My RMs in Singapore fly to Malaysia 1-2 times every month. There are a few teams in the the bank which service overseas clients. I understand all the Sg banks do that. From there you can see there are soo many rich people in Malaysia. They may not be PB customers in malaysia, but they could be PB customers in overseas banks

Recently I have inherited RM 500K, and like to be part of priority bank customers and like to park some money in FD and have the PB benefits.

Which bank would u go to? I was thinking CIMB, as they have 4.5% FD interest.

Thanks

Not disagreeing on how rich people prefer elite status and such, because that is truly the fact.

What I mean that 1/7000 or 1/70000 doesnt make a difference, because the number is still small compared to the total number of people in the country. if you say you are 1/700k people , maybe by then you feel everyone is a "priority" banker and it loses its lust (which is the case right now).

Priority banking is nonsense anyway, every john, dick and harry is a priority banker, even getting a random housing loan can get you PB status (stupid move). with >US5m, can easily become a Private Banker.

Go scout around and see which RM treats you the best. What you want from yr RM is service and support. But with 500k, don't think it will make a difference, the most benefit you get is being able to go to the green lane at counter.

If you just looking for FD rate, just go with the highest one.

This is not the first time/year cs compiled the wealth report. from their private banking operation and people movement in the industry, they have a good estimate of hnwi and uhnwi which is consistent with this report. malaysia data quality may be poor, instead of 5% accuracy, it could be 20% or even 30% accuracy, which is a good enough estimate and certainly a better estimate than a nitpicking syok sendiri analyst.

one usually a local bank priority/privilege customer before becoming priority/privilege customer of sg bank, where aum is higher and not all people meet by sg rm will become customer. A criteria for sg RM to choose who to meet is existing priority customers.

This post has been edited by icemanfx: Oct 23 2018, 12:23 PM

4.5% 12 months FD rate is offered by Standard Chartered i think...

CIMB is now offering 6% for 3 months FD but you got to earmark another 50K in current account to have maximum 200K to enjoy the 6% FD.. 100K in current accont earmark for 3 months to enjoy maximum 400K 6% FD

Thank you for the heads up for CIMB

Effective rate is between 5.08%-5.1% depending on how much u put in.

Any idea which bank is still issuing pre-approved credit card to its Priority/Premier Banking customers these days ? As far as I know HSBC now no longer does so. How about other banks such as Standard Chartered Priority Banking, RHB Premier, Citibank Citigold etc. ?

Uob and amb does. 1m aum with them. Still does.

Hsbc still does actually - 1m aum as well to be pre qualified.

Rhb offers as long you’re their Pb- not sure if they still practice this now.

SCB need to apply.

any sign up gifts for ambank?

already 3 month still no auto upgrade

Iirc they will auto upgrade after 6m- review in June / Dec.

Amb give notebooks/ pen / squarish umbrella 😑

this month i become CIMB Preferred and no credit card preapproved. I was told to apply. CIMB KLCC branch


Which bank give the most freebies for new Priority customers ??

This post has been edited by frostfrench: Nov 27 2018, 12:36 PM

Wanted to put in FD for Bank Rakyat , and apparently to become their Xclusive customer, it is subject to HQ approval.

Anyone else had this experience?

They will take very long to approve certain things.

If you could wait, and if they offer better rates: go ahead.

Read their terms and conditions properly, ask them exactly the time taken for you to withdraw your funds back again and at which branch.

Even at certain big branches at certain states(home branch account): they would not allow cash withdrawal more than RM 25k/day. Cash transfer to another bank : it would take 2-3 working days(if they processed correctly).


Bottomline: be careful when dealing with Bank Rakyat and clear all your doubts prior committing to their FD.

Hi, this month I also become a new CIMB Preferred too, and they gave me the Visa Infinite pre-approved, no documents, no question asked.

Basically I went in as a normal customer to put in their promo 4.4% for 6 months for a good amount of money, and they upgraded me straight + Visa Infinite.

Just got an SMS that the card got approved, and i did not submit any documents for it.

I think the benefits of Priority Banking are:

1) Cut Q - its not super extraordinary or anything, but given a choice everyone would like it for free.

2) Higher interest rates - The most competitive interest rates are usually given to PB customers, be it FD Promo or PB account. Again, its something that everyone would like to have access if they can have it for free.

3) High level credit card - if you travel a lot, this can be very useful for you. Usually involves free lounges in airport, bonus points as compared to ordinary card etc.

I think you shouldnt just leave money at the bank for the sake of attaining PB, but money is a good tool and option to have, in addition to the additional perks of being a PB.

For myself, while i am waiting for the right investment opportunity, i am much better off with access to PB rather than not. If i am stuck with ordinary accounts, I make less money on my money thats sitting in the bank anyways. And i have to Q during rush hours. While I see nothing wrong with Q-ing, I certainly wouldnt mind a free walkover to the counter either.

So yeah, ultimately your financial goals should have no correlation upon attaining PB or no. If you can use the money right away for business, great. But not everyone wants to use the money right away. There are times where its a lot better to just wait on the sidelines for a good opportunity, and that usually involves a lot of patience and waiting.

But, if your financial goals happen to coincidentally work along with side of PB, theres no doubt you can make good use of it.

Which bank are you with? Do you have any bank which you would recommend for PB? No specific service I am particular about. Mainly for the reasons you mentioned above. Thanks.

I have Maybank and CIMB at the moment, mostly after good short term FD/saving rates for now. Also i like the bonus of having their top credit card, they look awesome =)

Thanks. I have not seen good FD promos rates from Maybank. Does their PB have better rates? Do you prefer Mayabnk or Cimb PB service?