Best private banking account

droidx said:
Also how long ago was that rate given to you?
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superskully said:
When did you get that interest rate for the home loan?
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Around 5 years ago fwiw

superskully said:
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).
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100k off? I'd have to assume you are infinitely better at negotiating than me, I did try pretty hard and have yet to meet a single BMW salesman that will knock off anything close to a 100k, they'll "overpay" you from 10k to 30k more than your trade-in is worth sure, but actual discount on the asking price? That's very taboo in BMW country.

Anyway, of course it is a sales pitch, and of course you pay for the privilege, but it's not like it is some hidden amount, it's explicitly stated and in my case was R9500. So I financed an additional 9500 at prime -5% over 4 years as opposed to paying 9500 less and financing at prime -1% (hypothetically speaking). It is a no brainer when the discount is that low. 100k would be another story, I just don't see how it was possible to get that much discount.
 
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Chris_SA said:
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?
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I don't get R5k, I get around R2500-R3000 per month in eBucks - that is about R1500-R2000 in actual eBucks which I then use at 40% discount. But then I'm "only" on their premier package. Someone qualifying for a private banker is probably spending 1.5x - 2x what I am in a month, so they should get pretty much that multiple of mine in eBucks (plus they have higher reward rates and extra benefits).
 
NarrowBandFtw said:
Around 5 years ago fwiw



100k off? I'd have to assume you are infinitely better at negotiating than me, I did try pretty hard and have yet to meet a single BMW salesman that will knock off anything close to a 100k, they'll "overpay" you from 10k to 30k more than your trade-in is worth sure, but actual discount on the asking price? That's very taboo in BMW country.

Anyway, of course it is a sales pitch, and of course you pay for the privilege, but it's not like it is some hidden amount, it's explicitly stated and in my case was R9500. So I financed an additional 9500 at prime -5% over 4 years as opposed to paying 9500 less and financing at prime -1% (hypothetically speaking). It is a no brainer when the discount is that low. 100k would be another story, I just don't see how it was possible to get that much discount.
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100k off the new price for a 3month old demo. Not 100k discount.
I searched around for months, took the best deal and financed.
Vs. when they have the -5 deal and then they load the price of the car.
They wanted to charge me 30k more to get the -5 deal.
 
superskully said:
100k off the new price for a 3month old demo. Not 100k discount.
I searched around for months, took the best deal and financed.
Vs. when they have the -5 deal and then they load the price of the car.
They wanted to charge me 30k more to get the -5 deal.
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Right, so to put things in context, in my case it was a 6 month old pre-owned car that was actually not on the -5 deal, I did all my negotiating on trade-in etc before even discussing financing and only afterwards inquired about prime -5% which I knew from experience is something they do, at that point the already agreed price went up R9500.

Dragging it slightly back on topic though, my point is just that for me personally private banking with anyone has never offered me a better deal than I can get elsewhere as long as I'm willing to shop around and deal with multiple banks for multiple products.

I consider myself lucky that in the years when I desperately wanted the status symbol I didn't qualify, then when I did qualify their entry criteria moved up enough to again put me in my plebeian place. Eventually the status became a joke to me and I shopped for the best deal with every type of banking I do and now I may or may not qualify for an Investec account, I just can't be bothered anymore.
 
The only people who see it as a status symbol are those who don't qualify and those who just qualify and need to show it off.
 
NarrowBandFtw said:
Right, so to put things in context, in my case it was a 6 month old pre-owned car that was actually not on the -5 deal, I did all my negotiating on trade-in etc before even discussing financing and only afterwards inquired about prime -5% which I knew from experience is something they do, at that point the already agreed price went up R9500.

Dragging it slightly back on topic though, my point is just that for me personally private banking with anyone has never offered me a better deal than I can get elsewhere as long as I'm willing to shop around and deal with multiple banks for multiple products.

I consider myself lucky that in the years when I desperately wanted the status symbol I didn't qualify, then when I did qualify their entry criteria moved up enough to again put me in my plebeian place. Eventually the status became a joke to me and I shopped for the best deal with every type of banking I do and now I may or may not qualify for an Investec account, I just can't be bothered anymore.
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For me its not about status but having everything in one spot and not having to go into the bank.
My concern is that the fee I pay vs service and limited rewards of ucount rewards makes me question whether I should not find better service at better price.

Shopping around is always worthwhile but consolidating tends to reduce overall costs eg insurance.

For now I am willing to chill but once I acquire a new car finance I would have to consider alternates to Standard bank.
 
All and all I think, if your bank pays you to bank with them (That should be your motto).

I exclude bonds or vehicle finance from this.
 
xrapidx said:
The only people who see it as a status symbol are those who don't qualify and those who just qualify and need to show it off.
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I personally know more than just a few exceptions then i.e. guys who handily qualify for private banking and cannot wait to whip out the card or name drop their bank whenever the opportunity presents itself.

All credit to guys who truly need it and somehow manage to benefit from it such that it genuinely justifies the cost, I've just never met such an individual, you'd be the first xrapidx
 
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zerocool2009 said:
Read what you said about status ... and then read my reply. (Or rather, what would you prefer:

A) a black card flashing it everywhere
B) a bond 6% below prime

And your answer ?
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That's a different question - that's not about "comparing statuses", and I think the answer is obvious. But - find me a bank that'll give me my bond at prine -6%.

And again, that's why I said

xrapidx said:
The only people who see it as a status symbol are those who don't qualify and those who just qualify and need to show it off.
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xrapidx said:
That's a different question - that's not about "comparing statuses", and I think the answer is obvious. But - find me a bank that'll give me my bond at prine -6%.

And again, that's why I said
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Its not finding you a bank, I think it is more how you bank (and that is how the bank see's you as a client)
 
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zerocool2009 said:
TRUE what you are saying !

If you have multiple bonds (think wise how you use them).
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The point doesnt make sense?
I have a bond with Standard Bank which SA homeloans cant match ito prime below interest rate. Didnt check with others as I was under impression Sahl competitive.
 
zerocool2009 said:
TRUE what you are saying !

If you have multiple bonds (think wise how you use them).
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What are you trying to say?

Also the offsets aren't cumulative. i.e. 3 bonds at Prime - 1% is not better than 1 bond at Prime -1%...
 
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