FNB Fee Saver - Is it really worth it?

D

D_Man

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FNB offers a Fee-Saver option where you need to keep a minimum balance of 9k to qualify for no monthly banking charges.

I am a freelancer with a few months salary available for backup, I need immediate access to my funds. Would this be worthwhile to save a load on banking fees... The return is much better than any other savings account with immediate access, or am I missing the point?
 
Well I did have a look at them, by far the best - 4.40% interest, but still no-where near the 85-100 bucks Ill end up saving on those crazy fees p/m
 
To maximize your savings here you should keep R9000 and that only in the FNB account. The rest you can put in a Capitec account to earn up to 4.6% interest
 
D_Man said:
Well I did have a look at them, by far the best - 4.40% interest, but still no-where near the 85-100 bucks Ill end up saving on those crazy fees p/m
Click to expand...

The most I ever paid in one month with Capitec was R70 in bank fees, that was before the R30 interest I got and this is a bank account that basically money goes out a few days after it comes in. Most months my bank fees are under R40 excluding interest.

My FNB cheque account costs me R100 per month (I took it out for my bond) and I'm now considering closing it.

Just remember that if your balance drops below R8K any time of the month, you get charged the full month's fee and the service charges.

Your money, not mine, so you decide.
 
I have Fee-Saver on a Platinum account.

The way I look at it, If I had the Unlimited Pricing plan, I'd have to pay R135 * 12 = R1620 per year.
That means I'd have to invest the R9000 somewhere else at 18% for me to break even.
 
It largely depends on what use you'd get out of the account. I'm able to basically get by on nothing but card swipes and one or two transfers a month so I have yet to pay more than R10 a month at Capitec. If you'll be transferring a lot or have multiple debit orders etc then perhaps not the best option.
 
I've got a FNB Smart Account. I just keep my balance above R5000 and at the end of each month the fees are waived (+- R50). I don't do much with that account except for doing a few transfers and a debit order so it works out OK. Pension fund and medical payments are organised through employer.

I use my FNB credit card for every card purchase (R28 a month in fees) and earn some eBucks (R200 per year fee so watch out for that). The rest goes into the FNB share account and Capitec. I break about even with the eBucks factored in at FNB and at Capitec the R5 a month fee is taken care of easily through interest.

https://www.fnb.co.za/downloads/pricing-guide/FNB_Smart_Pricing_Guide.pdf
 
Great, thanks for all the feedback guys... it's really appreciated!

How did you managed to get your fees waived with a balance above 5k on your FNB Smart account?

I am also currently on the Smart Account - that's why I am considering going to Gold with some of it's benefits; along with the 9k Fee-Saver to account for the charges.

It would be great if I can waive my bank fees, the rest of my 3 months backed up salary would then definitely go to Capitec if I could cut out on those costs!
 
Go check out the pdf in the link I posted. The R5000 is listed in the account fee row as the minimum to get the rebate. I use the savings account, I see no use for a cheque account.
 
problem i have following with that pricing option.

means no smart device for you. also means less ebucks as its worth decent amount of points.

You wont ever get the points for using overdraft also , worth 300 points.

Atm i am on level 5 with the help of those 2 options , and at level 5 , i do get free 4mps uncapped , so i am basically paying R135 for a 4mps uncapped :P
and i earn around R600 +- worth of ebucks on level 5.
 
hereticangel said:
problem i have following with that pricing option.

means no smart device for you. also means less ebucks as its worth decent amount of points.

You wont ever get the points for using overdraft also , worth 300 points.

Atm i am on level 5 with the help of those 2 options , and at level 5 , i do get free 4mps uncapped , so i am basically paying R135 for a 4mps uncapped :P
and i earn around R600 +- worth of ebucks on level 5.
Click to expand...

Yes but how are your torrents working on FNB uncapped? :P
 
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