Priority banking programmes dangle attractive welcome rewards to convince the wealthy to deposit their funds. Here are five of the best on offer.
Being made for the wealthy, priority banking programmes unsurprisingly have high eligibility criteria. To qualify requires at least several hundred thousands, and these must be fresh deposits to boot.
To convince high-net-worth clients to deposit their funds, banks are dangling attractive sign-up promotions that promise to make it worthwhile.
Here are five of the best priority banking welcome rewards currently on offer.
Related to this topic: Priority Banking In Singapore: How Does It Help To Grow Your Wealth?
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How to qualify for priority banking welcome rewards
The priority banking welcome rewards highlighted in this article are generally only for new customers.
This means you do not have a prior priority banking relationship with the bank for typically six months to a year.
Also, while there are some eye-popping welcome rewards being dangled out there, getting the entire advertised sum will take some effort.
This may range from making multiple deposits across different banking products and services to fulfilling criteria such as referring friends and family, crediting your salary, and satisfying spending or investment thresholds.
While it may be tempting to “get ‘em all”, you should also consider the opportunity cost of making the required deposits just to qualify for the full welcome reward.
5 Priority Banking programmes with attractive welcome rewards
|
Priority Banking provider |
Welcome rewards |
|
Up to S$3,000 |
|
|
Up to S$11,400 |
|
|
Up to S$17,200 |
|
|
Up to S$28,800 |
|
|
Up to S$13,000 |
CIMB Preferred
To qualify: S$250,000
CIMB Preferred is offering up to S$3,000 in welcome rewards when you open a CIMB Savings/Current Account and deposit a minimum of S$250,000 in fresh funds. You'll also earn an interest rate of up to 3.50% p.a. with no multiple conditions. However, note that this promo isn't stackable with SingSaver's.
|
Total Relationship Balance (TRB) |
Welcome Gift |
|
S$1 million |
S$3,000 |
|
S$250,000 to below S$1 million |
S$800 |
Here's the interest rate you can earn when you open a CIMB StarSaver Account:
|
Account balance |
Interest/profit rates (p.a.) |
|
First S$100,000 |
1.5% |
|
Next S$150,000 |
2.5% |
|
Above S$250,000 |
3.5% |
And this is the interest you can earn when you open a CIMB FastSaver Account:
|
Account balance |
Interest/profit rates (p.a.) |
|
First S$100,000 |
1.5% |
|
Next S$150,000 |
2.5% |
|
Above S$250,000 |
3.5% |
Related to this topic: Priority Banking vs Private Banking: What You Enjoy When You Cross The Last Hurdle
Citigold
To qualify: S$250,000
For Citigold, there is a total of up to S$11,400 in welcome rewards. T&Cs apply.
To be eligible for the rewards, here’s what you need to do:
|
Action |
Reward |
|
When you purchase any Citibank investments or insurance |
S$250 cash for every S$50,000 investment/insurance purchase |
|
When you successfully complete your investment Risk Profile and Fact Find Report |
S$100 Wealth Starter Reward |
|
When you hold a primary Citi Credit Card |
S$100 cash reward |
|
When you take up a Citibank Mortgage with min. loan of S$800,000 within 3 months of account opening |
S$500 cash reward |
|
When you fund a minimum time deposit amount of S$10,000 |
Enjoy preferential interest rates in SGD and USD time deposits, investment, and insurance time deposit bundle |
For illustration, you can get up to S$11,400 rewards when you:
- Place S$500,000 in a 6-month Time Deposit, you get S$8,000
- Deposit fresh funds of S$800,000, you get a S$1,700 reward
- Invest and/or insure S$300,000 before the end of the Qualifying Period, you get S$1,500
- Maintain a valid Investment Risk Profile and complete the Fact Find Report by end of the Welcome Period, you get S$100
- Hold an eligible primary Citi Credit Card, you get S$100
You can also enjoy a promotional interest rate of up to 3.35% p.a. on a 3-month SGD Time Deposit.
