8 Major Premium Banking Services Comparison: fees, offers & requirements

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8 Major Premium Banking Services Comparison: fees, offers & requirements

In this article, the team at MoneyHero.com.hk aims to provide readers with a bird’s eye view of the range of premium bank account services offered by 8 major banks in Hong Kong. While all our articles are thoroughly researched and updated regularly, the information we offer serves as a point of reference only and we do recommend that you speak with a bank representative or consult the bank website for a full and final representation of offers and interest rates.


Comparing Premium Accounts offered by Major Banks in Hong Kong

CITIBANK – Citigold

Initial deposit: HK$1,500,000

Account service fee: HK$300/month

Service fee waiver requirement: Total daily relationship balance of HK$1,500,000 or above for at least 3 consecutive months

Welcome offers:

  • Apply online to enjoy an extra offer of HK$500 cash rebate
  • With new funds, you can opt for Avios or cash rebate:
New Funds Amount Cash Rebate or Avios
 ≥ HK$2,500,000 HK$7,000/ 120,000 Avios
 ≥ HK$1,800,000 HK$5,000/ 100,000 Avios
 ≥ HK$1,500,000 HK$3,500/ 70,000 Avios
  • Maintain funds for 1 year:
Funds Amount Cash Rebate or Avios
≥ HK$2,500,000 HK$1,300
 ≥ HK$1,800,000 HK$1,200
 ≥ HK$1,500,000 HK$1,000
  • Maintain balance ≥ HK$650,000 for designated products: HK$3,500/ 70,000 Avios

Linked credit card: Citi PremierMiles VISA / Citi Prestige MasterCard

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CITIBANK – Citi Priority

Initial deposit: HK$500,000

Account service fee: HK$120/month

Service fee waiver requirement: Total daily relationship balance of HK$500,000 or above 

Welcome offers:

  • Apply online and open HK stock account to enjoy extra offer of HK$300 cash rebate
  • New funds can enjoy Avios or cash rebate:
New Funds Amount Cash Rebate or Avios
 ≥ HK$1,000,000 HK$2,500/ 50,000 Avios
≥ HK$500,000 HK$1,500/ 20,000 Avios
  • Monthly salary can enjoy Avios or cash rebate
Monthly Salary Monthly Salary Cash Rebate or Avios
≥ HK$80,000 HK$1,200/ 15,000 Avios
≥ HK$50,000 HK$1,000/ 13,000 Avios
≥ HK$30,000 HK$800/ 10,000 Avios
  • Maintain funds for 1 year ≥ HK$1,000,000: HK$800 cash rebate
  • Maintain funds for 1 year ≥ HK$500,000: HK$300 cash rebate
  • Maintain designated product balance ≥ HK$200,000: HK$1,500/ 20,000 Avios
  • $0 handling fee for online telegraphic transfer or local inter-bank funds transfer
  • Up to 1% p.a. time deposit online bonus rate on top of branch counter rate

Linked credit card: Citi Priority VISA
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DBS – DBS Treasures

Initial deposit: HK$1,000,000

Account service fee: HK$200/month

Service fee waiver requirement: Total monthly relationship balance of HK$1,000,000 or above

Welcome offers: (From now until 9 Sep 2019)

  • Join DBS Treasures on 1st – 15th of each month to enjoy HK$500 cash rebate
  • Maintain monthly total relationship balance (excluding any time deposits) and receive relevant tiered reward:
    Special Fund Amount (in HK$ or equivalent) Cash Reward
    HK$1,000,000 or above HK$5,000
    HK$2,000,000 or above HK$10,500
    HK$4,000,000 or above HK$22,000
  • Transaction reward: HK$1,500 cash rebate
    (Subscribe for eStatement/Register for Faster Payment System/Make a deposit ≥ HK$50,000 via auto-payroll/Apply for a DBS Octopus ATM card and complete at least 1 Octopus Automatic Add Value Service transaction of HK$500)
  • Keep funds to enjoy more rewards (4th – 6th month): HK$1,600 reward for maintaining ≥ HK$1,000,000 and ≥ HK$100,000 investment balance
  • Meet with designated financial planning manager: $100 coupon
  • Successfully set up wealth management accounts: $200 reward
  • Conduct any eligible investment transaction(s) with relevant aggregate transaction amount: up to $15,000 reward
  • Up to HK$20,000 reward for investment fund transfer-in
  • Up to HK$10,000 reward for securities and bonds transfer-in
  • For every successful referral: HK$1,000 reward
  • Present a printed or electronic copy of below e-Coupon to branch staff and fulfil the following requirements to enjoy additional HK$300 uGOiGOTM reward

