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Standard Chartered Premium Banking: The Best Savings Account for High Income Customers?

Premium Features and Promotions Attractive to High-Income Customers

Standard Chartered Premium Banking: The Best Savings Account for High Income Customers?

Premium Features and Promotions Attractive to High-Income Customers

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Good for

  • High income customers
  • Customers seeking a more personalized banking experience
  • Customers interested in great promotional offers
  • Customers who would like to earn cash back and rewards for their membership

Bad for

  • People who want to earn lots of money via interest from their savings account
  • Customers who cannot afford to make a high initial deposit

With a relatively high minimum initial deposit of HK$200,000, Standard Chartered's Premium Banking services are intended for high income consumers who seek to benefit from a more elaborate banking scheme. Although the maximum interest rate for this savings account is comparable to regular savings accounts across Hong Kong, few other options present the opportunity for customers to diversify their banking experience as much as the SCB Premium Account while also benefiting from Standard Chartered's convenience and reputation.

ProsCons
  • Great promotional offers
  • Easy no-fee cash withdrawal; access to over 2,600+ JETCO (Standard Chartered, Bank of China, Citibank, and more) cash machines
  • Access your account via branches, phone banking, online, and mobile app/website
  • International and foreign currency banking options
  • Barrier to entry; high minimum deposit
  • The max EIR of this account is 0.0010%, regardless of how much you deposit
Promotion From 1 January 2021 to 28 February 2021, new SCB Premium Banking customers are eligible for up to HK$900 cash rebate, with an additional HK$200 rebate for opening an account through the SCB mobile app.
Pros & Cons
Pros:
  • Great promotional offers
  • Easy no-fee cash withdrawal; access to over 2,600+ JETCO (Standard Chartered, Bank of China, Citibank, and more) cash machines
  • Access your account via branches, phone banking, online, and mobile app/website
  • International and foreign currency banking options
Cons:
  • Barrier to entry; high minimum deposit
  • The max EIR of this account is 0.0010%, regardless of how much you deposit
  • Promotion From 1 January 2021 to 28 February 2021, new SCB Premium Banking customers are eligible for up to HK$900 cash rebate, with an additional HK$200 rebate for opening an account through the SCB mobile app.

What Makes Standard Chartered Premium Banking Stand Out?

Standard Chartered's Premium Banking account is one of the most popular high-minimum bank accounts in Hong Kong, and for good reason. Unlike regular, no-minimum savings accounts, the Standard Chartered (SCB) Premium account gives customers access to special services and rewards opportunities. For instance, SCB offers on-demand financial assistance with live agents for banking and wealth management inquiries. Likewise, through the 360 Rewards programme, customers can earn up to HK$35 cashback, 490 Asia Miles, or 7,000 points per month for using various Standard Chartered banking products.

In addition to SCB Premium Banking's unique customer services and rewards, customers also enjoy the perks that come with opening any Standard Chartered bank account—namely, convenience. Standard Chartered customers can access over 2,600 SCB or JETCO-affiliated banks' cash machines throughout Hong Kong. Customers can also conduct online and mobile banking, and can earn an additional HK$200 cashback if they open their Premium Account through the mobile app.

Standard Chartered Premium Banking Interest Rates

Deposit AmountInterest Rate
Minimum/Base Rate0.0010%

Standard Chartered Premium Banking Interest Rates

Deposit Amount

Interest Rate
Minimum/Base Rate0.0010%

Standard Chartered Premium Banking Details & Requirements

Details and Requirements
Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card
Minimum Monthly SalaryHK$20,000+
Minimum Initial DepositHK$200,000
Minimum Average Daily BalanceHK$200,000
Mortgage RequirementMortgage outstanding amount = sum of HK$1,500,000+
Fall-Below FeeN/A

Promotional Offers

Standard Chartered offers some compelling promotions for both new and existing customers who upgrade to Premium Banking. Depending on the total value of your initial deposit, you are eligible to earn cash rebates or air miles on a sliding scale. This may be attractive for customers with more readily disposable income, as they would benefit not only from depositing higher amounts, but also from the option to use their rewards for travel.

Furthermore, Standard Chartered's promotions incentivise use of their other services. You can earn cash back for using SCB's online foreign currency exchange and enjoy six months of no-subscription fee online trading when you sign up for the SCB Premium Account. Through the aid of each of these services, customers may diversify their savings and investments directly through the bank.

New Funds Growth Offer Existing SCB clients who upgrade to Premium Banking can earn up to HK$900 or 12,000 Asia Miles through fulfilment of the New Funds Growth Offer and meeting the following deposit requirements:

  • Between HK$200,000 and HK$499,999: HK$500 rebate or 8,000 Asia Miles
  • Between HK$500,000 and HK$799,999: HK$700 rebate or 10,000 Asia Miles
  • HK$800,000 and above: HK$900 rebate or 12,000 Asia Miles

Online Foreign Exchange Membership Rewards You can earn HK$100 when you sign up for online foreign exchange membership with your Standard Chartered Premium Account.

Online Unit Trusts Offer Premium Banking customers can enjoy a 0% subscription fee for the first six months of online trading.

