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SCMP Reporter

SAVERS do not need to deposit six-figure sums to get the millionaire treatment, Hong Kong banks claim.

   While they once reserved preferential treatment to customers with millions in US dollars, it is now on offer for sums as low as HK$20,000.

  Over the past few weeks, three big banks have stepped up their priority banking services which aim to make banking easier, less time-consuming and provide one-stop financial service centres for wealthier customers.

  Standard Chartered first started priority banking in Hong Kong four years ago.

  It has added to its package a Visa gold card with the $550 fee waived for the first year; preferential deposit rates; guaranteed overdrafts; and pre-approved mortgages.

  Customers need $5 million to use Standard Chartered's priority banking services.

  But head of personal banking Doreen Chan said this did not all need to be in cash deposits.

  Calculated on an average annual basis, it can also include investments such as shares and unit trusts held through the bank.

  Mrs Chan said this was an advantage Standard Chartered had over other priority banking services.

  She said: 'If the balance falls below the required amount the customer will be charged a fee.

  'But they might have $10 million in shares which are not counted.'   By taking the customer's full range of deposits into account, overdraft facilities were automatically available and the normal handling fee was not charged to priority banking customers.

  The new credit card can be used for purchases and provides access to ATMs, phone banking, speed banking and priority banking centres in Singapore, Indonesia and Malaysia.

  Discounts are available on stockbroking commission and unit trust front end charges.

  Consolidated statements are a key feature of priority banking services.

  Standard Chartered said it had stolen the march on competitors in this area by giving all account or loan balances and investment valuations on the same day - the 20th of the month. Hang Seng Bank launched a new integrated account service two weeks ago, called the Bank-in-One Account.

  This provides 24-hour phone banking and a statement covering savings accounts, time deposits, foreign currency savings and gold accounts.

  Available for deposits of $20,000 or more, it was launched in response to demand after the Bank Smart Account was launched last autumn for deposits over $200,000.

  The main difference between the two services is that the Bank Smart Account also includes investments such as unit trusts and shares.

  Priority banking services aim to save customers from queueing in branches.

  Telephone banking is available through all the major integrated accounts, including Hongkong Bank's Asset Vantage and Power Vantage accounts.

   Another solution has been to set up special branches or counters for priority customers.

   Hongkong Bank opened its fourth Select Personal Financial Services Centre in the Mandarin six weeks ago.

  The centres are for customers with Asset Vantage Accounts, which require $200,000 to set up.

  Senior executive of retail marketing and planning at Hongkong Bank, Eric Tai, said: 'That is the threshold to get things moving. We find customers have much more than that.'    The Select Centres are 'decked out very differently to normal branches', according to Mr Tai.

  'Inside, they are like the Cathay Marco Polo lounge.

  'The ambience is more relaxed and is more conducive to talking about personal financial matters.'    Mr Tai said drinks and on-line computer facilities were also available in the centres.

   Hongkong Bank now has special counters for Asset Vantage account holders in more than 100 of its 230 branches.

   From the two centres established in Peking Road and the Landmark four years ago, Standard Chartered's network of priority banking centres has expanded to 22.

  There are also 59 special priority banking counters in its branches.



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