Young Professionals Bank Account | the costs, the benefits and comparing banks (Private Banking)

I did a video on this 5 years ago and thought it would be great to provide an update (spoiler alert: I LOVE IT 😍).
⏱️ TIMESTAMPS
00:42 Introduction
01:31 What is a Young Professionals Bank Account?
03:37 General Perks (the ones they advertise)
05:32 The Other Great Perks #1 (My Experience)
09:52 The Other Great Perks #2
14:35 The Downside of these accounts
15:36 What to do Now?
🔗 IMPORTANT LINKS
💰 To apply for Investec YP account*🔗 referrals.inve...
💰 Link to the article on my blog : comparing different banks 🔗 nokuhlekumalo....
#YoungProfessionals #Bank #AskMissK #Investec
*this is an affiliate link - meaning I receive points for each successful referral.
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📚Purchase my book (directly on my website - lower price) : lomaku.co.za
or find it on AMAZON www.amazon.co....
________________________________________
Other videos you should check out :
✨ What is a credit score? All you need to know about them 🔗 • What is a CREDIT SCORE...
✨ Joint Bank Accounts: the Pros and Cons 🔗 • Joint Bank Accounts - ...
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Subscriber count: 88 795 🥳 #RoadTo100K
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[@AngiizwaNtwana]

We're really looking forward on seeing the Plaque behind your book shelves.

[@nokuhlekumalo]

😂🤭 listeeennnn - only a matter of time now!!

[@masego.]

it takes time 😂 but she'll get there

[@nokuhlekumalo]

lol I’m literally 8K subs away (approx 2 months or less) 😅 so I get what the initial comment meant (it’s quite close).

[@vuyisekancapayi6105]

I am new at this private banking thing, and I love it here. Banking with Standard Bank ❤

[@fezm7413]

Standard Bank is it for me. Joined them for the perks (they really looked good), and I stayed for the outstanding service. Literally call my banker for everything and he is so helpful. I love them.

[@_makatlego_]

I just moved to standard.. I guess it was the best decision 🎉

[@bulelanibaqwa]

Standard Bank is the best bank when you're starting your journey as a young professional

[@PeshaWinter]

how much is their monthly admin fee?

[@bulelanibaqwa]

@@PeshaWinter 270 for young professional, but you get that money back in airtime if you use their cell network

[@theemapsmash]

And Absa as well I love Absa so much...although I'm just a student

[@howtoobeygod4384]

​@theemapsmash It charged me R500 Monthly Absa. 500×12 = R6000 I left it. TymeBank charges me R6 Monthly. In the Month of May R30 only. There is no bank outperforms in South Africa. It's 12 months fixed deposit is 10 %.

[@howtoobeygod4384]

​@@PeshaWinter​ It charged me R500 Monthly Absa. 500×12 = R6000 I left it. TymeBank charges me R6 Monthly. In the Month of May R30 only. There is no bank outperforms in South Africa. It's 12 months fixed deposit is 10 %.

[@risunafarayi]

Im currently with the Standard bank professional account, I'm in CTA so I'm not paying any fees till I start articles. I got UCount rewards to the value of R5000 just for opening the account. My relationship with my private banker is amazing, she's always available on email and calls which is great because she's my go to instead of havinf to go to the branch. I literally have no issues currently

[@LunaB5488]

As a person above 30 I almost left but I’m so glad I stayed !!!! Wish I knew this before turning 30 though

[@octaviayalo5236]

Nedbank young professional accounts is open to any profession. I'm a teacher, been with them a few months, so far so good. Was inspired by your first video to make the switch, looking forward to utilizing it fully in the near future.

[@namiko9576]

Really? I'm gonna check it out.

[@kamano_Huma]

Really, wanted to open one with absa but it's not open to any profession, studied industrial psychology (hons) but hey... Will try it🤭 thank you

[@Trajectoree]

I'm a teacher and opened one with Nedbank for the credit facility and it helped me start building my credit score and get it in good standing.

[@PeshaWinter]

how much is their monthly admin fee?

