FNB Private to RMB Private - worth it?

ace119 said:
Hello all,

Looking to do the move to RMB (Currently with FNB) or Investec (Would be a new customer).

To be honest my wife and I are nervous of the pain to move bank accounts. But wanting to move over to a banking platform with better interest rates etc. So waiting on Investec to get back to us.

Question with moving from FNB to RMB, will our existing revolving loans, vehicle loans car etc. have their interest rates adjusted lower automatically with the move?

Thanks
Click to expand...
I applied online to Investec a couple of days ago, but haven't heard anything back yet.
 
ace119 said:
Hello all,

Looking to do the move to RMB (Currently with FNB) or Investec (Would be a new customer).

To be honest my wife and I are nervous of the pain to move bank accounts. But wanting to move over to a banking platform with better interest rates etc. So waiting on Investec to get back to us.

Question with moving from FNB to RMB, will our existing revolving loans, vehicle loans car etc. have their interest rates adjusted lower automatically with the move?

Thanks
Click to expand...
I haven't ever needed to do what you are attempting... but isn't it better to get quotes/rates from the various banks and ask FNB to match? If they fail, then you can look at moving...
 
ace119 said:
Hello all,

Looking to do the move to RMB (Currently with FNB) or Investec (Would be a new customer).

To be honest my wife and I are nervous of the pain to move bank accounts. But wanting to move over to a banking platform with better interest rates etc. So waiting on Investec to get back to us.

Question with moving from FNB to RMB, will our existing revolving loans, vehicle loans car etc. have their interest rates adjusted lower automatically with the move?

Thanks
Click to expand...
So it’s been a busy year and havent got to this yet… my wife and I are pre-approved for a FNB Private Wealth upgrade’s in our app… and previously were on PW... but dropped to Premier during Covid because of our lower spend and not being able to use the benefits. I’ve done these upgrades in the FNB app before and you keep your same account number/ details etc.

I’ve logged into RMB this evening and completed a switch form - where they ask me to eventually sign in with my FNB details and they’ve approved me and then on my wife’s account they’ve approved her for a RMB current account too.

However how do I know if the RMB account will just upgrade my FNB account or will it give me a new and additional account number/ details?

I’m hoping we can just keep our same FNB account number/ details we’ve had for many years.
 
ace119 said:
So it’s been a busy year and havent got to this yet… my wife and I are pre-approved for a FNB Private Wealth upgrade’s in our app… and previously were on PW... but dropped to Premier during Covid because of our lower spend and not being able to use the benefits. I’ve done these upgrades in the FNB app before and you keep your same account number/ details etc.

I’ve logged into RMB this evening and completed a switch form - where they ask me to eventually sign in with my FNB details and they’ve approved me and then on my wife’s account they’ve approved her for a RMB current account too.

However how do I know if the RMB account will just upgrade my FNB account or will it give me a new and additional account number/ details?

I’m hoping we can just keep our same FNB account number/ details we’ve had for many years.
Click to expand...
You keep the same account number.
 
Crowley said:
You keep the same account number.
Click to expand...

Oh dear. Seems they gave me a new/ additional RMB account instead of upgrading my existing FNB account. So reached out to the banker to close that RMB account and rather upgrade my existing FNB account - so I don’t have to update all my providers, salary and family etc. of a new account number.

Either way it’s been a strange process, I know some people accepted “pre approvals” for their RMB accounts when logging into FNB and that was seamless.
 
ace119 said:
Oh dear. Seems they gave me a new/ additional RMB account instead of upgrading my existing FNB account. So reached out to the banker to close that RMB account and rather upgrade my existing FNB account - so I don’t have to update all my providers, salary and family etc. of a new account number.

Either way it’s been a strange process, I know some people accepted “pre approvals” for their RMB accounts when logging into FNB and that was seamless.
Click to expand...
That is a bit weird. My account just moved from FNB to RMB with the same details.
 
sjm said:
FNB upgrade keeps the same number. FNB -> RMB is a new account.
Click to expand...

This may be more effort than I’m wanting.. arrrggh.

The banker did seem to think it was possible to move from FNB to RMB with the same account number, but with some human interaction…
 
ace119 said:
This may be more effort than I’m wanting.. arrrggh.

The banker did seem to think it was possible to move from FNB to RMB with the same account number, but with some human interaction…
Click to expand...

That was a little painful. Received a call from the FNB PW team to help me upgrade to them, when I said it was actually an RMB account I wanted to migrate too - they couldn’t help.

