Your Private Banking Experience

roskii

Senior Member
Joined
Jan 20, 2010
Messages
526
Considering the number of 'private' banking options out there, I believe there is some value in seeing what experience MyBB users have had... As we all know there are a number of factors to consider as each offer has its own reward partners, travel benefits etc

I personally tried FNB Private (not wealth) for a short period. Immediately saw a fall off in my ebucks rewards, and didn't have the best experience with the private banker I was allocated (was clueless around anything related to investing - not sure what a TFSA is? Cmon)

Now as the title states, the thread is around 'your experience' and not how Capitec's R5 account is the best thing ever. In a sense it is, but also for some, the ease of doing business is well worth the cost outlay.

If you are part of one of the below accounts, or a similar private offering like FNB's one-step-above Premier, then please share your experience - whether you are still with them, saw no benefit, or are looking to change... Did you feel the respective rewards programs have grown in their offering or have seem to become more restricted? (like FNB I feel) Is your Private Banker up-to-date and ready to respond to your needs or do you struggle to get what you need?

Here is breakdown taken from BT earlier this year.


BankAnnual salary neededMonthly salary neededMonthly fee
Discovery PurpleR2 500 000R208 000R550
FNB Private WealthR1 500 000R125 000R470
Nedbank Private WealthR1 500 000R125 000R452
Standard Bank SignatureR1 100 000R92 000R469
Absa Private BankingR750 000R62 500R460
RMB Private BankingR750 000R62 500R470
Investec Private BankNot statedNot statedR535
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
24,542
Now as the title states, the thread is around 'your experience' and not how Capitec's R5 account is the best thing ever. In a sense it is, but also for some, the ease of doing business is well worth the cost outlay.
Que? Got that with Capitec as well. Can call them up and speak to a properly trained person on the other end...
 

Affieplaas

Well-Known Member
Joined
Jan 12, 2020
Messages
171
I’m with FNB Private Wealth and has been for the past 4 or so years. I think i spoke to my private banker once although i have phoned the private suite a few times. Everything i need i do on the app or website, including transfers to the Channel Islands, transfers to and from Paypal, opening new accounts etc. The biggest advantage for me is no need to ever visit a branch again. If i need to speak to someone they come to my house.
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,076
I’m with FNB Private Wealth and has been for the past 4 or so years. I think i spoke to my private banker once although i have phoned the private suite a few times. Everything i need i do on the app or website, including transfers to the Channel Islands, transfers to and from Paypal, opening new accounts etc. The biggest advantage for me is no need to ever visit a branch again. If i need to speak to someone they come to my house.
I was on FNB PC and FNB PW a few years back.. all of what you mentioned is possible on Premier. I downgraded to Premier, the extra R300/month doesn't justify the home visit I'd need maybe twice a decade if I need to get a new home loan or something...

Premier's chat support became unbearable a few months ago but the past few times I've tried it I have had a response within 5 minutes.

If it wasn't for eBucks (still works in my favour) and my access bond I'd go back to Capitec which I used as my primary bank for about 4 years in the past
 

blunt

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May 1, 2006
Messages
3,076
Immediately saw a fall off in my ebucks rewards, and didn't have the best experience with the private banker I was allocated (was clueless around anything related to investing - not sure what a TFSA is? Cmon)
this too, much easier to keep the ebucks + rewards level up on premier vs. private*
 

itareanlnotani

Expert Member
Joined
Sep 14, 2008
Messages
3,837
FNB Private Banking.

Outright useless. Planning to close up my FNB accounts and move bank.

At least you reminded me I need to send yet another ****ing follow up email to ask what the **** is happening with some questions I've had to my "private banker".
 
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Affieplaas

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Joined
Jan 12, 2020
Messages
171
FNB Private Banking.

Outright useless. Planning to close up my FNB accounts and move bank.

At least you reminded me I need to send yet another ****ing follow up email to ask what the **** is happening with some questions I've had to my "private banker".
Where do you want to move to?

I was with Standard Bank (useless beyond words) and Nedbank (adjectives for their ineptitude fail me). FNB in my experience is head and shoulders above those 2.

I use slow lounge and lounge key (for international flights) regularly and I have been Ebucks level 5 for the past 4 years without much effort earning between R3000 and R4000 in ebucks per month. Money for jam.

I do have a Capitec account as well but it becomes super expensive very quickly if you receive multiple deposits into your account and have many debit orders. For someone looking for simple banking it is perfect but it cannot work for me as a day to day account.
 

