Nedbank Personal Relationship Banking (Private Banking)

[tmak]

Anyone used this service before? I'm thinking of opening one of these accounts, I've never been a Nedbank client so this would be a first. I'd appreciate any comments on their service etc.
I'm not a big fan of poor service, going into banks etc and I'm also hoping this would make my home and vehicle finance applications easier in the long run.

 

[Hendrix]

Private banking ain't cheap... You pay for the personal touch.
I prefer to handle things myself and save some money, but each unto himself.
So I cannot actually comment if it's worth it...

What do they charge out of interest?

 

[Arthur]

Nice pun.

 

[Bernie]

I have been with them for good few years now. Personally I like it. Any issue / application / change of service, I just call or email, sign scan etc, I never have to go into a branch and to date any problem I have has been sorted out quite well. I have a current account that costs R269pm and includes everything except other bank ATM fees but I hardly use that, oh if you have an O/D an extra R50pm. I am not sure if its a personal profile or product thing, but I get excellent interest rates for bond and C/C.

I am sure there other services I dont really make use of.

It works for me.

 

[BloodBurner9000]

I'm at risk of sounding naive, but what does a personal banking service actually offer that a R50 pm capitec account can't beat? I am interested in things that make it worth the extra R200 pm.

 

[Hendrix]

I'm at risk of sounding naive, but what does a personal banking service actually offer that a R50 pm capitec account can't beat? I am interested in things that make it worth the extra R200 pm.

Actually it's R5pm, I've been wondering why I pay R105pm for a bog standard Standard Bank account.
Come to think of it, I must be mad...

 

[BloodBurner9000]

I know it is R5, but all transactions included it is never more than R50 give or take R5 for me. So that already trumps "unlimited" / bundle offers of other banks. For example I don't care if I can withdraw infinite times - I only withdraw once or twice a month.

 

[tmak]

I'm at risk of sounding naive, but what does a personal banking service actually offer that a R50 pm capitec account can't beat? I am interested in things that make it worth the extra R200 pm.

The consultant I asked sent me this;

Personal Relationship Banking Value Added Benefits

• Access to a dedicated Personal Relationship Banker (PRB) who is there to facilitate your banking needs and those of your household
• Access to exclusive, conveniently located Relationship centres for face to face meetings with your PRB.
• Free access to the services of a personal Nedbank financial planner for your wealth management needs
• Free access to BID Air’s Premier Domestic airport lounge access through your free Platinum Bundle VISA Credit Card
• Financial Fitness process, facilitated by PRB, allows Nedbank to gain a deeper understanding of household view, aspirations and tailored solutions that are relevant
• Free travel insurance for travel tickets booked on Platinum cards
• Free supplementary cards for spouse or kids
• Hassle free Debit order switching process as well as card and foreign exchange delivery to client’s choice of location
• Free cheque card and garage card
• Free and unlimited transactions at merchant point of sale, internet banking, debit order, ATM, branch, cheque and cash withdrawal transactions
• 1 Free cash deposit transaction per month (Nedbank ATM or Branch)
• Free subscription to internet banking, cell phone, and telephone banking channels
• Free e-Notes & SMS notification to help you keep track of your current account and credit card transactions
• Access to No funds Alert – saves on penalty fees while keeping a clean credit record
• Free Personal Money Manager (My Financial Life) Support Nedbank Affinity (Art, Culture, Sports, and Nelson Mandela Children’s Fund) of your choice at no extra cost
• Extended banking hours and contact desk that is available 24/7
• Free Access to Nedbank Greenbacks rewards programme
•
Products or services available at an additional cost which your Personal Relationship Banker can initiated:
• Free access to Priority Pass International airport lounge access, car hire upgrades discounts through the American Express Platinum Charge Card
• Access to Online Share Trading facility
• Offshore banking services through Fairburn Private Bank

 

[tmak]

I have been with them for good few years now. Personally I like it. Any issue / application / change of service, I just call or email, sign scan etc, I never have to go into a branch and to date any problem I have has been sorted out quite well. I have a current account that costs R269pm and includes everything except other bank ATM fees but I hardly use that, oh if you have an O/D an extra R50pm. I am not sure if its a personal profile or product thing, but I get excellent interest rates for bond and C/C.

I am sure there other services I dont really make use of.

It works for me.

If you have an O/D try asking them to waive the R50 monthly fee. Their current offering includes O/D in the R269 package.

Mind if I ask the kind of interest rates you were given for bond, CC and Vehicle? They did mention that one of the services they offer is negotiating interest rates. Intra-bank negotiations sounded a little like I might get played.



Edit: Banker is offering me the package for R169, am I missing something? Perhaps a R100 hiding behind the corner somewhere?

 

[tmak]

Private banking ain't cheap... You pay for the personal touch.
I prefer to handle things myself and save some money, but each unto himself.
So I cannot actually comment if it's worth it...

What do they charge out of interest?

Most banks will charge between 270 - 310 per month. It's a worthwhile extra 1k-2k annually if you can get good interest rates and save time.
I went into FNB to ask them about their Private Banking - sat in a queue for close to 45 minutes. One client walked out - no one bothered to ask him why. The sales people look at you like you owe them a months salary.

 

[Nedbank_official]

Anyone used this service before? I'm thinking of opening one of these accounts, I've never been a Nedbank client so this would be a first. I'd appreciate any comments on their service etc.
I'm not a big fan of poor service, going into banks etc and I'm also hoping this would make my home and vehicle finance applications easier in the long run.

-> Their service is outstanding, then again, we could be biased Could we get one of our bankers to call you and discuss?

 

[Nedbank_official]

Their service is outstanding, then again, we could be biased Could we get one of our bankers to call you and discuss?

 

[tmak]

-> Their service is outstanding, then again, we could be biased Could we get one of our bankers to call you and discuss?

Thanks, I signed up last week. We will see first-hand if the service is worth it.