The Standard Bank Signature Account is designed for individuals earning R92,000.00 or more monthly and offers exclusive private banking services. With a monthly account fee of R530.00, account holders can also open a secondary account for their partner at a reduced fee of R210.00 per month, saving 60% on account fees.
The Standard Bank Signature Account offers a range of free transactional and service features, including:
- Free Standard ATM cash withdrawals up to R15,000.00.
- Free Standard Bank ATM cash deposits up to R15,000.00.
- Personal accidental cover of up to R40,000.00.
- Unlimited electronic transactions.
- Free point-of-sale cashback withdrawals at participating retailers.
- Unlimited online transactions via digital payment platforms like Google Pay, ApplePay, and SamsungPay.
- Free access to Standard Bank digital platforms.
Additionally, account holders benefit from having a personal banker available 24/7 and access to a complimentary offshore bank account. Moreover, they are eligible to open a free Standard Bank Offshore Platinum Optimum account. These benefits make the Signature account a valuable choice for account holders seeking comprehensive banking services.
Standard bank Signature Banking Account Benefits
- Up to 35% off your next international car rental with Avis, along with a 10% discount on the Chauffeur Drive service.
- Unlimited complimentary visits for yourself, a guest, and children under 2 to the OR Tambo Library Lounge.
- Unlimited complimentary visits to the Standard Bank Fluent Lounge at Lanseria International Airport.
- Access unlimited complimentary visits to over 1,300 international airport lounges via the MasterCard Travel Pass App.
- Get up to 20% off on Emirates flights when booking through the Leisure Desk.
- Receive up to 10% off your next local car rental through Rentalcars.com.
- Enjoy up to 15% off at IHG Hotels & Resorts across Europe, Maldives, India, the Middle East, and Africa.
- Get up to 10% cash back when booking hotel accommodations on Booking.com.
- Enjoy a 15% discount on purchases over R500 at the Wine-of-the-Month Club.
- Receive up to 10% off at over 2,000 properties in selected cities with onefinestay apartments.
- Enjoy up to 10% off on luggage purchases at Gopals.
- Get up to 20% off on Travelstart bookings.
Standard bank Signature Banking Account Fees
| Fees | Amount |
|---|---|
| Monthly Fee | R530 |
| Secondary Account Fee | R210 |
| UCount Monthly Fee | R25 |
| Overdraft Monthly Service Fee | R69 |
| Overdraft Initiation Fee | R74.75 + 11.5% of limit (Max R1,207) |
| International Transaction Fee (ATM) | R3 per R100 or part thereof (min R70) + 2.75% international transaction fee |
| Withdrawals (ATM) | R2.40 per R100 or part thereof (Standard Bank), R2.40 per R100 or part thereof (Other Bank) |
| Withdrawals (Branch) | R80 + R3 per R100 or part thereof |
| Coin Withdrawal (Branch) | R80 + R15 per R100 or part thereof |
| Deposits (ATM) | R1.40 per R100 or part thereof (Notes), R80 + R15 per R100 or part thereof (Coin) |
| Deposits (Branch) | R80 + R3 per R100 (Notes), R80 + R15 per R100 (Coins) or part thereof |
| 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 for Stop Order, R35 for Stop Payment |
| Statement Fees (Online/ATM/Branch) | Free/View Free |
| Card Purchases (Garage) | R25 |
| International Purchases | 2.75% of value |
| POS Decline | R8.50 |
| Prepaids (Online/ATM) | Airtime Free |
| Pin Reset (ATM) | Free |
| Card Replacement | R160 |
| Proof of Banking | Free (1 Free thereafter R7.50 or R25) |
| Instant MoneyTM (ATM/Branch) | Create Voucher R9.50 |
| Notifications | MyUpdates (In-app Free |
| Unsuccessful/Disputed Transactions (ATM/Branch) | Standard Bank ATM Decline Free |
Competitive Advantages of the Standard bank Signature Banking Account
- Takes into consideration of your family’s banking needs.
- Access to capital whenever you need it is high.
- The account has the highest standards from Standard Bank when it comes to card benefits.
- Comes with added services such as the Standard bank signature travel desk.
- You get access to private lounges.
- Free 24 hour support from the signature private banking.
- You get free financial planning services.
- The account holder gets specialised interest rates based on their banking risk profile.
- Access to offshore banking and other types of investments across the world.
- You get to travel, lifestyle and family benefits in just one card.
- Your domestic workers can get access to medical aid, insurance and retirement benefits.
Competitive Disadvantages of the Standard bank Signature Banking Account
- You have to pay for any additional card that you take for your partner.
- The account doesn’t have multitudes of benefits like its other counterparts such as the FNB private wealth account.
- Joining the UCount rewards program comes with an additional monthly fee.
How to apply for the Account
- You must be at least 18 years of age at the time of application.
- Must earn at least R92,000.00 per month.
- Possess a South African ID book or Smart card.
- Have your proof of income or your current payslips (must be for 3 consecutive months to the date of application).
Conclusion
The Standard bank Signature account is a prestigious account that doesn’t shy away to provide exclusive banking for the ultra-wealthy. The account boasts some of the best benefits for a black card in banking.
Since the account is meant for the ultra-wealthy, services such as estate planning, trust setup and wealth management consultancy are the core benefits of the account. To benefit from the signature account, you will need to have wealth that you want to store and/or investments or want your family to enjoy greater banking benefits.