Anyways.. two weeks later and no hope from FNB with the migration.

I emailed the RMB suite directly, have a new banker allocated from RMB already and they will sort out the migration for myself and my wife - whilst keeping our current account numbers, now in the week.

Thanks for the advice all.
 
ace119 said:
That was a little painful. Received a call from the FNB PW team to help me upgrade to them, when I said it was actually an RMB account I wanted to migrate too - they couldn’t help.

Anyways.. two weeks later and no hope from FNB with the migration.

I emailed the RMB suite directly, have a new banker allocated from RMB already and they will sort out the migration for myself and my wife - whilst keeping our current account numbers, now in the week.

Thanks for the advice all.
Click to expand...
Did everything work out in the end, did you keep your account number? Did you just email RMB and ask that you upgrade/migrate from FNB -> RMB?

How are you finding RMB's service compared to FNB so far?
 
Centaur said:
Did everything work out in the end, did you keep your account number? Did you just email RMB and ask that you upgrade/migrate from FNB -> RMB?

How are you finding RMB's service compared to FNB so far?
Click to expand...

Yes emailed RMB here “[email protected]” explained to them that I want to migrate over to RMB and I’m an existing FNB client, I did state that I wanted to keep my account number.

Within a couple days (maybe 1 and a half or 2 working days) I had a reply from a RMB banker assigned to me. They took me through an onboarding call on MS Teams. Asked me questions around why I chose to move to RMB from FNB, any difficulties I had at FNB.

Then discussed income, other personal finances, insurances, assets both liquid and fixed. I know there was much interest in life insurance etc. and no doubt they are wanting to move us away from our momentum life, critical illness, income protect portfolio.

Also stated that my wife and I are wanting a team of bankers that can support us when we head overseas to work. We have family this side so purchasing of property and sending money home will be certain, so any additional help we can get whilst out the country is also important to us… noting that doing things out of country can be rather painful.

Otherwise to be honest it’s too soon to tell, I can maybe give feedback in the next 6 months or so.

My wife stayed on her Fusion account, and closed her credit card. Kept her existing account number.

I moved to a Debit card - for the first time in probably 10 years, and also closed my credit card. I kept my existing account number (also the proof of account on RMB states when the account was actually initially opened as an FNB account. In my case that’s like 12 years ago).

We are wanting to close and settle any credit that’s unnecessary. Not really chasing eBucks either - will look into this more later in the year - didn’t have to do anything out of the ordinary to stay on Level 5 with FNB Premier. So assuming this will now be a big change with the additional spend and savings requirements etc.

One thing tho, apparently the Debit cards don’t work at the Toll Gates!! So i ordered a Petrol card linked to my cheque account too. So will test this on the weekend and confirm. Would be painful to have to carry a Petrol card around just to pay at the Toll Gates! Arrrggh. If that’s the case will probably migrate to a RMB Fusion with a low limit (Looking at other forums it seems the lowest limit on a Fusion card is R1,000) just to have a “Credit” card again. As this always worked at the Tolls!
 
ace119 said:
Yes emailed RMB here “[email protected]” explained to them that I want to migrate over to RMB and I’m an existing FNB client, I did state that I wanted to keep my account number.

Within a couple days (maybe 1 and a half or 2 working days) I had a reply from a RMB banker assigned to me. They took me through an onboarding call on MS Teams. Asked me questions around why I chose to move to RMB from FNB, any difficulties I had at FNB.

Then discussed income, other personal finances, insurances, assets both liquid and fixed. I know there was much interest in life insurance etc. and no doubt they are wanting to move us away from our momentum life, critical illness, income protect portfolio.

Also stated that my wife and I are wanting a team of bankers that can support us when we head overseas to work. We have family this side so purchasing of property and sending money home will be certain, so any additional help we can get whilst out the country is also important to us… noting that doing things out of country can be rather painful.

Otherwise to be honest it’s too soon to tell, I can maybe give feedback in the next 6 months or so.

My wife stayed on her Fusion account, and closed her credit card. Kept her existing account number.

I moved to a Debit card - for the first time in probably 10 years, and also closed my credit card. I kept my existing account number (also the proof of account on RMB states when the account was actually initially opened as an FNB account. In my case that’s like 12 years ago).

