FNB Pricing Guide 2015/2016

[RogueTr00per]

@gjm, thanks for the post. It applies to me almost identically except I'd use an interest rate of prime less 0.6% on the 15k requirement as per the rate on my mortgage bond.

At 8.65% Opportunity cost of R15k min balance = R107.50.
Which brings me to a total of R207.50.

So therefore I am paying R8.50 over and above bundled R199 pricing for the 1000 extra reward level points. It's acceptable to me as I want them as a buffer to maintain reward level 5... but we can see how they have shifting the pricing such that we aren't really scoring either. Those damned actuaries!

In your case you're paying an extra R15 for 1000 reward level points. Depends if you need them or not?

 

[YM_80]

Update: I went in to a branch and it was because it was a new card. They set your default withdrawal to R1500 unless you tell them different....regardless of what your old limit was.

I'm not sure if I actually set my limit when I received the new card...but regardless, problem has been solved.

Thanks for the advice though

 

[YM_80]

Just made a call to Premier Banking, apparently if you are on the fee saver option the minimum balance remains at R9000.

Trying to get this in an email but will need to call them back

I was also confused with all the mention of R15k going around for Gold Cheque accounts. I received the official notice from FNB of pricing changes, and it's still R9000 min on those accounts - to stay on Fee saver.

 

[Dolby]

I hope the FNB / lotto purchase comes back after the recent operator change.

I can imagine both FNB and lotto losing millions per month :/

 

[yatiya]

seems the fee saver option is back ... but with a minimum balance of R50k for platinum ... which then makes it not worth while anymore

Does it still include bundled transactions? From the way it was worded, it seems ONLY the R40 account fee is now rebatable, whereas previously you got 35 free transactions. Previous pricing guides specifically mentioned the free transactions, whereas this one doesn't.

 

[zerocool2009]

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.

Hi gjm,

the balance from 1 July is now R20 000 and not R15 000 on platinum

 

[RogueTr00per]

Hi gjm,

the balance from 1 July is now R20 000 and not R15 000 on platinum

You know you're quoting a post from June 2015?