+44 7393 450837
Follow on

Best Banks For The Wealthy In South Africa

Best Banks For The Wealthy In South Africa

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).

Often superior options exist internationally, outside of South Africa.


South Africa’s biggest retail banks for the wealthy each provide a top-tier account that is only available to the wealthiest citizens of the nation.

Each account has a minimum annual wage requirement that varies from R750,000 to R2.5 million or a significant minimum requirement for investable assets.

The high-income group is a lucrative market, even if South Africa’s banking industry has turned into a battleground for no-fee or low-cost accounts, hoping to entice the country’s unbanked.

6 Best Banks for the Wealthy in South Africa

1. Discovery Purple

Discovery Bank, a new player in the market, does not provide low-income or entry-level accounts but instead distinguishes itself by providing a unique “Purple” account with the highest salary criteria out of all the retail accounts promoted by the big banks for the wealthy.

An applicant for a Discovery Purple account must make at least R2.5 million yearly (more than R200,000 per month) in order to benefit from the significant savings and “bespoke account structure” on offer.

It costs R570 per month and R2,950 per year to maintain the Discovery Purple account.

Rewards consist of 65% back on nutritious food, 75% off exercise equipment, and 100% off gym memberships at Planet Fitness or Virgin Active locations in South Africa.

Discovery made it clear that a cardholder must maintain a monthly salary of R208,000 for 12 months in a row in order to continue to be eligible for some advantages, such as savings on business class flights.

Best Banks For The Wealthy In South Africa
Discovery Purple

2. FNB Private Wealth/ RMB Private Fusion Account

FNB offers private wealth services that call for an R1.5 million yearly salary or an R15 million net asset worth. With such a salary requirement, it is surely one of the banks for the wealthy in South Africa.

The admission requirements for RMB Private Banking, which is closely affiliated with FNB as a member of the FirstRand Group, are identical to those for FNB Private Wealth and call for a minimum annual salary of R1.5 million or a minimum net asset value of R15 million.

An FNB Private Wealth account costs R529 per month to maintain, compared to R499 for FirstRand Bank’s corporate and investment division.

The eBucks Reward program, which FNB and RMB both use, offers discounts on items including technology, travel, and lodging. The following are some advantages that FNB and RMB provide to their higher-income clients:

  • Private banking advice.
  • Advice-led investments.
  • Access to specialized lending.
  • Risk and fiduciary advice.
  • Access to over 1,000 airport lounges globally, with an FNB Global Debit Card and Lounge Key.
  • Special access to a philanthropy centre.
Best Banks For The Wealthy In South Africa
RMB Private Bank

3. Nedbank Private Wealth

Nedbank offers private wealth services that call for an R1.5 million annual salary or R5 million in investable assets.

With two cards available and a monthly fee of R468, the Nedbank Private Wealth package account is a transaction account.

This account provides cardholders with 24-hour service 365 days a year, among other things such as:

  • Service that can book events for you or arrange flower deliveries.
  • Free airport lounge access.
  • Concierge service that includes travel booking assistance.
  • Accommodation and vehicle hire discounts and special prices
  • Access to the Greenbacks program, which entitles cardholders to exclusive discounts and the opportunity to earn double Greenbacks when you use the card.
  • Global assistance with Visa when needed.
Best Banks For The Wealthy In South Africa
Nedbank Private Wealth

4. Standard Bank Signature Banking

The Standard Bank Signature Account has bundled services and perks that cost R480 per month, with an additional R75 for Family Banking.

A few advantages are but are not exclusive to:

  • Make a phone call to your Signature banker.
  • When you spend over R500 at Wine-of-the-Month Club, you will receive a 15% discount.
  • Priceless Specials provides lifestyle discounts on the Mastercard® Buy 1 Get 1 app.
  • Lifestyle Rands can be earned and spent at over 250 Lifestyle partners.
  • Priceless Cities provides exclusive travel deals.
  • Our dedicated Signature Travel desk can help you with travel bookings, visas, currency exchange, and complete travel insurance.
  • 24 visits to over 900 airport lounges each year*
  • When you book via Leisure Desk, you may save up to 20% on Emirates flights*.
  • You can save up to 15% on Hertz car rentals and get one free car upgrade.
  • You can save up to 15% on luxury serviced apartments.
  • You can open an offshore bank account and earn UCount Rewards Tiering Points based on your offshore deposits.
  • Your monthly account fees will be refunded in Standard Bank Mobile airtime*.
  • Microsoft Digital Literacy training is available for free.
Best Banks For The Wealthy In South Africa
Standard Bank

5. Investec Private Banking

Investec, a private banking company, has previously kept quiet about the salary thresholds needed to get an account, but it has now opened applications to anybody making over R800,000.

The bank virtually solely caters to professionals and high-net-worth individuals, and it even attributes its success in surviving the nation’s turbulent economic climate in recent years to its extremely selective clientele.

With a base of at least R750,000, Investec is higher than Absa but lower than Standard Bank (a minimum of R1.1 million).

The Investec Private Banking Account costs R555 per month and comes with the following benefits:

  • Earn one Rewards point for every R5 spend online or in-store on your Investec Visa card.
  • A single view of all of your Private Banking and global Wealth & Investment accounts.
  • Rate discounts on overseas transfers.
  • Market-leading interest rates on your cash investments at no extra charge.
  • The monthly cost for online share trading platform
  • A comprehensive overview of your global finances.
  • Upload and securely save digital copies of your key papers, such as identification cards, to Investec Online and the App. You will have easy access to these documents anytime you need them.
  • LoungeKey international lounges: Investec Platinum Visa cardholders have unlimited access to LoungeKey lounges globally.
  • Key lounges: international admission.
  • Investec Platinum Visa cardholders have unlimited access to SAA-owned and Bidvest Premier Lounges in South Africa.
  • Guest and child at SAA & Bidvest Premier Lounge (South Africa).
Best Banks For The Wealthy In South Africa
Investec Private Banking

6. Absa Private Banking

The Absa Private Banking account has the lowest entrance barrier of all the listed banks for the wealthy in South Africa, with a monthly charge of R460 or R540 if linked to a Private Bank One or Structured Loan. Cardholders receive the following benefits:

  • Access to the rewards program offered by Absa, including automatic participation in Absa Rewards, no additional monthly fees, the ability to get rewards in cash (rand for rand), and access to bonus advantages.
  • Services offered by stockbrokers include the option to trade shares online, a waiver of the annual administration charge, and lower brokerage costs.
  • Forex Multi-Currency Cash Passport provides access to funds while travelling abroad, up to four currencies on one card, and a partial waiver of the first commission due.
  • 6 visits a year to LoungeKey-affiliated airport lounges.
  • Utilize an overdraft to obtain additional funds and cover unforeseen costs.
  • Use of your Private Banking Credit Card to gain access to neighbourhood Bidvest Premier lounges.
  • When you use your Visa credit card to purchase an airline ticket and lodging, travel insurance is provided to the account holder and any travelling companions.
Best Banks For The Wealthy In South Africa
Absa Private Banking

Pained by financial indecision? Want to invest with Adam?

smile beige jacket 4 1024x604 2

Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

Leave a Reply

Your email address will not be published. Required fields are marked *

This website is not designed for American resident readers, or for people from any country where buying investments or distributing such information is illegal. This website is not a solicitation to invest, nor tax, legal, financial or investment advice. We only deal with investors who are expats or high-net-worth/self-certified  individuals, on a non-solicitation basis. Not for the retail market.



Gain free access to Adam’s two expat books.

Gain free access to Adam’s two expat books.

Get more strategies every week on how to be more productive with your finances.