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Top 5 Bank Accounts For Professionals in 2022

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Most South African banks have a dedicated banking facility for young professionals. These banking facilities offer banking services tailor-made to meet the banking needs of professionals, such as investing, saving, credit, checking, and other services.

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Banking as a professional has its own set of advantages. Benefits vary by bank, but professionals, particularly those who are still young, are well compensated for choosing bank accounts that are dedicated to them. This is to encourage young professionals to begin saving, investing, accumulating wealth, and constructing a financially secure future.

One advantage of working as a professional is that your income is stable and grows well from year to year. Even if a professional changes jobs, their earnings are likely to rise to give a better income.

Which South African bank account provides the best benefits for professionals? We have compiled a list of the top 5 Bank Accounts in South Africa for professionals based on the following criteria:

  • Fees,
  • Income required to open the account,
  • Access to different types of credit,
  • Access to a private banking facility,
  • Wealth Management services,
  • Travel benefits on the account, and
  • Access to trading and investing platforms.

Here are the 5 top bank accounts for professionals in South Africa. 

1. Standard Bank Professional Banking Account

The monthly account fee for the Standard Bank Professional Banking Account is the second-lowest on our list. The account charges a monthly account fee of R215.00. This account is available to those who are in their final year of study or have a professional degree.

Since there is no requirement for a monthly income, any income is sufficient. The account includes a private banking team that is available 24 hours a day, seven days a week to ensure that your banking needs are met.

Account-holders receive a R1000.00 kickstart on their share trading account. When clients borrow from their banker, they receive a lower interest rate on a credit card. Other types of credit are also available.

The Standard Bank Professional Banking Account has the following benefits:

  • When you sign up for a new Standard Bank Mobile SIM, you will receive 2GB of free data once.
  • Savings and cash investment solutions with flexible terms and competitive rates
  • Access to financial advisors for discussions about trusts, estate planning, and insurance.
  • Mastercard® lifestyle promotions Priceless Specials powers the Buy 1 Get 1 app.
  • Diners Club members receive discounted deals and offers 12 free domestic Bidvest lounge visits a year
  • When you pay for flights with a credit card, you get free automatic travel insurance.
  • Monthly statements are sent via  email, and transaction notifications are sent via MyUpdates.

2. Investec Private Bank Account

The Investec Private Bank Account is one of the best bank accounts in South Africa for professionals. As a private bank account, it comes with a dedicated private banker who is available to assist you with your specific banking needs.

Fees are reduced for young professionals under the age of 30. Instead of paying R555.00 in monthly account fees, young professionals pay R295.00 until they reach the age of 30.

The Private bank account is dedicated to the following professionals:

  • Actuaries,
  • Attorneys,
  • Chartered Accountants,
  • Engineers,
  • Medical interns,
  • Medical specialists,
  • Pilots, and
  • IT professionals.

Account-holders have access to a variety of credit options, including vehicle financing, a 100% home loan, a credit card, and an overdraft. Offshore banking is also available, with account holders being able to open a pound sterling account managed in the United Kingdom.

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Other advantages of having an Investec Private Bank Account for professionals include:

  • Access to rewards when spending on debit and credit cards.
  • Unlimited local and international Airport lounge access, and
  • A dedicated online travel agency by Investec.

3. RMB Private Bank Account for Professionals

Young professionals benefit greatly from banking with RMB, and the bank’s bank account has some of the most competitive fees. Young professionals can open a bank account with the help of a dedicated private banker and a team of banking experts.

The private banker and a team of experts are there to help with wealth management, portfolio management, stockbroking, and fiduciary responsibilities. Other advantages of having an RMB Private Bank account include:

  • Access to a revolving loan,
  • Access to an overdraft facility,
  • RMB credit card with 55 days interest-free credit,
  • Interest-free deals on smart devices to repay over a 24 months period,
  • eBucks rewards points on selected spend, and
  • 12 complimentary international lounge visits per year.

You must be a registered professional under the age of 35 to be eligible for the RMB Private Bank Account. You must also earn at least R750,000.00 per year.

4. Absa Private Bank Account For Professionals

Absa Private Bank Account is designed for young professionals under the age of 35. Those in their final year of study who wish to pursue a professional career may also apply for a bank account.

The account comes with a dedicated private banker who can help you meet your financial goals. Account-holders have access to Bidvest airport lounges. With six visits per year, you will have access to international airport lounges.

When you travel, you are provided with basic travel insurance. Also, different currencies can be loaded into the account, allowing you to keep your money in different currencies for use when traveling abroad.

Other benefits of owning an Absa young professionals account includes:

  • Access to different types of credit that include but are not limited to 105% home loans, vehicle finance, overdraft, and personal loans.
  • Network of experienced specialists.
  • Travel rewards,
  • Concierge services,
  • Absa rewards for using the private bank account.

5. Nedbank Young Professional Bank Account

Nedbank Young Professional Bank Account offers the lowest monthly account fee on our list. The monthly account fee is charged at R190.00. The account comes with a free subscription to the Nedbank Greenbacks rewards. 

Account-holders have access to a personal private banker. The private banker assists with loan applications, local and global investments, wealth management, and other services.

When you use the account to purchase airline tickets, you automatically receive $750,000.00 in travel insurance. Other travel benefits include unlimited local and 10 international lounge visits per year, as well as the ability to order foreign currency that is delivered to you.

Conclusion

Banks in South Africa offer preferential accounts to professionals. If you are a professional, sign up for a professional account and get the banking help you need while focusing on your career. 

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Staff Writer

Published by
Staff Writer