Standard Bank Private Banking Account Review 2021

Posted on Dec 31, 2020 by Staff Writer

Rateweb | South Africa

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The Standard bank Private account is a bank account for those seeking to elevate their status in society. This account is for those that are transitioning from middle class to upper class and are now considering storing up their wealth.

 This is shown by the types of benefits offered to Private banking account holders. These include wealth management services and offshore investing, which are mainly for those with surplus money to save or invest after covering their expenses. 

The Private banking account from Standard bank is arguably the most in-demand bank account in the private banking category at Standard bank. The account comes with additional benefits that are much better than those of the Standard bank Prestige bank account. 

Standard bank Private Banking Account Summary 

Standard bank Private account is a private bank account designed for the wealthy with monthly charges of R369.00 per month. To qualify for the Private banking account, you need to earn a minimum gross salary of R58,000.00 per month or have net investable assets worth R3,000,000.00. 

The Standard bank Private account comes with a personal banker that is available to you at no additional cost. You also get access to Standard bank financial consultancy and Standard bank offshore services to save and invest. 

Furthermore, you get access to one of the most knowledgeable teams when it comes to estate planning, helping you to leave a legacy. Estate planning is free, however, should you decide to have a much more comprehensive estate plan, you will be required to pay for such services.

A will drafting will cost you R2,250.00 and a much more comprehensive estate planning consultancy will cost you a further R2,250.00.

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 

The Standard Bank Private bank account opens the world of investing and saving to account holders. You can invest online and save money using the facilities that the Standard bank private banking account offers. 

The account is also a step forward from the Standard bank Prestige bank account offering extended services such as wealth management and offshore investment.

You also get value-added services such as ‘Bespoke portfolio management on request by Melville Douglas’ to plan and consult on your portfolio investment. 

With this service, you can plan for your future and for that of your loved ones. Thus, getting a Private banking account may not be a bad idea as you can benefit more from the free consultation and private bank experience that the account has to offer.

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