Your Private Banking Experience

[roskii]

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.

The most expensive bank accounts in South Africa

While a battle rages on in entry-level banking, South Africa’s major retail banks have not shifted their attention away from the higher-end of the market – with the latest entrant, Discovery, banking on its behavioural banking model to win over the elites.

businesstech.co.za

Bank	Annual salary needed	Monthly salary needed	Monthly fee
Discovery Purple	R2 500 000	R208 000	R550
FNB Private Wealth	R1 500 000	R125 000	R470
Nedbank Private Wealth	R1 500 000	R125 000	R452
Standard Bank Signature	R1 100 000	R92 000	R469
Absa Private Banking	R750 000	R62 500	R460
RMB Private Banking	R750 000	R62 500	R470
Investec Private Bank	Not stated	Not stated	R535

 

[backstreetboy]

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]

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]

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]

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]

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".

 

[Affieplaas]

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...]

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]

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]

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]

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]

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]

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]

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]

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]

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.

 

[ProfA]

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.

 

[HavocXphere]

wut? Investec ZA is twice as expensive as UK? Jikes

 

[Sir Bob]

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

 

[Hamster]

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

I'm not charged R65 per month either.