RMB Private Bank has an expert approach to your finances by providing advice-guided and insightful solutions. Additionally, RMB uses a private banker and a team of specialists and advisors who create personalized solutions to your financing needs based on your unique situation. As a bank, RMB has a good understanding of the ins and outs of wealth. As such, it will help you navigate the complex financial world while allowing you to conveniently meet your lifestyle needs. Read on as we unpack RMB Private Bank.
RMB Private Bank Services
RMB private bank offers a number of services to meet your unique needs. These are:
RMB Private Bank Fusion Account
This account lets you access the private advisor backed by professionals who will partner with you and help you meet your aspirations.
- A metal fusion debit card
- Full transactional capacity with a credit facility
- The convenience of transfers and payments
- One monthly account
- One interest rate
- Up to 30 days’ interest-free on card purchases
- Linked additional cards
- Maximum rewards
- 50% off monthly fees for a spouse using RMB or FNB banks.
The Fusion Facility fee is currently R 200. However, if you maintain a balance of R 150 000 and above through the billing cycle, you will get all your account fee waived.
Like the private bank fusion account, you can access private advisors who will help you meet your future financial aspirations. This account is available to people with a yearly income of R750000 or total assets of more than R15M. Importantly, you must always maintain a minimum of R 58 860 in a Channel Islands Current Account to keep it active. This account offers:
● A tailored reward program
● Structured and specialized lending
● Estate planning
● Investment and wealth management
The RMB Credit Card is a Visa credit card that lets you access the bank’s credit facility. It can be used at ATMs or at stores that support Visa cards. A Petro card is used to make credit purchases at petrol stations, including purchases of fuel, oil, and car select car spare parts. In addition, the card can also be used to pay for mechanical repairs.
These credit cards have standing charges alongside any interest rates charged on any credit card loan you take. The standing charges are fees for the maintenance and administration of the card. For perspective, the RMB Private Bank credit card has a monthly fee of R 295. Moreover, to get a Fusion Account Metal Credit Card will cost you R 1 050. However, there is no charge for credit purchases. RMB credit cards allow a maximum withdrawal of R 1 500 at a time in supported devices or stores.
RMB credit cards are meant to be used by the cardholder. In case you want someone else to access your credit through the same account, you will have to apply for a secondary card. An additional metal fusion credit card will cost R 1050, just like the primary card.
With RMB revolving loan, you can make credit payments and withdrawals as many times as you require provided you are still within your loan limit. All loans with RMB have an initiation fee of 1.25% of the loan or R 499, whichever is higher. Together with that, you should expect to limit increased fees, monthly credit, and letter fees that are unique to every loan. The revolving loan facility has a 0.115% limit increase fee (metered between R 69 and R 575), a monthly credit fee of R 69, and a letter fee of R 81.2.
RMB lets you link your account to a virtual Google wallet for direct international online payments. This service is available for customers with a Fusion account, Credit account, or debit account. At the moment, there is a promotion going on in which the first 10 000 people to transact using the virtual card in the first week after receiving the push notification on FNB or RMB App will receive 1 000 eBucks. International transactions are charged a 2% conversion fee of RMB.
Savings and Investments
There are five functional account types you can select from for savings and investment with RMB private banking:
- The first investment account allows immediate emergency cash withdrawals of up to 2.65% of the balance for emergencies and unexpected expenses. It has an interest rate of 8.25% per annum. The minimum deposit is R 100 000.
- The second investment account allows withdrawal of 8.15% of the balance upon a 7-day notice. For this account, you have to make a minimum deposit of R 20 000 at an 8.15% yearly interest.
- The third one allows a withdrawal of 8.45% of the balance after a 32-day notice. The account accrues interest at a rate of 8.45% per year and is available if you can match the minimum deposit of R 1 000.
- An R 1 million minimum deposit account that lets you track various instruments that you can invest in. This account’s balance can be withdrawn in full with a 32-day notice.
- A tax-free savings account that lets you deposit a maximum of R 36 000 a year and R 500 000 throughout the lifetime of the account. The minimum investment is R 300 a month or R 1 000 a year.
RMB has business accounts that are specific to the needs of a business:
- This account comes with a business visa debit card that can be used to make international payments.
- Also, there is the option to have several company business cards for employees to use more conveniently.
- You can get a Petrol Card with the account that comes with roadside assistance from AA insurance.
- The account is specific to enterprises with management solutions that help with the accounting for your company.
RMB offers a suite of loans to finance residential and commercial property purchases. The bank offers home loan accounts, structured loans, single facility loans, collective buying loans, and residential building loan options with different features for prospective residential property buyers. For prospective commercial property purchases, only the single facility loan that consolidated all other loans is currently available. All single-facility loans are charged an interest of 11.25% per annum while the prime interest rate is 10.75% per annum.
RMB Bank is a good option for anyone who needs banking or investment services. Consider the accounts offered and whether they fit your needs and your budget.