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 Priority Banking, Everything about Priority Banking

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Mattrock
post Jan 25 2018, 10:11 AM

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Thinking of applying for HSBC Premier by placing 200k in deposit account. Anyone know what is available FD interest rate for HSBC Premier account?

This post has been edited by Mattrock: Jan 25 2018, 10:11 AM
Mattrock
post Jan 26 2018, 05:54 AM

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QUOTE(David_Yang @ Jan 25 2018, 07:45 PM)
From my experience lower than all other banks. HSBC is really only useful if you want to do a lot of cross border transactions and have HSBC acounts in at least one other country. Just my opinion.
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Thanks. I will give them a call once they sort out their new rates after the BNM hike yesterday.
Mattrock
post Apr 23 2018, 09:49 AM

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Anyone here Alliance Privilege member? Any feedback to share?
Mattrock
post Apr 29 2018, 07:11 PM

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Folks, whose priority bank is active in organizing events? Don't mind some social activities now and then.
Mattrock
post Apr 30 2018, 11:25 AM

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QUOTE(edcyf @ Apr 5 2018, 10:00 PM)
Bank.          Lower tier banking.    Upper tier banking

CIMB.        CIMB Prime.                CIMB Preferred
Maybank    Maybank Privilege.      Premier Wealth
HSBC.        HSBC Advance.            HSBC Premier
Citibank.    Citipriority.                  Citigold
UOB.          Wealth banking            Privilege banking
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What is the difference between Maybank Privilege and Premier Wealth? Both seem to have RM250k deposits/investment limit. Couldn't find any info on their website.
Mattrock
post Oct 7 2018, 06:03 AM

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I am interested to invest in bonds (not bond fund). I understand these are more commonly available to PB members. Which banks are best for this opportunity? Currently I have normal banking accounts at Maybank, PBB and Ambank. I can easily become PB of any of these. Other banks will require new account opening.

This post has been edited by Mattrock: Oct 7 2018, 06:04 AM
Mattrock
post Oct 7 2018, 12:55 PM

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QUOTE(Showtime747 @ Oct 7 2018, 12:49 PM)
I don’t think it is available in their website or any public domain. The RM will have all the information. You tell him/her your preference and they will pick from their wide range for your consideration

For private bonds, they have not only local companies, but a lot of well known ones in different market and curriencies.

For structured products, the have many variances (eg. Autocall with memory effect step down monthly 1-2% and ranges from 20-50% ki ko in much wider industries selection and different risk return capital guaranteed or otherwise etc)

Also wide range of equity and financing private placement

Trust and insurance services which I have not heard of from my RM in Malaysia

And I must say I am only eligible to part of their offerings. I am sure those products in the hundreds of millions USD my RM don’t even bother to let me know  sweat.gif
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Which bank(s) is your PB? I am only intereted in local banks, and not abroad, even if not much bond choices. In any case, I probably can't afford to invest in only one or two issues due to the minimum amounts.

Mattrock
post Oct 7 2018, 01:22 PM

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Just to re-align, let me repeat my question:

I am interested to invest in bonds (not bond fund) in Malaysia. I understand these are more commonly available to PB members. Which banks are best for this opportunity?

It is like asking which broker best to buy stocks. Not an exact science, just looking for opinions, so I can narrow down my PB list.
Mattrock
post Oct 7 2018, 02:25 PM

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QUOTE(Showtime747 @ Oct 7 2018, 02:17 PM)
I think bond is different from share broker.

As far as I know, bond is underwritten by a bank (or syndicated banks). So, a bond from a company may be available for us to buy from only those bank/syndicated banks which underwrites it.

Whereas once you open an account with a stock broker, you can buy all the counters in that market. So, for a broker, they offer same products for you to buy.

On the other hand, for bonds, not all banks offer each and every bonds in issue

That's why I said choices, range, risk return are important consideration for PB. If you go with a bank, during a certain period, they may not have the bond that suits you.
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Thanks for the replies.

Mattrock
post Oct 8 2018, 04:26 PM

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QUOTE(mas1900 @ Oct 8 2018, 12:46 PM)
The bond market in priority banking is very quiet.

Banks are offering selective bonds based on their criteria. You might not be able to find one bank with good coverage of bonds.

After that, it also depends to RM who prefer to sell investment products with higher bank profits.

Personally, I found that the risk of bond is way higher compare to the interests of FD. Banks are offering >4% for FD for one year term. Bonds are offering 5-6%. I wonder does it worth to take the business risk of defaults with the additional gain of 1%.
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Great points to consider. Thanks.

Mattrock
post Dec 1 2018, 06:11 PM

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QUOTE(terrysoh @ Dec 1 2018, 04:37 PM)
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.
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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.
Mattrock
post Dec 1 2018, 06:38 PM

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QUOTE(terrysoh @ Dec 1 2018, 06:30 PM)
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  =)
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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?
Mattrock
post Dec 2 2018, 03:24 PM

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QUOTE(terrysoh @ Dec 1 2018, 08:58 PM)
CIMB has the best FD rate in town at the moment, i am parking most of my funds there now. But Maybank is my "base" cos i have a lot of credit card tied to them, easier for card payment etc
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Thanks. I'll probably sign up for Maybank as well as there is a PB center close to my home, with easy parking. I have some foreign currency FDs with them. Will call them to find out if these can be counted towards to 250k as well.
Mattrock
post Jun 9 2019, 08:29 PM

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Any reason why UOB Privilege is 500k? Anything extra or more added value services compared to others, or are they just being more selective?
Mattrock
post Apr 29 2022, 09:01 AM

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QUOTE(kochin @ Mar 2 2022, 01:29 PM)
Mind sharing the differences?
I think I qualify for hlbb but have declined their invitation few years back.
Rethinking of applying it and seeking forummers here whether it’s worth joining Hlbb priority?
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Depends on your RM. I have a great RM with HLB. Bandar Putri branch. I also have Ambank Priority, but RM is totally useless.

 

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