Standard Bank Professional Banking Account Review 2024

The Standard Bank Professional Banking Account offers private banking services at a monthly cost of R270.00. The Professional Account grants […]

professional banking account

The Standard Bank Professional Banking Account offers private banking services at a monthly cost of R270.00. The Professional Account grants account holders the benefit of reduced borrowing costs, offering a competitive interest rate of prime rate – 0.25% for credit cards and prime rate – 1% for vehicle finance.

This exclusive account is specifically designed for professionals aged 30 and younger, offering private banking services at a competitive price point.

How To Get The Standard Bank Professional Bank Account

  • South African ID (or passport for non-South African citizens)
  • Proof of residence dated within the last 3 months
  • Professional qualification or latest academic results if you are in your final year of study. Qualifications eligible for Professional Banking include but are not limited to:
    • Medical (MBChB, Honours, Masters & PHD)
    • Chartered Accountancy (B.COM Honours, Post Graduate Diplomas, Certificate in Accounting Theory, Masters and PHD)
    • Law (4-year LLB, Masters and PHD)
    • Actuarial Sciences (B.COM, BSC, and CFA)
    • Architecture and Engineering (4-year B.SCs, B.TECHs, and B.ENG)

Note: This account is exclusively for professionals aged 18 to 30 who hold qualifications in the listed fields or similar disciplines. Upon submission, one of our Private Bankers will contact you to assist in completing your application process.

What The Standard Bank Professional Bank Account Cost in 2024

Fee TypeAmount
Monthly FeeR270
UCount Monthly FeeR25
Withdrawals
– Standard Bank ATMR2.40 per R100
– Other Bank ATMR2.40 per R100
– International ATMR3 per R100 (min R70) + 2.75% transaction fee
Coin WithdrawalR80 + R15 per R100
Notes and Coin WithdrawalR80 + R3 per R100 (for notes) + R15 per R100 (for coins)
Deposits
– Standard Bank ATMR1.40 per R100
– Other Bank ATMR80 + R3 per R100
Coin DepositR80 + R15 per R100
Notes and Coin DepositR80 + R3 per R100 (for notes) + R15 per R100 (for coins)
Payments
– Inter-Account TransfersFree
– Account PaymentsFree
– Immediate Payments (Below R2,000)R10 – 0.32% of value (min R345, max R1,730)
– Immediate Payments (R2,000 and above)R50 – 0.32% of value (min R345, max R1,730)
– Stop Order (Amend, Establish, Cancel)Free – R35
Statements
– Balance Enquiry (Other Bank)R10.50
– Monthly Statements (Print)R1
– Monthly Statements (eStatements)R15 (Monthly), R30 (Weekly), R60 (Daily)
Overdraft Fees
– Monthly Service FeeR69
– Initiation FeeR74.75 + 11.5% of limit (max R1,207)
Card Purchases
– Garage Card PurchasesR25
– International Purchases2.75% of value
Other Fees
– Card ReplacementR160
– Proof of BankingR7.50
– Subsidy LetterR22
– Honouring FeeR100
– Stop PaymentsR2 – R80
– Disputed Debit Orders (Under 40 Days)R5 – R50
– Disputed Debit Orders (Above 40 Days)R150
– Pin ResetR12
– Instant Money™ FeesVaries (see detailed fee schedule)
Notifications
– MyUpdates (Additional Email Addresses)R11 per month (SMS notifications charged at 30c per SMS)
– Email Payment NotificationFree
– SMS Payment NotificationFree
– Scheduled Payment Monthly NotificationR1

