Hong Kong Premium Banking Account Comparison: Services, Fees, Welcome Offers in 2023

Hong Kong Premium Banking Account Comparison: Services, Fees, Welcome Offers in 2023

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?

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.
Citibank logo
HKD Time Deposit Rate
up to 4.2%
Foreign Currency Time Deposit Interest Rate
up to 6%
Highest Cash Rebate

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
HSBC logo
Minimum Initial Deposit
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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