FNB Saving Pocket?

Comes default with the Cheque account,I quite like it

Every time you swipe your Cheque card to pay it takes the rands and cents rounded to the nearest 10 rand and puts it in the savings aka "Bank your change". The funds in the savings pocket cannot be used directly however,if you want to use it it must be transferred to a transactional account like the Cheque account ( gotta break open the piggy bank to spend the cash in it )
 
I was thinking of putting it on my credit card... it might be insignificant, but every couple of months it can be transferred to my bond.
 
actually, you can round it off to the closest R1, R2, R5, R10, R20

mine is only set to R5 as I am fairly new with FNB and finding my feet, but on avg with the R5 I "save" about R50 per week or R200 per month, just with bank your change..

I am considering moving it to R10, but will have to see.

ie.

sales = R13.95
round off = R5

bank the change = R1.05

etc.

they normally only bank the change every Sunday... so the whole weeks change at one go.
and you get minimal interest on the account
 
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Mbuzi said:
Yes
Click to expand...

Whats the difference between the two?

I was looking for something to round my credit card purchases....

Out of interest, how does it work/look? i.e. if you had a Pick 'n Pay purchase for R234.54 and you want it to round to R5... what would it say on your statement?
 
phoenix911 said:
actually, you can round it off to the closest R1, R2, R5, R10, R20

mine is only set to R5 as I am fairly new with FNB and finding my feet, but on avg with the R5 I "save" about R50 per week or R200 per month, just with bank your change..

I am considering moving it to R10, but will have to see.

ie.

sales = R13.95
round off = R5

bank the change = R1.05

etc.

they normally only bank the change every Sunday... so the whole weeks change at one go.
and you get minimal interest on the account
Click to expand...
I was under the impression it worked differently to how you described it, although I admit I haven't actually looked to closely at my statements to work it out. I thought the R5 (or R10 in my case) was added to the change, not rounded off to to it:

sales = R13.95
round off to R14.00
change = 5c
plus R10

bank the change = R10.05

That's how I thought it works. On the FNB website it says:
"Should you want to save more, you are able to choose a 'top up' amount of R2, R5, R10 or R20 and this amount will be added to the cents that are saved per purchase, and deposited in your linked Savings Pocket".


xrapidx said:
Whats the difference between the two?

I was looking for something to round my credit card purchases....

Out of interest, how does it work/look? i.e. if you had a Pick 'n Pay purchase for R234.54 and you want it to round to R5... what would it say on your statement?
Click to expand...

You can have a savings pocket without using "bank your change" where you just transfer money into it yourself every month.
This can be useful if you're saving up for something short term - like you want to buy a computer, for example, so you just put money into your savings pocket every month until you have enough and then transfer it back into your transactional account when you have enough to buy the pc. But it's not really a separate account with a separate account number and it can't be accessed from outside of your main account...

Bank your change uses your savings pocket as described above.

I think on your statement it shows your original purchase amount:
So it will show R234.54 on the statement and then at the end of the week it will show
Bank your change: R5.46
[-]I'll check later cause I'm not sure about that actually[/-]

Edit: I checked and yes, it works as I described above. For transactions where there was no change R10 was put into my savings pocket, where there was change (rounded up to next R amount) R10 + change was put into my savings pocket.
 
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Ok - thanks.

I'm a bit concerned if it rounded the actual transaction - because imagine trying to lodge a dispute with a retailer and the amount on your statement is different to what they charged you :p
 
Well that is how the FNB Consultant explained it to me.. havent personally checked myself though.

It was told to me that it rounds it off to the closest amount (R5, R10, etc, which you decided) and that difference is put in your savings.
 
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ok ok i thought its just another account where you can save some money cause thats what i do

i normally just take out some money and transfer that into the savings pocket for savings

how do i check this
 
bank the change is something you must ask for (if you didnt take it) it is free with the unlimited option..

its not really a good long term savings account... as you get very little interest on this account.
 
phoenix911 said:
bank the change is something you must ask for (if you didnt take it) it is free with the unlimited option..

its not really a good long term savings account... as you get very little interest on this account.
Click to expand...

whats a good saving option ....cause i want to save over the next year or 2 ...so something that i can access money quickly

i see that i have that option and it shows as bank your something on statement
 
samr1wp said:
whats a good saving option ....cause i want to save over the next year or 2 ...so something that i can access money quickly

I see that i have that option and it shows as bank your something on statement
Click to expand...

when you want to save money longer than a year, you should consider something that has an interest rate that is higher or at least matches the inflation rate, else your moneys value will depreciate over the year(s).

which is very hard to find at a bank. A 32day account isn't too bad, but is better than these savings pockets.

Give FNB a call and they can help you with this.
 
phoenix911 said:
when you want to save money longer than a year, you should consider something that has an interest rate that is higher or at least matches the inflation rate, else your moneys value will depreciate over the year(s).

which is very hard to find at a bank. A 32day account isn't too bad, but is better than these savings pockets.

Give FNB a call and they can help you with this.
Click to expand...

ok yeah cause i need something that can give me some interest atleast

thanks alot will call them
 
I'm using my Smart Savings Pocket for short term savings without the "bank your change" option.
It's not high interest but 3.90% isn't too shabby and it's easy to move the money between accounts.
The Silver, Gold and Platinum savings pockets are much lower interest.

I use the Savings Pocket to set money aside for budgeting purposes without having to keep an eye on the main cheque account (which in my case is always empty by the end of the month).
 
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