Here are the 8 best wealth management banks in Singapore selected based on their reputations and the benefits they provide.
People who have access to private banking, which is a level above priority banking, frequently benefit from the attention and services of a committed relationship manager.
In addition to offering convenience and prestige, private banking also gives customers access to new services like asset management, preferential rates, and lower interest loans.
You must be among Singapore’s highest earners and meet eligibility requirements, such as seven-digit cash deposits, investments, or insurance policy purchases, to qualify for private banking. For private banking facilities, different banks do have different requirements.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).
We recommend that most wealthy locals and expats invest offshore despite this list, and we can help with that.
Private Banking and Wealth Management
The provision of financial services to affluent individuals and families is known as private banking. It includes products and services like lending, wealth management, and investment management.
Private banks typically set themselves apart from other banks by concentrating on serving wealthy clients, being open to dealing with clients in person (rather than only over the phone), and having higher levels of security.
8 Best Wealth Management Banks in Singapore
1. DBS Private Banking
Development Bank of Singapore (DBS) is regarded as the most reputable bank in Singapore because it has recently shown that it is willing to go above and beyond to satisfy its clients. It provides premium services at affordable prices.
Additionally, DBS is also one of the best wealth management banks in Singapore.
Investors should definitely consider DBS Private Banking as a substitute. One of the most well-known banks in Singapore is Development Bank of Singapore (DBS), which has established a reputation for going above and beyond to satisfy each and every one of its customers.
One benefit is that the investment services provided by DBS Private Banking are customized to meet your long-term financial goals. It provides access to funds, stocks, commodities, fixed income, and even treasury products.
As part of its services, DBS Private Banking provides portfolio management, family legacy planning, succession planning, liquidity planning, and philanthropy.
There is a long list of amenities and benefits associated with DBS Private Banking. Some of these include limousine services, international education, upgraded hotel rooms, access to airport lounges, and global healthcare advantages.
Investors seeking higher returns can turn to DBS Private Bank’s wealth management service (WMS). Along with stocks, bonds, commodities, and other investment vehicles, it has both retail and high-net-worth clients.
The investment services offered by DBS Private Banking are focused on long-term financial objectives such as increasing your investments, lowering your tax burden, and safeguarding your wealth.
These services comprise investment management, succession planning, and legacy planning to ensure that your wealth is preserved for future generations.
DBS Private Banking offers a wealth of additional features and benefits. They provide exclusive complimentary services like limousine services, hotel upgrades, access to airport lounges, and global medical benefits.
About S$5 million is the minimum deposit needed to open a bank account with DBS Private Banking. Only every three years is this amount reviewed; it has been in effect since 2009.
2. UOB Private Banking
United Overseas Bank (UOB) is Singapore’s biggest bank and is also one of the best wealth management banks in Singapore.
Its main goal is to assist individuals like you in creating a better financial future. Some of Singapore’s richest people have received attractive banking services from the bank.
United Overseas Bank (UOB) is also one of the most recognizable banks in the world. Some of Singapore’s wealthiest individuals receive attractive banking services from the bank, which also infuses them with a welcoming sense of Asian hospitality.
The three banking tenets that guide the UOB’s investment strategy are
- Diversification: Diversifying your holdings to avoid putting all your eggs in one basket.
- Sustainability: Investing in a sustainable portfolio to withstand any turbulence.
- Asset allocation: They consist of asset allocation for a well-balanced portfolio.
You should try out its private banking services if you’re a serious investor.
This online banking tool, which enables you to open accounts and buy, sell, and trade shares in a variety of different investment products, is something you should definitely check out if you enjoy investing.
UOB has grown to be one of the top private banks in Singapore as a result of the large number of seasoned and long-term investors who choose them as their banks.
The UOB Private Equity Funds, UOB Investment Funds, UOB Wealth Management Funds, and UOB Alternative Investment Funds are some of the investor products offered by the bank.
Only those with net assets exceeding S$5 million are eligible for UOB’s premium service, which is considered the best private banking in Singapore. The bank is renowned for having Singapore’s strictest requirements for private banks.
One of UOB’s key private banking services is the free consultation with senior client advisors about your investment portfolios. As a result, UOB is regarded as one of Singapore’s top private banks for seasoned and long-term investors.
On the other hand, United Overseas Bank doesn’t fall short when it comes to benefits. In addition to the typical benefits of private banking, clients are entitled to regular travel bonuses and discounts.
Last but not least, UOB Private Banking is a high-end service that is accessible to people with net assets greater than S$5 million. It has some of Singapore’s strictest requirements for a private bank.
3. OCBC Premier Private Client
One of the best wealth management banks in Singapore and also one of the best places to find financial advisors if you want to learn about your finances, invest, or make retirement plans is the OCBC Premier Private Client.
Regular free workshops will be held by the bank for its private banking teams to cover all facets of your financial situation, from insurance and mortgages to investing and retirement planning.