However, note that the above rewards will not be applicable in conjunction with the SingSaver exclusive offer.
🪙SingSaver Cash Quest🪙: Get 2x chances to win S$50,000 when you apply for participating Priority Banking products. Applying for multiple products means more Cash Quest Chances! Plus, download the SingSaver App and log in with the same email used during product application to earn 20 additional chances! Valid till 22 December 2024. T&Cs apply.
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SingSaver Exclusive Offer: Get 40,000 Max Miles (worth a one-way Business Class to Japan) or an Apple Bundle: Apple Watch Series 10 (42mm) + AirPods 4 with Active Noise Cancellation (worth S$848) or S$800 cash via PayNow when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy up to 3% p.a. on a 3-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 30 November 2024. T&Cs apply.
Plus, get additional welcome rewards on top of the above offer (T&Cs apply):
- S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening
- S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
- Festive Bonus Offer: S$200 eCapitaVoucher when you apply for a Citigold account from 1 November to 31 December 2024. Exclusive to New-to-Bank customers only. T&Cs apply.
DBS Treasures
To qualify: S$350,000
DBS Treasures offers the highest welcome rewards of up to S$17,200. This is composed of several rewards, as follows:
|
Action |
Reward |
|
Deposit fresh funds of S$1 million into your DBS Savings Account |
S$7,000 |
|
Opt-in as an Accredited Investor to access investment solutions |
S$1,000 |
|
Invest S$500,00 in unit trusts |
S$4,100 |
|
Purchase a single-premium insurance policy worth S$500,000 |
S$1,500 |
|
Refinance a home mortgage of S$1.5 million |
S$3,600 |
In effect, you’d need to sink in at least S$1 million with the bank and jump through a few hoops to receive S$17,700 in rewards.
But that doesn’t mean you’d have to be a millionaire to qualify for DBS Treasures. In fact, you can get rewarded with up to S$8,000 cash when you deposit a minimum of S$350,000 to your account and declare Accredited Investor with DBS Treasures.
|
Fresh funds deposit amount |
Cash gift |
|
At least S$350,000 |
S$1,800 |
|
At least S$500,000 |
S$3,000 |
|
At least S$1,000,000 |
S$7,000 |
Plus, you'll get an additional S$1,000 if you opt-in as an Accredited Investor.
Standard Chartered Priority
To qualify: S$200,000
You can get up to S$13,000 welcome cash rewards when you sign up as a Standard Chartered Priority customer.
|
Total value of fresh funds placed or maintained in eligible deposits and/or eligible investments within three calendar months of Wealth $aver Account and Priority Banking Visa Infinite Credit Card opening |
Cash reward |
|
Deposit fresh funds of S$200,000 to <S$1 million |
S$1,000 |
|
Deposit fresh funds of S$1 million to <S$1.5 million |
S$4,000 |
|
S$1.5 million and above and also sign up as a Priority Private client and consents to be treated as an Accredited Investor (where applicable and as determined by the Bank in its sole and absolute discretion) |
S$7,000 |
You'll also receive additional cash rewards of S$200 for every S$100,000 (or equivalent in foreign currencies) investment products with the bank (eligible unit trusts, bonds, and structured products) in a single day, capped at S$6,000.
Additionally, you can enjoy an interest rate of up to 5.00% p.a. on your Wealth $aver Account, and up to 3.30% p.a. on time deposits (for six months).
