Best private banking account

Just switched to investec from absa. Paying R200 more in bank charges per month but that's okay as will pay the fee with dividends rewards each month, and already earning more on always available investment account than absa - so actually making more money on higher fee...
 
Few people will make fully use of Investec's stuff to justify their fees I think (unless you're balling hard) but to me it was always a case of just of convenience. Don't banking on my list of problems...
 
Chris_SA said:
Just switched to investec from absa. Paying R200 more in bank charges per month but that's okay as will pay the fee with dividends rewards each month, and already earning more on always available investment account than absa - so actually making more money on higher fee...
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And interest rates? Already have good interest rate on bond and car. To switch would incur transfer costs.
Would thus use only transactional banking. Not sure its worth it for me as my investments are not with Standardbank.
 
adielk said:
And interest rates? Already have good interest rate on bond and car. To switch would incur transfer costs.
Would thus use only transactional banking. Not sure its worth it for me as my investments are not with Standardbank.
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My house and cars will stay with absa for now. Looking for a new home which investec has already given me pre-approval prime -.8.

The 7 interest rate on investment vs 6.5 from absa on instant access already covers my fee...
 
NarrowBandFtw said:
Well it would depend on what assets you're referring to, but my bond is financed by Nedbank at prime -1.05% (somebody earlier was happy with -1% from Investec) and the car is now paid (and of course not an asset) but BMW Finance did it at prime -5%. I rarely need forex in cash as I prefer to use my cards.

As for documents, well I'd damn well hope so, the R400 odd per month they charge is enough to make a courier company deliver to your door and return it every single month.

I just go with the cheapest offer for everything and don't mind one bit to deal with multiple banks for the different things I do with them, for my personal profile / pattern Investec would cost a ton more for what seems to be very little actual benefit. To each his/her own of course.
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When did you get that interest rate for the home loan?
Bmw @ -5. That's a sales pitch. BMW push up the retail value of the car to finance that low interest rate.
For people that don't keep the car for 5 years, that's most people, and trade it in, lose the discount of the interest rate.
Rather say you want the discount to reduce the loaned and get your own finance.
I got -1 and 100k of new price for a demo (3 month old).
 
NarrowBandFtw said:
Well it would depend on what assets you're referring to, but my bond is financed by Nedbank at prime -1.05% (somebody earlier was happy with -1% from Investec) and the car is now paid (and of course not an asset) but BMW Finance did it at prime -5%. I rarely need forex in cash as I prefer to use my cards.

As for documents, well I'd damn well hope so, the R400 odd per month they charge is enough to make a courier company deliver to your door and return it every single month.

I just go with the cheapest offer for everything and don't mind one bit to deal with multiple banks for the different things I do with them, for my personal profile / pattern Investec would cost a ton more for what seems to be very little actual benefit. To each his/her own of course.
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Things like finance rates cannot be compared with minimal facts.
Investec's standard offer is usually below prime.
Then if your financial situation puts you in a better position to earn better rates you can get better rates.
Also how long ago was that rate given to you?
The only way to truly test is for the same person to shop around and include investec in the banks they apply at.
Also remember that investec does not charge the admin fee and if you have multiple bonds and car finance, they quickly add up.
 
Chris_SA said:
Just switched to investec from absa. Paying R200 more in bank charges per month but that's okay as will pay the fee with dividends rewards each month, and already earning more on always available investment account than absa - so actually making more money on higher fee...
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But do they have eBucks?
 
Speedster said:
But do they have eBucks?
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I make more money through my investments at investec than ebucks would ever be able to give me... You do know you are indirectly paying ebucks through your credit card fee?
 
Chris_SA said:
I make more money through my investments at investec than ebucks would ever be able to give me... You do know you are indirectly paying ebucks through your credit card fee?
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Yes, my R199 fee at FNB (for cheque and credit card) is paying for my R1500 pm eBucks return which I use at 40% discount for R2500 effective value.
 
Speedster said:
Yes, my R199 fee at FNB (for cheque and credit card) is paying for my R1500 pm eBucks return which I use at 40% discount for R2500 effective value.
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Please don't come and troll. He asked advice on investment accounts, not best rewards programme...
 
Chris_SA said:
Please don't come and troll. He asked advice on investment accounts, not best rewards programme...
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Incorrect. He asked for a private banking account. RMB / FNB has eBucks which is a significant benefit to consider. For someone pulling enough to qualify for private banking that is a benefit in the region of probably R5000 per month - hardly worth ignoring in deciding upon which bank to go for.
 
Speedster said:
Incorrect. He asked for a private banking account. RMB / FNB has eBucks which is a significant benefit to consider. For someone pulling enough to qualify for private banking that is a benefit in the region of probably R5000 per month - hardly worth ignoring in deciding upon which bank to go for.
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The rewards programme at investec actually covers your fee so everything else (interest etc) is on top.

Out of interest, how do you get rewarded R5000 per month, 60000 per year from FNB on ebucks?
 
HavocXphere said:
Few people will make fully use of Investec's stuff to justify their fees I think (unless you're balling hard) but to me it was always a case of just of convenience. Don't banking on my list of problems...
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Few people will also qualify for their investment opportunities... R500k buy in, 1bar buy in.... :p
 
Speedster said:
Incorrect. He asked for a private banking account. RMB / FNB has eBucks which is a significant benefit to consider. For someone pulling enough to qualify for private banking that is a benefit in the region of probably R5000 per month - hardly worth ignoring in deciding upon which bank to go for.
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I'm with FNB Private Wealth, so my fee is around R429 or something per month, not sure. I'm also on level 5 eBucks, but I am there without any "debt" like house or car financing.

I get around R1200 worth of eBucks every month from purchases, which is worth a bit more when I buy the vouchers. Then I also have an iPad Pro on Smart Device contract that is R699 a month and I get R500 worth of eBucks from that.

For me the FNB private banking account works, and when I ask for rates I ask all banks in anycase for their best rate. I'm not loyal to anyone just because I bank with them.
 
FNB's rewards program is definetly way better... but also more complicated.

Personally, I'd prefer no rewards program and lower fees at any bank.
 
Been with Standard bank but my view is that my level of service/benefits received have lowered. Charges are also high imho.

Anyone willing to recommend a private banking account at major banks?
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Jola said:
Same experience with Standard, also thinking of moving.
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I have been a Private Bank client of Standard Bank, Sandton for may years. I too have been thinking about changing for a while now. I used to get great service from my allocated Private Banker, but recently have had poor service from a new Private Banker that has been allocated to manage my account.
The final straw was when I requested copies of some older transaction statements, and they charged me over R150 to supply them :mad: I would have thought the exorbitant monthly fees I pay would have covered my simple request
 
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