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Consolidation of funds for Private Banking?

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  1. #1

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    Post Consolidation of funds for Private Banking?

    Currently have HKD 8M+ in Time Deposit savings via multiple HK banks.


    Is it worth consideration to consolidate funds into one private HK bank? E.g HSBC Premier Elite (HKD 7.8M+) , Citibank Gold Private (HKD 8M+)


    Do these private banks offer any meaningful offers or incentives to justify consolidation? E.g. Better mortgage loans or personal loans, time deposit rates etc…

    Any experience on the matter will be greatly appreciated. Thanks.

  2. #2

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    Premier Elite and Citigold are not "Private Banks" ... at the end of the day you get a slightly more experienced RM and that is pretty much it. This is a decent enough benefit ...

    And may be some bragging rights on social media if you're the type that values that.

    Look at the benefits most of the banks offer for the retail++ tier (8M AUM) .. most of these are useless if you're over the lifestyle creep phase of your life. Some niche benefits might be of use..

    Apologies if you meant you have 8M+ individually at several banks. 40M+ on an average will set you up with some fancy chicken dinner / lunches - but you'll pay for it in fees and may be some "interesting products".

    traineeinvestor likes this.

  3. #3

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    Thank you for your input.

    Apologies for the confusion, I meant I have 8M+ spread across via multiple banks. Just saw some advertisements about HSBC Premier Elite and I thought was it worth trying to consolidate the funds to upgrade to from existing HSBC Premier.

    Thanks for the correction that it is not considered Private Banking.


  4. #4

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    The premier tier of banking is always the most expensive ones...

    For the cup of coffee you get if you happened to go into the branch, there are really nothing much else you can get... Deposit rates are not drastically better (ok, occasionally you get slightly better rates but its not consistent) and they cream you off with special offering of funds, etc.. where the charges are actually higher (especially Citigold).

    Real private bank (USD 2~5m) arguably offers some better and more sophisticated products that if you are aggressive enough you can try catching. But I would also argue its not really that significantly better than retail bankings.

    Just stick to the listed market for investments,

    muzzdang likes this.

  5. #5

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    ok i change my mind alittle, you do indeed get the lai see packet that's only given to private banking clients and not overflowed to retail.

    https://asianprivatebanker.com/priva...el=lcp-2505054


  6. #6

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    HSBC Premier Elite offers little extras. Slightly better rates for time deposits, USD buy and sell near the rates of Interactive Brokers, waiver for EveryMiles annual fees for yourself and family members who don't have Premier Elite.


  7. #7

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    People are very bitter here, but it does pay off to consolidate. At least for as long as you need to get all the bonus $$.

    I got a bunch when going to Citigold and then Citigold Private client.
    If you decide to go for it, here's a referral link to sign up that https://www.citibank.com.hk/bankmgme...441920012025NL gets both of us some $$.


    Info:
    ------
    Here are the current promos for Citigold Private Client:
    https://www.citibank.com.hk/english/...vateClientCWCG

    and here for Citi Gold:
    https://www.citibank.com.hk/english/...alth-citigold/

    You can get $10,000 for just putting the money in and a bunch more for signing up for products. I ended up getting $14,000 to upgrade 5 years ago to Private Client and a year later downgraded back to Gold. No one cared. It's their marketing money to spend.

    shri, Morrison, muzzdang and 1 others like this.

  8. #8

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    Quote Originally Posted by Drunken Master:
    HSBC Premier Elite offers little extras. Slightly better rates for time deposits, USD buy and sell near the rates of Interactive Brokers, waiver for EveryMiles annual fees for yourself and family members who don't have Premier Elite.
    The most useful perk is the 2 hr parking at IFC offer.. rest is pretty much useless.

    What newhkpr says is very valid .. forgot all about the new funds promos.
    newhkpr likes this.

  9. #9

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    Quote Originally Posted by shri:
    The most useful perk is the 2 hr parking at IFC offer.. rest is pretty much useless.

    What newhkpr says is very valid .. forgot all about the new funds promos.
    wouldn't the spin around the banks way be more useful for new account promotions ?

  10. #10

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    Quote Originally Posted by freeier:
    wouldn't the spin around the banks way be more useful for new account promotions ?
    I don't understand.. what spin?

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