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Private Banking in Singapore for High-Net-Worth Individuals

best private banking singapore

Singapore is called the “Swiss of Asia” thanks to its outstandingly developed private banking sector. As a country synonymous with the “leading international financial hub” title, high-net-worth individuals can confidently manage their wealth with the city-state’s stable, developed system.

These individuals are offered personalized solutions and services, including tax optimization, bespoke investment strategies, and thoughtful estate planning. In enjoying these perks, private banks typically require you to commence with a minimum of $1 million in assets under management. However, this could vary as some may have higher entry requirements. 

Don’t know what financial institution can rightly manage your wealth? Scouting your options can be overwhelming, so to ease your search, we’ve curated a list of the best private banks in Singapore. 

Key Private Banks in Singapore

At a Glance

BankMinimum Investment RequirementKey FeaturesBest at
UOB Private BankS$5 millionThe family office, credit Solutions, investment advisory, investment solutions, next-gen program, discretionary portfolio managementLong-Term Investment Solutions
DBS Private BankingS$5 millionDigibank, online equity trading, discretionary portfolio managementTech-Driven Solutions and Global Expertise
OCBC Premier Private ClientS$1 million (must be Accredited Investor)Access to OCBC wealth panel, tailored wealth solutions, investment opportunities usually reserved for institutional clientsBespoke Solutions at Lower Investment Minimums
HSBC Private BankingUS$5 millionWealth planning, investing services, bespoke financingGlobal Wealth Management and Family Legacy
Standard Chartered Priority PrivateS$1.5 millionAccelerated loan approvals, customized wealth plans, investment solutions for accredited investors, exclusive privilegesSophisticated Banking And Customized Wealth Plans
Citibank Private BankingS$1.5 millionInvestment, hedge funds, capital markets, alternative investments, investment management, trust and wealth planningConnecting Clients to Global Opportunities
J.P. Morgan Private BankingUS$10 millionLending, banking, investing, wealth planning and advice, 24/7 support, exclusive opportunities, comprehensive solutionsExclusive and Comprehensive Solutions
Credit Suisse Private BankingS$2 millionWorld-class service, enhanced digital banking, holistic wealth managementCustomized Legacy and Wealth Management Planning

Based on the table above, each private bank encompasses various services at different minimum investment requirements. They’re also known to specialize in certain financial aspects, and they’re worth looking into if you decide which bank to do business with. 

Yet before you make the ultimate decision for your wealth management, below is a detailed discussion of each of the top private banks in Singapore. 

UOB Private Bank logo

UOB Private Bank – Best at Long-Term Investment Solutions

One of the top private banks in Singapore is UOB Private Bank, and its awards reinforce its prestige. It is an institution with a “…strengthened management team…,” as Mr Chew Mun Yew, Head of UOB Private Wealth, would say. UOB is known to make you feel at home while discussing your investment portfolio, providing a tranquil and conducive environment where you can easily have financial consultations. 

Apart from giving you the best experience from their services, the bank also focuses on properly managing your assets with a long-term vision. You’re not a mere private banking client but rather someone whose wealth is meant to be made a legacy. To start your UOB private banking, a minimum investment of $5 million is required.

Key Features of UOB Private Bank: 

  • Family office: Helps establish and manage your family office.
  • Credit solutions: Provides customized financing options to help clients leverage their investments and manage liquidity effectively.
  • Investment advisory: Offers expert advice on investment strategies, helping clients make informed decisions to grow and preserve their wealth.
  • Investment solutions: Helps create and manage your portfolio of investment. 
  • Next-gen programme: Focuses on educating and preparing the younger generation for future wealth management and succession.
  • Discretionary portfolio management: Makes strategic decisions on the client’s behalf based on agreed-upon investment guidelines.
DBS Private Banking logo

DBS Private Banking – Best at Tech-Driven Solutions and Global Expertise

Awarded Asia’s Best Bank for Wealth Management, by EuroMoney 2023, the well-known DBS Private Bank must also be on top of the list. This financial sector stands out with its commitment to providing a highly personalized approach and tapping into global expertise to manage your wealth.

Apart from that, they also provide access to stay in touch with your assets and opportunities with its tech-driven solutions, like the DBS iWealth platform. Starting your journey with Asia’s top private bank will necessitate a minimum investment requirement of S$5 million.