[@octaviayalo5236]

@@PeshaWinter it's R210

[@Nyatsimba_Mutota]

I am 24 and now do Private Banking with Standard Bank. Opening that account was a hustle😂😂😭😭. They scrutinized me for months but when everything checked out they allowed me. Now it's all smooth sailing from here. And you are right, just presenting that black platinum card at shops people give you a certain level of respect.

[@FEMININELY_ME]

At 24 already? How did you do it, what do you do? I’m 21 but hope to get it really early too (but I’m not a professional, I’m in business)

[@Nyatsimba_Mutota]

I did Investment Banking and I work for a hedge fund. I was fortunate enough to start working there soon after Uni at 21. And I also deal in precious metals. Gold, Silver and Platinum mostly.

[@FEMININELY_ME]

@@Nyatsimba_Mutota INSPIRED

[@sammdhi]

Love that you are financially aware and making content of this nature.

[@rorisangmoseli6691]

Nedbank always goes under cover in these. Highly recommend as a client myself. I'm not part of the usual professional/degree streams (Econ/politics and work in the public sector). From what I've read/seen , Nedbank's offering especially with the one-to-one client-banker relationship, it's in the upper section of the market given that FNB and I think Standard do 'pool' banker offerings now.

[@rorisangmoseli6691]

And as you said - my banker changed my life lol! When I say I didn't have the credit record to get a Woolies store card let alone a cellphone contract, he moved heaven and earth and I got a credit card first and it made literally everything else much easier.

[@yonwabapangeni3761]

When my ‘Bestie’ left the bank I had a moment 😂. I think we create stronger relationships with them in our heads

[@KerilengMatshomane]

Zebra 🦓 is the girl she thinks she is bestie ♥️♥️♥️absolutely love it so much .

[@palesamotingoe5905]

I like your topics (never boring , so essential )

[@nokuhlekumalo]

🥹🥹🥹♥️ thank you plenty.

[@Nokubonga_ngomane]

Hey guys. I use the standard young professionals. And I’m still a student . I studied psychology in undergrad and I’m currently doing postgrad. Also I don’t pay anything currently because I currently a student Listen the perks are outstanding. My private bankers help me with job hunting. Anyway, apply for this type of bank account

[@nokuhlekumalo]

😍 omg I didn’t know that they could assist with job hunting even!?! Ohh i love this (and also hearing that you don’t pay anything as a student). 👏🏾👏🏾👏🏾 Banks definitely knew what they were doing. Thank you for sharing.

[@nokuhlekumalo]

(And all the best with postgrad ☺️🫶🏾 proud of you and can’t wait to have you as a young professional).

[@Nokubonga_ngomane]

@@nokuhlekumalo thank you so much 🫶🏾

[@lebogang574]

hi, you literally influenced me to open one. I am also doing my postgrad. Do you have any referral code I could use?

[@richuncle6634]

Investec is the way to go 🤞🏼

[@Mogotsi_P]

I am also a private banker and my biggest benefit is Airport Lounge access and prime -1 benefits my banker expedites things for me and makes my life easy, the last thing I wanna do is call a call centre 😂😂😂😂

[@tsepofenyane4582]

These accounts are a good idea problem, but it comes bundled with a credit card (bad in my opinion for a young person). Easily went from 25k limit to 90k. Interest rate is 11.5% way lower than most that’s a + I guess. And by perks guys apart from getting favourable rate for car/home loans, other things you’ll hardly use! In summary It’s more a status thing! Boosts morale I guess that’s a 🤙🏾 as well. However my opinion don't get it unless you frequently travel via plane. But discovery has you covered there with low flights.

[@pumzakumalo]

I also joined the Zebra Bank for the perceived prestigiousness (in my head)😂 and I’m honestly enjoying all the perks. I definitely needed the passport plug, I’ve been dreading going into Home Affairs. Thanks sis♥️

[@lungelomajola7522]

Zebra Bank where is it?

[@nkwenkw3zi]

Loooooooove your videos! You’re teaching style is so breezy. Always learning new fun things from you 😊

[@geegetsfit]

I use the Standard Bank professional account and I am impressed

[@cleopatrabasetsana4921]

I used it and I was not happy at all. I cancelled it. The service they gave me was the worst

[@geegetsfit]

@@cleopatrabasetsana4921 I feel sorry for you hey. Hopefully where you are now your needs are being met😊

[@innocentiancube4238]

I am also with Standard Bank not receiving the best service and thinking of cancelling it ai.

