Are you ready to elevate your banking experience with a premium account, but feeling overwhelmed by the options? Look no further than MoneySmart’s comparison of four Hong Kong premium banking accounts.
Our comprehensive guide covers everything from services to fees, and even the enticing welcome offers available in 2023. Don’t settle for a one-size-fits-all approach to banking – find the perfect fit for your unique needs and goals with MoneySmart.
Table of Contents: Premium Banking
- What is Premium Banking?
- Why Use A Premium Banking Account?
- Hong Kong Premium Banking Comparison
- Citigold Integrated International Banking Services
- Hang Seng Prestige
- HSBC Premier: Exclusive HSBC International Education Community
- Standard Chartered Priority Banking
- Final Thoughts: Which Premium Banking Service Suits You?
- Frequently Asked Questions: Premium Banking
What is Premium Banking?
To qualify to open a premium banking account, generally you would need to deposit a minimum amount of HK$1,000,000. The assets could be either cash or investments such as bonds, shares, unit trusts, ETFs, etc.
Why Use A Premium Banking Account?
Why get a premium banking account instead of a regular one? It’s because a premium account offers more add-on features, services and exclusive perks:
- Premium banking allows you to enjoy personalized wealth management and access professional advice to customize your investment portfolio. What’s more, you have all-time access to your relationship managers with private and instant responses. No time to manage your portfolio? No stress.
- Very often, premium banking customers receive premiere perks, and they’re not limited to concierge service, travel and leisure discounts, access to exclusive events and experiences, premier discounted loans and mortgage interest rates, exclusive investment options, and higher deposit and withdrawal limits.
Hong Kong Premium Banking Comparison: Citigold, Hang Seng Prestige, HSBC Premier, Standard Chartered Priority Banking
MoneySmart has gone through four premium banking services to help you identify the best premium banking services in Hong Kong for you.
| 4 Hong Kong Premium Banking Accounts (2023 Updated) | |||
| Banks | Min. required balance | Account Service Fee | Maximum Opening Offer |
| Citigold | HK$1,500,000 | HK$300/month if average daily combined balance for last 3 months less than HK$1,000,000 | Enjoy HK$48,800 cash rebate |
| Hang Seng Prestige | HK$1,000,000 | HK$40/month if total relationship balance last month less than HK$1,000,000
HK$340/month if total relationship balance last month less than HK$500,000 |
Enjoy HK$51,200 reward and privileges |
| HSBC Premier | HK$1,000,000 | HK$380/month if total relationship balance less than HK$1,000,000 | Enjoy 12.8% p.a. by exchanging selected major currencies and placing a 1-week time deposit
Enjoy up to HK$5,000 cash rebate for stocks transfer |
| Standard Chartered Priority Banking | HK$1,000,000 | HK$900/quarter if average daily relationship balance of last 3 months less than HK$1,000,000 | Enjoy HK$28,000 or 280,000 Asia Miles |
Citigold Integrated International Banking Services
Citigold is offering a competitive welcome offer in 2023, with the potential to earn up to HK$48,800 in cash rebates. If you have assets totalling over HK$5,000,000, you may want to consider Citigold in order to take advantage of their cash rebate offer and access their exclusive global services.
Account opening requirement
You would need a minimum total balance of HK$500,000 (or equivalent foreign currency) to open a Citigold premium account.
Account service fee
If the “Average Daily Combined Balance” for three consecutive months falls below HK$1,000,000, there’ll be a monthly service fee of HK$300.
Special features
Citigold offers excellent integrated international banking services:
- Citibank Global Transfer allows you to transfer funds between Citibank accounts in 271 different countries.
- The Global View of Accounts feature provides you with an overview of your Citibank accounts in other countries.
- Emergency Cash Withdrawal allows you to withdraw up to US$10,000 instantly from your account at any Citigold Centre.
Overseas ATMs let you get free withdrawals from Citibank ATMs globally.
Citigold’s welcome offers in 2023
A new Citigold account holder can enjoy up to HK$48,800 in cash rebates with the following welcome offers:
- New Funds Offer: Deposit new funds of HK$5,000,000 to enjoy a HK$23,300 cash rebate.
- Product Balance Offer: Maintain HK$2,000,000 of designated investment products, life insurance plans and mortgages to enjoy a HK$15,000 cash rebate.
- Stock Net Value Offer: Maintaining HK$5,000,000 of stock net value will guarantee an HKD10,000 cash rebate.
- Mobile Account Opening Open a remote account and receive a cash rebate of up to HK$500.
- HKD Time Deposit Rate
- up to 4.2%
- Foreign Currency Time Deposit Interest Rate
- up to 6%
- Highest Cash Rebate
- HK$41,800
Hang Seng Prestige: A High Rebate Offer
Hang Seng Prestige offers an extensive range of banking products and investment services for its prestige clients and has the highest cash rebates among other banks. Additionally, it has a relatively lower asset requirement for entry, requiring only HK$1,000,000 in assets to access its prestige banking service.
Account opening requirements
You would need a minimum total balance of HK$1,000,000 or equivalent foreign currency to open a Hang Seng premium account.
Account service fee
Hang Seng Prestige Banking offers a grace-free period in the first six months with no charges, regardless of your bank balance. But after six months, charges will apply if the bank balance falls below the required amount.
| Total Relationship Balance | Charge |
| Below HK$1,000,000 | HK$40/month |
| Below HK$500,000 | HK$340/month |
Special features
- Extensive financial products, including forex, securities, insurance, mortgage, payroll and retirement planning
- 24-hour Wealth Service Team and investment team on call
- Accessible communication with a dedicated relationship manager via Whatsapp or WeChat
- Cross-boundary Wealth Management between Hong Kong and China
- Frequent webinars with financial experts keep you updated on market news
Hang Seng’s welcome offers in 2023
From January 1 to March 31, 2023, signing up for Prestige Banking will allow you to take advantage of up to HK$51,200 in rewards and privileges. These include the “Total Relationship Balance” reward of up to HK$25,200 and the Family Pack value of up to HK$26,000.
