Categories: Banking News Reviews

Standard Bank Signature Banking Account Review 2021

The Signature bank account from Standard bank is a high-end bank account offering the best benefits that Standard bank has to offer. Of course, great benefits come with a higher monthly fee, thus signature account holders pay the highest monthly maintenance fee for an account at Standard bank. 

However, the monthly fee that is charged on the Signature account is worthy if we take into consideration the benefits that come with the account. . These benefits are not limited to the account holder only but also apply his or her loved ones. 

Your family members can benefit from your Signature bank account. You can add up to five family members to enjoy signature benefits such as signature on-call support via IM, WeChat or Facebook, access to your private banker, access to airport lounges, etc. 

Standard bank Signature Banking Account Summary

The Standard Bank Signature account is a private banking account that gives the account holder and his or her family a world-class banking experience. To qualify for the Signature bank account, you need to earn a gross monthly salary of R92,000.00.

The account also comes with a monthly maintenance fee of R469.00. Since the signature account is family-oriented, you can add family banking for R75.00 per month. 

By holding the signature account your partner gets benefits as well. Your partner will pay an additional fee of R209.00 per month for a secondary account. If your partner is a World Citizen Credit cardholder he/she will only pay R22.00 monthly maintenance fee with family banking. 

As a black card, the Standard Bank Signature account gives you even better benefits, considering that probably you are a boss in your own right. You will have a specialized funeral plan, accidental and health policies for your domestic workers to ensure that they are always in good finances should they get sick or die. 

Benefits of the Standard bank Signature Banking Account

  1. Access to offshore and onshore investments and savings to expand your current investment portfolio.
  2. 24/7/365 access to a personal private banker that comes at no additional cost.
  3. Access to the Standard bank wealth management from the Standard bank financial consultancy.
  4. Access to lending platforms through your private banker so you can get short and long term loans with ease.
  5. You can include your partner and family to your Signature banking so that they can also enjoy the same benefits that you enjoy as a Signature bank account holder.
  6. You get invited to exclusive events be entrepreneurial, lifestyle and/or economic events to help grow your wealth.
  7. Young professionals may get their monthly account fee discounted.
  8. Access to 2 Standard bank exclusive lounges at OR Tambo International Airport, as well as 900 international Airport lounges.
  9. Access to the Standard bank dedicated signature travel desk whereby you get assistance with travel bookings, visas, Forex and comprehensive travel insurance.
  10. Free Forex delivery in Gauteng, Western Cape and Kwa – Zulu Natal.
  11. Access to travel and luxury discounts and special offers afforded through the Mastercard card and Mastercard for your App.
  12. Up to 30% off flights and hotel rooms booked via Cleartrip.
  13. Up to 35% off on Emirates flights when you book through Leisure desk.
  14. You can get your monthly account fees back in Standard Bank Mobile airtime.
  15. Up to 15% off Hertz car rentals plus one free car upgrade.
  16. Up to 15% off luxury services apartments.

The Standard bank Signature Banking Account Fees

# fee description Online feeATM fee
Monthly account feeR469.00R469.00
Family banking feeR75.00R75.00
Withdrawals at Standard bank ATM FreeFree
Withdrawals at other banks’ ATMsN/AR10.00 per R1000.00
International ATM withdrawalsN/AR20.00 per R1000.00
Cash deposit feeN/AFree up to R10,000.00, thereafter R9.00 per R1000.00 is charged
Account paymentsFreeFree
Immediate payments below R3000.00R10.00N/A
Immediate payments above R3000.00 R50.00N/A
Instant money up to R500.00R8.00R8.00
Instant money between R501 to R1000.00R10.50 R10.50
Point of sale garage card purchases R7.00N/A
Instant money wallet feeR5.00R5.00
Point of sale cashback N/AFree
Point of sale purchase with cash N/AFree
Standard bank Signature Account Fees Table 2021

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 so you can’t gain rewards without making more payments.

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.

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Lethabo Ntsoane

Lethabo Ntsoane is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in reviews and financial tips.

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