The Investec Private Business Bank Account is a private bank account that includes a private banker available 24/7. The account is a cheque account that provides clients with specialized banking services. Owner-managed businesses, property entrepreneurs, and medical professionals are among the clients Investec targets with the Investec Business Bank Account.
The account provides not only a transactional account but also finance to owner-managed businesses. Account holders are eligible to apply for various types of business credit. Furthermore, the account includes assistance in locating private capital and other benefits.
Investec Private Business Account provides a transactional account for property entrepreneurs, but the bank goes above and beyond by providing property finance through structured lending for account holders. Investec connects business owners and provides investment opportunities to account holders. The bank also provides other services for property entrepreneurs, such as debt structuring, deal facilitation, access to the international property market, and more.
Medical professionals can also receive value-added services by opening an Investec private business account. The account is tailored to the requirements of a busy professional. Investec provides lending and other services to medical professionals in order to help them grow their businesses.
The Investec business account provides numerous benefits while incurring transaction fees. Below, we go over the Investec business bank account in greater detail.
Investec Private Business Bank Account Summary
The Investec Private Business Bank account is a cheque account with a R305.00 monthly account fee. Account holders can deposit cash at an Absa ATM and are charged 1.29% of the deposit value. Furthermore, the account charges a 1.41% fee for deposits made at an Absa branch, with a minimum charge of R47.00.
A privately owned business, including owner-managed businesses, medical professionals, and property entrepreneurs, is eligible to open an account. The account comes with a private banker as a private business account. Furthermore, the account has a global client support center that is open 24/7.
The Investec private business account includes free participation in the Investec rewards program. Account holders can earn unlimited rewards by accumulating points that never expire. The points earned can be redeemed, with each point worth R0.05. Points can be redeemed for cash in a private business account or for a shopping voucher.
Account holders have access to additional services through their accounts. Aon provides short-term business insurance to account holders. There are various short-term insurance products available for assets and key personnel tailored for account holders. The account holder can also invest through various channels, ranging from cash investments to structured investments for businesses.
The Investec Private Business Account also provides clients with lending solutions to run their businesses like a well-oiled machine. Funding solutions that are available for private business owners include:
- Debt finance,
- Asset finance,
- Trade finance,
- Medical practice finance,
- Private capital, and
- Structured property capital.
As the Investec Private business account comes with many features that can be enjoyed at no additional costs, there are other banking services that incur costs. We cover the cost of banking using the Investec Private business account below.
Investec Private business account fees 2023
|Monthly account fee||R305.00|
|Extra card activation fee||R275.00|
|Investec select card monthly fee||R30.00|
|Oil, fuel, and toll charge per transaction||R5.50|
|Online and in store purchases||Free|
|Cash withdrawal at a local ATM||R17.50|
|Cash withdrawal at an international ATM||R17.50 + conversion fee|
|Withdrawal local branch||R65.00|
|Withdrawal at international branch||R65.00|
|Instant cash R1 – R3,000.00||R10.00|
|Instant cash above R3,000.00||R40.00|
|International card transaction fee||2.5%|
|Cash deposit fee at Absa branch||1.41% of the deposit value|
|Cash deposit fee at Absa ATM||1.29% of the deposit value|
|Card replacement and deliveries internationally||R595.00|
|Card replacement and deliveries locally emergency||R375.00|
|Lost card protection||Included|
|Card replacement and delivery locally||Included (R275.00 if the card is replaced more than once in a three-year cycle)|
|Chip and pin card withdrawal Local ATM limit||R6000.00|
|Chip and pin card withdrawal International ATM limit||R20,000.00|
Advantages of the account
- Given that it is a private business account, there is no exorbitant monthly account fee.
- The account’s savings earn interest.
- The account includes complimentary access to the Investec banking app.
- Private business account holders do not need to look elsewhere for credit because there are credit solutions available.
- The account includes free forex and risk management solutions, but transactions on the platform are charged a fee.
- Free card replacement is included.
- Prepaid can be purchased for free on the Investec app.
- Purchases in-store and online are free.
- The Investec rewards program is completely free to join.
- Access to the SAA lounge and the Bidvest Premier Lounge is unlimited.
Disadvantages of the account
- Account holders are charged to load over 20 beneficiaries.
- The account doesn’t have a Pay As You Use option.
- There is no credit card bundle option as the business credit card will have to be opened separately.
Requirements of the Investec private business account
- Must be a private business and don’t need to have an Investec Private Bank Account to open the Investec business account.
- Provide a valid South African ID book or Smart card or a passport if you are a foreign national.
- Company registration documents if you are a registered business.
The Investec Private business account provides an elite option for those seeking priority banking. The account includes a private banker to help the account holder with their banking needs, making it a truly unique account. Furthermore, frequent travelers have unlimited access to the SAA and Bidvest airport lounges.