Your Private Banking Experience

Messugga

Honorary Master
Joined
Sep 4, 2007
Messages
11,464
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 don't have vehicle finance but I'm not paying any fees on my mortgage. It's supposed to be all inclusive.
 

Hamster

Resident Rodent
Joined
Aug 22, 2006
Messages
37,438
I just checked both my vehicle and home loan accounts. Whether it's included or not I do not know but there are only two entries a month:

Loan payment
Interest charge
 

Tman*

Expert Member
Joined
Jul 18, 2012
Messages
3,952
Banking is like insurance. You can only truly rate the service of your provider once you need their help. Fnb don't have private bankers, they have call centre agents. In my opinion I'm anyway.

My experience with FNB PW has left a lot to be desired, and I would consider other options if it wasn't for the fact that FNB paid me R50 000 in ebucks rewards in the last 12 months to bank with them
 

R13...

Honorary Master
Joined
Aug 4, 2008
Messages
36,226
wut? Investec ZA is twice as expensive as UK? Jikes
Because in general banking is cheaper in the UK and they wouldn't be competitive at near SA prices there. And they can get away with high fees here seeing as the banks seem to be colluding.
 

Jehosefat

Expert Member
Joined
May 8, 2012
Messages
1,511
Thanks. I just checked a contract it's 69 labeled as a service fee. I will query it this morning.
The contract document states that there is the service fee but if you look in the fine print it mentions that the fee will be waived if the monthly debit order is from an Investec Private Banking account.
 

VG008

Senior Member
Joined
Dec 9, 2010
Messages
772
The purpose of private banking is for the service. Having experienced both FNB & Investec , Investec's services is the best; nothing can compare.

But try to experience it yourself. Call the Investec call centre & time how long it takes to speak to a human and then compare that to any other bank.
 

NightCrawlerNic

Senior Member
Joined
Sep 13, 2012
Messages
648
I have been with FNB private, Standard bank Private, and finally with Investec. I can tell you now, i took out the reward program out of the decision-making process and i am happy with Investec. I have both my banking at insurance stuff with them.

My bankers are accessible, even the financial advisor is very much accessible. I got a bond with them few months ago and the whole process was a breeze. I went from preapproval of prime + to getting prime - with them.

Included on my fees are two youth accounts for my daughters. The wife also got her account at a discounted price of R300 odd if i am not mistaken.

I do however keep a platinum discovery account for day to day stuff + rewards.

I coulnt be more happier.
 

duckgray

Well-Known Member
Joined
Sep 28, 2013
Messages
269
was with fnb private banking for about a year. downgraded as i could do everything online and whenever i needed my banker he would take about 4 days to get back to me. by this stage i had already done everything myself.

with investec now and it's substantially better. better service and response times. if i call my banker and she doesn't answer the phone, she will call me within 15 minutes and helps out as much as i can. when i bought my property, it took about 2 emails and everything was sorted with financing it.
 

Flywheel

Honorary Master
Joined
May 11, 2009
Messages
11,799
I would suggest Investec simply because of their low interest rates for home loans and vehicle financing, and the hassle free quick service. I've saved a lot over the years so far with them.

I think you need to earn at least R800k pa to apply for an account.
 

lexor

Expert Member
Joined
Aug 11, 2007
Messages
4,166
Had one at FNB - cancelled after 2 months.

Had a useless private banker,
Higher fees with no real benefits,
Less e-bucks.
 

Gtx Gaming

Gtx Gaming
Joined
Aug 25, 2008
Messages
21,483
With RMB I am lucky if my banker is not on leave and maybe reply to me in the same week.

Got so many outstanding issues, cant even keep track.

But they do pay me to bank with them lol
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,071
I would suggest Investec simply because of their low interest rates for home loans and vehicle financing, and the hassle free quick service. I've saved a lot over the years so far with them.

I think you need to earn at least R800k pa to apply for an account.
Is it just the 800k? I enquired a number of years back and was told that either you need to be a medical doctor, accountant or the company you work for needs to be JSE listed even if you earn above the required income.
 

HibiscusTunes

Expert Member
Joined
May 13, 2008
Messages
1,570
Is it just the 800k? I enquired a number of years back and was told that either you need to be a medical doctor, accountant or the company you work for needs to be JSE listed even if you earn above the required income.
I think they checked income, which company it was that I worked for and if I had a degree last time I applied.
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,071
I think they checked income, which company it was that I worked for and if I had a degree last time I applied.
I have a master of science degree in IS management, but the company I work for isn't JSE listed so it was a no, this was about 5-6 years ago.
 

Nerhzelok

Expert Member
Joined
Nov 20, 2007
Messages
2,028
I applied for the young professional account. It says you need a degree but if you have the salary and work experience, they'll forego that requirement.
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,071
I applied for the young professional account. It says you need a degree but if you have the salary and work experience, they'll forego that requirement.
I'm not young according to Investec :( 36.
 

ricardo12

Well-Known Member
Joined
May 4, 2015
Messages
176
Any recommendations for an FNB account.

I'm currently on FNB Private Wealth being charged R499pm which to me is madness.
Can I just call in and downgrade my account to say a Premier or Fusion account and then save over R300 per month? I have the below accounts and obviously don't want to downgrade and then suddenly get charged extra for these accounts, taking my monthly account fee back up to R499... I very rarely withdraw cash or go into a bank, I swipe my credit card for everything and then pay it off within a few days so I'm not in the negative. I do about 5 monthly bill payments via EFT online..

I also have:
USD Global account.
Home loan account.
Money Maximiser savings account.
 
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