5 Best Private Banking in Singapore For High-Net-Worth Individuals (2024)

Are you a high-net-worth individuals looking for the next level to grow your wealth and leave a legacy? Check out the best private banking in Singapore!

Updated on May 10, 2023 


Chelsea Lim
Best Private Banking in Singapore
5 Best Private Banking in Singapore For High-Net-Worth Individuals (2024)
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Private Banking Singapore

It takes a lot of hard work when selecting the best private banking service in Singapore. You need to consider various things before reaching a decision such as your financial capacity and your needs. 

Good news is that there are numerous reputable and top-notch banks that offer services at affordable prices as well as flexible loan terms. So in this article, you’ll be able to find the best private banking services in Singapore.

What is Private Banking?

Private banking is the business of providing financial services to high-net-worth individuals and families. It includes services such as investment management, wealth management, and lending.

Private banks are typically distinguished from other banks by their focus on wealthy customers, their willingness to deal with customers in person (rather than exclusively through the telephone), and their higher levels of security.

What are the Benefits of Private Banking?

Since the exclusive private banking services is offered to mainly high net worth individuals and families. There are many benefits of having a private bank account.

Some of the benefits include:

  • Customized services for each customer
  • Increased convenience
  • More personalized service
  • Increased security

How to Apply for a Private Bank Account in Singapore?

Opening a private bank account in Singapore is not as simple as opening a personal bank account. The process is more complicated and requires more paperwork.

The first step to open a private bank account in Singapore is to find the right kind of private bank. There are many types of banks in Singapore, but most people choose between the big four banks: DBS, OCBC, UOB, and Standard Chartered Bank (SCB).

best iconBest Private Banking Services in Singapore (2024)

Our team of experts have researched and curated a list of the Best Private Banking Services in Singapore. Our list of recommendations are based on ours and others' first-hand experience, so it will be helpful for you! Let's not wait and get to it!

1. DBS Private Banking

Best Private Banking Singapore: Dbs Private Banking
DBS Private Banking
DetailsAt DBS Private Bank, it isn’t simply about getting the best, but what’s best for you. And you’ll have the capabilities of the World’s Best Bank at your disposal, with the best people to provide the solutions and opportunities that are uniquely suited to your needs and goals.
ContactPhone: 1800 221 1111
Operating Hourshttps://www.dbs.com.sg/index/locator.page?pid=sg-pb-pweb-home-homepage-textlink-locator
How to Qualify?For clients with investible assets of S$5 million

In recent years, Development Bank of Singapore (DBS) has demonstrated that it is able to go the extra mile to give satisfaction to its customers, which is why it is considered to be the top reputable bank in Singapore. It offers high-end services at competitive rates.

The wealth management service (WMS) at DBS Private Bank caters to investors looking for superior returns. It features high-net-worth clients as well as retail clients in addition to equities, bonds, commodities, and other investment vehicles.

DBS Private Banking’s investment services are geared towards long-term financial goals that include maximizing your investments, minimizing taxes and protecting your wealth. These  services that include investment management, succession planning, and planning for your legacy so your wealth will grow for generations to come.

DBS Private Banking also has a long list of amenities and advantages. They offer special complimentary services such as limo services, hotel upgrades, lounge in airports access s well as worldwide medical benefits.

The minimum required amount for opening a banking account in DBS Private Banking is about S$5 million. This figure has been on the books since 2009 and is only subject to revision every three years.

2. UOB Private Banking

Best Private Banking Singapore: Uob Private Banking
UOB Private Banking
DetailsOur investment approach is guided by 3 principles: asset allocation, diversification for wealth preservation, and superior and sustainable returns.
Address80 Raffles Place
UOB Plaza 1, #07-01
Singapore 048624
ContactHotline: 6255 0160 
Operating Hoursn/a
How to Qualify?For clients with investible assets of S$5 million

The largest bank in Singapore is United Overseas Bank (UOB). Its primary purpose is to help people like you build a better financial future. The bank has provided attractive banking services to some of Singapore’s wealthiest people.

They follow 3 simple principles when it comes to their strategic investment plans.

  1. They include allocation of asset for a balanced portfolio.
  2. Diversifying your assets so you do not put all your eggs in one basket.
  3. Investing in sustainable portfolio so it can weather any storms.

If you are someone who is into investing, then you will definitely want to check out this online banking tool, which allows you to create accounts and buy, sell, and trade shares in a variety of different investment products.

Many long-term and experienced investors in Singapore choose UOB as their banks, hence, they become the leading private banks in Singapore. The bank’s investor products include the UOB Private Equity Funds, the UOB Investment Funds, the UOB Wealth Management Funds and the UOB Alternative Investment Funds.

Being a premier private banking in Singapore, UOB’s premium service is only available to individuals with net assets of more than S$5 million. The bank is known to have the strictest requirements for a private bank in Singapore.

