FNB Flexi Bond question

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halfmoonforever

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Hi guys, sorry to bother with this.

I paid in R3k extra into my account this month, and today when the debit order went off for the monthly payment, the available balance went to R0.00

Can you guys confirm if the balance on prepaid (more than I need to) gets capitalized into the outstanding balance and you lose that available balance each month?

I was hoping to use it as a savings mechanism instead of my 32 day fixed deposit :/
 
Every month a chunk of my additional contribution becomes unavailable but usually 7-10 days later it's back again. I think they are maybe reserving it in case the D/O doesn't go through or something.
 
In my eyes if you prepay your bond, that will be immediately available.

Only a portion of your debit order will be available 5 to 7 days after the monthly debit order has gone through
 
I queried this a while back. They deduct it in the event that your debit order bounces. Once your debit order clears, you should see it back in your account within a week...
 
Mike Hoxbig said:
I queried this a while back. They deduct it in the event that your debit order bounces. Once your debit order clears, you should see it back in your account within a week...
Click to expand...

That is how the debit orders work.

If I pay now R50K into my bond, I will have access to R50K within the minute it was moved to the bond.
 
Ok .... I got the pro's involved. If your D/O is more than 3k, you wont see the 3k now but only after 5 to 7 days.

You will see the amount owned on your bond decrease immediately, and the available will be updated once the D/O clears.
 
Thanks for confirming guys. The 3k was over and above (and paid a few weeks ago due to a deposit refund). The debit order is separate and went off this morning, and put the available balance as R0. If, what you guys say is correct, I will see that R3k (and whatever other money) in a week or so.

I'm planning to push all my savings into my bond instead of a 32 deposit account, if I have the money available in the bond, then I'm set if something should happen. I planned on capitalizing that amount every year so I re-start my savings (keeping a little for emergencies) :)
 
halfmoonforever said:
Thanks for confirming guys. The 3k was over and above (and paid a few weeks ago due to a deposit refund). The debit order is separate and went off this morning, and put the available balance as R0. If, what you guys say is correct, I will see that R3k (and whatever other money) in a week or so.

I'm planning to push all my savings into my bond instead of a 32 deposit account, if I have the money available in the bond, then I'm set if something should happen. I planned on capitalizing that amount every year so I re-start my savings (keeping a little for emergencies) :)
Click to expand...

Your bond is comfortably the best savings vehicle available to you.
 
The same thing happens with my flexi-bond. It should be available on the 5th, that's if your debit order goes off around the 26th. This also depends on the length of the month.
 
I actually had this discussion on another thread, and people said it cant be true.

What I said was: after a DO has gone off, a % of the money you can borrow again after 1 week

I was all smiles as people disputed that, but it is very true !
 
zerocool2009 said:
I actually had this discussion on another thread, and people said it cant be true.

What I said was: after a DO has gone off, a % of the money you can borrow again after 1 week

I was all smiles as people disputed that, but it is very true !
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If you've paid in extra, you can borrow again. You can't borrow back if you've only paid in the installments as required.
 
Speedster said:
If you've paid in extra, you can borrow again. You can't borrow back if you've only paid in the installments as required.
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That is FALSE ! Speedster, I will take screens of my available balances before the DO, when it went off, and 1 week after !

And I want to say this as well, there are a few type of flexi bonds with FNB (take note of that as well please)
 
Speedster said:
If you've paid in extra, you can borrow again. You can't borrow back if you've only paid in the installments as required.
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Speeder, if you have a flexi, it might be that your and my flexi differ in someway. I know how my bond's flexi work, and that is why I had some heated words a few weeks back with someone on the MBB forum.

Not all flexi's are the same. Over the year the banks got wiser and wiser
 
zerocool2009 said:
That is FALSE ! Speedster, I will take screens of my available balances before the DO, when it went off, and 1 week after !

And I want to say this as well, there are a few type of flexi bonds with FNB (take note of that as well please)
Click to expand...

I'm very happy to be proven wrong on this, but IBIWISI
 
Speedster said:
I'm very happy to be proven wrong on this, but IBIWISI
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Ok ... my debit orders goes off on the 1st. Will take screenshot of the values and one week after, and tell you exactly the amount the DO's was. You can do the grade 1 sum then
 
I found what I was looking for speeder, and again, I confirm what I said. I found a few months back values before and after the DO's .... and guess what ... I was spot on !

Lets say my Debit order is currently R5500
And the available amount is R32 000
And I paid R2000 extra to that bond

After 7 days, the available amount is R38 000

A % of the DO is available to borrow against after FNB is happy :) Hope you are now eating your words !

And I assume the % not available is interest !
 
Last edited:
I have a Smart Account and a Flexi-bond account with FNB. Each month I EFT an amount over and above the repayments from my Nedbank cheque account to the Smart Account, and from there I transfer it into the Flexi-bond, and that amount reflects immediately as being available each time I do it.
 
zerocool2009 said:
I found what I was looking for speeder, and again, I confirm what I said. I found a few months back values before and after the DO's .... and guess what ... I was spot on !

Lets say my Debit order is currently R5500
And the available amount is R32 000
And I paid R2000 extra to that bond

After 7 days, the available amount is R38 000

A % of the DO is available to borrow against after FNB is happy :) Hope you are now eating your words !

And I assume the % not available is interest !
Click to expand...

Wow, so much love. Anyway, I still don't think you're quite accurate here. What is most likely happening is that you are "already" ahead on your bond which means that the interest component is less than it would have been had you simply made the required installments each month. Your debit order amount is based on a calculation not including any extra months. Since you're ahead on your bond your interest each month is less than calculated for the debit order meaning you're effectively paying back a little bit extra. It's most likely this amount that then becomes available to borrow again.
 
Speedster said:
Wow, so much love. Anyway, I still don't think you're quite accurate here. What is most likely happening is that you are "already" ahead on your bond which means that the interest component is less than it would have been had you simply made the required installments each month. Your debit order amount is based on a calculation not including any extra months. Since you're ahead on your bond your interest each month is less than calculated for the debit order meaning you're effectively paying back a little bit extra. It's most likely this amount that then becomes available to borrow again.
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The interest differ with R50 a month.

So you say what I am saying isn't accurate at all.

My question is, do we agree that I can borrow against the DO that went off after 1 week again ?

You got a PM
 
Speedster said:
Wow, so much love. Anyway, I still don't think you're quite accurate here. What is most likely happening is that you are "already" ahead on your bond which means that the interest component is less than it would have been had you simply made the required installments each month. Your debit order amount is based on a calculation not including any extra months. Since you're ahead on your bond your interest each month is less than calculated for the debit order meaning you're effectively paying back a little bit extra. It's most likely this amount that then becomes available to borrow again.
Click to expand...

And to burst your bubble with your last sentence, I pay less and less very month on my DO, without doing anything. And not more
 
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