We are wanting to close and settle any credit that’s unnecessary. Not really chasing eBucks either - will look into this more later in the year - didn’t have to do anything out of the ordinary to stay on Level 5 with FNB Premier. So assuming this will now be a big change with the additional spend and savings requirements etc.

One thing tho, apparently the Debit cards don’t work at the Toll Gates!! So i ordered a Petrol card linked to my cheque account too. So will test this on the weekend and confirm. Would be painful to have to carry a Petrol card around just to pay at the Toll Gates! Arrrggh. If that’s the case will probably migrate to a RMB Fusion with a low limit (Looking at other forums it seems the lowest limit on a Fusion card is R1,000) just to have a “Credit” card again. As this always worked at the Tolls!
Click to expand...

Update… used the Debit card with no issues at the Toll Gate. So not sure a Petrol Card is necessary then. Will keep it as a backup for a little while - then probably just cancel it.
 
ace119 said:
Hello all,

Looking to do the move to RMB (Currently with FNB) or Investec (Would be a new customer).

To be honest my wife and I are nervous of the pain to move bank accounts. But wanting to move over to a banking platform with better interest rates etc. So waiting on Investec to get back to us.

Question with moving from FNB to RMB, will our existing revolving loans, vehicle loans car etc. have their interest rates adjusted lower automatically with the move?

Thanks
Click to expand...

More than 7/8 months later, here’s an update for anyone interested.

After moving from FNB to RMB, my wife and I didn’t receive any automatic improvements in interest rates. When I requested a better rate for my wife’s car, we were told that RMB couldn’t offer a better rate as it would mean competing with their own companies, FNB and Wesbank. They can only offer better rates on new vehicle financing.

Last week, I asked my banker for assistance with short-term insurance. I received a prompt reply introducing me to a Wealth Sales Broker, but I’m still waiting for a quote. Hopefully, I’ll get it this week. I’m eager to know if the insurance rate is better than what I’m currently paying (possibly a preferred rate for being an RMB client) then we could also earn eBucks on the monthly premium.

My RMB banker is responsive and sorts out issues quickly, although I don’t have many problems that need assistance. I get check-in calls from my banker every three to four months.

I can set my ATM daily withdrawal limit to R50,000 - which is great for quick access to large amounts of cash. The POS daily limit can be set to R1.5 million for large card purchases… although I’ve never needed anywhere close to these limits, it’s nice to have choice.

This year, there’s a limit of 10 free Immediate EFT or PayShap transactions (it used to be unlimited), but it’s good to know these transactions can still be done at no additional cost. Also, free cash deposits are allowed up to R20,000 a month. Another thing I really like is that FNB/ RMB offer a spousal banking fee which is +-50% off the normal banking fee.

All FNB and RMB clients have access to Kauai and Starbucks vouchers, which is a nice perk.

My banker is eager to move our life, dread, critical illness, and income protection cover from Momentum to RMB, suggesting a drive on their side to grow sales in this area.

I’m not entirely convinced about moving from FNB Premier to RMB, especially with no immediate interest rate benefits. The eBucks requirements are more challenging as you climb the banking tiers, but my wife and I have managed to stay on Level 4 and 5 eBucks with some effort.

My cousin recently moved to Investec, which takes a conservative approach to unsecured credit, limiting it to 10% of your guaranteed annual earnings. He got his credit card at prime minus 1 without even asking. Although he doesn’t have a financed car, Investec offers vehicle loans at minimum prime minus 1 (my brother has prime minus 1.25). The vehicle loan functions like an access bond, allowing you to save on interest by putting additional funds into the account and withdrawing them if needed. There’s no monthly account fee if the vehicle loan is paid via debit order from an Investec account.

Investec’s ATM daily limit is R20,000.

There are no free cash deposits - and you have to make deposits at an ABSA ATM.

Unfortunately, Investec doesn't offer a reduced fee for spouses. They do have something called a "guaranteed account," though I don't know much about it. Both my wife and I are eligible for an Investec bank account separately, and we're simply looking for a reduced fee for one of us without needing any guarantees or additional agreements for the other account holder.

After being with FNB and RMB for the past 12 years, it might be time to see what Investec can offer for refinancing my wife’s vehicle and handling our primary accounts. I’m also curious about their short-term insurance through AON and their life, dread, critical illness, and income protection cover options.

It seems that the best way to get better rates and significant changes is to switch banks, which is unfortunate. We’re not looking for more credit, but we want to save on fees and interest rates for vehicle/s and future home loans. From what I’ve heard from friends and family, Investec’s service is exceptional.

