Is Private Banking worth it?

Pho3nix

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
32,847
Reaction score
3,041
Location
On the toilet
Hi guys,

So having turned 30 :| My cheap account at Standard Bank (Young Professional) needs to either move to an expensive Private Banking account or I move back to regular banking.

What I did like though is a single point of entry for all my queries. 70% of the time I'd get great service and I got great rates even when I no longer worked at the bank.

Can anyone vouch for their bank? Very unsure about Investec nor Standard Banks more expensive products (Private Banking / Signature).
FNB seems to be the same whether you are on Premier or PW from the threads I have read, just more eBucks. No idea about Absa. Not keen on Nedbank because of their app unless you guys can convince me :p

Needs : Good rates, no nonsense banking, good mobile iOS app. Single point of entry would be nice. Rewards programme is an optional extra albeit would be appreciated.
 
Investec.
If you were looking at core banking, Capitec would suffice.
If you have other Discovery products, then banking would make sense, their app on iOS is nice.
 
Pho3nix said:
Hi guys,

So having turned 30 :| My cheap account at Standard Bank (Young Professional) needs to either move to an expensive Private Banking account or I move back to regular banking.

What I did like though is a single point of entry for all my queries. 70% of the time I'd get great service and I got great rates even when I no longer worked at the bank.

Can anyone vouch for their bank? Very unsure about Investec nor Standard Banks more expensive products (Private Banking / Signature).
FNB seems to be the same whether you are on Premier or PW from the threads I have read, just more eBucks. No idea about Absa. Not keen on Nedbank because of their app unless you guys can convince me :p

Needs : Good rates, no nonsense banking, good mobile iOS app. Single point of entry would be nice. Rewards programme is an optional extra albeit would be appreciated.
Click to expand...

Investec all the way.

I’m with FNB PW - i get stuff done faster than my banker. In most instances I actually find the banker a hinderance. Everything auto directs to him which actually slows the process down.
Credit card rate is 7% Which is good. Although I transact rather than revolve.
They wouldn’t give me a bond, had to go to STD for that.
eB are the only draw. 5k a month in freebies is hard to leave.
 
Pho3nix said:
Please do add your experience?
Most people that say Investec, say just this and leave.

@Hamster know you have some experience with them as well?
Click to expand...
Trying to buy contact lenses at 2am, payment fails. I phone the call center and get sorted out in under a minute.

A friend also client, got a better rate on his bond through them. If you’re trying to consolidate everything they make sense.

Their rewards programme isn’t fantastic but it at least is convertible to cash
 
Investec's proper private banking. You're one of a relatively small number of clients and you have direct numbers to your dedicated banking team (you are assigned two bankers as a client). They do things like complete documentation on your behalf, deliver it to where you are for signatures, and so forth.
Whether that has value to you depends on how often you'd make use of those sorts of services and how highly you value your time.
The other thing with Investec is, they're a lot more flexible in terms of deals they can work out for you, than a usual retail bank. Not really a thing if all you're doing is financing a single primary residence, but if you're buying say 10 units in an apartment building and have a boat and huge share portfolio, things can get interesting with regards to collateral requirements and such.
 
In terms of mobile app (and online banking functionality), FNB is the best I have used (I also have an account with Capitec and Standard Bank currently and had accounts with Nedbank and ABSA not long ago). I have no experience with the Investec, Thyme or Discovery apps.

With FNB there is very little reason to speak to anyone - most things can be done via the app/online banking which is the way I prefer it.

FNB and Investec stand out from the rest as they are the only ones that provide proper overseas accounts for SA passport holders. FNB in the Channel Islands and Investec in the UK.

Whether private banking is worth your while is debatable and probably dependents on your own requirements/situation.
 
I have the same Standard Bank Prestige account for R209/month that I have had for years and years and years and have never seen the benefit to move to a more expensive account based on my needs and the fact that I very rarely ever need to contact anyone at Standard Bank.
 
I've popped off an email to Investec. Anyone in Discovery using the 75% off flights and can advise what's needed to get that benefit?
 
