Bond and bank question

[Spizz]

I switched my bond to FNB last year, and one of the prerequisites as I recall was I get my salary paid directly into my account.

Now I'm not planning on leaving them, but as a matter of interest, if I wanted to change my bank to another and get my salary paid into that one and pay all my bills from there, what would happen to my bond and the preferential interest rate they gave me as a customer?

Edit: I should add I've been with FNB for many years.

 

[Sideshow Bob]

I switched my bond to FNB last year, and one of the prerequisites as I recall was I get my salary paid directly into my account.

Now I'm not planning on leaving them, but as a matter of interest, if I wanted to change my bank to another and get my salary paid into that one and pay all my bills from there, what would happen to my bond and the preferential interest rate they gave me as a customer?

Edit: I should add I've been with FNB for many years.

What does T's & C's say ?

 

[Spizz]

What does T's & C's say ?

Lots and lots of long words and paragraphs

Ag, it was just a thought I had earlier and my docs are stored elsewhere for security. I’ll check sometime if I wanted to move but I guess I was just thinking it’s a rule of thumb.

 

[Grubscrew]

Preferential rate will be applicable as long as your salary is deposited in FNB account, was the answer when I asked them about it.

 

[Spizz]

Preferential rate will be applicable as long as your salary is deposited in FNB account, was the answer when I asked them about it.

I imagined the rate would be affected. Other than that though I guess if you have enough to cover the bond every month they will just keep it going.

 

[3WA]

Switch the salary. If they try to raise your rate, just tell them you got fired and there’s no salary any more. Also tell them they can make the rate whatever they want, because they’ll be lucky to get anything from now on.

 

[zerocool2009]

You will have your bond quickly locked up, as in flexi removed, (and higher interest rate), and alarms will go off!

 

[Spizz]

Yeah, the answers are obvious enough I guess. I was bored, sue me

 

[WollieVerstege]

The employer of a friend of mine had the option to pay his salary into multiple bank accounts. So he paid only enough into his Nedbank account to cover the bond and the rest into a different account. Nedbank did query this, but he said their Ts and Cs did no say that your full salary must be paid into the Nedbank account. So guess it is possible in a way. Not even sure if the Ts and Cs have been updated.