Is Private Banking worth it?

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
29,106
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.

My current issue :(
Previous banker was amazing and actually saved me money with some suggestions. New one is
 

joker08

Expert Member
Joined
Sep 4, 2018
Messages
1,639
I moved from Fnb to standard bank because they gave me a better rate on my new bond and a precondition to get an additional 0.5percent discount on the bond interest was that I move to standard bank.
Everything was taken care by the private banker.
But thats it. I have been with standard bank private banking for 2 months and I am not impressed. The private banker got the address wrong so delayed the card delivery. Doesnt reply to my messages. So I have to call the call center anyway.
I am just waiting for bond payout and then will downgrade .
 

Kosmik

Honorary Master
Joined
Sep 21, 2007
Messages
21,976
On private , costs a bit ,particularly now that I travel a lot less so the lounge access which was a major asset is not used as much but I also negotiated my CC down to a very very low rate which negates a lot of the cost. Once settled may shift my main account.
 

evilbob

Member
Joined
Apr 13, 2015
Messages
12
If you can, Investec is great. More than 2% lower on my home loan vs FNB and great service. The rewards system is super simple, i.e. spend money, get points. Personally I dislike the complicated FNB and Discovery systems where you need to jump through a lot of hoops.
 

Ecko_1

Senior Member
Joined
Jul 6, 2017
Messages
933
I've been with Investec since 2009. I have contemplated moving banks a few times when i compared fees (Investec currently R535). But the service is brilliant. I have 2 cars and my home financed there. Investec waives the monthly admin fee on finance agreements, so that is almost half the monthly fee saved already. Both cars are at prime less half. When we financed my wife's car the best rate she could get with FNB was prime plus 2, so I financed with Investec.
 

Ecko_1

Senior Member
Joined
Jul 6, 2017
Messages
933
Been with them for years, never used an ATM. Just draw cash at the till at PnP or Checkers, R1.60 flat rate IIRC.
So much effort. You guys are holding up the queue in grocery stores. I want to die when the person ahead of me wants to draw cash because there is always something that makes it take longer than the 10 seconds it should.
 

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
29,106
Guys, this isn't a Capitec thread as mentioned else you're trolling
 

Ecko_1

Senior Member
Joined
Jul 6, 2017
Messages
933
Do you do ATM withdrawals often? And insist on using the Capitec ATM because it is R2.25 cheaper than the other ATMs?
I think you quoted the wrong post as I am not a Capitec client.

I only Withdraw cash once a month routinely. Any other withdrawal is on a needs basis. When I do I can go wherever.
 

quovadis

Executive Member
Joined
Sep 10, 2004
Messages
6,326
Previous banker was amazing and actually saved me money with some suggestions. New one is
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Not all private banking is equal and neither are all private bankers tbh.
 

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
29,106
Not all private banking is equal and neither are all private bankers tbh.

I'm looking for consistent service. Anything over R200 in monthly fee's should be mostly decent. Anything over R450 shouldn't ever give me an issue and service should be amazing
 

quovadis

Executive Member
Joined
Sep 10, 2004
Messages
6,326
I'm looking for consistent service. Anything over R200 in monthly fee's should be mostly decent. Anything over R450 shouldn't ever give me an issue and service should be amazing
Most private banking these days though just seems to be retail banking with a dedicated resource who is supposed to service you directly - in reality they're just being a postbox with better interest rates as a retention mechanism.
 
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