Best Priority Banking Accounts in Singapore (2024)
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Some features of a priority banking programme include wealth planning, quicker and more personalised service at banks, access to a wider range of financial services and products, and more.
A bank’s Relationship Manager provides personalised financial advice to priority banking and private banking clients. They suggest appropriate investment products and financial services based on their clients’ current situation and goals, be it short-term or long-term ones.
Private banking is a tier above priority banking and is offered only to ultra-high-net-worth individuals. Qualifying requirements are even more stringent, but clients receive the widest range of financial services and products, best service, and most luxurious lifestyle benefits.
Like priority banking programmes that are a tier below private banking, it depends. No private banking programme is the same, so it pays to do your research and compare what’s available before you decide to sign up with a particular bank.
Due to the exclusive nature of priority banking programmes, KYC checks conducted by banks are stricter as compared to retail banking products and services. It’s important for banks to know who their priority banking clients are and verify their identity, as the amounts of money transacted will be much larger than retail banking customers.
There are several scenarios where a bank can disclose a customer’s account information. Firstly, it can do so if it needs to take legal action against a customer. Secondly, it can also do so if a customer permits it in writing. Last but not least, a bank can disclose a customer’s information to the police or court for investigation purposes.