Hermès, and The Hour Glass
• 1.2 miles for every $1 spent on other local purchases
• 60,000 air miles if you pay for the annual membership fee (but note that this fee is an astronomical $1,962, inclusive of 9% GST)
• Up to 20% off at selected restaurants in Pan Pacific, PARKROYAL hotels, and The Fullerton Hotels
• Complimentary room upgrade, daily breakfast and late check-out at over 900 luxury hotels worldwide
• Complimentary weekday green fees at Sentosa Golf Club

12. Which priority banking programme can you join?

Based on the amount of funds you have, these are the suitable priority banking programmes:

Funds aside, another factor to consider is your lifestyle. For example, if you have business dealings or relatives in Malaysia or Indonesia, the Maybank Premier Wealth programme is a good one to join.

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This article was first published in MoneySmart.