Choosing the right bank account can be a daunting task, especially when considering mid-tier banking options. The Sasfin Personal Platinum Bundle and the Nedbank MiGoals Premium account are both tailored for individuals seeking premium banking services with a range of benefits. This article compares these two accounts, focusing on fees, benefits, and other essential aspects to help you make an informed decision.
Fee Comparison
Below is a detailed comparison of the fees associated with the Sasfin Personal Platinum Bundle and Nedbank MiGoals Premium accounts.
| Fee Type | Sasfin Personal Platinum Bundle | Nedbank MiGoals Premium |
|---|---|---|
| Monthly Maintenance Fee | R199.00 | R240.00 (R120.00 if over 55 or 18-26 years old) |
| Electronic Fund Transfer (EFT) | R6.90 | Free |
| Debit Order | R10.20 | Free |
| Local Point of Sale Purchase | R3.90 | Free |
| International Point of Sale Purchase | R3.90 + 2.85% conversion fee | Free |
| Immediate Funds Transfer | R15.00 – R35.00 (depending on amount) | R7.50 |
| Cash Deposit at ATM | R12.00 + R1.50 per R100 after R20,000 free limit | R2 per R100 after R5,000 free limit |
| Local ATM Withdrawal | R9.00 + R1.30 per R100 | R10 per R1,000 |
| International ATM Withdrawal | R35.90 + 2.85% conversion fee | R65 + R2.65 per R100 |
| ATM Balance Enquiry | R5.00 | R10 at other bank’s ATM |
| Card Replacement | R120.00 | R150.00 |
| Statement (Consultant Assisted) | R30.00 | R40 per page |
| Bidvest Domestic Lounge Access | 1 free visit per month, R283.00 per visit after | 12 free visits per year |
| Bidvest International Lounge Access | 1 free visit per month, R475.00 per visit after | Not available |
Benefits of Sasfin Personal Platinum Bundle
Free Transactions
- 30 free debit transactions monthly, including EFTs, debit orders, and local POS purchases.
- Free inter-account transfers, electronic credits, secondary card, and SMS/email notifications.
Lounge Access
- 1 free visit per month to Bidvest domestic and international lounges.
Smart Analytics
- Access to B\YOND®, Sasfin’s digital banking platform, offering investment products and smart analytics.
Cash Deposits
- Two free cash deposits capped at R20,000.
Personal Transactional Account
- Tailored for business account holders seeking personal banking solutions.
Benefits of Nedbank MiGoals Premium
Free Services
- Free platinum credit card and overdraft facility, subject to credit assessment.
- Free Greenbacks membership and MyPocket account.
- Free digital payments, inter-account transfers, debit and stop orders, and pay-to-cellphone-number transactions.
Lounge Access
- 12 free domestic airport lounge visits per year.
Cashback and Discounts
- 25c cash back in Greenbacks per litre of fuel at bp.
- 50% discount at Nu Metro cinemas.
Fee Refunds
- Monthly maintenance fee refund if a minimum daily balance of R20,000 is maintained.
Digital Banking
- Free digital statements, tax certificates, and eNotes.
Pros and Cons
Sasfin Personal Platinum Bundle
Pros
- Comprehensive package with multiple free transactions.
- Access to exclusive lounges.
- Affordable pricing for premium services.
Cons
- Fees can accumulate for frequent transactions beyond the free limits.
- Limited international transaction benefits.
Nedbank MiGoals Premium
Pros
- Extensive list of free services, including credit card and overdraft facility.
- Generous lounge access and cashback benefits.
- Monthly fee refund with a minimum balance, making it cost-effective.
Cons
- Higher monthly fee compared to Sasfin if eligibility criteria are not met.
- Fees for branch-assisted transactions can be high.
Suitable for Whom?
Sasfin Personal Platinum Bundle
Ideal for business account holders who require a personal banking solution with premium features. The account is suitable for individuals who travel frequently and can benefit from lounge access and free transactions.
Nedbank MiGoals Premium
Perfect for young professionals, seniors, and those maintaining a high balance. The extensive free services, cashback benefits, and lounge access make it a valuable option for those seeking premium banking without high costs.
Conclusion
Both the Sasfin Personal Platinum Bundle and Nedbank MiGoals Premium accounts offer a range of benefits tailored to different needs. Sasfin’s package is ideal for business account holders seeking personal banking solutions, while Nedbank’s MiGoals Premium is suited for young professionals and seniors looking for extensive free services and cashback benefits. By considering the fees, benefits, and personal banking needs, individuals can choose the account that best aligns with their financial goals and lifestyle.