Linked credit card:DBS Eminent Visa Signature Card

DBS – DBS Bank Account

Initial deposit: HK$200,000

Account service fee: HK$100/month

Service fee waiver requirement: Total relationship balance of HK$200,000 or above

Welcome offer: NIL

Linked credit card: N/A


BEA SupremeGold

Initial deposit: HK$500,000

Account service fee: HK$200/month

Service fee waiver requirement:

  • Average daily relationship balance of HK$500,000 or above; or
  • Average daily investment balance of HK$300,000 or above; or
  • Aggregate payroll amount in preceding month of HK$60,000 or above; or
  • Aggregate mortgage loan drawdown amount of HK$3,000,000 or above; or
  • Aggregate annual premium for BEA life insurance policy of HK$100,000 or above

Welcome offers:

Initial funds Free spending credit
New-to-bank customers Upgraded customers
≥HK$5,000,000 complimentary access for two to the Plaza Premium First Hong Kong airport lounge (worth HK$1,760) HK$4,000 HK$800
HK$3,000,000 to <$5,000,000 HK$2,000 HK$600
HK$1,000,000 to <$3,000,000 HK$600 HK$400
HK$500,000 to <$1,000,000 HK$600 HK$200
  • Arranging auto-payroll: earn free spending credit of HK$800
  • Maintaining daily current and savings account at payroll account of ≥HK$100,000: free spending credit of HK$600; register online for an extra HK$100
  • Get a preferential brokerage rate of 0.125% for trading local securities within the first 3 months upon account opening
  • Premium discount of up to HK$88,000 for enrolling in select BEA life insurance plan
  • Exclusive first-time fund subscription fee as low as 0.88% for new customers
  • Preferential time deposit rate for HKD time deposit
  • Pre-approved SupremeGold World MasterCard

Linked credit card: SupremeGold World MasterCard

BEA Supreme

Initial Deposit: HK$100,000

Account Service fee: HK$50/month

Service fee waiver requirement:

  • Average daily relationship balance of HK$100,000 or above; or
  • Average daily investment balance of HK$50,000 or above; or
  • Aggregate mortgage loan drawdown amount of HK$1,000,000 or above; or
  • Aggregate payroll amount in preceding month of HK$20,000 or above; or
  • Aggregate annual premium for BEA life insurance policy of HK$20,000 or above

Welcome offers: (from now until 29 June 2019)

Initial funds Free spending credit
New-to-bank customers Upgraded customers
≥ HK$200,000 HK$400 HK$100
HK$100,000 to <$200,000 HK$300 HK$100
  • Maintaining daily current and saving account at payroll account of ≥HK$100,000: free spending credit of HK$600; register online for an extra HK$100
  • Subscribing designated investment products in single transaction of HK$20,000 – <$50,000: free spending credit of HK$100
  • Subscribing designated investment products in single transaction of ≥HK$50,000: free spending credit of HK$200
  • Preferential time deposit rate on HKD time deposit you place with new funds
  • BEA Visa Signature Card welcome offer (Up to HK$800 Cash Rebate)

BOC Wealth Management

Initial deposit: HK$1,000,000

Account service fee: HK$280/month

Service fee waiver requirement: Total relationship balance of HK$1,000,000 or above

Welcome offer: NIL

Linked credit card: BOC Visa Infinite Card/Wealth Management Visa Infinite Card

BOC Enrich Banking

Initial deposit: HK$200,000

Account service fee: HK$120/month

Service fee waiver requirement: Total relationship balance of HK$200,000 or above

Welcome offer: NIL

Linked credit card: BOC World Mastercard/ Enrich Banking World Mastercard


HSBC Premier

Initial deposit: HK$1,000,000

Account service fee: HK$380/month

Service fee waiver requirement: Total relationship balance of HK$1,000,000 or above

Welcome offer: 

  • preferential rate of up to 1.25% p.a. on top of existing Hong Kong dollar savings rate

Linked credit card: HSBC Premier Mastercard

HSBC Advance

Initial deposit: HK$200,000

Account service fee: NIL

Welcome offer: NIL

Linked credit card: HSBC Advance Visa Platinum Card


Standard Chartered Priority Banking

Eligibility:

New clients:

  • Minimum average daily relationship balance HK$1,000,000 or above; or
  • Mortgage outstanding amount of HK$4,000,000 or above

