In the competitive landscape of South African banking, selecting the right account can be daunting. This article compares the Sasfin Personal Platinum Bundle and the FNB Premier Account, two mid-tier banking solutions designed for professionals and individuals seeking comprehensive banking services. We will explore their fees, benefits, and suitability for different types of users.
Fee Comparison
A transparent understanding of fees is crucial when comparing banking products. The table below outlines the primary fees associated with each account.
| Feature | Sasfin Personal Platinum Bundle | FNB Premier Account |
|---|---|---|
| Monthly Account Fee | R199.00 | R50.00 |
| Debit Transactions | 30 free transactions, then fees apply | No charge for internal debit orders |
| ATM Withdrawals | R9.00 + R1.30 per R100 | R1.50 per R100 (FNB ATMs) |
| International ATM Withdrawals | R35.90 + 2.85% conversion fee | R80 + 2% of transaction value |
| Electronic Fund Transfers (EFT) | R6.90 per transaction | R8.50 |
| Debit Order | R10.20 per transaction | R19.00 (external debit orders) |
| Local Point of Sale Purchase | R3.90 per transaction | No charge |
| International Point of Sale | R3.90 + 2.85% conversion fee | 2% of transaction value (max R100) |
| Cash Deposit | 2 free deposits up to R20,000, then R12 + R1.50 per R100 | R1.60 per R100 at FNB ATMs, R80 + R3.20 per R100 at branches |
| Balance Enquiry | R5.00 | No charge at FNB ATMs |
Benefits of Each Account
Sasfin Personal Platinum Bundle
- Comprehensive Transaction Package: 30 free debit transactions including EFTs, debit orders, and local point of sale purchases.
- Free Inter-Account Transfers: No fees for transferring funds between Sasfin accounts.
- Digital Banking Tools: Access to Sasfin’s digital banking platform, B\YOND®, offering smart analytics and a range of investment products.
- Travel Benefits: Free access to Bidvest lounges (domestic and international) for the main member and a guest once per month.
- Free Notifications: SMS and email alerts for transactions, insufficient funds, and other account activities.
FNB Premier Account
- Monthly Fee Rebate: Maintain a balance of R15,000 or more to have the monthly fee rebated.
- Comprehensive Insurance: Free travel insurance for both local and international travel.
- Rewards Program: Automatic enrollment in eBucks Rewards, offering discounts on travel, fuel, and more.
- Dedicated Banking Team: Access to a team of bankers for personalized service and financial advice.
- SLOW Lounge Access: Complimentary access to SLOW domestic and international lounges.
Pros and Cons
Sasfin Personal Platinum Bundle
Pros:
- Fixed monthly fee with a substantial number of free transactions.
- Inclusive of multiple free services such as notifications and inter-account transfers.
- Competitive international ATM and point of sale fees.
Cons:
- Higher fees for specific transactions beyond the free limit.
- Requires an associated business account to qualify for the personal account.
- Limited ATM network compared to larger banks.
FNB Premier Account
Pros:
- Potential to rebate monthly fee by maintaining a minimum balance.
- Extensive rewards program offering significant savings on travel and fuel.
- Access to a team of bankers for personalized service.
- Complimentary SLOW Lounge access enhances travel experience.
Cons:
- Higher fees for certain transactions such as external debit orders and branch withdrawals.
- Monthly fee is only waived if a balance of R15,000 is maintained.
- International transaction fees can add up, especially with frequent usage.
Suitability and Worthiness
Sasfin Personal Platinum Bundle
The Sasfin Personal Platinum Bundle is suitable for individuals who frequently use electronic transactions and seek a comprehensive bundle with numerous free services. It is ideal for professionals with an associated business account, making it a worthy choice for those who value seamless integration between personal and business finances. The inclusion of smart digital tools and lounge access makes it attractive for tech-savvy users and frequent travelers.
FNB Premier Account
The FNB Premier Account is designed for individuals with an annual income between R300,000 and R749,999. It is ideal for users who can maintain a balance of R15,000 or more, benefiting from the fee rebate. The account is also well-suited for frequent travelers who can take advantage of the travel insurance and lounge access. The extensive rewards program and access to a dedicated team of bankers make it a compelling option for those seeking personalized banking services and significant savings through rewards.
Conclusion
Both the Sasfin Personal Platinum Bundle and the FNB Premier Account offer distinct advantages tailored to different user needs. The Sasfin account is comprehensive, providing a significant number of free transactions and digital tools, making it ideal for business-linked personal accounts. In contrast, the FNB Premier Account offers a robust rewards program, personalized banking service, and potential fee rebates, making it suitable for individuals who can maintain a higher balance and seek extensive travel benefits. When choosing between the two, consider your transaction habits, need for personalized service, and preference for rewards and travel perks to find the account that best fits your financial lifestyle.