FNB and Standard Bank Young Professionals Account

[Shubz26]

I've just graduated with a degree in engineering (next year will be my first year working) and i've been looking at the 'Young Professionals' accounts offered by both Standard Bank and FNB. Is there anyone who has a young professionals account with either bank? I'd like to know if it's worth me getting one, or is it just better to open up an ordinary account?

Also, from what I've read so far, FNB seems to be the better banking option, but then Standard Bank doesn't provide enough information on their website for me to make a fair comparison. Do you think it's better to join FNB or Standard Bank?

 

[w1z4rd]

I dont know about the professional account specifically but when it comes to general banking...FNB, hands down.

I have (cheque, savings and credit) accounts at both. FNB is just a better, faster experience.

 

[Greg C]

I've just graduated with a degree in engineering (next year will be my first year working) and i've been looking at the 'Young Professionals' accounts offered by both Standard Bank and FNB. Is there anyone who has a young professionals account with either bank? I'd like to know if it's worth me getting one, or is it just better to open up an ordinary account?

Also, from what I've read so far, FNB seems to be the better banking option, but then Standard Bank doesn't provide enough information on their website for me to make a fair comparison. Do you think it's better to join FNB or Standard Bank?

Im Completety opposite to Ghoti.
I like the I cant easily get much comparison Unless I go into a branch to open an account feel"

Why?
Because its like ordering something on a food menu with "SQ" and it gives no suggestion of price.
If you real;ly wanted it,the service is great and the price means little to you.

If not then FNB is your way forward. Its again a likened to buying a porche etc. Toyota etc will tell you the price if you ask the sal;esman, but ask a porche sal;esman a price and well he knows the sale is not real;ly on

Anyway I had the professional account. Its good,little pricier than FNB, but when you move up in Standard banks ranks I feel like pl;atinum dand private banking are sensational.

The professional account doesnt do anything that any normal account wouldnt do other than flag you as potential for future,good for marketing purposes. Id start by opening a professional account with STD bank if I was you,but here youre going to get alot of differing opinions and thanks to steve(stolen from Barcl;ays UK) FNB will come up

 

[w1z4rd]

Opposite of Ghoti? Good luck transferring money between accounts. Say you wanna use your credit card and you want to order something online. You got to wait at least 24 hours while your money transfers between your OWN accounts with Standard Bank! That is absolutely ridiculous.

FNB:

Pros:
Better website
Better smartphones and tablets
Better rewards system
Instant transfer between account
Option to instantly transfer to other people
FNB business connects to Paypal
Better phone app

Cons:
Queues when you have to go do traditional banking
Not sure if they are cheap.

Std Bank:
Pros:
Might be cheaper
Cheap overdraft

Cons:
Lame (often down) website
Over 24 hours to transfer between banks
Random cancellations of your credit card (this is so frustrating, been through 3 credit cards with them! Still on my first FNB one)
Non-awesome rewards
Cant connect to Paypal
Poor smartphone choice and pricing.

 

[Greg C]

Opposite of Ghoti? Good luck transferring money between accounts. Say you wanna use your credit card and you want to order something online. You got to wait at least 24 hours while your money transfers between your OWN accounts with Standard Bank! That is absolutely ridiculous.

FNB:

Pros:
Better website
Better smartphones and tablets
Better rewards system
Instant transfer between account
Option to instantly transfer to other people
FNB business connects to Paypal
Better phone app

Cons:
Queues when you have to go do traditional banking
Not sure if they are cheap.

Std Bank:
Pros:
Might be cheaper
Cheap overdraft

Cons:
Lame (often down) website
Over 24 hours to transfer between banks
Random cancellations of your credit card (this is so frustrating, been through 3 credit cards with them! Still on my first FNB one)
Non-awesome rewards
Cant connect to Paypal
Poor smartphone choice and pricing.

I did say here comes this conversation.

Lets first answer your angry statement "Good luck transferring money between accounts. Say you wanna use your credit card and you want to order something online. You got to wait at least 24 hours while your money transfers between your OWN accounts with Standard Bank! That is absolutely ridiculous."

I do this all the time and zero problems. Maybe you got the short end of the stick in this one(sorry to hear) but I have zero problems with this.

