Investec Private Banking Young Professionals Account Review: For Under 30 Young Professionals

If you’re a young professional under 30 in South Africa, the Investec Private Banking Young Professionals Account could be your perfect match.

By Luciana Souza, on 2024/06/16

Crafted especially for individuals like you, this account comes with a host of exclusive benefits.

As you start on your career journey and lay the groundwork for your future, partnering with a financial institution that fully comprehends your unique needs is essential. With this account, you’ll enjoy personalized banking, investment, and finance solutions tailored for young professionals, helping you build your wealth and legacy.

But wait, there’s more! As you progress in your career and achieve financial stability, you’ll also have the chance to upgrade to Investec’s premium private banking accounts for over 30s, offering additional perks and exclusive rewards.

Want to learn more? Dive into our detailed review covering everything from features and benefits to rates, requirements, and the application process. Let’s get started!

Features of the Investec Private Banking Young Professionals Account

The Investec Private Banking Young Professionals Account comes packed with features tailored to kickstart your financial journey.

With full access to Investec’s suite of banking and investment services, you can enjoy perks like offshore banking with a sterling-based transactional account in the UK, uncapped rewards points, and access to the Investec Travel online agency. 

What’s more? They’ve got the Wealth and Investment Online share trading platform. Plus, you get access to a Personal Portfolio, giving you a complete picture of your finances, no matter where you are in the world.

Oh, and here’s another neat feature, “My Briefcase”. On the Investec Online App, you can upload as well as securely store digital copies of crucial documents like your ID. No more scrambling for papers when you need them most.

Lastly, manage all your accounts effortlessly with Investec’s online banking and app, offering seamless online share trading and a user-friendly interface for all your financial needs.

How Investec Private Banking Young Professionals Account Works

If you’re a young professional in South Africa under 30, you can apply for the Investec Private Banking Young Professionals Account. Once approved, you’ll receive a card that you can use for purchases online and in-store anywhere Visa is accepted worldwide.

This account is more than just a typical bank account. It offers exclusive rewards and perks designed to help kickstart your career on the right financial footing. 

There’s no limit on the number of reward points you can earn. Plus, those points never expire, making it a great financial companion as you begin your professional journey.

However, this account does come with costs. You’ll need to pay a monthly maintenance fee of R305, plus other charges. You can withdraw money at any ATM, but there are daily limits of R6,000 at local ATMs and R20,000 at international ATMs. 

Forget automated messages! With Investec, you’ll deal with real people. You’ll get two dedicated private bankers supported by a global client support center that is available 24/7. 

Plus, access to a dedicated Financial Adviser for objective advice on life insurance and investment solutions, all at no additional fee. For more inquiries, contact your Private Bankers or the 24/7 Investec customer support global Centre at 0860 110 161 or +27 11 286 9663.

Pros and Cons Investec Private Banking Young Professionals Account

It has upsides and downsides, which include:

Investec Private Banking Young Professionals Account Benefits

  • Access to insights: Get thought-leadership events, and networking opportunities tailored to your financial needs.
  • Better Foreign Exchange Rates: With Investec, you get preferential rates on your international transfers. So, whether you’re sending money abroad or bringing it home, you’re getting the best deal.
  • Life Insurance: Enjoy complimentary life insurance coverage valued at R25,000 with Investec’s LifeStarter package. 
  • Investec Card Airport lounges access. As an Investec Platinum Visa cardholder, you get unlimited access to LoungeKey lounges worldwide. Plus, you can bring a guest along for free. And a prime-linked credit card.

Cons

Here are the drawbacks:

  • It has monthly account and service fees, among other charges
  • It has a minimum ATM withdrawal limit

Rates and Fees

What are the rates and fees for an Investec Private Banking Young Professionals account? So, here’s the breakdown of the fee structure. 

First, your monthly account fee is set at R305. Plus, you’ve got some extras thrown in, like no monthly credit facility fee and extra cards included at no extra cost.

When it comes to debit interest, any outstanding balance will accrue interest up to the prime rate, which you can see on your monthly statement.

For credit interest, you’ll earn interest on your daily credit balance. This amount will be net of any online electronic transfers, cash withdrawals, and near-cash transactions debited from your account. The rate is prime minus 10%, but it won’t go below 0.25%, as shown on your monthly statement.

If you’re withdrawing cash at local and international branches, that’ll set you back R70. And if you want to process payments faster, it is R10 for outbound RTC payments of R3,000 or less and R40 for outbound RTC payments above R3,000 (transaction and daily limits apply).

If you replace a card more than once in a three-year cycle, the cost is R275. If you need it delivered internationally, the cost is R625. 

So, those are just some fees for young professionals who use private bank accounts. Be sure to check the website for more details.

Eligibility Criteria and Requirements

Who Qualifies for This Account? Investec Private Banking targets emerging talents based on specific criteria, such as age, education, and chosen profession. 

Tailored for South Africa’s up-and-coming professionals and future business leaders, you must be over 18 and under 30. You need to earn at least R600,000 yearly or work in a specific field to qualify. Careers that qualify are Pilot. Actuary, commerce professional, attorney, chartered accountant, IT professional, engineer, or medical intern and specialist.

How to Apply for the Investec Private Banking Young Professionals Account

Ready to apply for the Investec Private Banking Young Professionals account? Head over to their website and click on “Make the Move.” Then, you’ll land on a form where you can select the products you’re interested in banking, saving, or borrowing.

Now, fill in the blanks! They’ll need your first and last name, email address, and contact number. Don’t forget to mention the region or city where you work.

Before you hit submit, keep in mind that by filling out this form, you’re permitting Investec to run a credit check on you. They take privacy seriously, so make sure to check out their Privacy Policy for more details.

Tick the box if you’re okay with them performing a credit check. Remember, you’ll need to provide an official type of identification for this process. Do you have a South African identity number? Check “Yes.” If not, click “No.”

Once you’ve filled everything out, hit “Next,” and you’re on your way! It’s that simple. They will get back to you as soon as possible and advise on the way forward.

Conclusion

When starting your career and planning for the future, a financial partner who gets you is crucial.

With this account, you get personalized banking and investment tailored for young pros. As you grow, you can upgrade to premium accounts with extra perks.  Investec’s account sets you up for financial success. If you’re ready to get in, you can apply on their website now.