Which private level bank account?

[blunt]

I'm interested to hear from people who are on private at Standard / ABSA.

I'm at FNB and it's quite underwhelming, the Private Wealth offering is overkill and I don't want to pay R400+ p/m on fees.

I do like the lounge access and rewards programs on FNB, but if I enquire via email I do expect a response within one business day.

Unfortunately Investec won't take me as the company I work for is not a listed company, and my masters degree is not in the accounting or medical field, despite earning enough - so that's not an option.

Good rewards program, international lounge access, and reasonable response time to emails, for under R400 - does it exist?

 

[NarrowBandFtw]

You seem to be coming to terms with the fact that R400+p/m is ridiculous and is not justified by what you get in return, that's step one complete.

Step two is realizing it's all BS and to just go for a cheap-as-chips account that does what you want, of course many would disagree and your needs might vary. Here's the Capitec "private banking" account:

- rewards program: minimum 5.35% interest on your current account, cold hard cash that is accepted everywhere instead of just some affiliated retailers

- lounge access: buy it yourself from https://www.prioritypass.com at R1270/year

- monthly fee: (including the priority pass annual subscription divided by 12) R111.33

 

[Muttley]

You seem to be coming to terms with the fact that R400+p/m is ridiculous and is not justified by what you get in return, that's step one complete.

Step two is realizing it's all BS and to just go for a cheap-as-chips account that does what you want, of course many would disagree and your needs might vary. Here's the Capitec "private banking" account:

- rewards program: minimum 5.35% interest on your current account, cold hard cash that is accepted everywhere instead of just some affiliated retailers

- lounge access: buy it yourself from https://www.prioritypass.com at R1270/year

- monthly fee: (including the priority pass annual subscription divided by 12) R111.33

This ^^^^

I pay R200 PM all in (still feel like I'm getting shafted by hey)... I have a silver card but who cares.

Take the R200 that you could save each month, multiplied by 12 = R2400 per year saved.
Now multiply this by 5 years = R12 000 saved.

This is without any interest earned and assuming that banking fees will remain the same.

I'd rather have +- 12 grand in my back pocket after 5 years than a "fancy" bank card that lives in my wallet...

 

[Grubscrew]

I once I had a threesome with a stage dancer at emperors palace and her friend that I met at the bar, was a two day session. No bank offers a product that I use to show to highlight this slight achievement. So I have a Capitec gold card that I have marked with a permanent marker that says spyker soos 'n champion.

 

[blunt]

This ^^^^

I pay R200 PM all in (still feel like I'm getting shafted by hey)... I have a silver card but who cares.

Take the R200 that you could save each month, multiplied by 12 = R2400 per year saved.
Now multiply this by 5 years = R12 000 saved.

This is without any interest earned and assuming that banking fees will remain the same.

I'd rather have +- 12 grand in my back pocket after 5 years than a "fancy" bank card that lives in my wallet...

I know the Capitec arguments and have been a Capitec client for many years, but my eBucks covers my bank fees at the moment and I prefer to use my credit card and as far as I understand Capitec uses the single facility approach to credit cards (basically an account with overdraft), which I do not like. I also have a Virgin cc which is nice and all but their credit limits are way too low (i do make use of the interest free days - not saying i rack up a monumental bill and pay it off with interest - so don't hop onto this statement and sidetrack).

I also find their online banking portal horrendous and I do not want to do everything via the App. I've had this argument before about how 'simple' the 1999 internet banking interface style is but - it's not - it's cumbersome and has no global navigation so let's not discuss that now.

More so wanting an opinion on the equivalent private account counterparts.

 

[blunt]

I once I had a threesome with a stage dancer at emperors palace and her friend that I met at the bar, was a two day session. No bank offers a product that I use to show to highlight this slight achievement. So I have a Capitec gold card that I have marked with a permanent marker that says spyker soos 'n champion.

cool story bro

 

[f2wohf]

RMB is noticeably better than FNB.

I wouldn't recommend Standard Bank at all, I left them after 6 months of constant disappointment and inefficiencies.

Not sure about ABSA.

I'm at Nedbank which is very good and under 400. I get access to the lounge, I reinvest the Greenbacks (interesting if you pay via the American Express) in unit trusts and they answer very quickly.

 

[Grubscrew]

cool story bro

 

[blunt]

RMB is noticeably better than FNB.

I wouldn't recommend Standard Bank at all, I left them after 6 months of constant disappointment and inefficiencies.

Not sure about ABSA.

I'm at Nedbank which is very good and under 400. I get access to the lounge, I reinvest the Greenbacks (interesting if you pay via the American Express) in unit trusts and they answer very quickly.

