Standard Bank Private Banking Account Review 2023

Standard Private Account

A Standard Bank Private Banking account is a transactional account for high-net-worth individuals with at least R58,000.00 in monthly income or an investment of at least R3,000,000.00. The monthly account fee for the Private Banking account is R395.00.

The Standard Bank Private Banking account, as a private account, includes phone access to a private banking team 24/7. For those who have a Private Banking credit card, the account also includes 12 complimentary visits to Bidvest airport lounges per year.

Standard Bank Private Banking account holders are entitled to 12 complimentary visits to the OR Tambo library lounge for themselves, one guest, and children under the age of 2. Additional guests are charged R250.00 per person for access to the OR Tambo library lounge.

The Standard Bank Private Banking account includes travel benefits that are available to all account holders. Account holders can also save up to 20% on Emirates flights when they book through Leisure Desk. Avis car rentals also qualify account holders for up to 20% special discounts.

When booking hotels and accommodations through Booking.com, Standard Bank Private Banking account holders can earn up to 5% cashback.

Account holders who choose the Standard Bank Private Banking account receive discounts and rewards. All of these benefits are listed below.

Standard Bank Private Banking Account Benefits 

  1. Free cash withdrawals at a Standard bank ATMs. 
  2. Free monthly bank statements sent through email. 
  3. Access to all Standard bank digital platforms. 
  4. Unlimited electronic transactions which include electronic account payments, debit orders, electronic inter-account transfers and purchases. 
  5. Unlimited cash withdrawals at participating retailers. 
  6. Free Standard bank ATM cash deposits up to R10,000.00.
  7. You get specialized interest rates based on your credit profile. 
  8. Anytime access to your private banker through cell, WeChat or Facebook. 
  9. 12 complimentary visits per year to Bidvest airport lounges on your credit card. 
  10. Comes with accidental cover of up to R40,000.00. 
  11. You get discounted rates through the Standard bank Online share trading platform. 
  12. Access to specialist services for diverse short and long term savings and investment options. 
  13. There is a panel of advisors that can assist you with estate planning, trusts and insurance. 
  14. You get 1 GB per month of AlwaysOn WiFi data. 
  15. Up to 20% off on Emirates flights when you use your card to book flights. 
  16. Up to 20% off Avis car rentals when you book using your private banking credit card. 

Standard Bank Private Baking Account Fees 2023

Fee DescriptionAmount
Monthly account feeR395.00
Internet, cellphone and banking app feeFree
UCount monthly feeR25.00
Withdrawals at Standard Bank ATMsR2.20 per R100.00 or part thereof 
Withdrawals at Standard Bank branchR80.00 +R2.50 per R100.00 or part thereof 
Other bank ATM withdrawal feeR2.20 per R100.00 or part thereof 
International ATM withdrawalR3.00 per R100.00 or part thereof + int transaction fee of 2.75%
Coin withdrawal at Standard Bank branchR80.00 + R10.00 per R100.00 or part thereof
Notes and coin withdrawal at Standard Bank branch R80.00 + R2.50 per R100.00(notes) + R10.00 per R100.00 (coins) or part thereof 
Deposits at Standard Bank ATMs R1.20 per R100.00 or part thereof
Notes deposit at Standard Bank branch R80.00 + R2.50 per R100.00 or part thereof 
Coin deposit at Standard Bank branch R80.00 + R10.00 per R100.00 or part thereof 
Notes and coin deposit at Standard Bank branch R80.00 + R2.50 per R100.00(notes) + R10.00 per R100.00 (coins) or part thereof 
Inter account transfersFree
Account payments onlineFree
Account payments at a branchR80.00
Immediate payments below R2,000.00 onlineR10.00 
Immediate payments below R2,000.00 at branch0.3% of value (min R326 max R1 627)
Immediate payments R2,000.00 and above onlineR50.00
Immediate payments R2,000.00 and above at a branch 0.3% of value (min R326 max R1 627)

Competitive Advantages of the Standard bank Private Banking Account 

  • You get personalised interest rates based on your credit profile. 
  • 24/7 access to a dedicated private banker. 
  • A slightly lower monthly account fee when compared to other private banking accounts. 
  • Chance to invest onshore and offshore through the Standard bank online share trading platform. 
  • You get discounts when you book flights with fly emirates and when you rent a car through Hertz. 
  • Access to the Standard bank wealth management consultants. 
  • You get specialist advisors who will guide you to plan your trusts, estate and/or insurance. 
  • Comes with instant money and tap to pay. 
  • You can apply for extra cards at a discount monthly charges. 

Competitive Disadvantages of the Standard bank Private Account 

  • Charges for drafting a will and for comprehensive estate planning consultation
  • UCount rewards program come at a fee of which private accounts from FNB and Nedbank comes with free enrolment to their rewards program

How to qualify for the Standard bank Private Account 

  1. You need to be over the age of 18 at the time of application. 
  2. Earn at least R58,000.00 or have net investable assets worth at least R3 Million. 
  3. Provide proof of income or recent payslips. 
  4. Provide proof of residence
  5. Have a South African ID book or Smart card. 

Conclusion 

Account users with a Standard Bank Private bank account have access to the world of investing and saving. The Standard bank private banking account provides you with the ability to invest and save money online. The account is also a step up from Standard Bank’s Prestige bank account, which offers additional services including wealth management and offshore investing.

You can also take use of value-added services like ‘Bespoke portfolio management on request by Melville Douglas,’ which helps you plan and counsel on your portfolio investment. You can plan for your future and the futures of your loved ones with this service. As a result, opening a private banking account may not be a bad idea, as you may take use of the account’s free consultation and private banking experience.

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