Key Features of DBS Private Banking:

  • DBS digibank: Offers clients convenient and secure access to manage their finances and banking needs online.
  • DBs online equity trading: Provides clients with an online platform for trading equities, allowing them to execute stock market transactions efficiently and access global markets.
  • Discretionary portfolio management: Professional portfolio managers take charge of investment decisions, aligning clients’ portfolios with their financial goals and risk tolerance.
OCBC Bank logo

OCBC Premier Private Client – Best at Bespoke Solutions at Lower Investment Minimums

If you’re looking for a private bank in Singapore with a lower investment minimum requirement, OCBC Premier Private Client would be your gateway to a more personalized banking experience. This bank is ever-thriving, especially with it expected to earn $2.2 billion extra revenue by 2025, according to Reuters. Recognized for its lower investment requirements compared to other private banking services, it simplifies the path to bespoke financial solutions.

With a minimum investment requirement of S$1 million, you can unlock exclusive benefits. Eligibility for this service also involves qualifying as an Accredited Investor.

Key Features of OCBC Premier Private Client:

  • Access to the bank’s OCBC wealth panel: Provides expert insights and advice from a team of experienced wealth management professionals.
  • Tailored wealth solutions to maximize investments: Offers customized investment strategies and solutions to satisfy individual financial goals and needs of each client.
  • Investment opportunities for institutional clients: Gain access to unique investment opportunities typically available only to institutional investors.
HSBC Private Banking logo

HSBC Private Banking – Best at Global Wealth Management and Family Legacy

HSBC would be the top pick for affluent individuals like you looking for more attractive services from a private bank in Singapore. Despite Ping An, its giant Chinese Insurance, suggesting the bank to improve its financial performance, the HSBC private bank remains effective in its financial structure, according to The New York times.

Their extensive offerings don’t just end in reaching your financial goals but also working through the complexities of global wealth management. Hence, your family’s financial legacy stays in existence for years to come. 

In a nutshell, your investment portfolio, legacy or inheritance planning, tax obligations, and more are in the hands of the experts, as “…what we want to do is provide a global platform to our clients to manage their multigenerational wealth needs,” says Bryce Wan, the market head at HSBC Global Private Banking. 

You’ll also get access to wealth insights, events, and financial products exclusive to HSBC Global Private Banking clients. Take advantage of this by meeting their minimum investment requirement of USD$5 million. 

Key Features of HSBC Private Banking:

  • Wealth planning: Offers strategic planning services to manage and preserve wealth.
  • Investing services: Encompasses a range of investment options and advice, providing clients with opportunities to grow their wealth through various asset classes and market strategies.
  • Bespoke financing: Offers flexible and customized lending options.
Standard Chartered Priority Private logo

Standard Chartered Priority Private – Best at Sophisticated Banking And Customized Wealth Plans

When you join Standard Chartered Priority Private, you enter an exclusive world designed for those who seek a more sophisticated banking experience. While it’s built around your needs, this private banking in Singapore also provides extensive privileges, particularly for those who love to travel. 

With a minimum investment of S$1.5 million, your Priority Private journey begins. Experience tailored wealth solutions, excellent travel rewards, and many investment avenues to boost your wealth’s potential. 

Key features of Standard Chartered Priority Private: 

  • Accelerated loan approvals: Offers fast-tracked loan approval processes, ensuring clients receive timely financial support.
  • Customized wealth management plans: Involves creating individualized wealth management strategies.
  • Private banking’s investment services for Accredited Investors: Provides access to advanced investment opportunities and specialized financial products.
  • Exclusive privileges: Offers a private concierge, airport limousine transfers, and a birthday gift.
Citibank Private Banking logo

Citibank Private Banking – Best at Connecting Clients to Global Opportunities

With Citibank Private Banking, you’re introduced to a world of globally attractive banking services tailored for prosperous individuals like these Business-Insider-reported three women who have transformed how this bank caters to the ultra-wealthy. Citibank’s long-standing private banking service is designed to connect you with opportunities far and wide, going beyond borders to manage and grow your wealth internationally.

A minimum of S$1.5 million is needed to commence your experience with Citibank. You may expect online or in-person services, ensuring a seamless banking experience with their dedicated relationship manager and experts and providing data-driven insights regarding your wealth management. 

Key features of Citibank Private Banking:

  • Investment: Gives diverse opportunities to grow their wealth in various asset classes.
  • Hedge funds: Offers access to a selection of hedge funds, allowing clients to diversify their investment portfolios
  • Capital markets: Provides insights and access to capital markets, enabling clients to invest in stocks, bonds, and other securities
  • Alternative investments: Includes opportunities in non-traditional investment areas such as real estate, private equity, and commodities
  • Investment management: Offers professional investment management services, where experts manage clients’ portfolios
  • Trust and wealth planning: Encompasses estate planning, trust services, and wealth transfer strategies
J.P. Morgan Private Banking logo

J.P. Morgan Private Banking – Best at Exclusive and Comprehensive Solutions

According to The New York Times, J.P. Morgan Private Banking oversees $350 billion in assets for wealthy clients in Singapore. They are set to “…deepen our relationship with the clients and attract new wealthy families to the private bank,” as mentioned by William Sinclair, a 17-year veteran of JPMorgan. 

