Is Private Banking worth it?

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?
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It is simple really: if you think R500+ pm for a bank account no matter what you get in return is too expensive or if reward programs are important to you then Investec is not for you. Basically, and let's be frank because this is MyBroadband, if you are a bargain hunting coupon chasing cheapskate with no grasp on the bigger picture of your financial life then Investec is not for you.

If you are willing to part with R500+ pm for great service from a call centre staffed by graduates who can communicate in English and don't read from a script or a private banker who generally responds within 30 minutes then Investec is great. If you want to bank with a bank who gives lower interest rates (sub prime for vehicle loans for example) because their business is not based on making money from your debt but rather your profit then Investec is fantastic.

So in summary: if you don't have a "poor person" mindset but think like the ****ing winner that you are then Investec is what you want.
 
quovadis said:
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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I'm looking for a bank where that isn't the case. Not looking for a postman
 
Pho3nix said:
My current issue :(
Previous banker was amazing and actually saved me money with some suggestions. New one is
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My pvt banker just phoned, as I was selected for a survey about 2-3 weeks ago, and told them I am not happy with the handling of my request. But last week I also emailed them to request a change in banker. So I thought he was phoning about the request to change banker, bit of confusion, so he was shocked when I told him about the request for change in bankers.
 
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.
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You get a private banker to minimize time spent dealing with the bank, especially on admin work and approvals on application for services. If you want better rates you probably need to show you have [high] profitable returns, it's the same counterintuitive to get more credit by being in more debt (of course affordability/repayment ability is needed, but that is a given). Which means having home loan, vehicle loan, personal loan, etc, the more you have paying off the better the chance of negotiating. The actuaries have already calculated the key break points on returns for individuals earning/repaying a certain amount at certain rates.
 
I'm extremely happy with FNB Private Wealth.
It costs me R460 per month but I get around R4000 per month back in e-bucks.
Whenever documents need signing, these are delivered straight to my door. Vehicle financing is all pre-approved and I simply walk into a dealership and pick the car that I want and there is no completion of forms, credit score checking etc (although I am cheapskate when it comes to cars).
I have a dedicated Wealth investment consultant (over and above the private banker) and he deals with all my requested from my accounts in the Channel Islands to my RA preservation funds and Ashburton Funds.
This together with the rich functionality that the FNB app/online banking provides will satisfy even the most demanding bank client.
 
Hamster said:
It is simple really: if you think R500+ pm for a bank account no matter what you get in return is too expensive or if reward programs are important to you then Investec is not for you. Basically, and let's be frank because this is MyBroadband, if you are a bargain hunting coupon chasing cheapskate with no grasp on the bigger picture of your financial life then Investec is not for you.

If you are willing to part with R500+ pm for great service from a call centre staffed by graduates who can communicate in English and don't read from a script or a private banker who generally responds within 30 minutes then Investec is great. If you want to bank with a bank who gives lower interest rates (sub prime for vehicle loans for example) because their business is not based on making money from your debt but rather your profit then Investec is fantastic.

So in summary: if you don't have a "poor person" mindset but think like the ****ing winner that you are then Investec is what you want.
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I found the guy who gets high fee accounts for the status.
 
Pho3nix said:
Honestly the Zebra card more understated than the many black etc cards people are using.
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I find that too. Most people don't know the Zebra card. Only those who know know.

Same thing like a mont blanc pen. Looks like a pen, but if you know you know. Thats a waste to me though
 
Gtx Gaming said:
99% of capitec clients to do not know this lol See them standing hours month end at the atm
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Some people don't pay attention. On the Capitec ATM screen it lists the cost of drawing money at a till, a Capitec ATM and another bank's ATM.
 
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