I’ve been privileged/preferred banking customer for about 2 years now. I’ve shopped around the major banks in Singapore, and have a decent understanding of their services and charges. There are slight variations, but they sell essentially the same products and services. I have spent hours chatting with relationship managers (RMs) and understanding what is the value they bring. I thought this would be a decent time to share my thoughts on these services.
So are privileged banking and RMs worth your time and money?
In order to qualify, you would need at least $250,000 of liquid assets that you can put with the bank. Most RMs would contact you once the bank detects such an amount in your accounts. Private banking is another level up and you need $5 mil to be a private banking client.
There actually aren’t much special products that privileged banking offers that you can’t get by yourself.