I recently discovered "Programmable Banking" and "Investec Developer," which provide access to banking APIs for creating custom automations. This appeals to my technical background and is quite exciting.

I hope this update helps some people on their banking journey.
 
ace119 said:
More than 7/8 months later, here’s an update for anyone interested.

After moving from FNB to RMB, my wife and I didn’t receive any automatic improvements in interest rates. When I requested a better rate for my wife’s car, we were told that RMB couldn’t offer a better rate as it would mean competing with their own companies, FNB and Wesbank. They can only offer better rates on new vehicle financing.

Last week, I asked my banker for assistance with short-term insurance. I received a prompt reply introducing me to a Wealth Sales Broker, but I’m still waiting for a quote. Hopefully, I’ll get it this week. I’m eager to know if the insurance rate is better than what I’m currently paying (possibly a preferred rate for being an RMB client) then we could also earn eBucks on the monthly premium.

My RMB banker is responsive and sorts out issues quickly, although I don’t have many problems that need assistance. I get check-in calls from my banker every three to four months.

I can set my ATM daily withdrawal limit to R50,000 - which is great for quick access to large amounts of cash. The POS daily limit can be set to R1.5 million for large card purchases… although I’ve never needed anywhere close to these limits, it’s nice to have choice.

This year, there’s a limit of 10 free Immediate EFT or PayShap transactions (it used to be unlimited), but it’s good to know these transactions can still be done at no additional cost. Also, free cash deposits are allowed up to R20,000 a month. Another thing I really like is that FNB/ RMB offer a spousal banking fee which is +-50% off the normal banking fee.

All FNB and RMB clients have access to Kauai and Starbucks vouchers, which is a nice perk.

My banker is eager to move our life, dread, critical illness, and income protection cover from Momentum to RMB, suggesting a drive on their side to grow sales in this area.

I’m not entirely convinced about moving from FNB Premier to RMB, especially with no immediate interest rate benefits. The eBucks requirements are more challenging as you climb the banking tiers, but my wife and I have managed to stay on Level 4 and 5 eBucks with some effort.

My cousin recently moved to Investec, which takes a conservative approach to unsecured credit, limiting it to 10% of your guaranteed annual earnings. He got his credit card at prime minus 1 without even asking. Although he doesn’t have a financed car, Investec offers vehicle loans at minimum prime minus 1 (my brother has prime minus 1.25). The vehicle loan functions like an access bond, allowing you to save on interest by putting additional funds into the account and withdrawing them if needed. There’s no monthly account fee if the vehicle loan is paid via debit order from an Investec account.

Investec’s ATM daily limit is R20,000.

There are no free cash deposits - and you have to make deposits at an ABSA ATM.

Unfortunately, Investec doesn't offer a reduced fee for spouses. They do have something called a "guaranteed account," though I don't know much about it. Both my wife and I are eligible for an Investec bank account separately, and we're simply looking for a reduced fee for one of us without needing any guarantees or additional agreements for the other account holder.

After being with FNB and RMB for the past 12 years, it might be time to see what Investec can offer for refinancing my wife’s vehicle and handling our primary accounts. I’m also curious about their short-term insurance through AON and their life, dread, critical illness, and income protection cover options.

It seems that the best way to get better rates and significant changes is to switch banks, which is unfortunate. We’re not looking for more credit, but we want to save on fees and interest rates for vehicle/s and future home loans. From what I’ve heard from friends and family, Investec’s service is exceptional.

I recently discovered "Programmable Banking" and "Investec Developer," which provide access to banking APIs for creating custom automations. This appeals to my technical background and is quite exciting.

I hope this update helps some people on their banking journey.
Click to expand...
Try PPS for pretty much all your insurance needs. Didnt find that investecs AON beat them with anything
 
ace119 said:
More than 7/8 months later, here’s an update for anyone interested.

After moving from FNB to RMB, my wife and I didn’t receive any automatic improvements in interest rates. When I requested a better rate for my wife’s car, we were told that RMB couldn’t offer a better rate as it would mean competing with their own companies, FNB and Wesbank. They can only offer better rates on new vehicle financing.

Last week, I asked my banker for assistance with short-term insurance. I received a prompt reply introducing me to a Wealth Sales Broker, but I’m still waiting for a quote. Hopefully, I’ll get it this week. I’m eager to know if the insurance rate is better than what I’m currently paying (possibly a preferred rate for being an RMB client) then we could also earn eBucks on the monthly premium.