Nedbank Private Wealth?

 

[Muttley]

I know the Capitec arguments and have been a Capitec client for many years, but my eBucks covers my bank fees at the moment and I prefer to use my credit card and as far as I understand Capitec uses the single facility approach to credit cards (basically an account with overdraft), which I do not like. I also have a Virgin cc which is nice and all but their credit limits are way too low (i do make use of the interest free days - not saying i rack up a monumental bill and pay it off with interest - so don't hop onto this statement and sidetrack).

I also find their online banking portal horrendous and I do not want to do everything via the App. I've had this argument before about how 'simple' the 1999 internet banking interface style is but - it's not - it's cumbersome and has no global navigation so let's not discuss that now.

More so wanting an opinion on the equivalent private account counterparts.

I have an FNB Premier Acc: cheque card + credit card for R199 PM

 

[f2wohf]

Nedbank Private Wealth?

Yes.

 

[xrapidx]

ABSA is horrible.

The normal banks don't really offer private banking.

 

[JayM]

I'm interested to hear from people who are on private at Standard / ABSA.

I'm at FNB and it's quite underwhelming, the Private Wealth offering is overkill and I don't want to pay R400+ p/m on fees.

I do like the lounge access and rewards programs on FNB, but if I enquire via email I do expect a response within one business day.

Unfortunately Investec won't take me as the company I work for is not a listed company, and my masters degree is not in the accounting or medical field, despite earning enough - so that's not an option.

Good rewards program, international lounge access, and reasonable response time to emails, for under R400 - does it exist?

Without trying, I get back 8K+ in ebucks, which makes the R400 spend worthwhile. Are you on RL5?

 

[Trompie67]

RMB Private Bank.

Exceptional service, excellent advice and facilities. No monthly fees on ANYTHING provided there is a minimum balance retained in your account.

They really are streaks above the rest - the only comparable is Investec, but RMB provides us with more personalised service (and I used to work at RMB, so got preferential rates during time).

If you require a private account for more than simply the status value, then RMB or Investec are the only way to go.

 

[xrapidx]

Yip....

 

[Hosehead]

Standard bank private is dreadful
When my income took a dip they were quick to point out I was not worthy
The credit card is useless no better than any other
The account management turn over rate is high
I don't see any benefit over normal account

 

[backstreetboy]

I know the Capitec arguments and have been a Capitec client for many years, but my eBucks covers my bank fees at the moment and I prefer to use my credit card and as far as I understand Capitec uses the single facility approach to credit cards (basically an account with overdraft), which I do not like. I also have a Virgin cc which is nice and all but their credit limits are way too low (i do make use of the interest free days - not saying i rack up a monumental bill and pay it off with interest - so don't hop onto this statement and sidetrack).

I also find their online banking portal horrendous and I do not want to do everything via the App. I've had this argument before about how 'simple' the 1999 internet banking interface style is but - it's not - it's cumbersome and has no global navigation so let's not discuss that now.

More so wanting an opinion on the equivalent private account counterparts.

No it's separate. You select credit then you get 55 days to pay for the purchase interest free. Also the internet banking had global navigation since I joined ages ago...

 

[blunt]

No it's separate. You select credit then you get 55 days to pay for the purchase interest free. Also the internet banking had global navigation since I joined ages ago...

View attachment 445164

Ok good to know it's separate.

The "global" footer nav changes depending on what screen, it's not really global nav and it's not very intuitive to place it at the bottom of the screen

 

[blunt]

RMB Private Bank.

Exceptional service, excellent advice and facilities. No monthly fees on ANYTHING provided there is a minimum balance retained in your account.

They really are streaks above the rest - the only comparable is Investec, but RMB provides us with more personalised service (and I used to work at RMB, so got preferential rates during time).

If you require a private account for more than simply the status value, then RMB or Investec are the only way to go.

Their pricing seems pretty good but I don't quite cut the mustard on their entry criteria, I see the same 1.5m annual salary requirement is the same as Nedbank PW.

 

[Cius]

Never seemed worth it. Have the cheapest Nedbank package (Savy I think) with Greenbacks activated to get something back. I pay about R66 pm bank fees, and R18 for greenbacks per month. My greenbacks earn me about R150 per month so a little more than the total of the bank fees.

There do seem to be better packages out there though but for now it pays me to be at Nedbank as my bond is there and the ability to instantly move money in and out of the bond and keep all my spare cash there with instant access has saved me thousands in interest over the years. Once the house is paid off I may shop around a bit but I doubt I will ever go for a private account as they just don't seem worth it to me.