R13...

Honorary Master
Joined
Aug 4, 2008
Messages
36,310
Que? Got that with Capitec as well. Can call them up and speak to a properly trained person on the other end...
Good budget bank but also budget service. I hate that you have to go in to the branch for minor **** they should be able to automate.
 

Hamster

Resident Rodent
Joined
Aug 22, 2006
Messages
37,502
Investec. Night and day compared to FNB.

The only downside really is the reward program. If you like your ebucks then you're not going to like Investec.
 

Pho3nix

The Legend
Joined
Jul 31, 2009
Messages
28,772
On Private something with Standard Bank.
Banker on the ball and have asked for things over WhatsApp and gotten them solved in 10 min or less

Relatively happy albeit had an issue with internet rates which is still pending
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
24,542
Good budget bank but also budget service. I hate that you have to go in to the branch for minor **** they should be able to automate.
Haven't been to a branch since about a year ago when the new look cards launched and I wanted to upgrade to get tap 'n pay.
 

Koosvanwyk

Senior Member
Joined
Aug 6, 2015
Messages
540
Been with Investec since 2001, straight after university.

My experience with them has been very good. The last property I bought was basically arranged in 1 email to my banker, they took care of the rest (apart from signing the actual documents). Same applies to vehicle finance. Their fees have gone up recently, but it is an all in fee (incl. no admin fee on mortage finance, vehicle finance, additional accounts)

Their banking app is one of the best out in the market.
 

Kola_CT

Expert Member
Joined
Jun 28, 2020
Messages
1,314
Have been with Investec for more than 15 years.

Never been to a branch, private banker visited me a few times over the years to deliver or sign documents.
Response to queries or requests, really good.
Getting anything financed, painless. They even negotiated more discount on an already good vehicle finance deal some time back, and arranged everything including vehicle delivery.
As a client, they have my back when I need it.

The banking apps work, never had any issues.
This includes offshore as well.

Their loyalty/rewards is not great, but that is not a big priority for me.
 

itareanlnotani

Expert Member
Joined
Sep 14, 2008
Messages
3,837
Where do you want to move to?

I was with Standard Bank (useless beyond words) and Nedbank (adjectives for their ineptitude fail me). FNB in my experience is head and shoulders above those 2.

I use slow lounge and lounge key (for international flights) regularly and I have been Ebucks level 5 for the past 4 years without much effort earning between R3000 and R4000 in ebucks per month. Money for jam.

I do have a Capitec account as well but it becomes super expensive very quickly if you receive multiple deposits into your account and have many debit orders. For someone looking for simple banking it is perfect but it cannot work for me as a day to day account.
I'll probably look at Capitec or Investec.

I don't need many bells and whistles, I just want some answers if I ask a question, and not have to follow up 3 or 4 times to get an answer.
 

ele33

Expert Member
Joined
Aug 16, 2012
Messages
1,116
Have the option of Investec but the rewards program can't compare to eBucks. Must say I've been lucky with the private banker allocated to me, ad hoc queries resolved the same day and I haven't been to a branch in years now.
 

Daniel63

New Member
Joined
May 5, 2020
Messages
7
In my view, Investec is heads and shoulders above the rest - primarily as a result of them being a private banking institution from the ground up. Their entire business model and infrastructure is built around the premise of delivering the best private banking experience to their customers.

A small example of this in action is when you call their call center (which is brilliant), your call is always answered within seconds and you are assisted by skilled and knowledgeable agents (all of whom have a finance/accounting/law degree of some sort).

It extends past your designated private banker, every interaction point between you (as a their discerning customer) and them (as your bankers) - is seamless, elegant and effective.
 
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ProfA

Honorary Master
Joined
Jul 15, 2008
Messages
12,946
Wanted to try investec when purchasing my last house. Bloemfontein rep was utterly useless and pathetic. Been with standard bank private. Useless. All this is just to make the bank rich from people who like to flash their platinum cards. Both my wife and i now bank for free at capitec. Interest earned on balances covers bank charges. Everything we need can be done via the app.
 

Sir Bob

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Joined
Nov 5, 2013
Messages
329
but it is an all in fee (incl. no admin fee on mortage finance, vehicle finance, additional accounts)
Are you sure about that? I have seen vehicle finance quotes from investec and they charging an initiation fee as well as a monthly fee of R65
 
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