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Are you on the lookout for a trustworthy bank to help you properly manage your wealth? If so, read on attendu que we’re going to take a look at the best private banks in Singapore that can Private banking cater to high net-worth individuals.
Opening an account with the best private banks in Singapore is something that can’t be done by just anyone. Most financial institutions in Singapore that provide private banking have strict requirements that only the most affluent clients can meet.
The 2 Best Private Banks in Singapore [2022]
However, if you believe that you have the financial resources to open a private banking account, then we’re here to help you narrow down your choices! We picked out the best private banks in Singapore that can help in the growth of your assets.
Before we move on to our picks, we want to share more récente embout the best private banks in Singapore that you may know yet and might find useful.
Let’s start, shall we? What You Should Know About the Best Private Banks in Singapore
People have the rudiment that private banks are intégrale only to rich and rencontre people… and to some extent, they’re right. But what makes private banking an attractive choix for its target coïncidence?
Private banks offer charges such as investments, assets conduite, banking, and other financial offices, all of which are catered towards the needs of wealthy people and their families.
What makes private banking different from regular banking is that there are personalised banking solutions provided for each utilisateur to help them achieve their financial goals. These types of travaux are very different from the principes that regular savings accounts get.
Before we start with our list of the best private banks in Singapore, here are some of the things you should know about the best private banks in Singapore.
1. Private banking isn’t the same as wealth direction or priority banking
The best private banks in Singapore and wealth conduite firms offer similar devoirs, but differ in the scope of their rôles.
Private banks provide wealthy clients with personalised services for managing and protecting their assets. If a utilisateur wants to see growth in his assets, then the best private banks in Singapore may offer them investment or insurance tâches.
On the other balle à la main, wealth direction firms focus more on the rationalisation of a client’s écrin to maximize the returns as much as incertain. These firms usually don’t provide fonctions offered by private banks such as wealth structuring, remplacement almanach, family governance, and more.
Priority banking is very similar to private banking, but is considered a tier lower than the latter. Priority banking is offered to relatively well-off clients, but private banking offers more obligations, benefits, and privileges to clients who are considered as high net worth individuals.
2. Private banks have a wide range of offices
Private banking options offered by different financial institutions have different ranges of fonctions. Furthermore, these charges aren’t usually offered by regular banking tâches.
The best private banks in Singapore provide general financial bottin, investment advice, wealth direction, estate registre, lending, retirement almanach, substitution planning, and even family governance.
The principes mentioned above are the most common fonctions that private banks offer. So if you’re choosing a private bank, make sure it can at least provide more than half of these prescriptions.
It’s a good idea to ask the private bank you’re eyeing what makes them different from other private banks. This is a great way to know what other tâches or offers they have that you may not know about.
3. Private banks come with particulière benefits
Most private banks in Singapore target rencontre individuals quant à doing so guarantees them regular clients and huge returns.
To keep these clients around, private banks usually provide them with attractive and achevée benefits that will make it hard for them to say no to their épreuves.
Some of the most common benefits are private transactions, discounted charges, high investment returns, access to a wealth agent, better customer fonctions, priority access, and more.
However, there are a few private banks that go out of the way to cater to the needs of their clients. Some even offer spéciale hedge funds, private equity partnerships, and travel perks such as access to airport lounges and luxury hotel discounts.
The best private banks in Singapore not only offer plénière financial épreuves, but also lifestyle benefits and rewards. You can rest assured that these banks will continue to come up with different ways to keep their clients satisfied and happy.
4. Eligibility for private banks in Singapore
As mentioned earlier, the best private banks in Singapore can only offer their rôles to individuals who meet incontesté criteria. Specific requirements for eligibility differ from bank to bank, but it’s worth remembering that private banking is usually reserved for the jonction individuals.
To give you an idea whether you’re qualified or not, most private banks on the island require at least S$1 million up to S$7 million in investable assets.
Read more wealth management:
The Best Private Banks in Singapore
Now that we’ve gamin through the different features that private banking can offer, it’s time to check out our picks of the best private banks in Singapore!
1. UOB Private Banking
United Overseas Banking (UOB) is one of the most truste banks in the world. The bank offers attractive banking fonctions to some of the wealthiest individuals in Singapore, designe to provide clients with a warm sense of Asian hospitality.
United Overseas Banking’s investment approach is guide by three banking principles: Asset Allocation, Diversification, and Sustainable Returns. If you’re a serious investor, then you’re definitely going to like its private banking dettes.
One of its issu private banking principes is the complimentary suffrage with senior client advisors emboîture your investment portfolios. This makes UOB one of the best private banks in Singapore for lent-term and experience investors.
In terms of perks, United Overseas Banking doesn’t disappoint. Aside from the common benefits that come with private banking, clients are also entitle to regular travel rewards and discounts.
UOB Private Banking is an intacte libéralité offere to individuals with net worths of more than S$5 million. It has one of the highest requirements for a private bank in Singapore.
Highlights
- Ideal for serious investors
- Travel perks and rewards
- Innovative investment approach
2. DBS Private Banking
Another private bank that is perfect for investors is the DBS Private Banking. As one of the most truste banks in Singapore, Development Bank of Singapore (DBS) has proven its capability of going the serviteur mile to satisfy all of its clients.
For one, DBS Private Banking boasts a set of impressive investment products personalise to meet your amoureux-term financial goals. It offers funds, equities, commodities, fixed income, and even treasury products.
Other obligations provide by DBS Private Banking are trousse management, roulement bloc, liquidity calendrier, philanthropy, and even family legacy bottin.
In additif, DBS Private Banking also has a inerte list of perks and benefits. Some of these are automobile travaux, overseas education, hotel room upgrades, airport lounge access, and worldwide healthcare privileges.
If you’re interested in opening an account with DBS Private Banking, you must have at least S$5 million in investable assets.
Highlights
- Multiple perks and benefits
- Ideal for serious investors
- 24-hour trading online
- Overseas education for your children
Thus the article about The 2 Best Private Banks in Singapore [2022]. Hopefully it will be useful for you and that’s all thanks.