Your Private Banking Experience

blunt

Expert Member
Joined
May 1, 2006
Messages
3,071
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.
I downgraded from wealth over the phone to premier, I have a global account and money maximiser and it's all included. Only thing on the global account not covered is the annual card fee, but if you just cancel the card/ don't order one it's obviously not charged
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,071
I downgraded from wealth over the phone to premier, I have a global account and money maximiser and it's all included. Only thing on the global account not covered is the annual card fee, but if you just cancel the card/ don't order one it's obviously not charged
I have a home loan too, but that monthly service fee is separate to my premier fee.
 

ricardo12

Well-Known Member
Joined
May 4, 2015
Messages
176
excellent thanks Blunt, think I'm gonna do that, R499 a month is madness and for what?! Shot for the advice
 

ricardo12

Well-Known Member
Joined
May 4, 2015
Messages
176
I downgraded from wealth over the phone to premier, I have a global account and money maximiser and it's all included. Only thing on the global account not covered is the annual card fee, but if you just cancel the card/ don't order one it's obviously not charged
sorry one more thing, what is the exact account you've got. I see there are a few premier accounts which is so confusing..
 

blunt

Expert Member
Joined
May 1, 2006
Messages
3,071
sorry one more thing, what is the exact account you've got. I see there are a few premier accounts which is so confusing..

Got the bundle, not a fan of the fusion style accounts personally.

You can double check the details on the pricing guide https://www.fnb.co.za/downloads/pricing-guide/products/FNB-Pricing-Guide-Premier-Cheque-Account.pdf
 

blowdart18

Senior Member
Joined
Nov 12, 2015
Messages
892
Was also on FNB PW about a year ago and moved through to ABSA.

Somebody mentioned it here though, you truly see what your bank is worth when you need assistance.
Tried to buy a new house through FNB, got declined, all other banks approved.

Escalating it through PW was futile, even after speaking to the PW manager for Gauteng area in Pretoria he could not overturn the decision made by Home Loan department.

I still remember telling him that what is the point of having a PW division where nobody is empowered to make decisions, take action and rectify problems. They always have to communicate with "other departments" and their respective managers.

Anyway happy with ABSA, couldn't get into Investec at the time as they were waiting for transfer of UK property into my name, could've used foreign assets as entry into their PW program as I don't have a degree.
 

shooter_za

Well-Known Member
Joined
Jun 25, 2012
Messages
235
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.

Sounds like the peasant Gold account (like I have) will do just fine (max ebucks for the fees even though I don't use Fusion). I see no reason to upgrade to the higher accounts unless I need the bundled stuff they include. But from reading this thread, going Investec seems like the way to go for actual private banking.
 

Bilaal_H31

Active Member
Joined
Jul 7, 2020
Messages
32
Hi

Does any one know what's the minimum amount to have in your account so that FNB Weavers Your Monthly Banking Fee On Private Wealth.
 

Dean01

Senior Member
Joined
Mar 24, 2011
Messages
607
Two weeks ago I joined Standard Bank Professional/ Private banking. The banker was really eager to get me signed but I could immediately see the signs when basic emails weren't even responded to and I had to follow up with him each time. I even asked about salary / debt order switching and they suggested I contact the providers myself. Imagine!

Anyway, I'm going to close this account and give Investec a shot.
 

rh1

Expert Member
Joined
Aug 5, 2011
Messages
1,026
The standard bank private banking app is the same as the normal app, I do everything on the app, before the plandemic, I was flying regularly, and the JHB standard bank lounges worked out for me i.t.o meals versus monthly fees. I need to change to a cheaper account as I dont need this service.
 

Flywheel

Honorary Master
Joined
May 11, 2009
Messages
11,799
Two weeks ago I joined Standard Bank Professional/ Private banking. The banker was really eager to get me signed but I could immediately see the signs when basic emails weren't even responded to and I had to follow up with him each time. I even asked about salary / debt order switching and they suggested I contact the providers myself. Imagine!

Anyway, I'm going to close this account and give Investec a shot.

You won't look back if you switch to Investec. Hassle-free and it just works.
 

Meister-Man

Senior Member
Joined
Apr 20, 2017
Messages
982
You won't look back if you switch to Investec. Hassle-free and it just works.
Each to there own I guess.
I'd much rather get R1000s in ebucks rewards every month and have a so so banker, than have a brilliant banker who I might contact a few times a year.
 

Dean01

Senior Member
Joined
Mar 24, 2011
Messages
607
Each to there own I guess.
I'd much rather get R1000s in ebucks rewards every month and have a so so banker, than have a brilliant banker who I might contact a few times a year.
I guess this is the dilemma. Any investec clients that can comment on their rewards program ? What could the average Joe expect back in rewards ?
 

Nicholas Lisse

Senior Member
Joined
Apr 27, 2016
Messages
505
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

I’m with FNB Private, and the only thing the bankers are useful at is pushing their own marketing. Everything else gets referred to the live chat in app. I do have shorter wait times though, which is a benefit.
 

xrapidx

Honorary Master
Joined
Feb 16, 2007
Messages
38,905
I guess this is the dilemma. Any investec clients that can comment on their rewards program ? What could the average Joe expect back in rewards ?
They have a rewards program, it's listed on their site, but like I posted, I bank with them for service, not gimmicks. I've probably saved thousands not having to deal with bad service

Personally, I have little interest in rewards programs.
 

Academic

Well-Known Member
Joined
Feb 3, 2006
Messages
142
I use my Investec rewards to pay the R535 monthly fee. Need about 1.5 month's worth of transactions on average to get there. Investec works for me.
 
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