[@succesthobela7084]

And if you're doing accounting, check out your university emails or updates or something similar to that. Banks give us those accounts by coming to the university specifically for us or inviting accounting students at their branches.

[@PaballoMolepo-ei7zo]

It's my first time here .❤❤❤the personality and love💕 how you made boring topic very interesting

[@nokuhlekumalo]

🥹♥️ welcome!!

[@lonambotyi]

Love your content ✨. Please consider creating a video for guiding someone who has just come across a windfall of money (inheritance, lotto, etc). Assuming its millions & they’ve never handled millions before.

[@nokuhlekumalo]

🤭🤭🤭🤭 can you read minds ???? I’m just doing research on this. I’ve seen / heard of too many #IBlewIt cases and I know it’s because people don’t know what to do. Thank you for this though 🫶🏾we’re definitely on the same wavelength.

[@lonambotyi]

😅 what are the odds?! Listen I’ve had enough of abo #IBlewIt. I always say I’d never be in that position but ey money can be tricky when you’ve never handled it in those amounts, so rather equip yourself. I can’t wait 🙌🏽😊

[@mbusomadolo3740]

Great Video🔥please do one on setting up LLC's and S-Corps la emzansi🙏

[@jazz33342]

Second this👍

[@sanecelu]

Love, Love, Love your content. Why am i smiling at the same time , I am learning a lot from this video :)

[@nokuhlekumalo]

🥹🥹♥️ thank youuuu

[@starlessbeats1503]

this type of content is essential keep goinggg!

[@neomathikga4733]

Yes I like her topics please keep educating us with finance thank you

[@itumelengmonare6516]

👍👍🙌🙌 thank you very much for this. I had no idea about this,will definitely look into this.

[@pumlanisidlayi9890]

New subscriber from watching your EasyEquities videos. This was fantastic as just this morning I was looking into private banking and investment accounts. You'd make a fantastic Podcaster btw!❤️👏

[@nokuhlekumalo]

😂🤭♥️ working on that (podcasting) and hopefully I make you proud soon! Thank you Pumlani

[@Musaa.Sk13]

“i would be lying if I said I can relate” that home affairs bar was crazy love it for us 🤣🤣🤣

[@keo_chere]

I absolutely love your content, I'm not even working yet but this is definitely useful information. Thank you so much ❤

[@alanm2693]

Now I know for sure I want a private bank account.. Thanks for this!❤️🙏🏿

[@GideonMakesDrill]

May You Please Make A Video About Building A Credit Profile? This Video Is Good Can I Get That Account As A Student? To Kick Start The Private Banking Journey?

[@emihle_sonamzi]

You're so well spoken. 😊❤

[@siphokuhlemagodla9574]

With Nedbank I have had the most terrible experience I have even changed the bankers, but service is power. I am even considering to change banks now

[@SeithatiMckay]

Love your channel so much whenever I watch your video I always learn so much❤❤Thank you for always teaching us to be wise with our finance and much more

[@nokuhlekumalo]

🥹🥹♥️♥️

[@katmashaba5058]

Ah man you have such an amazing soul and charisma. Thank you so much for sharing your knowledge. ❤ With the knowledge that you have, I would consider you my own private banke.r 😂😂😂

[@nokuhlekumalo]

🤣🤣🤣 ah ah ah please, I’m just a friend chatting to another friend. Get that private banker so they can burst your financial bubble with reality 🤣♥️ (love them for their honesty)

[@dimakatsomokabo]

Please advise on which credit card is best to open to increase my credit score

[@phatsakarabo]

I was literally about to search this when I opened KZbin ma'am!!!🤣 Thank you

[@nokuhlekumalo]

🤣🤣🤭 twiiins

[@thatorankapole1461]

Opened my young professional account with standard bank a few months ago and never looked back since.

[@SfaNoKage]

i assume these are investec perks, cause fnb did not do jack for me😢 for when it comes to any type of credit nor this type of assistance from a banker. they just want to buy you concert tickets (i'm a programmer - thats not me) send you trans history, and maybe the one thing i actually enjoyed was the lounge

[@llewellynbooysen]

Thanks for the great advice. I have a QUESTION. I started a Mobile Car Wash in a small town and i was wondering what Bank will be best to open a Business Account with???? More Benefits and less Bank Cost

[@herovilane3709]

Open a Capitec Business account, as a Sole Trader. It works well for me

[@KatlegoMasego]

Great content. Subscribed!

