Access Bank Wealth Diamond Account Review 2023

Access Bank Wealth Diamond Account

The Access Bank Wealth Diamond account is a private banking account available to both South African and non-South African residents. The account comes with a monthly account fee of R499.00 and offers exclusive benefits to account holders. In this article, we will discuss the features and advantages of the Access Bank Wealth Diamond Account.

Features of the Access Bank Wealth Diamond Account

A dedicated relationship banker provides personalized banking and related services to Wealth Diamond Account holders. Account holders also have exclusive access to the Private Banking Suite at the Da Vinci Hotel & Suites in Sandton. This suite includes a private boardroom for meetings by appointment, high-speed wifi, and a comfortable lounge area.

The account also offers an overdraft facility, real-time balances and transactions, instant money transfers, and withdrawals from any ATM. Additionally, account holders can obtain a black credit card, subject to a credit check.

Access Bank Wealth Diamond Account Non-Resident Account

Non-South African residents who want access to a private banking account can open the Access Bank Wealth Diamond Account Non-Resident account. This account includes all of the transactional features of the current account and more.

Account holders of the Non-Resident account receive the following services:

  • Payments to local and outside of South Africa done through the Access Bank payments team.
  • Option to save money in USD, EUR, CAD, and GBP.
  • Invest in foreign currency and hedging against exchange rate volatility.
  • International payment, withdrawals, and swipes.

The Non-Resident account is ideal for those who are about to leave South Africa to live in another country or for those who are temporarily working or studying in South Africa. These account fees are listed below.

Access Bank Wealth Diamond Account Fees

Fee Description Amount 
Monthly Service FeeR499.00
ATM cash deposit feeR3.50 per R100.00 
Cash deposit fee at a retailer Free
Cash withdrawal fee at an ATMFree
Point of Sale Cash advance feeFree
Point of sale with cash backFree
International ATM cash withdrawal feeR78.00
Point of sale purchase feeFree
Online purchase feeFree
ATM airtime purchase feeFree
Inter account transfer feeFree
Immediate payment fee Free
Beneficiary payment feeFree
Prepaid airtime and data feeFree
Prepaid electricity feeFree
Debit order feeFree
Stop order payment fee Free
Honoring feeR100.00 
Dishonuour feeR350.00
Communication fee R300.00 
Statement FeeR30.00
Card courier feeR69.00
Card replacement feeR150.00
ATM balance enquiry feeFree
Balance Enquiry at a branch R8.00

Legacy Lifestyle Benefits

The Access Wealth account includes automatic enrollment in the Legacy lifestyle rewards program. Members of the program have access to Legacy hotel private suites as well as discounts and promotions at Legacy hotels. The rewards program has four tiers, with cashback benefits of up to 8% on participating spending.

The legacy rewards program is provided at no additional cost to access wealth account holders. Although the rewards program is a great addition for Access Wealth account holders, it is still limited. Access Bank may add other reward features to the wealth account in the future to enhance spending rewards.

Advantages of Access Bank Wealth Diamond Account

  • The account is available for both South African and non-South African residents.
  • Account holders have access to the DaVinci Hotel and Suites.
  • The account comes with a dedicated relationship manager.
  • Account holders are automatically enrolled in the Legacy Lifestyle Rewards program.
  • Account holders can save their money in multiple currencies.
  • There are no transactional and online self-service fees.
  • The account can be applied for online.

Disadvantages of Access Bank Wealth Diamond Account

  • The account does not offer a waiver on the monthly service fee, which is a feature offered by some other private banking accounts in South Africa.
  • The account does not come with a complimentary airport lounge stay when traveling locally or abroad.

Access Bank Wealth Diamond Account Application

To be eligible for the Access Bank Wealth Diamond Account, applicants must meet one of the following criteria:

  • Earn R1 million or more per annum or have investable assets worth R5 million or more.
  • Open a 12-month fixed deposit account with a minimum balance of R2 million.
  • Be an existing high net individual Access Bank client within the group.
  • Be a non-resident or a South African resident.
  • Provide a passport or South African ID book.

Conclusion

The Access Bank Wealth Diamond Account offers some of the best black card services and allows non-residents to open a private banking account, which was previously unavailable in the South African private banking sector. Account holders who participate in the Legacy Lifestyle program can enjoy dining and wine at Legacy hotels, as well as receive promotions and cashback. The account is suitable for any South African or non-South African resident in need of a private banking account.

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