Investec Private Banking Business Account: A Pick for Entrepreneurs

If you need a secure, easy-to-manage account, the Investec Private Banking Business account is for you. 

By Luciana Souza, on 2024/05/27

It’s ideal for privately owned businesses and entrepreneurs. You’ll enjoy top-tier solutions and services from a leading international bank.

With this account, you can open a current account and a business credit card together. Then, you pay one monthly fee with no annual card fees, earn interest on positive balances, and access a line of credit at a prime rate.

The Investec Private Business Account is tailored to your needs, offering flexible options like a limited-use card and an electronic-only account. 

This account is perfect for managing your daily finances while you focus on growing your business.

Interested in learning more? Let’s examine what it offers, its benefits, its cost, and who can apply so you can decide if it’s right for your business.

Features of Investec Private Banking Business Account

The Investec Private Business Account offers an array of impressive features tailored to meet the diverse needs of businesses. Here are some of its features:

With Investec Select, users benefit from a limited-use Visa card specifically for fuel and fuel-related purchases, ensuring efficient expense management. 

An electronic-only account option is available for those who prefer electronic transactions. This allows for specialized transactions without the need for a physical card. 

Simplicity is at the forefront, enabling seamless online management of business accounts anywhere in the office or via mobile devices. 

Moreover, the account provides enhanced security measures, allowing users to customize access levels and authorizations for each user while maintaining a comprehensive audit trail for accountability. 

Clients also enjoy round-the-clock support from Investec’s global Client Support Centre and specialized business consultants, who are available 24/7/365 to assist with any queries or issues. 

Furthermore, Investec offers global solutions for forex needs, with foreign exchange experts facilitating cross-border trade-related payments and guiding users through regulatory controls for global fund movements. 

Additionally, the dedicated Travel Currency Desk streamlines foreign currency transactions, ensuring hassle-free handling of international financial requirements. This is complemented by the convenience of using the Business Visa card worldwide.

How the Investec Private Banking Business Account Works 

First, meeting minimum requirements is crucial to get started. Once onboarded, you gain access to a suite of tailored services designed to address your business’s unique needs. 

The Investec Private Business Account is designed for young professionals, high-income earners, and high-net-worth individuals. For owner-managed businesses, they offer tailored solutions and access to their network, serving established entrepreneurs and high-net-worth individuals as a funding partner. 

As a business client, you unlock the Investec Rewards program. With this program, you earn one Reward point for every R10 spent online or in-store with any Investec Visa card linked to your Private Business Account. And there is no cap on points earned. 

However, the rate at which points are earned varies according to the partnership level. In higher levels, clients can earn points at a greater rate.

Additionally, the account offers exclusive travel rewards. Investec Travel has a dedicated account manager organizing business travel requires locally and abroad. 

The Investec Business Visa card also grants unlimited complimentary access to SAA-owned and Bidvest Premier domestic and international departure lounges in South Africa. 

The Investec Private Business Account empowers businesses to maximize their hard-earned cash through various cash management solutions, including flexible cash deposit products. 

Furthermore, Investec provides the Corporate Cash Manager, a secure online third-party cash management system tailored for intermediaries. And you get savings accounts designed for individuals, securely catering to different saving needs with maximum growth potential.

For more information on banking services for businesses, contact their global Client Support Centre, available 24/7/365. 

Additionally, you can explore their range of cash investment products designed to maximize returns and cater to the varying needs of businesses, from managing surplus cash to individual savings accounts.

Pros and Cons of the Investec Private Banking Business Account

Some advantages and disadvantages of having this account include:

Investec Private banking Benefits

Users benefit from sophisticated transactional capabilities, including foreign exchange expertise and tailored financial solutions.

Clients receive dedicated assistance from a specialist Private Banker, ensuring personalized guidance and support for individual and business needs.

The global Client Support Center operates round-the-clock, offering assistance whenever needed and enhancing convenience and accessibility.

The account includes a complimentary rewards program. It allows users to earn points on business expenditures and enjoy travel rewards, adding value to their banking experience.

Access to Investec Online and the Investec App enables users to manage their finances conveniently from anywhere, providing flexibility and efficiency in banking operations.

Private Banking Business Accounts Cons

The Investec Private Business Account fees may overwhelm users, especially small business owners seeking to grow with minimal expenses.

Eligibility criteria tailored for specific income levels and qualifications may exclude certain individuals, limiting access to account benefits.

Rates and Fees

The fee structure for the Investec Private Business Account is comprehensive, aiming to meet the diverse needs of business owners. A monthly account fee of R320, including the monthly credit facility fee, is charged per account. 

As the monthly statement reflects, any outstanding balance incurs interest at the prime rate. Credit interest accrues on the daily credit balance after deducting online electronic transfers, cash withdrawals, and near-cash transactions at a prime minus 10% (with a 0.25% minimum).

Additional cards beyond the first are subject to a one-time activation fee of R275 each, with the Investec Select Card costing R30 monthly. 

Oil, fuel, and toll transactions incur a charge of R5.50 each. In-store and online purchases do not attract extra charges.

Local and international ATM cash withdrawals cost R17.50, excluding international currency conversion fees. 

Withdrawals at regional and international bank branches, including foreign exchange purchases, are charged R70. Online Banking debits cost R6, while credits are free.

Complimentary services include statements, airtime, data, and SMS bundles. External debit orders cost R6, while sending cash incurs an R11 fee. 

The fee for outbound RTC payments is R10 for transactions below R3,000 and R40 for those above, subject to daily limits. Outbound PayShap payments cost R6 each.

A 2% international currency conversion fee applies to card transactions, not in South African rand. 

Cash deposits at Absa branches incur a fee of 1.47% of the deposit value, with minimum fees applicable. 

Card replacements and deliveries vary in cost, as do fees for transaction voucher copies, unsuccessful disputes, returned payments, and payment recalls. 

Investec Private Banking Requirements and Eligibility Criteria

To qualify for Investec private banking, individuals generally need professional qualifications and to earn a minimum income level. The specific income requirements can vary depending on age and professional background.

For individuals over 30, the requirement is an annual income of R800,000 or more. If you meet this criterion, you can apply for an Investec Private Bank Account, subject to credit approval.

For those under 30, the requirement is an annual income of R600,000 or more or employment in a specified professional sector. Meeting these criteria makes you eligible to apply for an Investec Private Bank Account, which is also subject to credit approval.

How to Apply for an Investec Private Business Account

Applying for the Investec Private Business Account is straightforward. Contact the global Client Support Centre, available 24/7, every day of the year. To learn more about their banking services for businesses, you can either call them directly or complete the call-back form.

For personalized assistance, email Private.Bank@investec.co.za or call +27 (11) 286 9663 or 0860 110 161. Their team is ready to provide all the information you need.

Please visit the website for additional details and to explore their offerings further.

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