Benefits of The Standard Bank Professional Account

  • Anytime access to your Private Banking team: You have access to a dedicated Private Banking team that is available to assist you at any time.
  • Flexible terms and competitive rates on savings and cash investment solutions: Enjoy flexible terms and competitive rates on savings and cash investment products to help you grow your wealth.
  • Access to financial advisers: Discuss trusts, estate planning, and insurance options with financial advisers to ensure your financial affairs are well managed.
  • Vehicle finance of up to prime minus 1%: Benefit from competitive rates on vehicle finance, with rates as low as prime minus 1%*.
  • Platinum Credit Card with an interest rate of prime minus 0.25%: Access a Platinum Credit Card with competitive interest rates, allowing you to manage your expenses efficiently.
  • Home loan of up to 105% of the purchase price: Get a home loan of up to 105% of the purchase price on amounts of up to R1 million*, making it easier to purchase your dream home.
  • Lifestyle offers on the Mastercard® Buy 1 Get 1 app: Enjoy lifestyle offers and discounts on the Mastercard® Buy 1 Get 1 app powered by Priceless Specials.
  • Free access to Diners Club with discounted deals and offers: Access Diners Club membership for free and enjoy discounted deals and offers.
  • 12 Free domestic Bidvest Lounge visits a year: Enjoy 12 complimentary visits to domestic Bidvest Lounges each year with your black credit card.
  • 12 Complimentary visits to OR Tambo Library Lounge: Get 12 complimentary visits to the OR Tambo Library Lounge for yourself, one guest, and kids under the age of 2. Additional guests may incur a charge.
  • 12 Complimentary visits to Standard Bank Fluent Lounge at Lanseria International airport: Enjoy 12 complimentary visits to the Standard Bank Fluent Lounge at Lanseria International airport for yourself and one guest. Additional guests may incur a charge.
  • Free automatic travel insurance: Receive free automatic travel insurance when you pay for flights with your credit card, providing you with peace of mind during your travels.
  • Monthly statements via email and notifications on transactions: Stay updated with your account activity through monthly statements via email and transaction notifications via MyUpdates.
  • Monthly account fees back in Standard Bank Mobile airtime: Get your monthly account fees reimbursed in Standard Bank Mobile airtime*, making banking more affordable.
  • Up to 10% cashback on hotel bookings: Receive up to 10% cashback when booking hotels and accommodations through Booking.com.
  • Up to 20% off on Emirates flights: Enjoy up to 20% off on Emirates flights* when booking through Leisure Desk, making travel more affordable and enjoyable.

Competitive Advantages of The Standard Bank Professional Account

  • Private Banking Services: Access to a dedicated Private Banking team provides personalized assistance and tailored financial solutions.
  • Flexible Terms and Competitive Rates: Enjoy flexible terms and competitive rates on savings, investments, and loans.
  • Comprehensive Financial Services: Access to financial advisers for discussions on trusts, estate planning, insurance, and investment options.
  • Competitive Credit Card Features: Platinum Credit Card with competitive interest rates and cashback benefits on purchases.
  • Convenient Banking: Anytime access to banking services through digital platforms and dedicated mobile apps.
  • Travel and Lifestyle Benefits: Free access to airport lounges, automatic travel insurance, and discounts on hotel bookings and flights.
  • Monthly Account Fee Benefits: Reimbursement of monthly account fees in Standard Bank Mobile airtime*.

Competitive Disadvantages of The Standard Bank Professional Account

  • Eligibility Criteria: The account is reserved for professionals aged 18 to 30 years with specific professional qualifications, limiting its accessibility.
  • Monthly Fees: While some fees are reimbursed, there is still a monthly account fee that may be considered high compared to basic banking accounts.
  • Additional Charges: Charges may apply for additional services or lounge visits beyond the complimentary allowances.

Conclusion

The Standard Bank Professional Account offers a comprehensive suite of banking services tailored to the needs of young professionals. With dedicated Private Banking support, competitive rates on financial products, and a range of travel and lifestyle benefits, this account caters to the diverse requirements of ambitious individuals. While it presents advantages such as personalized assistance and convenient digital banking, potential customers should also consider factors like eligibility criteria and monthly fees. Ultimately, the decision to opt for the Standard Bank Professional Account depends on individual financial goals, preferences, and the value derived from the account’s features and benefits.

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