The most exclusive South African bank accounts for the super rich – what they cost and what they offer!

Top retail banks in South Africa all have a high-level account reserved solely for the richest people in the country. sale qatar

Each account has an annual minimum wage requirement of between R750,000 million and R2.5 million or requires a significant amount of investment assets.

Although the banking sector in South Africa is now a battalion for low-cost or non-cost accounts aimed at sewing unbanked into the country, the high-income array is a lucrative pool.

New incoming Discovery Bank does not offer a low-income or entry-level account, but it offers an exclusive 'Purple' account, which has the highest salary requirements among all the big banks' retail accounts.

A prospective cardholder must earn R2.5 million (more than R200,000 a month) per year to qualify for a Discovery Purple account to benefit from the big discounts and a specific account structure.

Private banking group Investec was formerly a mother to qualify for an account but has now invited persons earning R800,000 a year to apply.

The bank almost exclusively targets professionals and high net worth individuals – even crediting its very selective customer base for the fact that in the last few years it has been able to cope with the volatile economic environment.

Investec's base is above Absa (R750,000 minimum) and below Standard Bank (a minimum of R1.1 million).

Both the Nedbank and the FNB have private property offers, requiring R1.5 million annual wages or R5 million investment assets for Nedbank, or 15 million net assets for FNB.

RMB Private Banking – which is closely linked to FNB as part of the FirstRand Group – has the same entry requirements as FNB Private Wealth, requiring at least R1.5 million in annual earnings or the same net asset value of R15 million.

What they cost and what you're getting

These exclusive accounts are subject to high monthly charges for the various services and benefits offered. As long as the accounts are prestigious, they are designed specifically for customers who need these kinds of tailored benefits.

Much of the advantages of lifestyle and investment relate to high revenue bank accounts, with banks offering the best advantages for travel and leisure while providing easier access to international markets and financial advisors.

Things such as airport lounges and concierge services are common, as are family members' related accounts. The higher monthly fees are used to bundle the majority of the more common banking transactions into the price.

This is what the various banks offer and how much they charge for the privilege each month.