Mid-level banking plays a crucial role in financial planning for South Africans, offering a balance between essential banking services and premium benefits. These accounts cater to individuals seeking more than basic banking but not as exclusive as high-net-worth offerings. This review compares the Standard Bank Prestige Banking Account and the Nedbank MiGoals Premium Account, evaluating their features, benefits, fees, and overall value to help you make an informed choice.
Account Overview
Standard Bank Prestige Banking Account
The Standard Bank Prestige Banking Account is designed for individuals aiming to manage their finances with added perks and support. Key features include:
- Monthly Fee: R230
- Target Audience: Professionals and individuals looking for enhanced banking services
- Purpose: To offer a comprehensive banking experience with additional benefits like rewards and dedicated support
Nedbank MiGoals Premium Account
The Nedbank MiGoals Premium Account is tailored for those with specific savings goals, offering tools to help manage and achieve financial targets. Key features include:
- Monthly Fee: Information required
- Target Audience: Goal-oriented savers and investors
- Purpose: To provide goal-based savings features alongside premium banking services
Key Features and Benefits
Interest Rates
- Standard Bank Prestige Banking: Offers preferential interest rates for savings and investment accounts, but specific rates need to be checked directly with the bank.
- Nedbank MiGoals Premium: Provides tiered interest rates that increase with higher balances, encouraging savings growth.
Flexibility
- Deposits and Withdrawals:
- Standard Bank: Free ATM withdrawals up to R5,000 per month, and no charges on electronic transactions.
- Nedbank: Details required, typically includes flexible deposit and withdrawal options to support goal-based savings.
Additional Features
- Standard Bank:
- Free Titanium Credit Card
- UCount Rewards program
- Travel benefits including free domestic airport lounge access
- Comprehensive digital tools (Budget Planner, MY360, Credit score)
- 24/7 access to Private Client Center
- Nedbank:
- Goal-setting and tracking tools
- Financial advice and budgeting tools
- Potential rewards or cashback on meeting savings goals
Fees and Charges
Standard Bank Prestige Banking
| Fee Type | Cost |
|---|---|
| Monthly Administration | R230 |
| ATM Withdrawals | R2.40 per R100 |
| Branch Withdrawals | R80 + R3 per R100 |
| Online Transactions | Free |
| Card Purchases | Free |
| International Purchases | 2.75% of value |
| Inter-Account Transfers | Free |
| Account Payments | R1.25 |
Nedbank MiGoals Premium
| Service | Fee | Notes |
|---|---|---|
| PayShap: Pay to ShapID (payments below R100 are free) | R1 | |
| Cash deposits at Nedbank ATMs | R2 per R100 or part thereof | *R2 per R100 or part thereof will apply when you exceed R5 000 limit |
| LOTTO purchases | R2 per R100 or part thereof | |
| Disputed debit order fee – self-service (digital channels) | R5 | |
| Stop payment – digital channels | R5 | |
| PayShap: Pay to account | R7.50 | |
| Cash withdrawals at Nedbank ATMs | R10 per R1 000 or part thereof | *R10 per R1 000 or part thereof will apply when you exceed R5 000 limit |
| Cash withdrawals at another bank’s ATM | R10 + R10 per R1 000 or part thereof | |
| Instant payments | R10 | |
| No-funds Alert | R10 | |
| Statements via Nedbank ATM | R10 | |
| Prepaid purchases (data, airtime, electricity) at another bank’s ATM | R10 | |
| Balance enquiry at another bank’s ATM | R10 | |
| Balance enquiry at an international bank’s ATM | R10 | |
| Declined transaction at another bank’s ATM | R10 | |
| Unpaid debit order | R30 | |
| Transaction listing via Nedbank-assisted channels (branch and Nedbank Contact Centre) – per page | R40 | |
| Statement via Nedbank-assisted channels (branch and Nedbank Contact Centre) – per statement, latest 3 months | R40 | |
| Statement via Nedbank-assisted channels (branch and Nedbank Contact Centre) – per statement, older than 3 months | R40 | |
| Tax certificates via Nedbank-assisted channels (branch and Nedbank Contact Centre) – current tax year | R40 | |
| Tax certificates via Nedbank-assisted channels (branch and Nedbank Contact Centre) – previous tax years | R40 | |
| Branch withdrawals and deposits | R100 per R1 000 or part thereof | |
| Card replacement at self-service kiosks (lost, stolen, damaged) | R100 | |
| Instant issue card fee in branch | R150 | |
| Card replacement in branch (lost, stolen, damaged) | R150 | |
| Branch payments and interaccount transfers | R200 | |
| Garage card purchase | R3.50 | |
| Declined transaction at point-of-sale device | R8.50 | |
| Branch balance enquiries | R24 | |
| Beneficiary management – staff-assisted (branch and Nedbank Contact Centre) | R30 | |
| Disputed debit order fee – staff-assisted (branch and Nedbank Contact Centre) | R30 | |
| Cash withdrawals at an international bank’s ATM | R65 + R2.65 per R100 or part thereof | |
| International point-of-sale withdrawal | R65 | |
| Stop payment – Nedbank-assisted channels (branch and Nedbank Contact Centre) | R75 | |
| Face-to-face card delivery | R170 |
Digital Experience
Standard Bank Prestige Banking
- Interface: User-friendly with a comprehensive app and online banking portal
- Features:
- Easy account opening
- Goal setting and progress tracking
- Access to customer support via app, internet banking, and cellphone banking
Nedbank MiGoals Premium
- Interface: Details required
- Features: Likely includes intuitive digital tools for goal management, transaction tracking, and customer support access
Customer Service and Support
Standard Bank Prestige Banking
- Support Channels: 24/7 access to the Private Client Center, in-app and email notifications, and dedicated Prestige Bankers
- Customer Reviews: Generally positive, praising the comprehensive support and additional benefits
Nedbank MiGoals Premium
- Support Channels: Information required, typically includes dedicated financial advisors and customer support
- Customer Reviews: Reviews needed, usually favorable for goal-based support and advisory services
Who is it Best For?
Standard Bank Prestige Banking
- Ideal For: Individuals seeking a comprehensive banking service with premium benefits, such as frequent travelers and those valuing extensive support
- Strengths: Robust rewards program, extensive travel benefits, and dedicated support
Nedbank MiGoals Premium
- Ideal For: Savers with specific financial goals, such as saving for education, a home, or a large purchase
- Strengths: Goal-setting tools, tiered interest rates, and financial advice
Conclusion
Both the Standard Bank Prestige Banking Account and the Nedbank MiGoals Premium Account offer unique benefits tailored to different financial needs. For those seeking a more comprehensive banking experience with extensive perks and support, the Standard Bank Prestige Banking Account is a strong choice. However, if your primary focus is on achieving specific savings goals with a structured approach, the Nedbank MiGoals Premium Account might be better suited to your needs. Evaluate your personal financial goals and usage patterns to choose the account that aligns best with your requirements.