We’ve all seen it. The exclusive Premier or Priority Banking lounge for the elite banking customers, credit cards that come in a sleek black colour or that are made of metal (check out OCBC’s Premier Voyage card), and the personalised service from banking staff and Relationship Managers (RM).
Of course, we all want what we can’t have. But just how far out of reach is premier or priority banking in Malaysia?
Becoming a Premier or Priority Banking Customer
You need a minimum amount of deposits and investments. And we’re talking about hundreds of thousands which can range between RM200,000 to RM300,000. For instance, you can have RM150,000 in savings and RM50,000 in investments, which would bring your total to RM200,000 making you eligible as a premier or priority banking customer. Some banks, like HSBC, also take into account your mortgage loan which must be a minimum of RM1 million or even your monthly income which must be at least RM16,500 into your HSBC account monthly.
You are invited to join the club. You might be one of the lucky selected ones who are invited to hold a premium credit card or be a premier banking customer. Some credit cards are available on an invite-only basis so you cannot apply for them. How do you get invited? We’re not sure, but each bank would have their own requirements and eligibility criteria.
You receive a recommendation. A friend of business partner might put in a good word for you with the Premier Banking management, which might help get your foot in the door. However, the approval is again at the discretion of the bank.
The Luxuries of Premier or Priority Banking
What exactly are the benefits and privileges that premier banking customers are entitled to?
Personalised Service with a Dedicated Relationship Manager
Each customer has their very own Relationship Manager (RM) who assists with servicing the account and all requests that the customer may have. It’s professional and personal attention to your every need. Over the years, this relationship will deepen and you’ll find the service offered will be tailored to your needs, and in fact, anticipatory of your needs at times.
Wealth Management and Market Insights
You can also gain wealth insights from the Bank’s team of to guide you through your investment journey, helping you build your wealth throughout every life stage. These are insights that are tailored to your needs, so it’s as if you have a personal consultant. They will help you achieve your financial goals through informed decision-making and advice. They help you work out your long-term financial goals such as saving up for your children’s education or preparing for your retirement to ensure you enjoy a quality lifestyle while also taking into account your risk profile.
It gets better. Most premier or priority banking customers also enjoy lower interest rates, fee waivers, faster processing times of their applications and credit facilities, and priority service when they walk into any branch of the network. This means they get to skip queues and avoid waiting for their number to be called like the rest of us common folk.
Exclusive Lifestyle Privileges and Exclusive Events
Lifestyle privileges are some of the best for Premier or Priority banking customers. Throughout the year, Banks host a series of exclusive private events or are sponsors of the events. Much of these events include exclusive or early previews of properties, test-drive events of luxury cars, fine dining, major sporting events including golf, cocktail evenings with the social elite, and more. But that’s not all. There is access to airport lounges around the world, pre-launch property previews, and exclusive shopping, dining, holiday and other lifestyle offers from the bank’s merchant partners.
Regional and Global Network Access
Once you’re a Premier or Priority banking customer, means that you will be attended to with personal attention at any of the Bank’s regional or global branches. The banks often understand a customer’s need for international services, so the personalised attention you receive is not limited to the country your bank account is set up in.
How do banks make money from Premier or Priority Banking?
Well, it’s clearly in the bank’s best interest to have as many cash rich accounts as possible. High net worth individuals mean more business with the bank and gives the bank more money to continue their operations and service for all customers.
It’s also in the bank’s best interest to point their premier or priority banking customers towards the next best investments that will generate better returns. And being in the industry, banks are best equipped with their team of wealth managers to advise their customers. It’s an unparalleled service. If these customers generate better returns, it’s again more business for the bank and more money to continue operations.
It also benefits the customer’s so it’s ultimately a situation that benefits both the banks and the customers!
So, if you have your eye on the red-carpet treatment, ensure you have enough savings and investments in your account. Savings and investment never hurt anyone, this might be the motivation you need to kick-start your financial journey towards becoming a Premier or Priority banking customer!
|10% Cashback for Dining, Grocery, Petrol & Grab spend
No minimum Cashback accumulation