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

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Sophia Tan

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.