Reviews

Standard Bank Private Banking Account Review 2022

Published by
Lethabo Ntsoane

The Standard Bank is a well-known financial institution. A private account is a bank account for people who want to improve their social standing. This account is for those who are making the transition from middle to upper class and are thinking about putting their money away. The types of benefits available to private banking account holders demonstrate this. These services include wealth management and offshore investing, which are primarily for those who have money left over after paying their bills.

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Standard Bank’s Private Banking account is arguably the most popular bank account in the company’s private banking category. The account comes with a slew of extra perks that far outweigh those offered by the Standard bank Prestige bank account.

Standard bank Private Banking Account Summary

Standard Bank Private Account is a high-end private bank account with a monthly fee of R369.00. If you have net investable assets of less than R3,000,000.00, you are not eligible for a Private Banking account. The Standard Bank Private account includes a free personal banker. You also get Standard Bank financial advice and offshore savings and investment options. You also gain access to one of the most educated estate planning teams, helping you leave a legacy. Estate planning is free, but if you want a more thorough plan, you will have to pay for it. A will costs R2,250.00, and an estate planning consultation costs R2,250.00.

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Benefits of the Standard bank Private Banking Account

  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. You get part of your monthly account fees back if you keep a certain amount of money in your account.
  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. Free Forex delivery if you stay in Gauteng, Western Cape or Kwa-Zulu Natal.
  16. Up to 35% off on Emirates flights when you use your card to book flights.
  17. Up to 10% off Hertz car rentals when you book using your private banking credit card.

Account Fees

# fee descriptionOnline feeATM fee
Monthly account feeR369.00R369.00
Standard Bank ATM withdrawal feeN/AFree
Other bank withdrawal feeN/AR10.00 per R1000.00
International withdrawal feeN/AR20.00 per R1000.00 plus 2.75% transaction fee
Cash deposit feeN/AFree up to R10,000.00 and R9.00 per R1,000.00 thereafter.
Immediate payments below R3000.00 R10.00N/A
Immediate payments above R3000.00 R50.00N/A
Instant money walletR5.00R5.00
Point of sale purchasesFreeN/A
Point of sale cashbackN/AFree
Instant money up to R500.00 R8.00R8.00
Instant money between R501.00 to R1000.00 R10.50 R10.50
Point of sale garage card purchasesR7.00Free
Instant money above R1000.00 R12.50R12.50
Email payment notification R1.10N/A
Standard bank Private banking account fees

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
  • You pay for instant money of which private bank accounts like the RMB black card don’t charge for such service.
  • Comes with an international transaction fee that is high.
  • To join the Standard UCount Rewards program, you need to pay a monthly fee.

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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Standard Bank Private Banking Account Review 2022
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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
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