Standard Chartered Bank - Preferred Banking

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  1. #1

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    Standard Chartered Bank - Preferred Banking

    Hi guys,

    I just had a letter through from SCB saying that they are going to "upgrade" my account to preferred banking. Now, unless I'm being thicker than usual, this seems to be a simple rebranding exercise so that they can bump up the minimum required balance.

    Is this going to replace excel banking or is it a whole new "experience" as the bank claims?

    Cheers...


  2. #2

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    I had one of those. It mentioned the $200K minimum and a new credit card. Read a little of the gumpf as it was eaten by the shredder.


  3. #3

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    The trick with this is that they upgrade you for "free" the first year, and then come back and start hitting you with charges if you don't make your minimums the next year.


  4. #4

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    Quote Originally Posted by shri:
    The trick with this is that they upgrade you for "free" the first year, and then come back and start hitting you with charges if you don't make your minimums the next year.
    Very true. So just make sure you 'downgrade' after the fee waiver finishes.

  5. #5

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    It's a pity as one of the nice things was the minimum balance you had to keep was much lower if you used autopay... So far I've found SCB to be a pretty decent bank. Their online banking works, the staff (at least at the Causeway Bay branch) know what they're talking about and nothing yet has blown up in my face...

    So far so good :-)


  6. #6

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    I've got their priority banking free for 3 years since I took out a mortgage with them. After 3 years, the minimum requirement is $500k if you autopay your salary (half of what HSBC Premier is). I will probably downgrade after 3 years though since the only useful priority service I use is the free overseas ATM network. But I just dont think its worth it for that alone.

    I'd prefer to pay off my mortgage than have $500k sitting in an account.


  7. #7

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    Quote Originally Posted by bdw:
    I'd prefer to pay off my mortgage than have $500k sitting in an account.
    But with current interest rates being so low, isn't there a better way to use the $500K? Also, as long as it is in SCB, it does not have to be sitting in a savings account earning 0.01% interest.

  8. #8

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    Do you have their MortgageOne account?

    If so, is it any good?


  9. #9

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    Quote Originally Posted by drumbrake:
    But with current interest rates being so low, isn't there a better way to use the $500K? Also, as long as it is in SCB, it does not have to be sitting in a savings account earning 0.01% interest.
    Yes you are probably right. At the moment with Hibor rates around around 1%, there is no rush to pay off the mortgage so soon and I will use my savings for something else. But I assume in a few years the rates will be higher and then I'll need to weigh up having $500k invested someway with SCB is worth it or just simply pay off the mortgage and downgade to a pleb account.

  10. #10

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    Quote Originally Posted by MXZ:
    Do you have their MortgageOne account?

    If so, is it any good?
    I did not get MortgageOne because this is only available on the Prime Based loans. I got a Hibor Based loan.

    But there is another product called 'LinkOne' which is very similar to MortgageOne that is available for Hibor Loans. MortgageOne means your savings account is linked to the mortgage and whatever you have in there will directly offset the mortgage interest. LinkOne is just a savings account which offers 0.5% above the standard interest rate (so total something like 0.501%).

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