How to get more out of your preferred banking and investment experience

Want to manage your wealth more effectively? The key is to gain access to better banking products and services by becoming a preferred banking customer.

Preferred banking programmes offer high-net-worth customers preferential rates, better services, a wider range of products and other perks.

CIMB Singapore is known for its attractive savings account interest rates and fixed deposit rates, but few know that the bank also has an exciting Preferred Banking programme for customers with assets of $250,000 and above.

Here's a look at what CIMB Singapore's Preferred Banking customers enjoy.

A wider selection of investment options than many other banks

In Singapore, banks typically cooperate with one or a handful of specific insurers and fund houses to jointly offer investment opportunities to their clients. This can be limiting, as customers are forced to choose from a small pool of products.

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CIMB Singapore, on the other hand, is not tied to just a few insurers or Unit Trust managers. As part of its commitment to open architecture, it offers access to a wide variety of investment options across many providers. Its Preferred Banking customers have access to more than 400 Unit Trust funds.

Such an approach offers CIMB Singapore relationship managers the latitude to recommend products tailored to Preferred Banking customers' needs, rather than be restricted to a specific provider. Preferred Banking customers can thus be matched with products that can truly optimise their investments.

Thanks to the wide range of products available to them, clients can even choose to include a selection - drawn across multiple providers - in their portfolio.

"We have five different insurance partners on our platform. The different products from each insurer have their own unique strengths," says Mr Lian Ji-yee, CIMB Singapore's onshore sales head, in a nod to the extensive range of options offered by the bank.

"For my clients in their late 40s to early 60s, their concerns would usually be having adequate funds to sustain a meaningful retirement and, in some cases, to also provide a head start for their children. The more conservative clients welcome the fact that we work with five insurers on our platform and tend to spread their funds in retirement solutions offered by the different insurers," he adds.

A wealth of privileges and preferential rates for Preferred Banking customers

CIMB Singapore's Preferred Banking customers enjoy a variety of privileges that give them an edge when managing their wealth.

For instance, they receive preferential rates on wealth management solutions including fixed deposit, foreign exchange and premium or portfolio financing, with no hidden charges.

Preferred Banking customers are also granted easier access to Bond Primary Issues, putting them on the same footing as Private Banking customers. In fact, they have access to the majority of the bond primary issues in addition to the already wide selection of secondary market bonds.

"This access to bond IPO listings means our clients have a wide array of options to consider for their bond investments, catered to their expectations and needs," says Mr Lian.

"Also, we are able to conduct our bonds business in a seamless and timely manner, and our clients can request bonds information and pricing matters by calling relationship managers or treasury specialists directly."

Other than ease of bond access and preferential rates, Preferred Banking customers also enjoy greater flexibility when investing.

"We have one of the most efficient financing capabilities for our bond investments through a route called reverse repo, which lets clients take advantage of the current low interest rate environment to structure their bond investments with financing," says Mr Lian.

Cross-border privileges and recognition across the Asean region

Besides Singapore, CIMB has a strong presence in several Asean countries such as Malaysia, Indonesia and Thailand.

CIMB Preferred Banking customers benefit directly from the bank's presence in the region. They enjoy preferred rates, products and services not just in Singapore, but also in any of the South-east Asian cities where the bank has a presence.

This is a boon for global citizens whose job or business takes them to different locations and who own assets in more than one city. CIMB Singapore frequently assists Preferred Banking customers relocating to other countries in the Asean region.

The bank seamlessly ports customers' Preferred status to their destination, without having to open additional accounts, even before they arrive in their new country.

"We had a client from Malaysia who was looking to move his family to Singapore as he wished for the kids to study there," recounts CIMB Singapore's offshore sales head Gary Yap.

"Working with our Malaysian counterparts, we had SGD accounts opened and ready for him to facilitate the school fees, rental payments, and such before he even stepped foot in Singapore."

Preferred Banking customers also enjoy a suite of holistic wealth management solutions across the entire CIMB network.

"A client from Indonesia can opt for legacy and retirement plans in Singapore, while a client from the Lion City may choose to invest in a Malaysia-only issued bond," explains Mr Yap.

In the near future, CIMB Singapore will be launching new cross-border financing products, making it even easier for Preferred Banking customers in other Asean countries to take out loans in Singapore.

Visit the CIMB Preferred website to learn more about the benefits of becoming a CIMB Preferred Banking customer.