[@sipokuhlefika5601]

Amazing video as always🔥🔥, thank you Miss K

[@khutsomolaba7071]

Thank you so much Nokuhle for sharing link below I've been struggling to open investec account online 😊

[@nokuhlekumalo]

🕺🏾🕺🏾🕺🏾 I’m so glad I could help! All the best ☺️

[@nomfundomoema]

now this is good content! You've gained a subscriber!!

[@KamoheloChauke]

Investec should pay you. No ways!!

[@nokuhlekumalo]

😂🤭 our besties are definitely in the comments, so maybe we’ll work together again in the near future 🤪.

[@hlonilebo8787]

R200 budget for fuel sounds like something I would do🤣

[@lebogangmatsapola9552]

Life changing decisions we are embarking... Thank you

[@thembinkosibuthelezi1276]

hahaha first time tuning in ...loved your content

[@nokuhlekumalo]

welcome ☺️🤭 I hope you stay.

[@zinhlendlangamandla9146]

Thank you Miss Khumalo❤

[@tumelo181]

I use FNB Private and Discovery Black. For me it’s convenient specifically as I live both in USA 🇺🇸 and SA 🇿🇦so the Perks of Traveling 👌🏽. I’m not a Young Professional though but I managed to get both

[@Mnotho479]

What do you do for a living sir😮😮

[@callmetycoon]

I liked the video and subscribed♥️✌️

[@elihle487]

I thought this video was comparing different private bank accounts🙃🙃No mention of the other banks. Maybe it should have been titled Investec Offering. That last 2min should have been the main focus of the video

[@Maestro3131]

Exactly

[@BluFinanceTV]

Great content Nokuhle..

[@thabangbanele6171]

They only time girl math has made sense to me as a gent.😂

[@nokuhlekumalo]

🤣🙌🏾🙌🏾🙌🏾 thank you for recognizing the power of #GirlMath

[@lindatwala2977]

Standard Bank is the best for me🎉🎉

[@shahidnyker2900]

Went to FNB yesterday. They said they no longer offer young professionals accounts. Well, they do, but its the exact same price per month and has the exact same perks as a normal private banking account. Whereas in the past the YP account was half the price for the same perks. So it essentially doesn't exist anymore unfortunately :(

[@nokuhlekumalo]

I think try Standard Bank or Nedbank too 🙏🏽🙏🏽🙏🏽. Then compare across banks and choose there

[@LesediSeema]

love your work

[@naledipetuniamaruping5741]

Thank you for information 😊😊❤

[@somiladondashe490]

Shu! You look stunning ❤️

[@nokuhlekumalo]

🥹♥️ thank youuuu

[@siphamandlasosibo2196]

Thank you. 👏🏾

[@aarontshabalala2438]

I need myself a CA 😭

[@mntwana64]

Dope content.

[@seimela]

I have been using Capitec for years ...I am engineer still don't understand what I am missing 😢😢😢❤ help me

[@FEMININELY_ME]

Please get out of Capitec. You’re an engineer, you really deserve better

[@seimela]

@@FEMININELY_ME if you tell me exactly what i must do I will do it exactly ...but month end I must switch

[@nokuhlekumalo]

I have a link in the description box. Or use this - it’ll take you to an application for Investec referrals.investec.com/apply/9BJdRN. But if you want the other banks you can also search online (for “Young Professionals Bank Account” and their consultants should call you back).

[@nokuhlekumalo]

But there’s also nothing wrong with Capitec btw. If you’re happy with their service offering then keep it. Don’t be pressured by people and society because of ‘outlook’.

