ABSA vs. FNB

This thread, Blunomore's one and a few others have got me thinking now.
I'm at ABSA, but no real problems.
Have a CC, Savings acc and Home Loan at them.

Was at FNB's website now and looking at their "One" account.
Where u put the whole shebang into just one account, etc.
Is it any good?
And is it a hassle to swich?
 
alf101 said:
This thread, Blunomore's one and a few others have got me thinking now.
I'm at ABSA, but no real problems.
Have a CC, Savings acc and Home Loan at them.

Was at FNB's website now and looking at their "One" account.
Where u put the whole shebang into just one account, etc.
Is it any good?
And is it a hassle to swich?
Click to expand...

The hassle would be two fold:
1) Depends on your debit orders.... FNB can switch it for you but it is normally faster to it yourself.
2) Bond re-registration. They might be able to subsidize that for you.. but it might cost you some money.

What I do suggest is comparing costs from ABSA and FNB, do an analysis of how much you would save by the structure from the OneAccount (which can be loads) and of course see what the effect would be to put the difference in banking cost in your bond.

But in general... home loans makes it difficult to switch between banks. The rumour is that if you paid enough on your home, that Sanlam would actually be the guys to speak to -- their rates are apparently quite a bit lower than the competition.
 
alf101 said:
This thread, Blunomore's one and a few others have got me thinking now.
I'm at ABSA, but no real problems.
Have a CC, Savings acc and Home Loan at them.

Was at FNB's website now and looking at their "One" account.
Where u put the whole shebang into just one account, etc.
Is it any good?
And is it a hassle to swich?
Click to expand...

ABSA also have a "one-account"
 
alf101 said:
Can't find it on their website.
What do they call it?
Click to expand...

Not sure... couldn't find it on their website either, call them (good luck) and ask..I'm 120% sure they have one, cause I know one or two people using it.
 
If a service is offered and it can't be located on a website, do they really deserve your business? Why does one have to phone in?
 
Found this article about some unhappy FNB customers, but no ABSA one account yet.
http://www.moneyweb.co.za/mw/view/mw/en/page38?oid=150794&sn=Detail

The One Account is a financial minefield, though the detail on FNB's website makes it all sound very simple and easy to understand.

The bank says it is a "single facility, secured by your home". "It fulfils all the functions of a cheque account, overdraft, personal loans and home loan."

Benefits, claims the bank, include that you can view your overall financial position "at a glance".

This is not how Van de Heuvel experienced the One Account. He still can't understand his financial position "at a glance" - and neither can FNB, judging from its lengthy explanation to the ombudsman.
Click to expand...
 
I am usually good at finding things on the web. I've found the ABSA "One account" once before, but it was for high flyers that earn lots of money. FNB's One Account is more people orientated and when you are a client and call the dedicated One Account call centre you are treated as a Private Banking client.

I have a One Account from FNB, and don't regret it one day. It is really a tool that can help you achive many goals. The great secret to making it work for you is to ensure that your goal is to get your balance as low as possible. Think of it as a credit card that you need to pay off... It can and most likely will enable you to pay "cash"for most things and negotiate better prices...

The qualification criteria for the FNB One Account are not as strict, and the nice thing is you still get a Silver, Gold, etc card according to your personal profile. You can also select a flat monthly fee to make sure your banking charges are kept to a minimum.
 
Last edited:
CharlesM said:
I am usually good at finding things on the web. I've found the ABSA "One account" once before, but it was for high flyers that earn lots of money.
Click to expand...


I think you may be right, I just found reference to it under ABSA Private Bank.
 
alf101 said:
I just, just qualify for theirs.
But I just don't need the attention.
I prefer undercover banking.
Click to expand...

Imagine how much they can mess things up if they put dedicated resources on the task!
 
alf101 said:
I just, just qualify for theirs.
But I just don't need the attention.
I prefer undercover banking.
Click to expand...

The reason I like private banking is just that. If I need something done, I email one person, they do it, and get back to me. No branch's, no forms, etc. They full them in for me, email them to me, and then I sign and send back.

Although, it seems ABSA Private Bank hasnt got it right yet. I still get 5 people calling me for the credit card application, I keep refusing it saying I will only deal with my personal banker - until they get that right -I'm not moving to them.
 
Johand said:
Imagine how much they can mess things up if they put dedicated resources on the task!
Click to expand...

Thats the benefit - If 200 people stuff up on your account - you can't blame anyone - because no one takes responsibility.

If one person stuffs up - he knows exactly who you're going to blame. I have had FNB stuff up on my account before, and it was so easy to get it unstuffed, because I knew who was responsibile, and told them they will pay out of their own pocket.
 
Johand said:
Imagine how much they can mess things up if they put dedicated resources on the task!
Click to expand...

That's wait Im afraid of.
My sister had a dedicated banker at Nedbank.
Could never get hold of her.

There was an article i read about private banking where they said that they hire people for personality, not skills.
This put me off private banking.
Don't like friendly morons.
 
alf101 said:
That's wait Im afraid of.
My sister had a dedicated banker at Nedbank.
Could never get hold of her.

There was an article i read about private banking where they said that they hire people for personality, not skills.
This put me off private banking.
Don't like friendly morons.
Click to expand...

Look at FNB Premier Banking - its a step below Private "Clients".. and there service is WAY WAY better... it works exactly like Private Banking, you get a person assigned to your account, and you also get their managers contract details. So when ever I have a query, I email her, and copy her manager - Just about every query or application is done within 1-24 hours.

I can honestly say I've never had a days trouble.

FNB Private Clients on the other hand are useless, and completely customer unfriendly. They try and make things difficult for you, so people will assume its a really elite club. I would not bank with them if I was paid.
 
Atms?

Anybody notice the number of fnb atms when walking around? I was thinking absa has waaaay more, but no, after paying attention the last couple of day I notice that fnb has atm's pretty much everywhere where I wanted to withdraw cash...
 
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