Existing clients:

  • Minimum average daily relationship balance HK$1,000,000 or above; or
  • Mortgage outstanding amount of HK$4,000,000 or above

Account service fee: HK$900/quarter

Service fee waiver requirement: Total relationship balance of HK$1,000,000 or above

Welcome offer: (From now to 31 Dec 2019)

  • New Funds Growth Offer
    New Funds Amount (HK$ or HK$ equivalent) Asia Miles Rewards/Cash Rebate
    HK$1,000,000 to HK$2,999,999 25,000 Avios/HK$2,500
    HK$3,000,000 to HK$4,999,999 40,000 Avios/HK$4,000
    HK$5,000,000 to HK$7,999,999 60,000 Avios/HK$6,000
    HK$8,000,000 or above 80,000 Avios/HK$8,000
  • Taking up any designated wealth management products with a total balance or accumulated transaction amount of HK$500,000 or above entitles you to double the rewards of the Priority Banking New Funds Growth Offer

Linked cred:it card:SC Priority VISA

Standard Chartered Premium Banking

Eligibility:

New clients:

  • Minimum average daily relationship balance HK$200,000 or above; or
  • Minimum monthly salaryHK$20,000 or above; or
  • Mortgage outstanding amount of HK$1,500,000 or above

Existing clients:

  • Minimum average daily relationship balance HK$200,000 or above; or
  • Mortgage outstanding amount of HK$1,500,000 or above

Account service fee: HK$360 per quarter

Service fee waiver requirement: Total relationship balance of HK$200,000 or above

Welcome offer: (From now to 30 Sep 2019)

    • Initial four quarters of account service fee waived
    • New Funds Growth Offer
      New Funds Amount (HK$ or HK$ equivalent) Asia Miles Rewards/Cash Rebate
      HK$50,000 to HK$199,999 2,000 Miles/HK$200
      HK$200,000 to HK$499,999 4,000 Miles/HK$400
      HK$500,000 or above 6,000 Miles/HK$600

Linked credit card: None designated


Dah Sing Bank VIP Banking

Initial deposit: HK$500,000

Account service fee: HK$200/month

Service fee waiver requirement: Total relationship balance of HK$500,000 or above

Welcome offers: (Before 30 Sep 2019) :

Rewards per successful referral (up to HK$8,000 cash rebate for each promotion period):

    • 1-2 referrals -HK $200 cash rebate/referral
    • 3-4 referrals – HK$400 cash rebate/referral
    • 5 or more referrals – HK$800 cash rebate/referral 
Maintain average total balance for 6 consecutive months after joining VIP Banking Cash rebate
New clients Existing clients
HK$8,000,000 or above HK$3,800 HK$2,000
HK$4,000,000 to <$8,000,000 HK$1,200 HK$800
HK$1,000,000 to <$4,000,000 HK$600 HK$300
  • Maintain an average total balance of HK$1,000,000 or above for 6 consecutive months after joining VIP Banking and complete at least one designated Wealth Management Assessment: HK$100 of cash rebate
  • Maintain an average total balance of HK$1,000,000 or above for 6 consecutive months after joining VIP Banking and take up or hold at least 3 designated banking services: HK$200 of cash rebate

Linked credit card: Dah Sing VIP Banking Visa Infinite Card

Dah Sing Bank YOU Banking

Initial deposit: HK$10,000

Account service fee: HK$70/month

Service fee waiver requirement: Total relationship balance of HK$10,000 or above

Welcome offers (before 30 Sep 2019):

  • Every increment of HK$50,000 savings deposit growth: HK$1,120 cash reward/16,000 Avios
  • For every eligible transaction type (Payroll, Securities Trading, “FPS” Service and App Card AAVS): HK$100 cash reward/1,500 Avios
    (maximum reward from transaction reward: 6,000 Avios / HK$400 credit card cash reward)
  • Rewards entitlement with designated FX transactions accumulating HK$15,000 or more: HK$1,440 credit card cash reward/20,000 Avios
  • Successful referral: up to HK$3,000 credit card cash reward
  • Payroll services welcome offers: up to HK$600
  • Wealth management services reward: up to HK$200

Linked credit card: None designated


Hang Seng Bank Prestige Banking

Initial deposit: HK$500,000

Account service fee: up to HK$340/month

Service fee waiver requirement: Total relationship balance of HK$1,000,000 or above

  • If below HK$1,000,000 service fee will be HK$40;
  • If below HK$500,000, service fee will be HK$340

