Charlie600
Well-Known Member
Nice rate increase on our Private Wealth package...Investec is becoming a very viable alternative...
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Question of the Day: What is the ultimate French toast topping?
FNB Pricing Guide 2015/2016
- Thread starter gjm
- Start date
Mike Hoxbig
Honorary Master
There's no longer any fee for gold if your gold cc is linked to your gold cheque...
RogueTr00per
Honorary Master
No. You pay interest on those (as well as cash withdrawal and lotto) from the transaction date.
I was referring to monthly account fee. R35 for Gold Cheque and R40 for Gold CC. They have eliminated the ebucks CC linkage fee. If you don't have a Gold Cheque account, R16 monthly ebucks linkage fee comes back into the equation foe Gold cheque.
What I wrote still stands: first 8k of non checkers swiping goes towards recouping bank charging before ebucks can be called profit. Plus there is a max spend of R15k per month for ebucks earning.
I've run the numbers twice. Nett interest profit at Capitec + zero fees at Virgin Money makes me money. If I stuck with Gold FNB Cheque + Gold FNB CC, I may break even but most months I would lose money.
This is for my financial spending habits. Mileage may vary
RogueTr00per
Honorary Master
Sorry dude, you're doing it wrong. Have you read the eBucks rules? Up to 15% back on certain spend categories? That's the value of the eB programme. Not the piddly 1% back on general spending.
Or the piddly (up to) 4% (or higher?) back on general online spend.
Or the piddly (up to) 4% (or higher?) back on general online spend.
Sorry dude, you're doing it wrong. Have you read the eBucks rules? Up to 15% back on certain spend categories? That's the value of the eB programme. Not the piddly 1% back on general spending.
Or the piddly (up to) 4% (or higher?) back on general online spend.
Yes, I have studied the entire spend rules and reward levels. I don't do the grocery shopping (checkers), I don't pay for fuel and I very seldom online shop. So, once again, one size does not fit all and for my monthly spending, EBUCKS < FNB costs
RogueTr00per
Honorary Master
OK then, well problem solved. They're not the bank for you then. Speaking of which I should consider changing my old man to Capitec cause he hardly does anything on his own account either...
Sadly, yes. I am a big fan of FNB and EBUCKS, but as time has gone on, it has become unsuitable for people who don't make use of fuel purchases and checkers.
RogueTr00per
Honorary Master
Why no need for fuel? Checkers too far away or you dislike them?
Company fuel for my and SO's cars and SO does grocery shopping. Also, PnP and Spar own our suburb so if I go to a shop it is always either of those. I only go to Checkers if something I need is on special as all their stores are out of my way.
airborne
Honorary Master
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Not sure if its a miss print or not but on the Cheque Unlimited pricing option the minimum fee for a branch cash deposit is is R50 + R 1.65 per R 100 (min R 50.00) or withdrawal R 50.00 + R 1.65 per R 100.
Used to be R18 min if I remember correctly, quite a jump to R50. They obviously seriously trying to discourage cash withdrawals/deposits at the branch.
But still R50 min is a rip of note, I'm paying a basic R90 a month as it is in bank fees, not that I use that feature very often but every now and then I get a client wanting to do a cash deposit, will have to let them know that its an extra R50 bonus for the pleasure.
Used to be R18 min if I remember correctly, quite a jump to R50. They obviously seriously trying to discourage cash withdrawals/deposits at the branch.
But still R50 min is a rip of note, I'm paying a basic R90 a month as it is in bank fees, not that I use that feature very often but every now and then I get a client wanting to do a cash deposit, will have to let them know that its an extra R50 bonus for the pleasure.
Ecco
Honorary Master
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Banks are trying to limit the amount of cash they handle. Its costly, and risky. It probably doesnt cost them R50, but it will drive the behaviour they looking for.
Why don't you get an easy account for your old man?
The pricing is very similar to Capitec's Global One account
Does anyone know whether they've recently decreased the maximum cash withdrawal at ATMs? I was always able to withdraw R3000, but as of 9 days ago, that figure suddenly halved. I've tried at 3 different ATMs and the same thing everywhere?
Was there ever any notice of a reduction anywhere? Or is this just an issue on my account?
airborne
Honorary Master
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Have you tried checking your atm limit, I have had something similar in the past and it was due to some decision on their part to reset my limits.
I am also on the old fee saver pricing option where I will need a minimum balance of R15000 in my Platinum Cheque Account from 1 July to qualify for a rebate of my fees.
FEE SAVER:
This means the monthly fees and opportunity cost of the R15k minimum balance is as follows:
- Credit Card Monthly Account Fee: R58.00
- Credit Facility Service Fee: R11.00
- Additional Card Fee: R14.50
- Credit Card Monthly Rewards Fee: R16.50
- Opportunity cost of R15k min balance: R114 (@9.5% p.a.)
- Total Fees: R214
BUNDLED:
This should be compared to the R199 bundled pricing option which includes cheque and credit card fees and all the fees listed above.
In terms of eBucks rewards the bundled pricing option will earn me 1000 eBucks points, but I will lose 1000 points since I will no longer hold a minimum monthly balance of R15k in my account.
If I didn't miss anything it seems there is not really an advantage to stay on the old fee saver pricing option.
FEE SAVER:
This means the monthly fees and opportunity cost of the R15k minimum balance is as follows:
- Credit Card Monthly Account Fee: R58.00
- Credit Facility Service Fee: R11.00
- Additional Card Fee: R14.50
- Credit Card Monthly Rewards Fee: R16.50
- Opportunity cost of R15k min balance: R114 (@9.5% p.a.)
- Total Fees: R214
BUNDLED:
This should be compared to the R199 bundled pricing option which includes cheque and credit card fees and all the fees listed above.
In terms of eBucks rewards the bundled pricing option will earn me 1000 eBucks points, but I will lose 1000 points since I will no longer hold a minimum monthly balance of R15k in my account.
If I didn't miss anything it seems there is not really an advantage to stay on the old fee saver pricing option.
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If you set the total fees on the fee saver equal to R199, the interest rate on the R15k is 8.2%.
Most people will have a bond with an interest rate of higher than 8.2%.
Although not risk free, in the long term you should get more than 9.5% p.a. by investing in something like a top 40 etf.