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Personal banking with Bidvest Bank

By Bidvest Bank
Individual financial health begins with taking control of your immediate and long-term financial needs and understanding the role that your bank plays in fulfilling those needs. For example, do you know what personal banking fees your bank charges? Getting your day-to-day finances under control is a means of formulating long-term personal banking plans such as retirement and investment.

Bidvest Bank is a well-known foreign exchange service bank that also offers a comprehensive range of personal banking products and services. Our range includes call, notice and fixed deposit accounts, as well as personal savings accounts at competitive interest rates. Locate a Bidvest Bank branch in your area or continue reading to learn about our personal banking services in detail.

Personal banking services and products

Bidvest Bank’s personal banking account services include products such as savings and transaction accounts, and the use of facilities such as ATMs and Internet portals. Different from retail or corporate banking, personal banking is defined by the accounts and services available to individuals. Bidvest Bank personal banking products include:

  • Bidvest Bank Account: Requiring a minimum balance of R50 and costing up to a maximum of R82 (including VAT) per month in transaction fees, this personal banking account provides excellent opportunities to save. This account is ideal for individuals seeking flexible and cost-effective banking. Free Internet banking subscription supports this savings account.

  • Call Account: This personal bank account requires a minimum deposit of R1000, after which you can access your funds promptly – usually within 24 hours. Partial withdrawals as well as additional deposits may be made at any time. Funds may be held in a call account for an unlimited investment period, for which the interest rate is calculated according to the balance of the account – calculated daily and capitalised monthly.
  • Notice Deposit Account: Ideal for those seeking short-term investments, this account’s interest rate is adjusted to align with movements in the Prime lending rate. Interest is calculated daily and capitalised monthly, and the interest rate on notice deposit accounts can yield high returns depending on the amount invested. Partial withdrawals may be made after the notice period has lapsed, and additional funds may be transferred into a notice deposit account at any time. This account requires a minimum deposit of R5000 on opening.

  • Fixed Deposit Account: Requiring a minimum deposit of R5000, these accounts are ideal for short-term investors seeking savings at fixed rates. Funds may be invested for up to twelve months, while interest is payable monthly or at the end of the accounts’ term.

  • Foreign Currency Account (FCA): According to relaxation in South African exchange control announced in 2009, local residents may transfer up to R4 million (R8 million per family) in foreign currency for investment purposes. There are two options as to how these funds may be invested:
  1. Through a Bidvest Bank FCA, you can invest money locally in US Dollars, British Pounds, Euros or Australian Dollars. The funds earn interest in the specified foreign currency; however, the FCA remains a South African-held and operated personal bank account. Find out more about opening an FCA with Bidvest Bank.

  2. The second option is to invest your funds with a financial institution overseas. Bidvest Bank will assist you in transferring your funds to the foreign bank of your choice.

Specialist personal banking in over 90 South African branches

Bidvest Bank has the support of two of South Africa’s established financial brands, The Bidvest Group Limited and Rennies Foreign Exchange, meaning that we’re in a position to provide specialist personal banking support. Our range of personal banking accounts and services is tailored to suit a wide variety of individuals. Contact Bidvest Bank to open a personal banking account, or locate a Bidvest Bank in your province.