Private banking offers bespoke financial services to wealthy individuals. But what does it include, and who qualifies for it in Singapore?
Defining Private Banking
Private banking is a personalized banking service tailored for high-net-worth individuals (HNWIs). It goes beyond retail banking by offering wealth planning, investment advisory, estate structuring, and exclusive perks.
Key Features
- Dedicated relationship manager (RM)
- Access to structured products and hedge funds
- Estate planning and trust services
- Preferential interest rates and FX pricing
Who Qualifies?
Typically, clients need investable assets of SGD 1 million or more. Some banks offer “priority banking” tiers for clients starting from SGD 200,000.
FAQ:
Q1: Is private banking only for the ultra-rich?
A: No. While it's designed for affluent individuals, tiered offerings exist—starting with priority or premier banking.
Q2: Are fees higher in private banking?
A: Not necessarily. Many services are bundled, and preferential rates can reduce costs overall.
User Comments:
“My RM helps me navigate market shifts I wouldn’t catch on my own.” — Jonathan W.
“It’s not just banking—it’s access to a global financial ecosystem.” — Michelle P.
Editor’s Note:
Private banking isn’t about luxury—it’s about strategic control of growing wealth with expert support.
Tags: private-banking, wealth-management, high-net-worth, singapore-banking