3. OCBC Premier Private Client

Best Private Banking Singapore: Ocbc Premier Private Client
OCBC Premier Private Client
DetailsSince the time of our founders, we have always understood the financial needs of our customers and developed financial solutions that meet their needs. OCBC Bank has been ranked by Bloomberg Markets magazine as the World’s Strongest Bank for two years, 2011 and 2012.
Address65 Chulia Street,
#34-00 OCBC Centre West Lobby
Singapore 049513
ContactPhone: 1800 424 8888
or (65) 6424 8888 (overseas)
Email: contactus@ocbc.com
Operating HoursMon-Fri: 9.00am – 4:30pm
Sat: 9.00am-11.30am
Sun: Closed
How to Qualify?Deposit or invest S$1,000,000 (in fresh funds) and
Qualify as an Accredited Investor

The OCBC Premier Private Client is one of the best places to find financial advisers if you want to learn about your finances, invest or plan for retirement. The bank will regularly host free workshops for their private banking teams to discuss all aspects of your finances, from insurance and mortgages to investing and planning for retirement.

As a private client at OCBC Premier, you will have access to the full suite of their wealth management services, so that you may gain from the best. The wealth management team at OCBC Bank will keep you updated on the latest market trends and investment ideas. 

One of the best things about the OCBC Premier Private Client, is that they offer a card that is only exclusive for clients. It is called VOYAGE where it’ll offer clients travel benefits for clients who want to travel on a budget. This is the perfect way to enjoy a trip abroad without having to worry about overspending and incurring debt.

While some may balk at the S$5 million requirement to invest, we applaud OCBC for not only making investing possible for Singaporeans who were previously shut out, but also doing so in a way that’s fair and accessible to anyone.

4. HSBC Private Banking

Best Private Banking Singapore: Hsbc Private Banking
HSBC Private Banking
DetailsWe help individuals, families and businesses to grow, manage and preserve their wealth – both now and for the future.
AddressThe Hongkong and Shanghai Banking Corporation Limited, Singapore
Branch 10 Marina Boulevard #50-01,
Marina Bay Financial Centre Tower 2 ,
Singapore 018983
ContactPhone: (+65) 6224 8080
Operating HoursN/A
How to Qualify?If you, your business or family have more than USD5 million (or currency equivalent) of investable assets, we would welcome the opportunity to discuss your bespoke wealth management and investment needs.

If you’re looking for private banking services in Singapore to help you protect your family’s future, HSBC Private Bank offers a good starting point. In fact, it’s the first one many people think of when they hear the word “private”.

HSBC Private Banking is a fine private bank in Singapore because it boasts a group of skilled bankers that will assist you in growing your wealth, legacy planning, safeguarding family wealth and more!

You might think you’re secure with the care you receive from HSBC, but you may be mistaken. HSBC also offers other services. For instance, it can connect you with additional trading and investment possibilities.

HSBC is one of the few private banks to require a minimum deposit of $5 million. Other banks are known to allow customers with less capital to open accounts, which would benefit HSBC.

5. Standard Chartered Priority Private

Best Private Banking Singapore: Standard Chartered Priority Private 1
Standard Chartered Priority Private
DetailsWe support both individual and corporate needs to build wealth and drive commerce at every step of their journey. We do this by offering an entire range of financial services across personal, priority and private banking as well as our business, and corporate, commercial & institutional banking teams. 
AddressNEX Serangoon
23 Serangoon Central, #03-02, NEX, Singapore 556083
ContactTEL: +65 6747 7000
Operating HoursMon to Sun: 11am to 7pm
Closed on New Year, Chinese New Year and Christmas

Peak Hours:
Weekdays – 11am to 2pm & 4pm to 7pm
Weekends – 11am to 3pm
How to Qualify?To be a Priority Private client, you need to top up and maintain your account balances with the Bank to at least SGD 1.5 million. Your membership and eligibility for the programme will be reviewed annually in December.

Travel rewards can be a great benefit. With Standard Chartered Priority Private, it’s easy to earn and redeem points for cash, gift cards, and other benefits. If you travel often, it makes sense to go with a bank that will make traveling more pleasant. Standard Chartered Priority Private allows you access to concierge services from hundreds of top-rated restaurants in different countries.

You can also take advantage of the free airport limousine service annually from airports. In addition, you have the benefit of accessing over 1000 airport lounges in more than 130 countries with no time restriction.

Aside from the travel perks, the Standard Chartered is among the few banks that offer assistance in managing and increasing your assets to its clients.


We have reached the end of the article! We’re glad that you made it this far! Now that you have our list of the best private banking in Singapore, do let us know if you feel that there are others that should be part of this list!

We hope this article that we have reviewed has been helpful for you! If you find this article helpful, do check out other related articles in Singapore!