UOB Privilege Banking is a one of the more popular priority banking programmes in Singapore. Despite its relatively steep minimum requirements, the programme offers attractive banking interest rates.
So how do you join UOB Privilege Banking and what can you get out of it?
Summary of UOB Privilege Banking benefits
|Minimum assets required||$350,000|
|Travel benefits||2 miles for every $1 spent on overseas dining and retail, 1.2 miles for $1 spent on everything else with UOB Privilege Banking card|
|Preferential rates||Up to 1.88% on savings in UOB Privilege Account as well as foreign currency savings in Global Currency Premium Account (valid till 29 Mar 2019)
Higher fixed deposit interest rates
|Other benefits||Dining discounts at certain hotel restaurants
Free medical concierge at Parkway Hospitals
UOB Privilege Banking credit cards
UOB Privilege banking customers are entitled to the UOB Privilege Banking card, which functions mainly as an air mile credit card.
The card’s benefits include:
- 2 miles for every $1 spent on overseas dining and retail
- 1.2 miles for every $1 spent on everything else
- 60,000 air miles if you pay for the annual membership fee
- Complimentary weekday green fees at Sentosa Golf Club
Minimum requirement to join UOB Privilege Banking
You must have and maintain at least $350,000 in cash deposits or investments at all times to retain your priority status.
UOB Privilege Banking travel benefits
Besides the air mile accrual you get through the UOB Privilege Banking Card, you are entitled to a few other travel perks when you make bookings through UOB Travel Concierge.
These include a mile accrual rate of 5 miles for $1 spent on bookings with selected airline partners and hotels, complimentary welcome amenities, breakfast and more at certain hotels and up to 10 miles for $1 spent with certain cruise ship companies including Crystal Cruises and Celebrity Cruises.
UOB Privilege Banking preferential rates
Get up to 1.88% on your savings when you open a UOB Privilege Account and deposit fresh funds of $350,000 or more. They are having a promotion right now which gets new customers 1.85% interest on your first $1 million, and then $1.88% on your remaining balances up to $3 million.
The bad news is that the promotion ends on 29 Mar 2019, after which the interest rates are nothing to shout about.
You also get more attractive interest rates on your foreign currency savings in the Global Currency Premium Account, as well as preferential interest rates on UOB’s SGD and foreign currency fixed deposits.
Other UOB Privilege Banking benefits
UOB offers some dining benefits in the form at 20% off at Hai Tien Lo Pan Pacific and Si Chuan Dou Hua, 1-for-1 lunch buffet at Triple Three Mandarin Orchard and 1 dines free with 3 paying adults at The Fullerton Hotel Town Restaurant.
Customers also enjoy free medical concierge services at Parkway Hospitals Singapore.
UOB private client benefits
UOB Privilege Banking has two tiers, the regular Privilege Banking and Privilege Reserve. On top of that, there are also ultra rich private bank customers.
To qualify as a Privilege Reserve customer, you will need to have at least $2,000,000 with UOB. At a glance, the benefits Privilege Reserve customers enjoy seem very similar to what regular Privilege Banking customers get.
One key difference is that Privilege Reserve customers get a different card—the UOB Reserve Card. It’s invitation-only and involves an annual fee and offers more exclusive perks.
UOB Reserve customers also get some luxe perks like access to the Privilege Reserve Yacht at only $2,540++ and 6 months complimentary safe deposit rental.
UOB privilege banking outlets
There are 6 UOB Privilege Banking Centres which enable you to skip the queues at UOB outlets. See full addresses of all UOB Privilege Banking outlets.
How does the UOB Privilege Banking programme compare to other priority banking programmes in Singapore? Share your views in the comments.