Welcome offers (Before 30 Sep 2019):

  • Monthly account fee waiver for the first year
  • Total Relationship Balance Reward:
    “Total Relationship Balance” Growth Amount  Cash Dollars Entitlement
    HK$2,000,000 or above $1,200 (New customers)/
    $600 (Existing Customers)
    HK$1,000,000 – HK$2,000,000 $600 (New customers)/
    $300 (Existing Customers)
  • Investment Fund: as low as net 1% subscription fee for designated investment fund subscription
  • Up to $1,300 Cash Dollars for using Hang Seng Payroll Service
  • Enjoy 12-month preferential HKD time deposit interest rate up to 2.1% p.a.
  • New customers using Hang Seng Payroll Service can enjoy up to 1.28% p.a. 3-month HKD savings deposit bonus interest rate
  • Up to $600 Cash Dollars and perpetual annual fee waived
  • Up to 4% Cash Dollars rebate on online shopping/weekend local dining reward
  • Enjoy up to HK$5,000 welcome gift upon successful enrolment of select health insurance plans

Linked credit card: Hang Seng Prestige World Mastercard

Hang Seng Bank Preferred Banking

Initial deposit: HK$200,000

Account service fee:Up to HK$340/month

Service fee waiver requirement:

  • Total relationship balance of HK$200,000 or above; or
  • Use Preferred Banking as payroll account, hold designated life insurance plans or investment accounts with assets, and maintain a monthly total relationship balance of HK$20,000; or
  • Participate in the Mortgage-Link Loan Scheme, and maintain a monthly total relationship balance of HK$50,000.
  • If below HK$200,000, service fee will be HK$30;
  • If below HK$50,000, service fee will be HK$120

Welcome offers (before 30 Sep 2019):

  • Monthly Account fee waiver for the first year
  • Enjoy 1% p.a. HKD savings deposit bonus interest rate for the first three months
  • Achieve designated growth amount of total relationship balance, and register Hang Seng Personal e-Banking to enjoy up to $400 Cash Dollars
  • Upon successful application of select medical insurance plans, enjoy as much as 15% discount on your premium
  • Successfully apply for MPOWER card to enjoy up to 8 MCL Cinema movie tickets
  • Open a new securities account to enjoy HK$50 cash reward, 6 Months unlimited $0 Brokerage fee offer for online buy trades and use “All-in-One” to enjoy extra HK$50 cash reward
  • Use Hang Seng Payroll Service to enjoy up to 1.1% p.a. HKD savings deposit bonus interest rate and $1,300 Cash Dollars
  • Set up a new Monthly Investment Plan for Stocks online to enjoy waiver of first-year handling fee waiver

Linked credit card: None designated


Benefits of a Premium Bank Account

There is a common perception that premium bank account services are generally targeted towards executives and business owners with large incomes. However, there are currently quite a few different premium bank account applications and upgrade requirements. In addition to preferential deposit rates and discounted or waived bank service fees, banks offer a dedicated manager/financial team for its premier banking clients. Clients have a direct line of contact to an attentive relationship manager who will see to any financial inquiry the client may have. He or she may also connect clients to financial experts who will not only explain and give expert analyses regarding general stocks, foreign exchange, funds and other mainstream products, but also advise on more niche products like commodity futures, bond investments, etc.

Premium accounts also offer better returns on the management of one’s own funds. Simply put, interest rates on time deposits are higher. When taking out a loan, clients may be eligible for a lower interest rate and a higher loan amount. The brokerage fee is lower than that for customers with regular bank accounts. If a large deposit/investment is mobilized as an injection of new funds, there will be even more generous annual interest rates, cash rebates and/or airmiles. Of course, clients would be entitled to a lot of welcome offers, too!

Speaking of credit cards, many banks will also issue a premium credit card to account holders and offer a permanent waiver of the annual credit card fee. Premium credit cards generally have more benefits, such as dedicated customer support phone lines, access to special events, multiple times more of reward points, travel insurance and free access to airport lounges.


Premium Bank Account Welcome Offers

For the average wage earner, premium bank account welcome offers may not be as lavish as applying for a payroll account or credit cards. This is due to the fact that most customers start as basic account holders with large, established banks who are gradually upgraded as their income and wealth grow. However, some small and medium-sized banks or newcomers pursuing new customers will often leverage generous welcome incentives as a key promotional tactic. In such instances, expect to see steeper discounts or larger cash rebates on new fund infusions, purchase of wealth management products, investment plans, and different insurances.


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