HSBC Premier
To qualify: S$200,000
Next up, we have HSBC Premier, which promises a total welcome package of S$28,800.
|
HSBC Premier customers |
Eligibility criteria |
|
Premier Welcome Reward for incremental fresh funds |
Tier 1 - S$1,600 cash credit with an incremental TRB of S$300,000 in fresh funds and complete a Goal Planner Report with your Relationship Manager. Or Tier 2 - S$3,800 cash credit with an incremental TRB of S$300,000 in fresh funds and purchase a minimum of S$100,000 (or foreign currency equivalent) in eligible wealth or insurance products. |
|
Premier Mastercard Credit Card Sign Up Promotion |
Choose either a Samsonite ZELTUS 69cm Spinner Exp with built-in scale, or S$150 cashback, when you spend at least S$1,000 and provide marketing consent upon applying. Existing cardholders will still be eligible for S$50 cashback. Other T&Cs apply. |
|
Everyday Global Account |
Get 1% cashback when you spend with your HSBC Everyday Global Debit Card, HSBC credit card or make a GIRO payment (capped at S$500) |
|
Premier Referral Programme Promotion |
up to S$3,300 |
Note that you need to have a minimum of S$300,000 in TRB to qualify for the cash credit rewards.
Related to this topic: Have Enough Money To Jet Off to Space? 5 Signs You’re Ready For Priority Banking
🪙SingSaver Cash Quest🪙: Get 2x chances to win S$50,000 when you apply for participating Priority Banking products. Applying for multiple products means more Cash Quest Chances! Plus, download the SingSaver App and log in with the same email used during product application to earn 20 additional chances! Valid till 22 December 2024. T&Cs apply.
SingSaver Exclusive Offer: Get 40,000 Max Miles (worth a one-way Business Class to Japan) or an Apple Bundle: Apple Watch Series 10 (42mm) + AirPods 4 with Active Noise Cancellation (worth S$848) or S$800 cash via PayNow when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy up to 3% p.a. on a 3-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 30 November 2024. T&Cs apply.
Plus, get additional welcome rewards on top of the above offer (T&Cs apply):
- S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening
- S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
- Festive Bonus Offer: S$200 eCapitaVoucher when you apply for a Citigold account from 1 November to 31 December 2024. Exclusive to New-to-Bank customers only. T&Cs apply.
Should you sign up for priority banking?
Yes – but not simply because of the welcome rewards.
You should consider if the priority banking programme is a close match for your financial goals and objectives, and if the platform will help you in a concrete manner.
At a very basic level, all priority banking programmes have similar offerings, such as
- Dedicated service managers or teams
- Preferential interest rates
- Fees that are lower or waived
- Premium credit cards
- VIP or elevated treatment
- Lifestyle perks and exclusive invites
However, while these privileges are nice to have, the main purpose of priority banking is to accelerate the growth of your wealth – or at least, to have it properly managed by experienced professionals.
The extent to which each priority banking programme can do this for you will pretty much depend on what banking products and services are offered, as well as the type of opportunities and markets that you can access as a customer.
Hence, you should carefully evaluate the platforms you’re interested in to see how each one could potentially help you, both in the short and long term.
In any case, you can – and should – arrange a call or meeting to find out exactly how a priority banking programme can help you achieve your financial goals before signing up for an account.
🪙SingSaver Cash Quest🪙: Get 2x chances to win S$50,000 when you apply for participating Priority Banking products. Applying for multiple products means more Cash Quest Chances! Plus, download the SingSaver App and log in with the same email used during product application to earn 20 additional chances! Valid till 22 December 2024. T&Cs apply.
SingSaver Exclusive Offer: Get 40,000 Max Miles (worth a one-way Business Class to Japan) or an Apple Bundle: Apple Watch Series 10 (42mm) + AirPods 4 with Active Noise Cancellation (worth S$848) or S$800 cash via PayNow when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy up to 3% p.a. on a 3-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 30 November 2024. T&Cs apply.
Plus, get additional welcome rewards on top of the above offer (T&Cs apply):
- S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening
- S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
- Festive Bonus Offer: S$200 eCapitaVoucher when you apply for a Citigold account from 1 November to 31 December 2024. Exclusive to New-to-Bank customers only. T&Cs apply.
Read these next:
Best Ways to Grow Your Wealth Through Priority Banking
A Full Guide To Priority Banking In Singapore
Citigold Review (2023): An Abundance Of Wealth Solutions For The Well-Heeled
Privilege Banking: What’s In It For You and Your Money
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