Standard
Bank Review

Services offered by Standard Bank are primarily categorised as:

• Personal;
• Business; and
• Wealth.

Standard Bank's international bank accounts aim to allow you to bank anywhere, at your convenience.

The main international account types offered by Standard Bank are:

1. Optimum bank account:

The optimum bank account allows you to make unlimited deposits and withdrawals when banking at home or abroad and gives you access to international savings accounts and foreign exchange. Internet and mobile banking for international payments, transfers and to manage your account, along with a visa debit card for easy payments and withdrawals worldwide also comes with it.

*If minimum balance not maintained.

2. Platinum optimum bank account:

Standard Bank's platinum optimum bank account allows you to make unlimited deposits and withdrawals when banking at home or abroad and opens a door to an international lifestyle with a private banking visa debit card with no annual fee. Additionally, you get access to international savings accounts and foreign exchange, standing orders on all accounts and direct debits on sterling accounts, along with the same mobile and internet banking features offered in the optimum bank account.

3. Seafarer bank account:

A Seafarer account is designed specifically for yacht crew who may need to bank in multiple currencies. This account offered by Standard Bank allows you to enjoy unlimited deposits and withdrawals to and from your account, free electronic payments, internet and mobile banking and an optional visa debit card for easy payments and withdrawals worldwide.

*Unless minimum balance is maintained.

4. Call account:

Standard Bank's call account is a quick-access international deposit account available in 15 currencies. Ideal as a staging point while you weigh savings or investment options. It is essentially a non-interest-bearing offshore deposit account that provides instant access with unlimited deposits and withdrawals. This account provides mobile and internet banking but does not offer an overdraft facility.

You can learn more about each of these accounts in the factsheets and interest rates attached below.

Standard bank also offers borrowing services that allow you to use your existing deposits or investments as collateral to secure an international loan.

The types of personal loans offered by Standard Bank include:

1. Deposit-backed lending:

This is a secured personal loan that is flexible with a minimum of £25,000 loan amount and a loan term of 1 to 5 years. The arrangement fees is 0.5% of the loan amount (subject to a minimum of £1,000). GBP and USD are the currencies supported.

2. Cash-backed lending:

This is a special-purpose loan against international deposits in a call or instant access account. It's loan term, loan amount and fees is the same as the deposit-backend lending.

3. UK property lending:

This lending service from Standard Bank allows you to get your international real estate portfolio off the ground with a flexible, non-resident property loan. It has a minimum of £200,000 loan amount and a loan term of 3 to 5 years. The arrangement fees is 1% of the loan amount and GBP is the currency supported.

4. Portfolio bond lending:

This allows you to use the power of your capital invested with approved life companies to gear your portfolio for growth or release equity as an international loan. It has a minimum loan amount of £150,000, an unlimited loan term (reviewed annually). The arrangement fees is 1% of the loan amount (1.50% for cross currency facility). GBP and USD are the supported currencies.

Standard Bank also offers a few savings accounts and investment solutions that they claim helps you grow your money.

Here is the summary of the types of savings accounts offered by Standard Bank:

1. Offshore moneymarket call account:

This account by Standard Bank claims that it can build your savings with monthly interest payments while allowing you to gain immediate access to your money.

2. Offshore reserve savings account:

Standard Bank offers this as an international savings account with higher interest rates and instant access to your money.

3. International saver account:

Allows you to earn interest rates on these international notice savings accounts with defined periods of either 36, 96, 196 or 396 days.

4. Fixed term deposits:

This account type allows you to watch your money grow in this international savings account at a fixed rate, for a fixed period.

Standard Bank also has international investment solutions to offer.

They say that they follow an active investment philosophy with a strong strategic bias.

The investment solutions offered by Standard Bank include:

1. Structured products:

Standard Bank's structured products solution claims to offer you predictability and security that can enhance your financial plan. It includes products like:

• ESG Deposit Issue 1 (5.5 years deposit term, medium risk level and is supported in USD) and
• Quantum PLUS 27 (£10,000 minimum deposit, 6 years deposit term with a low to medium risk profile and supported in GBP,USD & AUD).

2.  Stockbroking services:

Standard Bank's investment solutions takes a more traditional approach to international share trading with their stockbroking services. They claim that under this, you can:

• Deal directly with a broker, or via your wealth or relationship manager.
• Trade execution services only, with no advisory permitted.
• Get access to global markets and asset classes.
• Get business hours-only access to trading services.
• Custodial services in a highly regulated jurisdiction.
• Access to an online portal to review your portfolio.

NOTE: 

We would highly recommend reading the 'expert verdict' section of this review to make an informed decision.