Mid-level banking accounts cater to individuals seeking enhanced banking services without the full premium price tag. These accounts often provide a balance between cost and benefits, offering a variety of features that cater to the financial planning needs of many South Africans. In this review, we compare two prominent mid-level banking accounts: the FNB Premier Account and the Discovery Platinum Account. We will examine their features, benefits, fees, digital experiences, customer support, and more to help you make an informed decision.
Account Overview
FNB Premier Account
The FNB Premier Account is designed for individuals who need a comprehensive banking solution with added benefits. This account is offered by First National Bank (FNB), one of South Africa’s leading financial institutions. Key features include a no-fee savings account, the ability to earn eBucks rewards, and various investment options. The account requires a minimum opening deposit of R100,000 to activate.
Discovery Platinum Account
The Discovery Platinum Account is offered by Discovery Bank, known for integrating health and banking services. This account targets individuals seeking a premium banking experience with the added benefits of Vitality Money. The account includes features such as free virtual cards, additional physical cards, and rewards through the Vitality program.
Key Features and Benefits
Interest Rates
- FNB Premier Account: Offers a money market fund-related rate with capital and quoted returns fully guaranteed. The account includes an FNB Money Maximiser, providing higher interest rates based on the market.
- Discovery Platinum Account: Interest rates are integrated with the Vitality Money program, rewarding healthier financial behaviors with better interest rates.
Flexibility
- FNB Premier Account: Allows scheduled transfers, automatic savings through the Bank Your Change® feature, and various investment options.
- Discovery Platinum Account: Provides flexibility with multiple free virtual cards and a simple process for modifying goals and managing finances through the Vitality Money platform.
Additional Features
- FNB Premier Account: Includes eBucks rewards, complimentary SLOW Domestic Lounge visits, and discounts on various services.
- Discovery Platinum Account: Offers Vitality Money rewards, discounts on health and wellness services, and up to eight free local ATM withdrawals per month.
Fees and Charges
FNB Premier Account
| Fee Type | Amount |
|---|---|
| Monthly Account Fee | R240 |
| Savings Account Fees | No fees |
| Electronic Payments and Transfers | No charge |
| Overdraft Service Fee | R69 per month |
| Personal Loan Monthly Service Fee | R69 per month |
| International Card Purchase Fee | 2% of transaction value (max R100) |
| Cash Withdrawal at FNB ATM | R2.60 per R100 |
| Cash Withdrawal at Other Banks’ ATMs | R12 + R2.60 per R100 |
| International ATM Withdrawal | R80 + R3.20 per R100 |
| Additional Services (e.g., statements) | R4.25 per page for printing |
Discovery Platinum Account
| Fee Type | Amount |
|---|---|
| Monthly Account Fee | R289 |
| Vitality Money Premium | R60 |
| Single Credit Facility Fee | R69 per month |
| Additional Physical Cards | R45 each |
| Local ATM Withdrawals (First 8) | Free |
| Local ATM Withdrawals (after 8) | R5 + 2.50% of withdrawal amount |
| International ATM Withdrawals | R80 + 2.50% of withdrawal amount |
| Cash Withdrawals at Point of Sale | Free |
| Once-off Single Credit Facility Initiation Fee | R150-R199 depending on credit limit |
Digital Experience
FNB Premier Account
FNB offers a robust digital platform with a user-friendly interface on both its website and mobile app. The platform allows easy account opening, goal setting, and progress tracking. Customers can manage their finances, access a variety of digital tools, and receive support through the app.
Discovery Platinum Account
Discovery Bank provides a seamless digital experience through its integrated Vitality Money platform. The app is designed to promote financial wellness, offering easy access to account management, goal setting, and financial tracking. The platform is intuitive, making it simple for users to navigate and access customer support.
Customer Service and Support
FNB Premier Account
FNB is known for its responsive and accessible customer service. Support is available through various channels, including online chat, phone, and in-branch assistance. Customer reviews generally reflect satisfaction with the service quality and response times.
Discovery Platinum Account
Discovery Bank offers strong customer support with a focus on digital interactions. Support is available through the app, phone, and email. Customers appreciate the accessibility and helpfulness of the support team, though some reviews suggest room for improvement in response times.
Who is it Best For?
FNB Premier Account
- First-time savers: The account’s no-fee savings options and automatic savings features are beneficial.
- Experienced investors: The FNB Money Maximiser provides attractive interest rates for larger deposits.
- Individuals seeking rewards: The eBucks rewards program offers significant savings and benefits.
Discovery Platinum Account
- Health-conscious individuals: Integration with Vitality Money rewards healthy financial habits.
- Tech-savvy users: The seamless digital platform appeals to those comfortable with managing finances online.
- Frequent travelers: The free local ATM withdrawals and international withdrawal options are advantageous.
Pros and Cons
FNB Premier Account
Pros:
- No-fee savings account
- Robust eBucks rewards program
- Comprehensive digital tools
Cons:
- High minimum deposit requirement
- Monthly account fee is relatively high
Discovery Platinum Account
Pros:
- Integrated with Vitality Money
- Multiple free local ATM withdrawals
- User-friendly digital platform
Cons:
- Monthly account fee is relatively high
- Additional fees for extra physical cards
Conclusion
Both the FNB Premier Account and the Discovery Platinum Account offer substantial benefits for mid-level banking customers in South Africa. Ultimately, the choice depends on your specific needs and financial goals. For a balance of rewards and robust banking features, the FNB Premier Account stands out. However, if you prioritize a health-focused financial approach and excellent digital tools, the Discovery Platinum Account may be the better option.
