Requirements for Opening an Investec Account
What are the requirements for opening an Investec bank account? Investec is one of South Africa’s most exclusive banking destinations. You can only open a bank account if you fall into a particular income threshold. As the name suggests, Investec is not just a bank. It’s more of a wealth management entity that’s designed to help high income earners manage their wealth through investments. A lot of people have been wondering whether or not they qualify to open Investec accounts. That’s what we are going to show you in this article.
Investment account requirements
The following are the requirements for opening an Investec account;
- If you are over 30, you need to earn at least R800 000 per year to be able to open an Investec Private Bank Account. That translates to roughly R67000 per month.
- These requirements are flexible, however. If you are a young professional such as a doctor or an engineer, you may be allowed to open an account if you earn from around R300 000 per year. Get in touch with Investec to find out whether or not your quality.
- For those looking to open an Online share trading account, the minimum investment is R1 million. However, there is no minimum amount requirement if you already have an Investec Private Bank account.
How does this work?
Those are the requirements for opening an Investec account. As you can see, these requirements are most for high flyers in society. Investec is not a bank for ordinary people. Its for those who receive very high incomes. So, do these reequipments apply for everyone?
The answer is no. According to Investec, the requirements vary depending on your profession. If you are an actuary, a medical professional, a lawyer, an engineer or a self-employed individual, there may be waivers to the requirements. That depends on your age and how much you earn.
What is a Private Bank Account?
Individuals who meet the requirements for opening an Investec account can open private bank accounts. But what’s a private bank account and what are its benefits?
The great thing about private banking is that you get a more personalized banking experience. Investec Private Banking Accounts come with a number of perks that you will not find elsewhere.
These include being able to withdraw unlimited amounts of money at ATMs both in South Africa and when travelling abroad. Most other banks have limits on the amount of money that their clients can withdraw per day.
The bank’s Private Banking clients also get personalized bankers to whom they have access 24 hours a day. You also get preferential exchange rates when transacting internationally. In case your card is lost, Investec will send you emergency funds that you can withdraw through Western Union.
Summary
In this article, we showed you the requirements for opening an Investec account. It was noted that Investec is an exclusive bank. You need to fall within a particular income threshold to be able to open a Private Banking account. You can also open an investment account, for which you need a minimum amount of earnings.
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