Easy Equities good or bad?

xrapidx said:
Yeh - its going to work really well....
Click to expand...
Eeeexactly. So many guys already reporting issues with Thrive levels. And this is going to be the defining criteria regarding the main account fee?

Like, I'm big on eBucks, and they have their fair share of **** ups... but when they **** up you think to yourself "oh, it's okay, it's just a stupid rewards program, I don't have any problem primary banking with FNB"

But EasyEquities have been ****ing up more and more over the years, in terms of inconsistency with their system and then random Ts&Cs changes, and the horrible communication and trying to be "smart" about things which just backfires.

The same thing that happened last time. They made some bullshit changes and quite a few people went "Oh yeah they didn't communicate it well, but it's not that bad of a change" or "Oh it's pretty shady but won't affect me much". Sadly, if you are going to be entrusting a company with hundreds of thousands of rands... the bar is going to be a bit higher.
 
Last edited:
Dylan_G said:
Eeeexactly. So many guys already reporting issues with Thrive levels. And this is going to be the defining criteria regarding the main account fee?

Like, I'm big on eBucks, and they have their fair share of **** ups... but when they **** up you think to yourself "oh, it's okay, it's just a stupid rewards program, I don't have any problem with primary banking with FNB"

But EasyEquities have been ****ing up more and more over the years, in terms of inconsistency with their system and then random Ts&Cs changes, and the horrible communication and trying to be "smart" about things which just backfires.

The same thing that happened last time. They made some bullshit changes and quite a few people went "Oh yeah they didn't communicate it well, but it's not that bad of a change" or "Oh it's pretty shady but won't affect me much". Sadly, if you are going to be entrusting a company with hundreds of thousands of rands... the bar is going to be a bit higher.
Click to expand...
This the story of EE or SA? LOL
 
Lol, found this on Twitter. Seems like someone did indeed, screenshot it.

F93nJsEXIAARGrO
 
Link to the interview from this morning: https://www.moneyweb.co.za/moneyweb...t-purple-group-responds-to-the-thrive-furore/

Some of my favourite quotes from Charles:

Four-and-a-half years later, we’ve looked at the data and said, look, the best investors on the platform, those who get the best outcomes for themselves, those who are on track to retire and achieve their financial goals, are the ones that Thrive. And so a year ago, we started working on what the fundamental changes are.
Click to expand...
Wow, I've never thrived... so I must really be behind.

A loyalty programme is always a carrot and a stick. If it’s just carrots, then only donkeys who want to eat carrots will go and eat them. So we needed to create a relationship, a stick and a carrot that was sufficient enough to try and modify the broad population of users so that they all became good investors. Again, I want to be clear on this. This is the starting point of those changes.
Click to expand...
Riiight. So now Charles is making us into good investors.

What I’m loving – and I think people are going to find this surprising – is the engagement we’re getting out of the ones that are enjoying the changes and the ones that aren’t, because there are lots of clients who are loving it. And, as you’ve seen on Twitter, which seems to be the place where most of the disgruntled users are sitting, there are people who aren’t enjoying it.
Click to expand...
There are clients that are loving it? Sure.

That’s why I must tell you that this Twitter storm, if you like, which is the only place that there is a storm, is very productive because what I would say to the Twitter users is: If you spent all of that energy that you’ve spent in the last day, and divide it by 12 months, you would’ve Thrived every single month.
Click to expand...
Sounds like my parents. Or my SO. Either way, get ****ed my guy.

And so I think over the course of the next couple of days and weeks, one, we’ll listen to customers and we’ll modify the programme.
Click to expand...
So guaranteed - more changes coming?

Everyone has the ability to either pitch up for a couple of minutes a month – i.e. no money or to deposit R1 and avoid the Thrive fee. And in so doing, we get the opportunity to engage with them at least once a month and make sure that we’re front of mind.
Click to expand...
So call it what it is. A way to create and maintain engagement. Social media style.

I’ll give you an example. Let’s just say this month that 100 000 customers don’t Thrive; what might be our approach next month? Well, next month, we might say to them, look guys, we understand that November is a busy month and in December you might have more time, so why don’t you make a deposit this month and you can get back your Thrive fee. I’m not saying we’re going to do that, but we will be doing activities like that.
Click to expand...
Make it up as we go along. What about February? Is Valentine's Day going to affect anything?
 
Last edited:
SIMON BROWN: Another question is: What about tax-free accounts? Of course there’s a chance here that on March 1 I put my R36 000 in. I can’t add money now.
Click to expand...

CHARLES SAVAGE: Again, we’ve thought about that. Tax-free savings is one weapon in your arsenal to retire safely. And so we’ve got lots of other weapons. We’ve got US accounts, South African accounts, properties, EasyCryptos. So our answer to that would be well, start doing something else. if you’ve got the ability to make that single deposit in one month, it probably indicates that you’ve got the capacity to do more than just that.