My RMB banker is responsive and sorts out issues quickly, although I don’t have many problems that need assistance. I get check-in calls from my banker every three to four months.

I can set my ATM daily withdrawal limit to R50,000 - which is great for quick access to large amounts of cash. The POS daily limit can be set to R1.5 million for large card purchases… although I’ve never needed anywhere close to these limits, it’s nice to have choice.

This year, there’s a limit of 10 free Immediate EFT or PayShap transactions (it used to be unlimited), but it’s good to know these transactions can still be done at no additional cost. Also, free cash deposits are allowed up to R20,000 a month. Another thing I really like is that FNB/ RMB offer a spousal banking fee which is +-50% off the normal banking fee.

All FNB and RMB clients have access to Kauai and Starbucks vouchers, which is a nice perk.

My banker is eager to move our life, dread, critical illness, and income protection cover from Momentum to RMB, suggesting a drive on their side to grow sales in this area.

I’m not entirely convinced about moving from FNB Premier to RMB, especially with no immediate interest rate benefits. The eBucks requirements are more challenging as you climb the banking tiers, but my wife and I have managed to stay on Level 4 and 5 eBucks with some effort.

My cousin recently moved to Investec, which takes a conservative approach to unsecured credit, limiting it to 10% of your guaranteed annual earnings. He got his credit card at prime minus 1 without even asking. Although he doesn’t have a financed car, Investec offers vehicle loans at minimum prime minus 1 (my brother has prime minus 1.25). The vehicle loan functions like an access bond, allowing you to save on interest by putting additional funds into the account and withdrawing them if needed. There’s no monthly account fee if the vehicle loan is paid via debit order from an Investec account.

Investec’s ATM daily limit is R20,000.

There are no free cash deposits - and you have to make deposits at an ABSA ATM.

Unfortunately, Investec doesn't offer a reduced fee for spouses. They do have something called a "guaranteed account," though I don't know much about it. Both my wife and I are eligible for an Investec bank account separately, and we're simply looking for a reduced fee for one of us without needing any guarantees or additional agreements for the other account holder.

After being with FNB and RMB for the past 12 years, it might be time to see what Investec can offer for refinancing my wife’s vehicle and handling our primary accounts. I’m also curious about their short-term insurance through AON and their life, dread, critical illness, and income protection cover options.

It seems that the best way to get better rates and significant changes is to switch banks, which is unfortunate. We’re not looking for more credit, but we want to save on fees and interest rates for vehicle/s and future home loans. From what I’ve heard from friends and family, Investec’s service is exceptional.

I recently discovered "Programmable Banking" and "Investec Developer," which provide access to banking APIs for creating custom automations. This appeals to my technical background and is quite exciting.

I hope this update helps some people on their banking journey.
Click to expand...
It wasn’t worth it… we left RMB and the FirstRand Group, the bankers just disappeared - they wouldn’t assist with interest rates or restructuring some debt to secure better rates or nothing really. They only responded to emails if we followed up; otherwise, they simply ignored them. 95% of the products you receive or request are FNB-branded anyway... The bankers just bounce you between different areas of the business to get you answers - when or if you even get them… it’s all a mystery.

The move to Investec was a bit rocky at first, as our banker went on leave halfway through the process. But after the switch, I couldn’t be happier - should’ve done it sooner. The bankers handle everything behind the scenes, gather all the necessary information, and then get back to you - no unnecessary back-and-forth between departments. They actually pay attention and accommodate your requests.

I also moved to AON, getting more cover while saving just over R1,000 a month. The reason I chose AON over PPS is that I earn points towards my Investec rewards, which I figured would benefit us more in the long run… I suppose I need to still make time to get a quote from PPS tho! Just to make sure we’re getting a great rate.

Here’s the Investec thread for anyone interested: https://mybroadband.co.za/forum/index.php?threads/Investec.1213293/
 
people with massive debt love expensive banking products, keeping up with the Joneses is a dangerous slippery slope.

smart people choose the cheapest accounts, why? because they offer 99% of the top accounts.

I've been through all the most expensive banking accounts when I was much younger, I then changed to the cheapest one as a test... 10x cheaper and I have noticed no difference at all, well apart from the R6,000pa saving! So my bank charges me R1 for an EFT and R3.50 for a debit order, it's still waaaaay cheaper.

rewards here and there are all a gimmick
 
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