Pros and cons
I will only respond to the comments that have factual merit and are free from opinion and bias.
Transferring between accounts- Factual,have no problems with this
Cost: STD bank,costs more,fact

Site-Opinion
App-Opinion
Queues-Fact,in order to control queues within sweden and switzerland banks are the biggest users of soft core porn material. No one complains in queues there.Fact, people go into banks because they feel like they were successful in their dealings with the bank and it scares them individually doing everything without paper and person.
Queues in any bank at any time will never be averted,thus opinion

3 cancellations of credit card-Opinion,please note factually that clients (not necessarily you) do not always pickup credit cards within the first month that they are delivered or disclose correct cellphone numbers as to ascertain delivery of credit card,due to security reasons,credit cards are destroyed if not picked up by client in certain duration period.
I dont know the full story,but again opinion,as another individual may have(such as myself a great story) here for STD bank

Summary: Pick a bank by your requirements. If you cannot get them,try the next competitor. A bank is a bank is a bank,its the people behind the bank that make these so cal;led experiences that much worse or better. I pathetically started off by loving std bank for no other reason than my parents banked with them. We all have our reasons,but compare apples with apples and not experience,as facts dont cgange people in banks do and hence so does the experience

 

[w1z4rd]

Lets first answer your angry statement "Good luck transferring money between accounts. Say you wanna use your credit card and you want to order something online. You got to wait at least 24 hours while your money transfers between your OWN accounts with Standard Bank! That is absolutely ridiculous."

I do this all the time and zero problems. Maybe you got the short end of the stick in this one(sorry to hear) but I have zero problems with this.

None of my statements are angry, so please dont misrepresent me.

Most people have a problem waiting. You would be unique in not having a problem to wait. You can not transfer between your accounts in less than a day (or waiting for a night to complete).

Pros and cons
I will only respond to the comments that have factual merit and are free from opinion and bias.
Transferring between accounts- Factual,have no problems with this
Cost: STD bank,costs more,fact

Standard Bank costs more? Okay, if you say so. Another point for FNB.

Site-Opinion
App-Opinion

:erm: He came here asking for our opinions...


I also noticed you avoided the smartphone comparisons or the lack of Paypal intergration

Do you have an FNB account? I have both (and savings, cheque and credit cards with both. Including an additional business account with FNB), so I am wondering how you give your opinion context.

 

[pilks]

I am currently on the Standard Bank young professional Program.

The private banking feature amazing. I have never ever had to go to branch. Your private banker comes to you . I pay 125 a month and if I need anything banking related I just mail my Banker and she does it.

Transferring between any of my accounts is instant.
The online part is not exactly pretty but it works. The same goes with the phone application.

The benefits program of Standard bank is catching up with FNB.

My 2 cents, I will not comment on FNB as I have never banked with them, but their users seem like Apple users, out to justify their decision to move to FNB and are very vocal about being with FNB, which annoys me a great deal

 

[w1z4rd]

My 2 cents, I will not comment on FNB as I have never banked with them, but their users seem like Apple users, out to justify their decision to move to FNB and are very vocal about being with FNB, which annoys me a great deal

I got my Galaxy Note tab from them at a very good price.

I hope Standard Bank improve the pricing of the devices they offer.

Do you have a Standard Bank credit card? Because mine is Visa and my cheque account is Mastercard, so Im wondering how you are getting instant transfers between the two. I want to change my bank account types to what you have. Which ones do you have?

 

[Lycanthrope]

Queues-Fact,in order to control queues within sweden and switzerland banks are the biggest users of soft core porn material.

lulwut :wtf:

No one complains in queues there.Fact, people go into banks because they feel like they were successful in their dealings with the bank and it scares them individually doing everything without paper and person.

Have you ever USED a bank here? :erm:

On topic: FNB--been with them for years and still am, sort of

Easily one of the best banks in the world and, certainly, one of the most progressive and innovative.

Not a bank out here that comes close.

 

[stixx]

Go with Standard Bank, the Young Professionals package is very very good, and it is a program that will take you into full Private Banking once you start earning the minimum requirements (which is only a few years away). Standard Bank also provides excellent service if you have a Prestige/Private banking account.

My home loan with them was processed and approved in 4 days, which is very good considering the number of applications and the work that is involved in the back-end.

In the end though, it is a matter of choice, all banks work in the same manner and you can easily get crappy service from any of them. As previously mentioned by Greg C, the people behind the counter are the people that make a good or bad banking experience (or almost any experience for that matter). Also, look beyond the gimmicks of smartphones and tablets, and identify what it is that you want from a bank account, and whether FNB or Standard Bank can provide that for you.

 

[Lycanthrope]

As previously mentioned by Greg C, the people behind the counter are the people that make a good or bad banking experience (or almost any experience for that matter).

And like any bank, you get good branches and you get poor branches.

I, personally, wouldn't snub a great bank if the service of the staff at one of its branches happened to be poor. I'd just use a different branch.

Here, for example, banks want as little to do with a customer as possible--everything is either done online or telephonically. You really just go into a bank to apply for an account, once-off, and afterwards everything is done remotely--home loans, car finance, etc.

And regarding home loans and car finance--you shop around. You may well find that your main bank isn't the bank that offers you the best deal. Though you may feel some penchant of brand loyalty, when you want a great deal brand loyalty doesn't count for much.

For me, FNB's service has been great over the years--though I've rarely ever had to use it.

But what stands out is their offers, their rewards system and their banking features.

Even in the grandly touted "first world" the banks have a long way to go before they catch up to FNB--even with something as small as a text to notify you of a withdrawal or a deposit. And FNB's banking app for mobile is world-class.