Online Member Referral Rewards Customers can earn rewards when they refer new customers to sign up for the following Standard Chartered bank accounts:

For Referrer (Per Referral): Deposit AmountInterest Rate
Priority PrivateHK$6,000 cash rebate or 60,000 Miles
Priority BankingHK$1,000 cash rebate or 10,000 Miles
Premium BankingHK$3,000 cash rebate or 3,000 Miles
Easy BankingHK$200 or 2,000 Miles
Salary BonusPackHK$100 or 1,000 Miles
For Referee: Deposit AmountInterest Rate
Priority PrivateUp to HK$40,000 cash rebate or 400,000 Miles
Priority BankingUp to HK$9,500 cash rebate or 100,000 Miles
Premium BankingUp to HK$900 cash rebate or 12,000 Miles
Easy BankingUp to HK$200 cash rebate
Salary BonusPackUp to HK$900 cash rebate or 9,000 Miles

How Does Standard Chartered Premium Banking Compare to Other Options?

Read our comparisons of Standard Chartered Premium Banking with other savings accounts in Hong Kong and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

Standard Chartered Premium Banking v. Citibank Priority Account

Consider this if you are an affluent consumer interested in financial tools and trading and investment products.

Citibank Priority, like Standard Chartered Premium Banking, is intended for high-income customers who prefer that their investment portfolios are connected to their bank savings. Because both accounts allow seamless access between readily available funds, savings, and investment holdings, customers can more easily transfer funds between accounts and view their total portfolios together. Moreover, through online and mobile banking as well as Citibank's and Standard Chartered's plentiful branch and ATM locations throughout Hong Kong, customers' finances can be managed at ease both virtually and physically.

Unlike SCB Premium, however, Citibank Priority has a higher deposit threshold and fewer opportunities to earn rewards from promotional deals. Thus, because of the Citibank Priority Account's high barrier of entry, it is truly an account tailored for the affluent to carry out their more specific banking and investing needs.

Details & Requirements
Proof of Identification / Address
  • Hong Kong Citizens: HK identity card and residential address proof
  • HK Non-Permanent Residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK Residents: valid travel document and current residential address proof
Minimum Initial DepositHK$500,000
Minimum Average Daily BalanceHK$500,000
Max EIR
  • Minimum/Base Rate: 0.0010%

Standard Chartered Premium Banking v. HSBC One Account

Consider this if you value convenience, brand reputation, promotional offers, and integration of savings accounts to other banking products.

HSBC One Account and other HSBC savings accounts, similarly to SCB's Premium Banking, stand out due to their integration with other banking products and strong promotional offers. Both options also allow customers access to each bank's major branch and ATM network in Hong Kong, meaning that convenience is a paramount quality for each of these options.

However, affluent customers may be drawn more to SCB Premium Banking due to the live financial assistance and wealth management services complimentary to the account. These tools are beneficial for customers seeking more personalized insights than a regular bank account and are thus perhaps more applicable to high-income customers and avid investors.

Details & Requirements
Minimum Age Requirement
  • 18 to sign up for your own account
  • Customers aged 11-17 can apply with parental/guardian sponsorship
Proof of Identification / Address
  • Hong Kong citizens: HK identity card and residential address proof
  • HK non-permanent residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Max EIR0.0010%
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)

Standard Chartered Premium Banking v. Bank of China HK Dollar Savings Account

Consider this if you would like to earn a marginally higher interest rate on deposits over HK$1,000,000 or a slightly wider range of no-fee ATM access.

Bank of China HK Dollar Savings Account is one of our picks for the best no-minimum savings account deposit in Hong Kong. There are two primary appeals to this account: interest rates and easy accessibility. Because Bank of China not only has no minimum deposit threshold for its HK Dollar Savings Account, but begins to accrue interest at HK$3,000 and observes a rate increase to 0.0020% at HK$1,000,000, this account offers the highest maximum earned interest rate of any major bank in Hong Kong. Likewise, as a JETCO member, Bank of China is a member of the largest ATM network in Hong Kong, making cash withdrawals easy for customers.

The Bank of China HK Dollar Savings Account does not, however, offer the same financial tools and promotional rewards as Standard Chartered Premium Banking. Although Bank of China does offer foreign currency accounts, they require separate applications and are void of the same opportunities to earn cash rebates. In this sense, while Bank of China allows customers to earn marginally more from interest, Standard Chartered offers the most opportunities to maximize and grow savings through Premium Banking services.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

Standard Chartered Premium Banking v. DBS Savings Account

Consider this if you value DBS's brand reputation and large ATM network.

DBS Savings Account, similar to Standard Chartered, offers market average interest rates and integrated checking and savings accounts. Likewise, as DBS is a JETCO member, you will be able to use over 2,600 no-fee ATMs for cash withdrawals and deposits in Hong Kong. Through the DBS mobile app, you will also be able to check your funds and conduct your banking needs directly on your mobile phone.

However, SCB Premium Banking remains a stronger option for high-income customers. Although both accounts are certainly convenient, the more specific needs of those who diversify their savings into investments or foreign currency holdings enable Standard Chartered Premium Banking's tailored banking tools to be a more applicable fit. For those who do not want to or cannot afford to meet SCB Premium's HK$200,000 deposit threshold, however, DBS may be a better choice.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK permanent identity card or HK/foreign country identity card and valid travel document and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR0.0010%
  • Minimum/Base Rate: 0.0010%
Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion Hong Kong, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.