[Question] Private Banking choice

[Houses4Rent]

I reached the point where I am too sick and tired of normal banking. So me thinks I should try to go for Private Banking as my perception is that service is better and people have more brains at that level.

Am I dreaming or is my perception right? Are there any recommendations as to which bank is more suitable for Private Banking than others?

What are the experiences out there from people who have Private Banking already?

I do not intent to run share portfolios or other fancy things like wealth mgt, credit cards etc. All I need is normal online banking (and able to deal with some brains when problems occur), maybe a big home loan facility and not much more.

[HR Solutions]

I also have a few accounts and also opened up a Capitec account about a year ago - What a fantastic bank. The account is so simple to work with and the staff, if ever you have to go in, are extremely friendly and knowledgable. As they said on another thread they don't have a business side to it. My home loan is still with FNB as well as the business account. Nedbank I am slowly giving the boot.

[PlatinumWealth.co.za]

I reached the point where I am too sick and tired of normal banking. So me thinks I should try to go for Private Banking as my perception is that service is better and people have more brains at that level.

Am I dreaming or is my perception right? Are there any recommendations as to which bank is more suitable for Private Banking than others?

What are the experiences out there from people who have Private Banking already?

I do not intent to run share portfolios or other fancy things like wealth mgt, credit cards etc. All I need is normal online banking (and able to deal with some brains when problems occur), maybe a big home loan facility and not much more.

Get a Capitec account recently opened one and I'm about to close my RMB account because of it.

Capitec is easy no hassles no bells and whistles just straight forward banking without any fees. They pay me to bank there thanks to the interest.

[Houses4Rent]

I have 2 accounts for my daughters with Capitec since years and they started well. By now they have developed into a full blown nightmare. And they slashed their interest rates too when prime went up. They are on the best way to just become another main stream bad bank.

[HR Solutions]

And they slashed their interest rates too when prime went up

When did this happen - The normal account is 5.3% interest ?

[PlatinumWealth.co.za]

I have 2 accounts for my daughters with Capitec since years and they started well. By now they have developed into a full blown nightmare. And they slashed their interest rates too when prime went up. They are on the best way to just become another main stream bad bank.

You will need to be a tad bit more specific.

A nightmare how?

[Houses4Rent]

A while back. I tried to get to CEO to find out why as nobody there could tell me, but I never got to CEO and then I lost interest and put it down to greed.

[PlatinumWealth.co.za]

A while back. I tried to get to CEO to find out why as nobody there could tell me, but I never got to CEO and then I lost interest and put it down to greed.

Wait wait wait. Please restructure this sentence. You are upset with your daughter's Capitec because you could not get hold of the CEO?

[Houses4Rent]

No, Capitec's initial product and interest was great. Then they changed and watered it down and getting closer and closer to normal banks losing their edge.
I wanted to get hold of CEO to ask why they lowered interest when prime went up...
I had other issues with them. Basically each time I have to go to a branch to do something (which is not often) it takes ages and is a drama. E.g. I do not need a card, but yet they forced me to replace an expired card just to change something on the account. That is NOT simplicity as they call it. I then insisted that they refunded the card fee.

[PlatinumWealth.co.za]

No, Capitec's initial product and interest was great. Then they changed and watered it down and getting closer and closer to normal banks losing their edge.
I wanted to get hold of CEO to ask why they lowered interest when prime went up...

I have his details, however generally I doubt you would be able to get that right at any listed company even less so banks.

I had other issues with them. Basically each time I have to go to a branch to do something (which is not often) it takes ages and is a drama. E.g. I do not need a card, but yet they forced me to replace an expired card just to change something on the account. That is NOT simplicity as they call it. I then insisted that they refunded the card fee.

This aspect I can understand, insisting they refund you I cannot understand since your card expired you will need a new one why delay the inevitable. If this was RMB it would have been done without you even knowing just bam! New card in the mail.

Judging by all this I guess your issues falls a bit more in the "exception" category.

[Houses4Rent]

I have the CEO's name and will track him down if need be. The one account is now raided and dormant and I will do the same with the other account once the fixed investment matured. When my daughters are old enough they can decide to use or loose it.

Yes, I usually have unusual problems. Why would I wan to pay for a card I simply do no need?

My simple R16/m fee account is Go Banking.

I got the Private Banking info from Standard Bank yesterday. It just costs a lot of fees and includes many things I do not need for that specific business account. So that route does not seem to be viable either. So how does one get normal service for a normal account ideally without any call centres which are all useless for my often exceptional queries. I even emailed the Regional Director of SUB STANDARD BANK who is not responding.

[PlatinumWealth.co.za]

Keep me posted

[Houses4Rent]

I repeat then:
Are there any recommendations as to which bank is more suitable for Private Banking than others?

[PlatinumWealth.co.za]

I repeat then:
Are there any recommendations as to which bank is more suitable for Private Banking than others?

Answer would still be RMB.

Father is with Nedbank private wealth also good apparently.

Have you had a look at Investec yet? Although there fees might be a bit out of whack.

[BusFact]

I have the CEO's name and will track him down if need be. The one account is now raided and dormant and I will do the same with the other account once the fixed investment matured. When my daughters are old enough they can decide to use or loose it.

Yes, I usually have unusual problems. Why would I wan to pay for a card I simply do no need?

My simple R16/m fee account is Go Banking.

I got the Private Banking info from Standard Bank yesterday. It just costs a lot of fees and includes many things I do not need for that specific business account. So that route does not seem to be viable either. So how does one get normal service for a normal account ideally without any call centres which are all useless for my often exceptional queries. I even emailed the Regional Director of SUB STANDARD BANK who is not responding.

Private banking is going to give you the "normal" personal service that you seem to be searching for. You will have access to a human being for queries, but you will most certainly pay for it. If paying for an unnecessary card every few years concerns you, then be aware that private banking will cost you that at least that every month. They will also have fairly onerous entrance level requirements. Either you must be investing significant amounts with them, have taken large loans or be receiving a chunky salary every month.

Because its a more personal relationship, your experience will depend on the person you deal with more so than the bank. Therefore I wouldn't spend much effort choosing which one, just go with who you usually use or roll a dice.

If you are looking for a good deal or a low cost option, then personal banking is not the way to go.