 

[pilks]

I got my Galaxy Note tab from them at a very good price.

I hope Standard Bank improve the pricing of the devices they offer.

Do you have a Standard Bank credit card? Because mine is Visa and my cheque account is Mastercard, so Im wondering how you are getting instant transfers between the two. I want to change my bank account types to what you have. Which ones do you have?

Will agree with you there pricing on devices are not as good as FNB

I have a Standard Bank Private Banking Current account (card) Visa and a Standard Bank Credit Card .
Are you talking about transfering money into the CC or out of it ?
After I wrote the previous post. I do recall my Available balance changing but the amount shown(ledger Balance) was still the amount before I paid into. However, I have never tried to push this(put amount through exceeding my Limit before paying) before. I will double check end of month.....
Transfering money out of CC is instant tho

Transfering money in and out of other accounts: Current Account, Money Market, Student Acheiver(dont ask) are instant

 

[w1z4rd]

Will agree with you there pricing on devices are not as good as FNB

I have a Standard Bank Private Banking Current account (card) Visa and a Standard Bank Credit Card .
Are you talking about transfering money into the CC or out of it ?
After I wrote the previous post. I do recall my Available balance changing but the amount shown(ledger Balance) was still the amount before I paid into. However, I have never tried to push this(put amount through exceeding my Limit before paying) before. I will double check end of month.....
Transfering money out of CC is instant tho

Transfering money in and out of other accounts: Current Account, Money Market, Student Acheiver(dont ask) are instant

Yeah, I would be very surprised if you can transfer instantly between your credit card and cheque account. If you could I would take that instantly to Standard bank and complain. I purchase a lot of services on credit card so I need to be able to transfer quickly between accounts. It was one of the main reasons I got another account. With Standard Bank I have a cheque, credit card and savings account (normal debit card I use to manage debit orders on). None of them transfer instantly between them

I do not have a Money Market or Student Achiever account.

 

[modern10]

Yeah, I would be very surprised if you can transfer instantly between your credit card and cheque account. If you could I would take that instantly to Standard bank and complain. I purchase a lot of services on credit card so I need to be able to transfer quickly between accounts. It was one of the main reasons I got another account. With Standard Bank I have a cheque, credit card and savings account (normal debit card I use to manage debit orders on). None of them transfer instantly between them

I do not have a Money Market or Student Achiever account.

I have a cheque and credit card with fnb. Transfers are instant, absolutely no wait.

 

[VG008]

Congrats on your degree

I currently have the young professionals account with FNB. It is basically their platinum cheque account without the 350K requirement.

I've put together a simple comparison between the two products. Click here
It is quite disappointing to see the largest retail bank (SB) have such a useless website.

On paper, it seems that standard bank has the superior product.

You need to take the following into consideration:

1. FNB's online application process is near flawless;I had no problems
2. FNB's young professional product is not a private banking product. You get the platinum product.
3. FNB's premier banker service is overrated.
4. Ebucks is great if you mostly transact via electronic channels
5. FNB's investment products (Cash investments) have a higher interest rate than standard bank. Although both are under inflation.
6. FNB's fee of R135.00 can be waived by keeping a minimum balance of R9000.00 at all times. I think SB has a similar feature with a balance of R10,000.00.
7. FNB's online banking allows you to change the limits on your profile and cards, which has been useful to me. I know Nedbank requires the limits to be changed at the branch. Not sure about SB.
8. My medical aid is with Discovery, so I took out a Discovery Credit Card. The Discovery card appears on my FNB banking site (since it is backed by FNB). So I can transfer funds between the two accounts.

I can't comment on the Standard bank product, since I've never used it.

 

[Jakes147]

Just remember that because the young profesionals account is basically a platinum account, the minimum deposit requirement to earn ebucks is R16500.

 

[VG008]

Just remember that because the young profesionals account is basically a platinum account, the minimum deposit requirement to earn ebucks is R16500.

Minimum is R5,500.00 for young professionals.

 

[Jakes147]

Minimum is R5,500.00 for young professionals.

That sucks, when i moved over they told me it was R16500 so i moved back to gold.

Are there any real benefits in the young profesionals account compared to gold?

 

[Bar0n]

Good luck transferring money between accounts. Say you wanna use your credit card and you want to order something online. You got to wait at least 24 hours while your money transfers between your OWN accounts with Standard Bank! That is absolutely ridiculous.

Not only is my money available immediately when transferring between accounts, but even when transferring to other SB customers. My brother can refresh his accounts immediately after I transferred money to him and the money is available for use.

 

[VG008]

That sucks, when i moved over they told me it was R16500 so i moved back to gold.

Are there any real benefits between gold and the young profesionals account?

You get the following extra:

1. Slow lounges
2. Ebucks discount is capped at 2.5%, compared to 1.x% for gold
3. Mobile data is more, I think

Thats about it. Nothing special.