FNB One account

Dolby

Dolby

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I remember a discussion about this account a while back - but to the number of 'FNB' in search, I can't seem to find it :/

Basically I was chuffed to try get this - but my estate agent said to me that it's not as great as it sounds and she's had numerous clients saying 'never again!'

She mentioned something about the access portion?

Anyone have any views - or maybe direct me to the old thread?
 
Ah - found the old thread http://mybroadband.co.za/vb/showthread.php/92217-FNB-One-Account-Interest-Rate

Seems it was expensive (R5,700.00 + R250.00pm) and I see what one person said he didn't know what portion of his home load he was paying off, compared to a single account.

Seems it's also a higher interest rate than a normal :/

I see a requirement is to close existing accounts - excluding Wesbank I'm guess?
What do they mean by this? Other banks?
 
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I think it was discontinued.

We didn't go with it because you could not get the Vitality/Discovery benefits with it.
 
Dont normal bonds also have an initiation fee? (the R5,700 part).

I have mine with ABSA, and although the account is great, their service is crap... interest was great, I can't get any other bank to match it at the moment, or even come close :(

I also don't get the part about not knowing which part you've paid off, as it appears as two accounts in internet banking, one is your bond and the other a cheque account.
 
I've never taken a bond - so I'm not sure of the 'normal' costs.

I guess the fact that people are bringing it up, means it is more expensive? I'll probably need to see what the difference is though.

The 'not knowing what you you've paid off' is something someone else brought from the older thread brought up - but if I think about what he saying, it goes like this :

Currently I have a credit card with -10,000 (16%), a cheque card with -10,000 (12%) and a home loan at 1,000,000 (9%). If I get a lump sum of R50,000.00 - I may decide to pump it all into my homeloan and continue paying the short term debt with my salary

With one 'limit' of 1,020,000 - one just puts in the 50,000 and has no idea where it's going. So they may take 20,000.00 off the cheque and credit card balance, and only 30,000 off the homeloan .... so after 5 years, I think that my homeloan balance is 700,000.00 - but it could be 750,000.00

Hope it makes sense ;)
 
Ya - but all your accounts are still separate, so I think that person has no clue what they're talking about.

i.e.

Internet Banking looks like this in my case
ABSA Cheque Account : Balance R10,0000
ABSA Credit Card : Balance -R8,000
ABSA One: Balance : -R1,500,000

So if R500,000 gets deposited into my chrque account - I need to manually transfer it to the other accounts, if I don't do that, it gets offset against the One account. i.e. My cheque account balance is now R10,000 + R500,000 = R510,000. At the end of the month when they calculate the interest on my bond - they take R1,500,000 and deduct R510,000 = R990,000 and thats what the interest is calculated on.

Basically, you don't earn income on the positive balance of your cheque account... and as far as I know, you won't have an overdraft on your cheque account, so it can't go into the negatives.
 
Ah - that explains it a little more.

I thought you log onto Internet Banking and only see :

FNB One -1,020,000

As opposed to seeing everything seperatly ....
 
Ah that sounds a bit better. Also thought you would only have 1 balance.
At the moment I have 6 accounts on internet banking. (real 6 accounts, not "one account")
Cheque, CC, eBucks, Wesbank, Savings, Bond

Far too many big negative numbers but it's great having everything in one place.
 
Nope - accounts are still separate- the cheque/bond part just offset against each other.
 
do you guys know what is the ABSA equivalent of the FNB One Account is called.
 
iDOL said:
do you guys know what is the ABSA equivalent of the FNB One Account is called.
Click to expand...

Private One... its only available from ABSA Private AFAIK... goodluck getting after-sales service from them.
 
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