The most expensive bank accounts in South Africa – and how much you need to earn to qualify
South Africa may be losing millionaires, but several bank accounts across the country still offer the super wealthy expensive accounts with a significant number of benefits.
According to the latest Wealth Migration Report for 2023 by Henley & Partners and New World Wealth, South Africa saw 400 high-net-worth individuals – those who have a net worth of over US$1 million (approximately R19 million) – emigrate in 2022, with a further 500 expected to leave in 2023.
“Millionaire migration figures can be a telling real-time barometer for the health of an economy as wealthy people are extremely mobile and they, therefore, tend to be the first to move,” the report said.
Thus, significant drops in the HNWI population in South Africa can also be linked to the decline in wealth across the country.
According to the latest African Wealth Report for 2023, South Africa was home to 37,800 US dollar millionaires at the end of 2022, a 1,500 drop from the 39,300 recorded at the end of 2021.
If 400 emigrated, that means 1,1000 millionaires simply lost their HNWI status due to the market conditions.
Despite the decline in wealth levels in South Africa, many banks still offer accounts for the super-wealthy in the country.
To even access one of these accounts, one would need to earn a minimum of R750,000 per year or R62,500 per year.
For instance, the Discovery Purple account will require South Africans to earn over R2.5 million per year or over R200,00 monthly.
This is significantly higher than the average salary in South Africa, with BankservAfrica data for April showing the average salary in the country is R14,534 – a major decline on the R15,170 recorded a year prior.
Below are the salary requirements for the most expensive accounts in South Africa:
| Bank | Annual salary needed | Monthly salary needed |
| Discovery Purple | >R2.5 million | > R208 000 |
| Nedbank Private Wealth | >R2 million | >R166 666 |
| FNB Private Wealth | R1 800 000 | R150 000 |
| Standard Bank Signature Banking | R1 104 000 | R92 000 |
| Investec Private Banking | R800 000 | R66 600 |
| RMB Private Fusion Account | R750 000 | R62 500 |
| Absa Private Banking | R750 000 | R62 500 |
| Average | R1 386 285 | R115 466 |
Discovery Purple not only requires the highest annual salary but also has the highest monthly fee at R599.
Considering the net worth of these individuals, an average monthly account fee of R529.14 will not make a significant dent on the finances of any of these wealthy customers.
| Bank Account | Monthly Fee |
| Discovery Purple | R599 |
| Investec Private Banking | R575 |
| RMB Private Fusion Account | R550 |
| FNB Private Wealth | R525 |
| Nedbank Private Wealth | R500 |
| Standard Bank Signature Banking | R495 |
| Absa Private Banking | R460 |
| Average | R529.14 |
Discovery Purple
- Up to 75% back on HealthyFood items at Pick n Pay or Woolworths
- Up to 50% back on HealthyCare items at Clicks or Dis-Chem
- Up to 20% back on Uber rides
- Up to 20% back on fuel purchases at BP and Shell
- Up to 40% off when cusomter spends Discovery Miles
- Up to 75% off one return or two local one-way flights
- Up to 75% off an international flight with British Airways, Emirates and Qantas
- Up to 75% off fitness devices and Nike performance gear
- Up to 50% off Technogym home gym equipment rental
Nedbank Private Wealth
- Free airport lounge access
- 24-hour concierge service for personal travel and lifestyle needs.
- Emergency assistance
- Travel and lifestyle benefits, such as discounts and special rates on accommodation, car rental and airport meet-and-assist services
- Travel insurance up to $2.5 million.
- Automatic enrolment in the Greenbacks programme, with customers earning unlimited Greenbacks at a rate of up to two Greenbacks for every R10 spent with Visa Infinite credit card or double Greenbacks with their American Express® Credit or Cheque Cards.
- Private banker.
- Team of specialists to help with wealth management needs.
- Access to the Nedbank Private Wealth App
FNB Private Wealth
Standard Bank Signature Banking
Investec Private Banking
- A competitive debit rate of up to prime
- A Visa platinum credit card with up to 45 interest-free days on card purchases
- Unlimited free ATM withdrawals both locally and internationally*
- Interest on credit balance
- Up to 60-month budget facility option for unexpected purchases
- Complimentary local and international lounge access
- Get an extra card linked to account at no extra cost or a stand-alone Private Bank Account at a reduced monthly fee for spouse or life partner.
- Open an Investec Youth Account, a transactional account with a Visa debit card, for no additional monthly fee.
- Open a linked Cash Management Account and earn a higher interest rate through active management of short-term surplus funds.
- Open a tax-free investment or a local unit trust for the customer and children through My Investments.
- Open a sterling-based transactional account in the UK (for an additional fee).
- Enjoy preferential exchange rates on foreign exchange whether investing internationally, making international payments or receiving funds from abroad into Investec Account.
- Get access to emergency funds with Western Union Money Transfer if card is lost or stolen while travelling abroad.
- Access to Investor Rewards
- Access to Investec Digital
- Access to Investec One Place
RMB Private Banking Fusion
- An exclusive metal card
- Full transactional capability with a linked credit facility
- One view of transactional account
- One interest rate
- Up to 30 days’ interest-free on card purchases
- Linked additional cards
- Maximum rewards
- Account for spouses
- FNBy for kids, teens and young adults.
- Global Travel Insurance
- Access to the SLOW Lounge
- Cash@Till
- Exclusive VISA offers
Absa Private Banking
- Absa Rewards Programme
- Automatic membership to Absa Rewards
- No additional monthly fee
- Earn in cash – rand for rand
- Access to bonus benefits
- Stockbroking services
- Online share trading ability
- Waiver of annual administration fee
- Preferential brokerage fee
- Multi-currency Mastercard Cash Passport
- Know what is spent with set exchange rates ( safe from currency fluctuations)
- Load up to seven currencies on one card using Absa Online or via an Absa Forex branch
- Access to emergency cash is available when card is lost
- Download the Cash Passport App and track spend 24/7
- Use Cash Passport overseas at ATMs or points of sale
- Spend securely with the added chip-and-PIN technology
- 6 visits per year to airport lounges affiliated to LoungeKey
- Get more cash with an overdraft and pay for unexpected expenses
- Access to local Bidvest Premier lounges with Private Banking Credit Card
- Travel insurance to the account holder and travel companions when air ticket and accommodation is bought with Visa Credit Card
- Additional features of the Visa Signature Credit Card
- Multi-trip travel insurance (underwritten by Chubb)
- A collision damage waiver
- Medical and legal assistance
- The Visa International Airport Dining programme
- Global customer assistance services
- Visa merchant offers
- Extended warranty and buyer’s protection
- Concierge Assistant
- Avis benefits
- The Visa Luxury Hotel Collection
- Agoda.com online hotel bookings
- YQ Assist services
- Access to benefits via visacards.africa
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