Frequent flyer programmes, like many other loyalty programmes, can include lots of small print and exemptions, but they’re still worth getting on board with. (’Scuse the pun!) Our own Singapore Airlines’ KrisFlyer programme ranks pretty well, and the air miles you earn aren’t just redeemable for upgrades and flights, but also for hotel room nights, car rentals and even grocery shopping,
Most of us like the idea of getting benefits from loyalty schemes when we spend money – especially air miles. But did you know it’s also possible to get them when you save or invest? We think this sounds like a grand idea.
One example is opening a Priority Banking account with Standard Chartered Bank, which will earn you substantial Krisflyer miles. So, the old saying ‘money makes money’ is still true!
Here are the key points and advantages – aside from all the miles you can accrue – of opening a new Priority Banking account:
- Seamless everyday banking: This includes 24/7 access, local and foreign currency accounts, bill payments and more. And, the all important priority teller.
- A comprehensive range of wealth and protection solutions: From travel insurance, life insurance or retirement plans, having everything in one place makes everything more manageable and time efficient.
- International banking services: Have a dedicated manager to keep your financial goals and plans on track including market insights and digital investment platforms to help you stay on top of your investments. Again, having them all under ‘one roof’ is a big plus!
- Easy access and lower costs: Keeping finances easily accessible when you need them, free foreign transfers and emergency cash. And remember, if you’re set on the expat trail and not sure where you’ll end up, it’s an added benefit to have an international bank with global connections.
- As an international traveller, you’ll enjoy having complimentary access to over 1000 airport lounges worldwide.
As for existing Priority Banking customers, you can also earn air miles when you invest or insure, and there are rewards for referring friends or colleagues, too.
So, what are the specifics? Here’s what you stand to earn in air miles and more with a Priority Banking relationship:
- Get up to 150,000 KrisFlyer miles for a new sign-up to Priority Banking with minimum fresh funds of S$200,000 (or the equivalent in foreign currency) either in eligible deposits and/or eligible investments.
- Get an additional 150,000 KrisFlyer miles for a new sign-up to Priority Private with minimum fresh funds of S$1.5 million (or the equivalent in foreign currency) either in eligible deposits and/or eligible investments.
- If you’re an existing SCB Priority Banking client, you can get up to 10,000 KrisFlyer miles with every $100,000 of eligible unit trust purchased and an additional 100,000 KrisFlyer miles with a purchase of an eligible insurance policy with minimum monthly premiums of S$3,000 (or the equivalent in foreign currencies).
- For referring friends or family members to be a Priority Banking client, you can get up to S$1,650 of cash credit upon three successful referrals. More details here
At the end of the day, we owe it to ourselves to make sure we’re making the most of our inflows of money while we are earning. Using it to provide a safety net in a fairly uncertain world, and enabling it to grow or provide additional benefits in the way or air miles all make sense. And it’s worth spending the time and attention to detail on it.
Find out more about it here
Terms & Conditions
1 The Priority Banking & Priority Private KrisFlyer Miles Sign-Up Promotion is valid till 30 September 2019. To qualify, you need to be a new to bank (NTB) customer of at least 21 years of age and before 30 September 2019 open at least one S$ Current/Cheque/Savings account. Further, within 3 months of opening this account you must (A) establish a Priority Banking or Priority Private relationship as a primary account holder and place and maintain minimum S$200,000 or S$1,500,000 (or foreign currency equivalent) in case of Priority Banking and Priority Private relationship respectively, of Fresh Funds in the form of Eligible Deposits and/or Eligible Investments (B) complete a Financial Needs Analysis (FNA) and also (C) have a KrisFlyer account with Singapore Airlines Limited. Please refer to the Priority Banking & Priority Private KrisFlyer Miles Sign-Up Promotion Terms and Conditions at sc.com/sg/priority-tnc for full T&Cs. Deposit Insurance Scheme: Insured up to S$75,000 by SDIC. 2 The ‘Invest and be rewarded’ KrisFlyer Miles Promotion is valid till 30 September 2019. Receive 10,000 KrisFlyer miles for every S$100,000 (or its equivalent in foreign currencies) of Eligible Unit Trust purchased with Fresh Funds in a single day, subject to a cap of 150,000 KrisFlyer miles per Qualifying Ttransaction. Please visit sc.com/sg/investpromo19/ for the definitions of “Eligible Unit Trust” and “Fresh Funds”, exclusions and full T&Cs that apply. 3 The ‘Insure and be rewarded’ KrisFlyer mMiles Promotion is valid till 30 September 2019. Purchase an Eligible Insurance Policy with minimum monthly premiums of S$3,000 (or its equivalent in foreign currencies) to receive 100,000 KrisFlyer miles. Please visit sc.com/sg/insurepromo19/ for the definition of “Eligible Insurance Policy”, exclusions and full T&Cs that apply. IMPORTANT DISCLAIMERS: This advertisement is being distributed for general information only and it does not constitute an offer, recommendation or solicitation of an offer to enter into a transaction or adopt any hedging, trading or investment strategy. It has not been prepared for any particular person or class of persons and it has been prepared without regards to the specific investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial adviser on the suitability of the product for you, taking into account these factors before making a commitment to purchase the product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether this product is suitable for you. Insurance: Buying an insurance policy is a long-term commitment. An early termination of the policy usually involves high cost and the surrender value payable (if any) may be less than the total premiums paid. The contents of this advertisement do not constitute a contract of insurance and reference should be made to the respective policies for the exact terms and conditions applicable to the insurance policy. All insurance products described in this advertisement are products of and underwritten by Prudential Assurance Company Singapore (Pte) Limited (“Prudential”) and not Standard Chartered Bank (Singapore) Limited (the “Bank”). The Bank shall not be liable in any manner whatsoever regarding your application or the contract of insurance. In facilitating insurance arrangements or in referring customers to Prudential, the Bank is acting in alliance with Prudential and not as an agent for customers. Protected up to specified limits by SDIC.Investment Products:Investment products are not deposits and do not qualify as an insured deposit under the SDIC and Policy Owners’ Protection Schemes Act 2012, Rev. Ed.
This article has not been reviewed by the Monetary Authority of Singapore.