And so, [on your] R36 000 tax-free savings account, congratulations and well done for doing it. Not many users do do it. But we think there’s an ability for you to do more. Again, let’s see how that unfolds. For example, an RA [retirement annuity] account is exempt from this. So if you’ve only got an RA with us, it’s exempt. The reason for that is that that RA account has a fee structure associated with it. So there’s a wrapper fee associated with it.

So, for now, tax-fee savings accounts are included. Again, we’re open, we’re listening, we’ll see how it plays out and we’ll listen to users. But for now our message is find something else to do on the platform that helps you achieve your financial goals faster. Given the fact that you could deposit R36 000 once off, I’m pretty sure you can make a contribution once a month to something else.
Click to expand...

SIMON BROWN: You are telling me to find another R11 over the course of the year. Point taken.
Click to expand...

So lots and lots of waffle and dancing around just to say, you're gonna pay one way or the other.

The worst case scenario is: if you only have a TFSA with EE (no ZAR/USD/Property stuff)... and you contribute R36000 on 01 March... and then no longer interact with EE for the year... they will sell out from your TFSA to get the R300 for the year, thus eating into your R500000 lifetime allowance.

Best case scenario you do the same and each month, transfer R1 to EE... and then it's just R11 for the year.
 
Absolute wishy-washy BS.

Moving my entire portfolio away from EE in the near future has rapidly moved up my 'To Do' list this month.

I can't entrust my finances to an organization that threatens to sell my investments, has no clear policy, changes Ts&Cs on a whim, and cannot provide a stable platform.

I'd rather pay more, for better service, a better platform, and clear, stable conditions.
 
Last edited:
Merlin said:
Absolute wishy-washy BS.

Moving my entire portfolio away from EE in the near future has rapidly moved up my 'To Do' list this month.

I can't entrust my finances to an organization that threatens to sell my investments, has no clear policy, changes Ts&Cs on a whim, and cannot provide a stable platform.

I'd rather more, for better service, a better platform, and clear, stable conditions.
Click to expand...
Its been on my list for a long time but not enough incentive to move. Also, I'm lazy.

Where are you looking to move to?
 
Spoke to EE now and it seems that regardless of whether you deposit X and withdraw less you still need to jump through a number of other hoops to be exempt from the fee. They are also not being clear around targeting the TFSA to recoup the monthly fee.
 
Anyone on Investec and using their platform?

Also how is Sygnia?

I have my TFSA invested in a global ETF. If I decide to move my TFSA, do I need to move it somewhere with the same ETF?
 
I decided to move away from EE TFSA The fractional shares are a problem Then there was the limit which you can sell per transaction In the end I sold the ETF in one transaction after a lot of "communication" and lack of service I transferred the cash to African Bank or whichever bank has the highest interest rate, for now African Bank changes your interest rate as the repo rate goes up, some financial institutions do not and fix it for a year Check that before you move A lotta hastles to move from EE, but it is all worth the hastles with EE and their low service delivery
 
Dylan_G said:
So lots and lots of waffle and dancing around just to say, you're gonna pay one way or the other.

The worst case scenario is: if you only have a TFSA with EE (no ZAR/USD/Property stuff)... and you contribute R36000 on 01 March... and then no longer interact with EE for the year... they will sell out from your TFSA to get the R300 for the year, thus eating into your R500000 lifetime allowance.

Best case scenario you do the same and each month, transfer R1 to EE... and then it's just R11 for the year.
Click to expand...
Here's the ****up - what happens if they stuff-up - don't allocate your "thrive" points accordingly, and then sell some of your TFSA funds to cover their mistake - can that be undone?
 
xrapidx said:
Here's the ****up - what happens if they stuff-up - don't allocate your "thrive" points accordingly, and then sell some of your TFSA funds to cover their mistake - can that be undone?
Click to expand...
Good question. In theory, I guess it could but it would be real "back-end" change.

They'd need to reverse the sale and re-add the funds to your account making it look like nothing changed... but of course, these changes and sales would have to not be reported to SARS by EE.
 
[ Oki - answered - my misunderstanding ]

~Any one asked or found out what legal basis they have of disposing of your assets to cover costs? Will they need a court order - and then an attachment order (like a Sherrif coming to confiscate / reposes a car) - who pays for the court actions , will you get a chance to defend yourself - etc. ? Would that also mean they then need to be a registered credit provider (haven't checked if they are)?~
 
Last edited:
Digilus said:
Any one asked or found out what legal basis they have of disposing of your assets to cover costs? Will they need a court order - and then an attachment order (like a Sherrif coming to confiscate / reposes a car) - who pays for the court actions , will you get a chance to defend yourself - etc. ?
Click to expand...
You don't own the shares. They do. You own a CFD of it thus they can sell their property to cover your subscription

https://twitter.com/x/status/1572864913126887425
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X