Qualify for private banking? | Nedbank Private Wealth (2024)

Private banking is an exclusive banking offering for high-net-worth individuals. To qualify to become a private banking client, you will need to earn a certain amount of money or have a certain amount of assets.

What exactly does private banking involve and how does it differ from personal banking? Here’s what you need to know about private banking and how you can benefit if you qualify.

Who qualifies for private banking and what makes it different?

Private banking is an exclusive offering only available to clients with a higher net worth. It gives you access to expert, personal advice and support from a dedicated private banker supported by a team of specialists, and a comprehensive set of services, solutions and benefits specifically shaped to the needs of high-net-worth individuals. For example, to become a Nedbank Private Wealth client, you have to earn a personal income of more than R2 million per year or have investable assets worth at least R5 million (excluding the property you live in).

The key difference between private banking and personal banking is that personal banking focuses on day-to-day transactional services to meet specific needs. The focus of private banking on the other hand is to provide a more comprehensive and personalised offering based on expert advice about how to make the most of all aspects of your local and international wealth.