Priority and Private Banking Thresholds: The S$200,000, S$350,000, S$1.5 Million and US$5 Million Tiers

Priority (or Premier) Banking and Private Banking are service tiers that Singapore banks offer to individual customers with larger assets. What sets them apart from ordinary retail accounts is not the type of account but the customer relationship: based on the assets a customer holds with the bank, the bank provides a dedicated relationship manager, a wider range of investment products and different fee arrangements, while also carrying out more detailed customer due diligence. Thresholds are set by each bank and are not regulatory thresholds; meeting one only means you can apply for that tier, not that you will be given an account or a particular service.

Scope: this page covers only how thresholds are measured and account opening. For private banking services, fee structures, Lombard lending and comparisons of private banking in Hong Kong and Singapore, see the sister site privatebank.hk; for overall high-net-worth solutions, see hnwsolution.sg.

Overview: four tiers from retail to private banking

For non-residents, priority banking is often the practical entry point into the Singapore banking system. Retail apps rely on Singpass, Myinfo or a Singapore pass for verification, whereas priority banking comes with a relationship manager who can handle manual review steps such as overseas proof of address and source-of-funds explanations. OCBC, for example, lets foreigners with a passport apply remotely for Premier by selecting "Foreigner with passport" in the OCBC Singapore app, with a relationship manager following up after submission (OCBC website, checked 24 Oct 2026). For how the routes differ for the three groups, see Three groups, three routes.

Tier table: entry thresholds published by each bank

The table below is taken from banks' public web pages; each bank's latest publication prevails:

The formal entry threshold for Standard Chartered Priority Private is not published on its public pages, so this site does not state one.

How thresholds are measured: the same S$350,000 may be calculated differently

The figures look similar, but they are calculated differently and cannot be compared like for like:

OCBC's pages do not define "fresh funds", and how they are assessed (for example, whether internal transfers count and within what period funds must arrive) is as per the bank's terms and the relationship manager's written explanation. Different measures mean that a customer who "qualifies" at Bank A may not yet qualify at Bank B, and the mix of assets (deposits, funds, insurance) also affects how much counts.

Accredited Investors: legal criteria and opting in

Accredited Investor (AI) is a legal concept, distinct from the service tiers banks set themselves. Under section 4A of the Securities and Futures Act (SFA), an individual qualifies by meeting any one of the following criteria (Singapore Statutes Online, checked 22 Oct 2026):

In a written parliamentary reply on 5 February 2025, MAS explained that investors who meet the criteria must explicitly "opt in" before financial institutions can treat them as Accredited Investors. Accredited Investor status gives access to some products sold only to Accredited Investors, but comes with fewer investor protections than for retail customers, so you should decide whether to opt in only after understanding the difference in protection. OCBC Premier Private Client lists Accredited Investor status as one of its entry conditions.

Maintenance requirements and fees

Once you are in priority banking, banks usually require you to maintain a certain level of assets and charge a service fee or change your tier if you do not. Examples that can be verified publicly:

The HSBC row cites the 2021 booklet (whose deposit insurance clause still reflects the old limit); HSBC's current Premier page does not state a monthly fee, and current fees are as per the fee schedule on hsbc.com.sg. DBS's two figures are different measures: S$350,000 is the service positioning for Treasures, and S$200,000 is the member maintenance requirement in the fee schedule; this site does not infer how the two relate. A fall in assets due to market movements or withdrawals may trigger a service fee or a change of tier. For fees overall, see Account fees.

Account opening and KYC: how it differs from retail

Priority and private banking accounts are subject to the same anti-money laundering rules (MAS Notice 626), but in practice the process is usually more detailed:

1. Source of funds and source of wealth: the larger the assets, the more likely the bank is to ask for a written explanation of where the money came from and how your overall wealth was built, with supporting evidence. Where the customer is a politically exposed person (PEP), paragraph 8.3 of Notice 626 requires the bank to obtain senior management approval and establish source of wealth and source of funds (2024 version).
2. Non-face-to-face opening: permitted, but due diligence must be at least as robust as for face-to-face opening (paragraph 6.29). OCBC's non-resident remote opening lists a passport, national ID card and proof of address, and the relationship manager may ask for additional documents.
3. Country-of-residence restrictions: banks' cross-border services to customers in different countries of residence are constrained by local laws; OCBC's page, for instance, sets out separate cross-border marketing disclaimers by country of residence.
4. Suitability assessment: where investment products are involved, the bank assesses the customer's investment knowledge, experience and risk tolerance.

For document preparation, see Documents; for the limits of remote channels, see Remote opening.

Common misconceptions, professionals involved and next steps

Entering this tier usually involves: the bank's relationship manager (to explain how the threshold is measured, maintenance requirements and documents); a tax adviser (to confirm tax residence, CRS reporting and obligations in your jurisdiction); and a licensed financial adviser or lawyer (to assess the overall structure where insurance, trusts or family arrangements are involved). As a next step, you can first calculate the assets that count under each bank's measure, then prepare your source-of-funds and source-of-wealth explanation and evidence. For private banking services and credit, see privatebank.hk; for bank account requirements for family offices and VCCs, see vccfund.sg. Applies to Singapore; for cross-border tax questions, seek professional advice in your jurisdiction. If you would like help interpreting this for your circumstances, you can register your enquiry through the contact details on this site.