Pho3nix said:
I've popped off an email to Investec. Anyone in Discovery using the 75% off flights and can advise what's needed to get that benefit?
Click to expand...
Max discount you need spend avg 40k a month on the card, and be diamonth on health and banking.

Mine is 45%, due being Gold Health and Silver Bank.
 
Pho3nix said:
no nonsense banking
Click to expand...
then private banking is even more of a waste than it almost always is

pretty much every bank has a no nonsense option that doesn't cost an arm and a leg for nothing in return:
- Standard Bank MyMo
- FNB Easy PAYU
- ABSA Transact
- Nedbank Pay-as-you-use

take your pick or go with the original no nonsense banking account: Capitec
 
scudsucker said:
Substandard bank's "private banker" gets you literally nothing more than access to a different call centre and an annual email from your "private banker" to remind you that they exist.
Click to expand...
With STD Bank. Last year I had a great pvt banker. Got things done. This year I got a new banker, ask him to do simple request. No response, followed up with him, he reply that I could just do it at a branch.
 
I suppose it depends on your individual requirements. For me PB was not worth it, I can and prefer to fill out forms myself, found cheaper borrowing rates outside of PB, and don't really need the flashy cards. Sweet spot for me was downgrading few years back to FNB Premier.
Investec does compare better with regards to service levels but then again personally do not utilize bankers that often (perhaps a few times a year), so happy with the generic premier call centre and don't really have a need to pay a premium for flashy cards.
 
NarrowBandFtw said:
then private banking is even more of a waste than it almost always is

pretty much every bank has a no nonsense option that doesn't cost an arm and a leg for nothing in return:
- Standard Bank MyMo
- FNB Easy PAYU
- ABSA Transact
- Nedbank Pay-as-you-use

take your pick or go with the original no nonsense banking account: Capitec
Click to expand...

First item I mentioned was rates. None of the accounts you've listed would assist with that.
 
Pho3nix said:
First item I mentioned was rates. None of the accounts you've listed would assist with that.
Click to expand...
rates for what? debt or savings? Capitec (as well as Tyme for that matter) have higher savings rates than any private banking account will give you

for loans, well, your mileage may vary ... back when I still had an expensive bank account and needed a home loan the best offer I got was not from the same bank, it wasn't even from a bank I banked with at all

as an experiment when I bought my current car back when it was new I had the funds to buy it without financing and told the dealership they can bring me financing offers but not to bother with anything that can't beat prime -0.something percent ... FNB actually made me such an offer, I was not banking with FNB at all at the time either
 
NarrowBandFtw said:
rates for what? debt or savings? Capitec (as well as Tyme for that matter) have higher savings rates than any private banking account will give you

for loans, well, your mileage may vary ... back when I still had an expensive bank account and needed a home loan the best offer I got was not from the same bank, it wasn't even from a bank I banked with at all

as an experiment when I bought my current car back when it was new I had the funds to buy it without financing and told the dealership they can bring me financing offers but not to bother with anything that can't beat prime -0.something percent ... FNB actually made me such an offer, I was not banking with FNB at all at the time either
Click to expand...

Rates for borrowing. With a banker you usually get rates of prime -1% and up. Also credit can be massaged for your use cases.

I'm really not trying to have a back and forth around Capitec VS Investec. I'm looking for feedback on the Private Banking platforms and if people have gotten the value from them. I already know what I'll get with Capitec, Tyme etc.
 
Pho3nix said:
Rates for borrowing. With a banker you usually get rates of prime -1% and up. Also credit can be massaged for your use cases.

I'm really not trying to have a back and forth around Capitec VS Investec. I'm looking for feedback on the Private Banking platforms and if people have gotten the value from them. I already know what I'll get with Capitec, Tyme etc.
Click to expand...
fair enough, in my own experience and a number of people I know's experience: having a private bank account with a bank does not necessarily get you better rates

often you can negotiate equal or better rates regardless of which account you hold and who you hold it with

been a while though, maybe things have changed in the last 5 years or so
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X