Its reputation makes it the go-to financial institution, more so if you want tailored services to align with your unique financial goals. Recognized as a global leader, the bank boasts world-class advisors and strategists dedicated to guiding you through the intricacies of their wealth management services.

The perk, however, is that you must comply with their minimum investment requirement of $10 million. Once you start your private banking experience with them, you’ll have easy access to your funds and the best global resources, so you’re always at the forefront of emerging opportunities.

Key features of J.P. Morgan Private Banking:

  • Lending: Offers a range of customized lending solutions, including loans and lines of credit.
  • Banking: Provides a full suite of banking offerings, such as high-yield deposit accounts and transactional services.
  • Investing: Offers a broad spectrum of investment opportunities.
  • Wealth planning and advice: Focuses on wealth preservation, growth, and succession planning to meet clients’ long-term financial goals.
  • 24/7 client service support: Provides round-the-clock client support.
  • Access to exclusive investment opportunities: Clients have the opportunity to invest in exclusive, high-caliber investment options. 
  • Comprehensive wealth management solutions: Offers holistic wealth management services, integrating investment management, estate planning, tax strategies, and philanthropy
Credit Suisse Private Banking logo

Credit Suisse Private Banking – Best at Customized Legacy and Wealth Management Planning

You can’t miss Credit Suisse, recognized for its comprehensive suite of financial solutions in private banking. A global institution with a strong presence in the Asia Pacific, you’ll find their services particularly accessible if you’re in this region, especially in Singapore. 

At Credit Suisse, you can secure your legacy through meticulously crafted wealth management options. From investment strategies to estate planning, the dedicated advisors will assist you as soon as you comply with the $2 million minimum investment requirement.

Key features of Credit Suisse Private Banking

  • World-class banking service: Provides exceptional client service with a focus on professionalism, expertise, and personalized attention. 
  • Enhanced digital banking experience: Offers a sophisticated and user-friendly online platform. 
  • Holistic wealth management solutions: Gives offers comprehensive wealth management services that encompass all aspects of wealth. 
  • Investment, savings, and other financial options for you: Clients have access to a diverse range of financial products and services, including various investment and savings options.

Frequently Asked Questions

1. Which Bank Has the Best Private Banking Benefits?

The best private banking benefits can be subjective and vary depending on your financial needs and goals. For instance, UOB Private Bank and DBS Private Banking are preferable for their personalized services and advanced technological platforms. 

OCBC Premier Private Client also stands out for its lower investment threshold, making it accessible to a broader client base. On the other hand, with its high minimum investment requirement, J.P. Morgan Private Banking caters to ultra-high-net-worth individuals, offering extensive global resources and exclusive opportunities. 

2. Which Is the Top Private Bank?

Whether you’re leveling up from priority banking or you simply want to directly opt for private banking, DBS Private Banking is practically one of the top private banks you should consider. It was particularly noted for its reputation and popularity and was awarded Asia’s Best Bank for Wealth Management, reflecting its excellent service and client satisfaction. 

DBS’s personalized service, innovative technology (such as the DBS iWealth platform), and a strong focus on global expertise and wealth management solutions make it a preferred choice for many high-net-worth individuals in Singapore and beyond. 

3. How Much Do You Need to Qualify for Private Banking in Singapore?

Qualifying for private banking in Singapore would require a minimum investment that ranges from S$1 million to S$5 million. OCBC Premier Private Client and Standard Chartered Priority Private offer more accessible entry points with minimum requirements of S$1 million and S$1.5 million, respectively.

In contrast, UOB Private Bank, DBS Private Banking, and Citibank Private Banking typically require a higher investment of around S$5 million. HSBC Private Banking sets its threshold at USD$5 million, focusing on a more affluent client base. The specific amount required reflects the bank’s target clientele and the level of personalized services and exclusivity offered.

Final Word

In Singapore’s private banking world, your experience is defined by bespoke services and exclusive products that cater to your financial needs. With a keen focus on personalization, banks ensure that your portfolio receives the attention it deserves from a team of experts. 

Notably, as Asian Private Banker has highlighted, industry leaders continuously share their insights, shaping the future of private banking and ensuring that your investments are guided by seasoned perspectives.

Key Takeaways

  • You’ll find that private banking in Singapore is designed to be highly personalized, catering specifically to your individual investment and wealth management needs.
  • Expect a comprehensive suite of services, including investment advice, portfolio management, and estate planning, to help you manage and grow your wealth effectively.
  • To participate in private banking, you should know that these services are typically reserved for individuals with significant wealth, often requiring you to meet a minimum asset threshold.

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