FNB Private Bank

[whatwhat]

I told my FNB PW banker that I'm not going anywhere near a branch, or to his office, and that I'll ask the Investec consultant that comes to work every week to certify the docs that he wants.

He is on his way to pick them up himself now.

 

[JStrike]

I told my FNB PW banker that I'm not going anywhere near a branch, or to his office, and that I'll ask the Investec consultant that comes to work every week to certify the docs that he wants.

He is on his way to pick them up himself now.

There we go

 

[Nemus]

@Nemus anybody can bank with Albaraka as long as you know with Islamic banking there is no interest, you are not permitted to pay interest or receive so if you have investments you will not get any interest. They work on profit based schemes and invest in non interest bearing investments etc. You can purchase a house or vehicle etc but it works totally different from conventional banks.

I've been reading a bit through the offerings, and i've actually gained alot of interest... seems to good to be true. Not as an investment account, but more the vehicle finance..

 

[Dolby]

I'd love to the cost of having a Private bank with lower interest on home loans etc (bot no rewards) or having a normal bank with rewards.

On topic, FNB PC/PW do seem pretty useless to me

EDIT : So 1% less on my home loan is around R500.00 and I get around R700.00 worth of eBucks

 

[JStrike]

I'd love to the cost of having a Private bank with lower interest on home loans etc (bot no rewards) or having a normal bank with rewards.

On topic, FNB PC/PW do seem pretty useless to me

EDIT : So 1% less on my home loan is around R500.00 and I get around R700.00 worth of eBucks

You don't use a private bank to lower your costs...unless you mean hedging

 

[Dolby]

I know it isn't the only benefit - but don't people always punt the far better interest rates?

I received 8% on my bond because I'm Investec ...

 

[JStrike]

I know it isn't the only benefit - but don't people always punt the far better interest rates?

I received 8% on my bond because I'm Investec ...

Really? Never heard anyone say that. Although I don't know many people who use Investec and still have bonds

 

[deweyzeph]

@Nemus anybody can bank with Albaraka as long as you know with Islamic banking there is no interest, you are not permitted to pay interest or receive so if you have investments you will not get any interest. They work on profit based schemes and invest in non interest bearing investments etc. You can purchase a house or vehicle etc but it works totally different from conventional banks.

It's just a farce. They call interest "profit", but it's just interest by another name.

 

[ZSAYED]

I prefer the alternative explanation:

"Private banking is a con trick perpetuated by banks where they charge wealthy individuals a premium for banking services that should be free in exchange for an impressive looking status card that they can show off to people to show how wealthy they are."

lol