To enjoy the maximum cash rebate of HK$25,200, you need to deposit HK$5,000,000 worth of assets and open and upgrade your account through the Hang Seng Mobile App. Remember to use the app to complete this process, as it will also earn you an extra HK$200 in cash rebates.
| Designated Total Relationship Balance Growth Amount | Apply through Hang Seng Mobile App | Apply at the Bank branches or through Hang Seng Personal e-Banking or Phone Banking Hotline |
| HK$5,000,000 or above | HK$25,200 | HK$25,000 |
| HK$3,000,000 – HK$4,999,999 | HK$12,200 | HK$12,000 |
| HK$1,000,000 – HK$2,999,999 | HK$6,200 | HK$6,000 |
You could enjoy the Family Pack which is worth up to HK$26,000 and includes free trials of the following family privileges: a health care package, a beauty package, and a kid’s well-being package.
HSBC Premier: Exclusive HSBC International Education Community
If you have children who are planning to study overseas, the HSBC International Education Community can provide valuable assistance. They provide the latest news and insights from overseas study consultants, international schools, education fairs, as well as abroad study consulting services. They save you lots of hassle!
Account opening requirements
- Maintain an Average Daily Total Relationship Balance for three consecutive months at HK$1,000,000 or above
Account service fee
- The First 6-month waiver will be available for new clients
- If the Total Relationship Balance is below HK$1,000,000, a monthly fee of HK$380 will be charged
Special features
- HSBC International Education Community: it offers consultation on International Education with unique insights, the latest trends and tips
- The Wealth Portfolio Intelligence Service: an all-in-one tool powered to optimize your portfolio and estimate relevant investment risks
HSBC’s welcome offers (2023)
- Enjoy up to 12.8% p.a. by exchanging selected major currencies and placing a 1-week time deposit via the HSBC HK App
- Enjoy up to HK$5,000 in cash rebates for stock transfers
- Minimum Initial Deposit
- HK$1,000,000
- New Funds Offer
- Up to HK$17,500
- Payroll Acount Offer
- Up to HK$1,200
Standard Chartered Priority Banking: New Account Holders Can Get A 5,000 Miles Welcome Offer
Standard Chartered Priority Banking offers a friendly entrance. You’re eligible for its Priority Banking service if you fulfil at least one of the following requirements: a minimum monthly salary of HK$80,000 or above, an outstanding mortgage of HK$5,000,000 or above, or a total value of HK$1,000,000 in assets.
Account opening requirement
If you meet one of the following requirements, you can get a Standard Chartered Priority Banking account:
- Minimum average daily Relationship Balance of HK$1,000,000 or above;
- Minimum monthly salary of HK$80,000 or above;
- Mortgage outstanding amount of HK$5,000,000 or above
Account service fee
If the Average Daily Relationship Balance falls below HK$1,000,000 for the last three months, a service fee of HK$900 will be charged quarterly.
Special features
- Sustainable funds with ESG Select, including Green Mortgages and Sustainable Savings Accounts
- Cross-border witnessing service for account opening (that means you can open an account outside Hong Kong)
- Same-day online international fund transfer
- Instant purchases and withdrawing cash directly from the foreign currencies in the Integrated Deposits Account and Savings Account
Standard Chartered’s welcome offers in 2023
- Sign up for Priority Banking via SC Mobile and instantly get an HK$500 cash rebate or 5,000 Asia Miles as Standard Chartered Mobile Account Opening Reward
- Choose one of the following options as Standard Chartered New Account Rebates:
| Standard Chartered New Account Rebates | |
| Option 1 | Enjoy a HK$4,000 cash rebate or 40,000 Asia Miles for the first HK$1,000,000 in new funds deposited, then a HK$3,000 cash rebate or 30,000 Asia Miles for every subsequent HK$1,000,000 in new funds, up to a total of HK$22,000 or 220,000 Asia Miles. |
| Option 2 | Enjoy a Disney Staycation Package worth HK$6,000 for the first HK$1,000,000 in new funds deposited, then a HK$3,000 cash rebate or 30,000 Asia Miles for every subsequent HK$1,000,000 in new funds, up to a total of HK$18,000 or 180,000 Asia Miles. |
Final Thoughts: Which Premium Banking Service Suits You?
When it comes to choosing a premium banking service, keep in mind the following key messages:
- If you’re sending your kids abroad for their education, HSBC Premier offers valuable advice and a strong network.
- For higher rebates, check out Hang Seng Prestige.
- If you’re looking for an easier way to enter the world of priority banking, Standard Chartered Priority Banking is a great option.
- For those seeking integrated banking services, Citigold might be the perfect fit.
Always choose the premium banking service that best suits your unique needs and goals.
Frequently Asked Questions: Premium Banking
What is Premium Banking?
Premium banking is a service for high-income customers with complex financial needs. It offers exclusive products, dedicated relationship managers, and personalized financial planning advice.
What are the benefits of Premium Banking?
Premium banking offers higher interest rates on savings accounts, waived fees on certain transactions, and access to premium credit cards with enhanced rewards programs. Customers may also get personalized investment advice and exclusive investment opportunities.
How do I qualify for Premium Banking?
Qualification criteria for premium banking vary among banks and financial institutions, but usually require a minimum account balance or income level. For example, Citigold premium account requires account holders to have HK$500,000 to open a Citigold account.
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