The Standard Bank Private Banking Account is a black debit card that comes with a personal private banker who is/are available 24/7 and also offers a bespoke wealth management. The Standard Bank Private Banking Account has a monthly account fee of R420.00.
To qualify for the account, one has to meet one of the following criteria:
- Earn a minimum monthly income of R58,000.00, or
- Have assets or investments to the value of R3 million or more.
Standard Bank Private Banking Account Travel Benefits
The Standard Bank Private Bank Account Holders get access to a number of travel benefits and these include:
- 12 complimentary visits to Bidvest airport lounges per year.
- 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.
- Saving 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
- Free cash withdrawals at a Standard bank ATMs.
- Free monthly bank statements sent through email.
- Access to all Standard bank digital platforms.
- Unlimited electronic transactions which include electronic account payments, debit orders, electronic inter-account transfers and purchases.
- Unlimited cash withdrawals at participating retailers.
- Free Standard bank ATM cash deposits up to R10,000.00.
- You get specialized interest rates based on your credit profile.
- Anytime access to your private banker through cell, WeChat or Facebook.
- 12 complimentary visits per year to Bidvest airport lounges on your credit card.
- Comes with accidental cover of up to R40,000.00.
- You get discounted rates through the Standard bank Online share trading platform.
- Access to specialist services for diverse short and long term savings and investment options.
- There is a panel of advisors that can assist you with estate planning, trusts and insurance.
- You get 1 GB per month of AlwaysOn WiFi data.
- Up to 20% off on Emirates flights when you use your card to book flights.
- Up to 20% off Avis car rentals when you book using your private banking credit card.
Standard Bank Private Baking Account Fees 2024
| Service | Fees |
|---|---|
| Monthly Fees | |
| Monthly fee | R420 |
| Secondary account monthly fee | R210 |
| UCount monthly fee | R25 |
| Withdrawals | |
| ATM (Standard Bank) | R2.40 per R100 or part thereof |
| ATM (Other bank) | R2.40 per R100 or part thereof |
| ATM (International) | R3 per R100 or part thereof (min R70) + 2.75% international transaction fee |
| Branch | R80 + R3 per R100 or part thereof |
| Deposits | |
| ATM (Standard Bank) – Notes | R1.40 per R100 or part thereof |
| ATM (Standard Bank) – Coin deposit | R80 + R15 per R100 or part thereof |
| ATM (Other bank) – Notes and coin deposit | R80 + R3 per R100 (for notes) + R15 per R100 (for coins) or part thereof |
| Transaction Fees | |
| Inter-account transfers | Free |
| Account payments | Free |
| Immediate payments below R2,000 | R10 or 0.32% of value (min R345, max R1,730) |
| Immediate payments R2,000 and above | R50 or 0.32% of value (min R345, max R1,730) |
| Stop order – amend, establish, cancel | Free |
| Overdraft Fees | |
| Monthly service fee | R69 |
| Initiation fee | R74.75 + 11.5% of limit (max R1,207) |
| Card Transactions | |
| Point of Sale Purchases | Free |
| Withdrawal at retailer | Free |
| Purchase with withdrawal at retailer | Free |
| Garage card purchases | R25 |
| International purchases | 2.75% of value |
| POS decline | R8.50 |
| Prepaids | |
| Airtime | Free |
| Airtime (other banks) | R15 |
| Electricity | Free |
| Lotto | R2.90 |
| Voucher purchase | Free |
| Other Fees | |
| Pin reset | Free at ATM, R12 at Branch |
| Card replacement | R160 |
| Proof of banking | Free 1, then R7.50 |
| Subsidy letter | R22 |
| Notifications | |
| MyUpdates | In-app Free, SMS 30c per sms |
| Email payment notification | Free |
| SMS payment notification requested | Free |
| Scheduled payment monthly notification | R1 |
| Instant Money | |
| Create voucher using Instant Money Wallet | Below R500 R9.50, R500 to below R1,000 R13, R1,000 and above R16 |
| Standard Trust Limited | |
| Will drafting fee (STL as nominated executor) | Free |
| Will drafting fee (STL not nominated executor) | R2,410 |
| Estate planning consultation | R2,150 per hour |
| Will safe custody annual fee | Free |
| Unsuccessful/Disputed Transactions | |
| Standard Bank ATM decline | Free |
| Other bank ATM decline | R8.50 |
| Stop payments | R2 – R80 |
| Unpaid debit orders | First 3 free, then R130 each |
| Unpaid stop orders | R130 |
| Future dated | R130 |
| Disputed debit orders under 40 days | Values under R500 R5, Values R500 to R1,000 R10, R50 |
| Disputed debit orders between 40 and 180 days | R150 |
| Honouring fee* | R100 |
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
The Requirements of the Standard bank Private Account
- You need to be over the age of 18 at the time of application.
- Earn at least R58,000.00 or have net investable assets worth at least R3 Million.
- Provide proof of income or recent payslips.
- Provide proof of residence
- 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.
