Bitching about bank charges

[duderoo]

http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-1522-2114_2028513

In the UK, for instance, the minimum balance I must keep in my current account to avoid charges is so high as to cost hundreds of pounds a year in interest forgone.

Which bank was he banking with!!!!

 

[bwana]

http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-1522-2114_2028513



Which bank was he banking with!!!!

It sure wasnt Barclays. The only time I pay fees with them is when I go overdrawn and that's understandable.

 

[duderoo]

It sure wasnt Barclays. The only time I pay fees with them is when I go overdrawn and that's understandable.

True and that goes with any bank in the UK, never paid for anything there, only when I was in the wrong, regards debit orders, cheques bounced etc.

 

[nthdimension]

Banks in the UK make their money primarily from punitive interest rates on personal loans and credit cards. So if you're like the average person, living on credit, then you are no better off than someone in South Africa.

 

[bwana]

Banks in the UK make their money primarily from punitive interest rates on personal loans and credit cards. So if you're like the average person, living on credit, then you are no better off than someone in South Africa.

I'm not following. I recently took out a personal loan in the UK because the interest rate was far more favourable there. We're talking under 7% - do you think FNB would offer a rate that low?

 

[duderoo]

Banks in the UK make their money primarily from punitive interest rates on personal loans and credit cards. So if you're like the average person, living on credit, then you are no better off than someone in South Africa.

Yeah but if u ain't then u r saving allot by not paying those bank charges.

 

[duderoo]

I'm not following. I recently took out a personal loan in the UK because the interest rate was far more favourable there. We're talking under 7% - do you think FNB would offer a rate that low?

Are you paying it back in pounds or R's.

 

[bwana]

Are you paying it back in pounds or R's.

Its a UK bank so £'s is the preferred currency

 

[nthdimension]

Typical rates are close to what you'll pay here. Which is punitive compared to their prime rate.

 

[duderoo]

Its a UK bank so £'s is the preferred currency

Yeah but u could be transferring it to the UK and then paying it back.

Why I asked is with the exchange rate is 7% UK = 7% SA?

 

[bwana]

Typical rates are close to what you'll pay here. Which is punitive compared to their prime rate.

Are you sure? Prime in the UK is at 5% - the typical bank lending rate is under 7%. The typical short term savings account is 3-4%.

Whats the spread here between borrowing and saving?