[@FEMININELY_ME]

@@seimela hey Seimela For me, my “Capitec slander” isn’t even about the outlook or other people’s perception. If anything I feel that people (especially those who mainly bank with Capitec have this veil over their eyes where they can see some of the inconveniences but just choose to ‘not see them’). As an example, I met this guy a few years ago who had a love interest and ofcourse we got to as each other what we did for a living. I was still a full time student with a hair business on the side then and he asked, “Nice, how’s it going?” I let me know and returned the question of what he did? He worked at Capitec, so I jokingly asked him too how it’s going and he laughed and said I mean there’s a set salary he gets but he’s a hustler on the side. Being that hustler myself I was interested in what he did. He blatantly told me it was fraud. With no condemnation I was actually fascinated that “Oh a person in finance who does fraud, what form of fraud does he do it exactly?” So he tells me he works within Capitec with his colleagues. He explained how they did it but added that he wanted to start doing it alone now because he hates having to split the money among anything from 7 or 4 people depending on how much they were taking. I’ll cut that long story short, we ‘laughed’ and moved on. Another instance was just last year (still friends with this person but I moved cities), he was a scammer who worked specifically WITH Capitec. Didn’t work for the bank but worked with employees from there and gave them their cut. His scammer friends and himself were the masterminds and got the big cuts, giving a Capitec employee a few thousands for assisting. I remember asking him why Capitec specifically and not banks like FNB and the like who had even better clients with bigger money (private clients & wealth)? He said it was too risky, mind you they were taking anything from R70 000 per scam. What am I getting to? Yes, Capitec may not be the only bank scammers & fraudsters target but two encounters being of one bank says a lot. We see the loop in their system through national incidents where Capitec bankers ALL just can’t access their banking app or in the worst case their funds for days on end. The bank won’t even issue out a warning prior or an apology post the incident. I don’t know man but I really would strongly advise against banking with them. There’s no convenience, no safety and they seem like an easy target for criminal activity.

[@lb_mpakane]

Interesting

[@nokuhlekumalo]

😉🕺🏾 glad you think so! Thanks for watchign

[@Dii_22]

Hi Nokuhle , hope you are well 😊. Please inform me on which bank is the best for taking up a business loan or personal loan ?

[@namiko9576]

Funny enough I've been wanting to change my bank account...

[@anelengwekazi3677]

Investec young professionals is 800000k PER ANNUM not 600000k per annum

[@layla23794]

Thanks so much for this

[@kabelosekonyela3881]

So you telling me as a young forex trader who’s making R20k+ every month with no qualifications can’t qualify for this but people who are making less than that can qualify 🙆🏽‍♂️🙆🏽‍♂️ such politics in our Banks

[@FEMININELY_ME]

Was thinking the same thing as well… as a budding businesswoman making really reasonable amounts of money (tendering in supply & demand) so you can imagine how much. However education is still important to me but through short courses as I’m currently studying towards my Health & Safety qualification but it’s not through a university so I might just never qualify for these unless I have a “degree” because the R600 000 is about R50 000 per month. Edit: I’m 21 🙂

[@kwameofosu5980]

heyo Miss K! thanks for such a great video! I wanted to ask what the difference is between a private banker and a financial advisor, or is it the same thing?

[@NgolaNalane]

I opened a professional account with standard bank as a software engineer. I wanted to use Investec but that took long to reply

[@modikoakoena250]

Awesome 💚

[@benfranklin-ft3kd]

Hi Nokuhle... I would like to know which bank allows me to have Dollars in south Africa with less fees... tnx for the video.

[@HappyGirlsWW]

Whatever you do, just don’t join with FNB. The perks aren’t as they look and they don’t have young professionals bank account

[@wandilemenare675]

Guys, just save your money in Bitcoin. Good show

[@nokuhlekumalo]

hmmmm 🤔 … “save money” “in Bitcoin” Have you experienced any of the dips? Because yikes 🥴 you’ll see your ‘savings’ go DOWN 📉. (But I’m dropping a video on crypto next week 😂🤭 so maybe you can share more on how you ‘save’ via Bitcoin).

[@wandilemenare675]

@@nokuhlekumalo I know it sounds counter intuitive but it is the best performing asset/commodity in any currency. It's actually a no brainer. (Yes I've experienced all the dips since 2019 the heartache is real lmao) P.s - I can't wait for next week's show lol✨

[@goodenoughcele2068]

I thought the costs go up when you qualify as a CA(SA).Thats what they told me.