You will have access to the full range of wealth management services offered by OCBC Premier as a private client, allowing you to benefit from the best.
The OCBC Bank’s wealth management team will keep you informed of the most recent market developments and investment strategies.
Some of the island’s top financial experts are known for working at the OCBC Premier Private Client, where they provide advice on everything from insurance to mortgages.
One of the few private banks regularly hosts private advice sessions with its teams of top wealth management experts.
The wealth management team at OCBC Premier Private Client will keep you up to date on the most recent market developments and cutting-edge investment concepts so you can stay ahead of your money.
The fact that OCBC Premier Private Client offers a card that is only available to customers is one of its best features. Its name is VOYAGE, and it will provide travel benefits to customers who want to travel on a budget.
This is the ideal way to take advantage of a trip abroad without worrying about going over budget or accruing debt.
While some may object to the S$5 million minimum investment requirement, we applaud OCBC for making investing available to Singaporeans who were previously excluded while also doing so in a fair and open manner for everyone.
4. Standard Chartered Priority Private
The best bank for you if you travel frequently is Standard Chartered Priority Private. It provides a range of incentives to make your journeys more enjoyable.
Rewards for travel can be a huge advantage. It is simple to earn and redeem points with Standard Chartered Priority Private for money, gift cards, and other benefits.
It makes sense to choose a bank that will make travelling more enjoyable if you travel frequently.
First off, more than 400 of the world’s best restaurants are required to offer concierge services. You have access to these concierge services from hundreds of top-rated restaurants worldwide with Standard Chartered Priority Private.
Additionally, you will have unlimited access to more than 1,000 airport lounge networks in more than 130 countries. It is one of the best wealth management banks in Singapore because it is one of the few private banks that provides this many benefits for travellers, making it a fantastic option.
You can also benefit from the free annual airport limousine service. You also get the benefit of unlimited access to more than 1000 airport lounges across more than 130 nations.
In addition to offering benefits, Standard Chartered Priority Private helps its clients manage and grow their assets. Every client has a right to a team of qualified relationship managers who will advise them on their trade and investment decisions.
Financial institutions must have at least $1.5 million in deposits or assets to be eligible for the Standard Chartered Priority Private.
5. HSBC Private Banking
HSBC Private Bank is a good place to start if you’re looking for private banking services in Singapore to help you safeguard the future of your family. In fact, when someone says “private,” many people immediately think of this one.
HSBC Private Banking is a private bank that has a reputation for working with international families and protecting their financial assets.
A great private bank in Singapore is HSBC Private Banking because it has a team of knowledgeable bankers who can help you with wealth growth, legacy planning, protecting family wealth, and more!
Due to its talented staff of financial experts in family governance, wealth succession, legacy planning, and wealth structuring, HSBC Private Banking is one of the best wealth management banks in Singapore. As a result, you can be sure that your loved ones will receive quality care.
You might believe that the care you receive from HSBC is secure, but you could be wrong. HSBC also provides additional services. For instance, it might introduce you to more trading and investment options.
HSBC also links you with additional trading and investment opportunities in addition to those services. It does not offer many incentives over competing institutions, in contrast to other private banks.
Few private banks, including HSBC, have a $5 million minimum deposit requirement. The opening of accounts at other banks is known to be permitted by customers with lower capital, which would be advantageous for HSBC.
For more about this bank, read our review on HSBC.
6. Citibank Private Banking
The goal of Citibank Private Banking is to assist the richest people and families on the planet, making it one of the best wealth management banks in Singapore.
They provide cross-border, customized private banking services that give you access to opportunities around the world and a special peer network.
They share certain values and behaviors across national boundaries with their clients, who come from more than 100 different countries and diverse backgrounds.
Over 100 million consumers and 13,000 institutions are served by Citibank Private Banking, which has a network spanning 162 nations and jurisdictions on six continents.
As a result, their qualified private banking clients will have access to many of the same tools and services as the biggest institutional investors in the world.
7. J.P. Morgan Private Banking
J.P. Morgan Private Banking is not only one of the best wealth management banks in Singapore but also the best private bank in the world
It has worked with individuals and their families for more than 200 years to help them realize their individual goals and take advantage of all the opportunities that wealth can bring.
They have world-class advisors, strategists, and investors who are designing the entire private banking relationship around you.
They are big thinkers and detail-oriented people. They want to assist you in realizing your dreams and making a difference by working with you to develop a personalized financial plan that uses your resources to advance your objectives.
8. Credit Suisse Private Banking
Credit Suisse Private Banking has been developing private banking partnerships for more than 160 years, making it one of the best wealth management banks in Singapore. They want to provide our clients with a full range of financial products, solutions, and advisory services.
With operations in more than 50 nations and a sizable presence in the Asia Pacific region, Credit Suisse Private Banking consistently prioritizes meeting your needs. In addition to assisting you with your banking needs, they can advise you on the best boarding schools for your kids.
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