Standard Bank Professional Banking Account Review 2021

Posted on Dec 31, 2020 by Staff Writer

Rateweb | South Africa

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Standard bank offers a bank account for young professionals that helps them meet their aspirations in life. The Standard bank professional banking account is tailor-made for young professionals and those that are in their final year of study.

The Professional bank account enables young professionals to do many things at a young age such as buying property, purchasing a motor vehicle, saving and investing for retirement. All these buying and investing activities are all possible for professional bank account holders, of which the account also comes at a reasonable monthly maintenance fee. 

The Professional bank account is a black card in its own right. You get to enjoy some of the private banking benefits at a very low cost. The Standard bank professional bank account comes with access to the Standard bank private banking team through Facebook and WeChat. 

Not every professional can open the Standard bank Professional bank account. Only those with a degree in medicine, law, actuarial science, architecture and engineering, financial services and IT, aviation, and Bcom Honours Accounting can open the account. Also, if you are in your final year of your studies majoring in any of the aforementioned qualifications you can apply for the professional account. 

Standard Bank Professional bank account summary 

Standard bank professional bank account is a bank account for young professionals particularly those between the ages of 18 to 30 years. The bank account has a monthly service fee of R215.00 per month and an international transfer fee of 2.75% per transaction. Special interest rates apply to the professional banking account charging a prime rate less 0.25% on credit card and car financing application. 

The Standard Bank Professional bank account charges R8.00 for instant money transfers. Local Standard bank ATM cash deposit fee is R9.00 for every R1000.00 you deposit. 

The account falls under the Standard Bank private banking category, yet it has low fees and rates compared to the other private banking accounts. By having T, you get access to Standard Bank private bankers through WeChat and Facebook 24/7/365.

Benefits of the Standard Bank Professional Banking Account 

Professional bank account
  1. Free cash withdrawals at participating retailers. 
  2. Unlimited Standard bank ATM cash withdrawals. 
  3. Free Standard Bank ATM cash deposits of up to R8000.00.
  4. Free emailed statements every month. 
  5. 12 free domestic Bidvest lounge visits per year with a Professional credit card and unlimited access to the Standard Bank Cafe blue lounge at OR Tambo International Airport. 
  6. Free digital banking. 
  7. Free Forex delivery in Gauteng, Western Cape and KwaZulu-Natal. 
  8. Access to online investment tools through Standard Bank online share trading accounts. Comes with a free start-up capital of R1000.00 if you match it. 
  9. Unlimited debit orders, electronic account payments, inter-account transfers and purchases. 
  10. Comes with a dedicated private banking team to support you with all your banking needs. 
  11. Discounted deals and offers for Diners Club members. 
  12. Flexible terms and competitive rates on savings and cash investment solutions. 
  13. Free automatic travel insurance when you pay for flights with your card. 

Fees

Fee DescriptionOnlineATM 
Monthly service feeR215.00R215.00
Internet, cell and app bankingFreeFree
Withdrawal at standard bank ATM FreeFree
Withdrawal at other banksN/AR10.00 per R1000.00
International withdrawalsN/AR20.00 per R1000.00 + 2.75% international transaction fee
Cash depositN/AR9.00 per R1000.00
Account payments feeFreeFree
Immediate payments below R3000.00R10.00N/A
Immediate payments above R3000.00R50.00N/A
Instant money up to R500R8.00R8.00
Instant money between R501.00 – R1000.00R10.50R10.50
International point of sale purchases2.75%N/A
Instant money above R1000.00R12.50R12.50
Airtime purchase feeR0.50R0.50
Electricity purchase feeR1.50R1.50
Lotto R2.50R2.50
Balance enquiryFreeR1.60 to print and Free to view
Monthly bank statements per 30 day periodFreeR6.00
ATM declineN/AFree
standard bank professional account fees table

Competitive Advantages of the Standard Bank Professional Banking Account 

  • High-quality services from the Standard bank private banking consultants. 
  • Access to advisors who assist in setting up trusts, wills, etc. 
  • Low monthly maintenance fees for a black card. 
  • You get special interest rates on your savings and other types of credit. 
  • You get a R1000.00 boost when you open an online share account as a professional bank account holder. 
  • Comes with multiple complimentary benefits such as free access to Bidvest lounges across South Africa. 
  • The card has a secure chip and is pin enabled, so you can make purchases without worrying about security. 
  • The card has automatic lost card protection. 
  • Free access to all standard bank digital platforms. 
  • Safe for online shopping with 3D security verification. 

Competitive Disadvantages of the Standard Bank Professional Banking Account 

  • The account doesn’t cater to the young in general, that is those below 35 years but older than 18 years. The account is only for professionals between the ages of 18 and 30.
  • If you have a qualification that is not in medicine, law, engineering, actuarial science, aviation and chartered accountancy you don’t qualify for the account. 
  • The account charges for any immediate payment. 

How to qualify for the Standard Bank Professional Banking Account 

  1. You need to be between the ages of 18 to 30. 
  2. Have a professional degree or be in the final year of your professional degree. 
  3. Have proof of residence that is not older than 3 months. 
  4. There is no income required so minimum income is R0.00.
  5. You must have a South African ID. 

Conclusion 

The Standard bank Professional Banking Account provides a great way to bank for young professionals. Planning for your financial future is easy with the Professional banking account as you will get assistance in almost all aspects of your banking. 

Owning assets, planning for retirement, and estate planning is something that you will achieve with this account, provided that utilise the benefits that come with the account. 

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