If you still do a lot of over-the-counter transactions in the bank, you’ve surely experienced queuing up for a long time.
And while waiting, you’ve probably also wondered what that nice little area in the bank is for.
There’s always a bank officer on standby in this area, even if there’s no queue most of the time.
Many times you’ve also probably wondered how much money you should have in the bank to be able to queue up there.
Well, wonder no more. In this article, you will learn about Priority Banking and what it takes to be a Priority Banking client.
What is Priority Banking?
The name pretty much says it all. Priority Banking, also known as Privilege Banking or Premier Banking, refers to an exclusive host of banking services or products reserved only for select clients who meet certain criteria by the bank.
You can apply to be a Priority Banking client if you meet the criteria, or you can be extended an invitation by your bank.
How do you qualify for Priority Banking?
Banks in the Philippines have different requirements for clients to become a member of their Priority Banking services. Check out this table for your reference.
|Bank||Priority Banking Requirements|
|Maybank Premier Wealth||
|BPI Preferred Banking||
|Security Bank Gold Circle||
|PNB Priority Checking||
|RCBC Hexagon Club||
|Bank of Commerce Priority Access||
What are the benefits of Priority Banking?
The benefits vary depending on the bank. But some of the most common benefits or privileges include the following:
- Special or dedicated counters in branches to skip the regular queues
- A dedicated relationship manager for all your banking needs and transactions
- Early notifications and preferential considerations on special promotions
- Easier and quicker approvals of loans and mortgages
- Better rates on financial products, like savings accounts, time deposits, and housing loans
- All kinds of freebies, from special deals and discounts, invite-only events, to waived fees
Citi Priority clients enjoy a personalised wealth management service to help with their wealth creation goals.
There are different wealth packages to choose from which are tailor-made for your lifestyle and priorities: the Financial Freedom, Protection, Travel, and Savings Packages.
You can transfer funds to overseas Citibank accounts up to 25,000 USD in real time, free of charge, via the Citibank Global Transfer.
As a Citi Priority client, you can also make free cash withdrawals at ATMs in the Philippines and over 20 countries.
Enjoy Citi Privileges at tourist attractions, retail stores, restaurants, spas, hotels and golf courses all over the world.
When you join Citi Priority, you can receive up to 44,000 miles or up to 170,000 Rewards Points as a welcome gift.
There’s also a customer referral program where you earn 120,000 Rewards Points for 3 successful referrals.
To be a Citi Priority client, you need to have 1 million PHP in Total Relationship Balance.
Maybank Premier Wealth
As a Priority Banking client of Maybank, you have exclusive access to your very own relationship manager.
You can also use the Premier Wealth Lounges in different Maybank branches in the Philippines and abroad.
Aside from this, you enjoy preferential rates, receive economic outlook reports, and be invited to various lifestyle and financial events.
Being a Priority Banking client also gives you your very own International Maybank Premier Wealth Recognition Card, as well as 24/7 medical assistance and concierge services.
To qualify for Premier Wealth, you should maintain Total Financial Assets amounting to 7 million PHP or approximately 1 million USD.
Maybank’s Total Financial Assets are the sum of your deposits, trust investments, credit card limits and booked loans.
You also qualify when you have 3 million PHP or 1 million USD in Investable Assets, which are your total deposits and total trust investments.
BPI Preferred Banking
With BPI Preferred Banking, you enjoy exclusive access to special perks and privileges, as well as investment opportunities and services.
As a Preferred Banking client, you get a dedicated relationship manager and enjoy priority queuing.
You also enjoy special rates on different financial products, as well as free wealth management seminars.
Your withdrawal and payment limits are also much higher. The same with your credit card limit.
If you have a BPI Gold credit card, you get to enjoy waived annual fees for three years.
Preferred Banking clients also become part of the Ayala Rewards Circle.
BPI Preferred Banking is by invitation only. But to be eligible, you should maintain a minimum of 250,000 PHP in total Average Daily Balance in your savings and/or checking account, or have funds of 500,000 PHP in total.
Security Bank Gold Circle
If you’re part of Security Bank’s Gold Circle, you can withdraw at any ATM in the Philippines without any fees.
When you request for bank statements or bank certifications, they are also free of charge.
You get discounts and lower interest rates for your pre-qualified personal, car, or housing loans. But you get higher interest rates for your time deposits.
As a member of the Gold Circle, you get end-to-end assistance from Security Bank customer advisors and dial one number (+63287904778) for personal concierge services.
You can queue up at the VIP lane at any Security Bank branch. You receive a yearly complimentary checkbook as well.
To qualify for the Gold Circle, you should meet the minimum balance of 100,000 PHP in a single CASA, or 500,000 PHP total relationship balance for CASA, Term Deposits, and Trust products.
As an HSBC Premier client, you get a dedicated relationship manager working with a team of specialists for all your wealth and banking needs.
You get expert financial advice to grow your personal wealth, and you are also provided with digital solutions to easily access and manage your money.
Wherever you are in the world, you get support and services anytime because you are recognized as a Premier client in any HSBC branch in the world.
International fund transfers are instant and free via online banking, and you also have access to Regional HSBC Premier International Centres.
To qualify for HSBC Premier, a Total Relationship Balance (deposits and investments) of 4 million PHP or its foreign currency equivalent must be maintained.
PNB Priority Checking
PNB offers a Priority Checking account that caters to an elite clientele.
This special checking account also gives you a VIP checkbook and a PNB-PAL Mabuhay Miles Priority Debit Mastercard with a validity of 10 years.
You enjoy priority accommodation when you transact in any branch of PNB as well.
To open a PNB Priority Checking account, you only need an initial deposit of 25,000 PHP.
RCBC Hexagon Club
As part of the Hexagon Club, you get a dedicated business relationship manager to assist you with your banking needs and wealth management.
You receive priority service and preferential forex and peso time deposit rates.
You also get invited to exclusive events and enjoy many perks from partner merchants.
Furthermore, fees for bank certifications and bank statements, as well as inter-branch or inter-regional transactions are automatically waived.
You also get free life insurance, free ATM card insurance, and free gas vouchers for your car loan.
If you’re getting a housing loan, the appraisal fee is waived as well.
There’s no withdrawal fee in local ATMs, too. You also receive a free RCBC Bankard Hexagon Club credit card and a free checkbook and manager’s check.
To be a member, you only need to open a savings or checking account and maintain 100,000 PHP in deposit.
Bank of Commerce Priority Access
The Priority Access Program is an exclusive membership program for select clients of PNB.
Being a member entitles you to exclusive benefits, services, and a premier level of banking.
You also get a dedicated relationship manager who will make sure that all your banking needs are met.
As a member, you are issued a special Priority Access credit or debit card and enjoy a higher withdrawal limit on your debit card.
For the Priority Access Platinum credit card, you enjoy free annual fees, a low interest rate of 2.5%, a cash advance limit of 50%, and a minimum credit limit of 500,000 PHP.
To be a Priority Access member, you must maintain 500,000 PHP Average Daily Balance or 10 million PHP total business relationship with Bank of Commerce.
Should you join a Priority Banking program?
The answer will depend on your banking needs, of course.
If you require a lot of banking services and assistance from your bank, then signing up for Priority Banking would be practical and wise.
If your banking needs are only relegated to depositing and withdrawing money, then you may skip it for now.
But remember to compare the benefits and the costs you will shoulder to avail of these Priority Banking services. Hopefully, this article will help you decide the best Priority Banking program to join!