[@nokuhlekumalo]

Nope, only after 30. So if you qualify “early” (I.e. on time) you still have years of discounted bank fees ☺️.

[@hlonilesedi]

Hey do you know about the process of buying property in SA? Maybe a flat/apartment. I’d love to know about that

[@nokukhanyasithole5734]

Same

[@SabzKhumalo]

Please can you provide the money breakdown for these perks. New here Mntungwa, Mbulazi.

[@dipuomaphike6855]

Subbed💪🏾

[@ayabongamtyingizane1275]

Great insights. What are the requirements for the Investec?

[@nokuhlekumalo]

thank you ☺️. you can check them out on this link 🔗 referrals.investec.com/apply/9BJdRN

[@investec]

The requirements to qualify for an Investec Private Bank Account are, if you are under the age of 30 our requirements are you have to be consistently earning more than R600 000 per year and if you are over the age of 30 you need to be earning R800 000 per year. These requirements are valid if you have a university degree, and you work in a field related to the degree you hold (and you aren't a CA or a medical doctor).

[@FEMININELY_ME]

@@investecthe Zebra himself! 👏🏽

[@zethumbiza9110]

Hi Nokuhle, I am a young professional and I really want to open a young professionals account. I have a terrible credit profile (read - bad credit record) , is it possible for me to get such an account? I need professional help with sorting out my debt

[@ororisengmabaso8275]

Has anybody experienced any defects with the standard bank professional acc

[@bonganimsimanga8006]

Great content.

[@nokuhlekumalo]

🙏🏾🙏🏾🙏🏾 thank you

[@klmgaragegainer4196]

Please speak on the CSC.

[@mlondie_mzobe]

Hhaybo😂😂😂 R200 for Fuel? Ngiyaku jaja shame😂

[@siphomdletshe9471]

Does Investec give you discounts when you are booking flights? for local and international travel?

[@nokuhlekumalo]

Yep it’s called Investec Travel 🧭. They also offer packages (including hotels & car rentals) for certain destinations (usually international I think)

[@LeatherKeys]

Helpful

[@abongilerwexwana3222]

Do you have to be working in order to get private banking?

[@boikgantshomohlala5045]

I’m not into my travelling era yet and I’m only planning on getting a car in 2026. Would it still be beneficial for me to open a YPA at this point?

[@Jamjar-iu3ji]

Nope. If you don’t travel frequently even for work, it’s not worth it imo

[@itumelengmonale2940]

I travel a lot for work. Which would you say if is better Investec or discovery bank?

[@lindelanibramley3446]

Discovery Bank

[@MichuEmenalo]

I can't find that Investec link

[@zandisekapu4267]

Asbonge ntombi ngfunde lukhulu 👌🙂🙌

[@nolwazikhumalo2994]

I was told FNB no longer has a young professionals account. Is this true?

[@nokuhlekumalo]

Nope I think it still exists. And this one is until age 34. Here’s a link for more info on the FNB one. www.fnb.co.za/young-professionals/young-professionals.html

[@sandilemfeka5918]

I went to FNB just yesterday (01/06/24) I was told it no longer exists, it's now just private banking.

[@tpmash]

Investec is slow, FNB is agile and fast

[@tshekophilcocia5995]

I’m currently using investec.I’m thinking of switching to another bank.

[@investec]

I'm sorry to hear that you would like to leave. Is there anything we can do to make the offering work better for you?

[@tshekophilcocia5995]

@@investec This year investec has experiencing too many technical issues at an inconveniencing time.I remember I was stuck at the garage in Modimolle,i wanted to refill the petrol and the app wasn’t working”experiencing technical issues”. I had a 2 months old baby with me. Then I had to send money to someone urgently and the app wasn’t working,At first i thought it was the network then i called @investec bathi “technical issues” it happens a lot but this year it has gotten worse.Today I checked my balance something is off,I don’t even have the energy to call and ask what’s going on.

[@chelagatpaulinegechure]

Are these across countries in Africa? Currently in kenya.

[@serenity2219]

What do they call it at standard bank

[@itumelengmonare6516]

I wanted to ask ,is it only for a credit card or can it also be a debit card.

[@nokuhlekumalo]

This is a debit card 💳

[@otshepengdipone691]

Discovery bank