FNB vs Capitec vs Nedbank for savings pockets

chrisc

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Aug 14, 2008
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Surely it is better to have just one or two accounts with Capitec and use a spreadsheet to allocate the money to projects? If you have more than R100k, you get a better rate of interest

I keep 2 accounts, one for everyday use and linked to a debit card, usually with a small balance of R10k. Then there is another account for saving, and I transfer money now and then
 

Fireball

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Feb 20, 2011
Messages
160
Surely it is better to have just one or two accounts with Capitec and use a spreadsheet to allocate the money to projects? If you have more than R100k, you get a better rate of interest

I keep 2 accounts, one for everyday use and linked to a debit card, usually with a small balance of R10k. Then there is another account for saving, and I transfer money now and then
I addressed this in one of my previous posts already. I have gone the spreadsheet route in the past. I can whack out amazing budgets in Excel...and then completely ignore them.

So...I am trying the 'envelope' method, just a digital version thereof. If spreadsheets work for you, more power to you, but past experience has shown that I need to try something else.
 

Johnatan56

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Aug 23, 2013
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24,969
Linked Savings Pocket is no longer a product sold, I still have it though. https://www.fnb.co.za/rates/InvestmentAccountsIndex.html#
Code:
R1 - R19 999 	5.25%
R20 000 - R49 999 	2.25%
R50 000 - R99 999 	2.75%
R100 000 + 	3.25%
Really like this concept of specified saving. Not sure about Savings Pockets, but FNB Money on Call accounts are free and you may be able to have a few of those. What's more is that you can perform 3rd party payments with this account which allows some flexibility with your savings; ie certain income getting paid directly to Money on Call account.

I myself use these savings accounts to generate enough interest to cover account/admin fees etc. While at the same time storing money in a separate entity from credit and cheque. Significant amounts of cash in a cheque account (no interest) is a no no - money should work for you - if the savings account is free; with interest and with immediate transfers between cheque and savings then what else is there to consider? Not to mention the fact that 6.20% pa is not bad when considering equity performances for the last 3 years.
I am unsure of what the differences are between the money on call versus the savings account, though the savings account has better interest rates?
Savings account
Savings account.png
Money On Call
Money on Call FNB.png

The Linked Savings account seems to be the replacement for the Savings Pocket.

Looking at the Savings account and the money on call, just open a R6/month Easy Account and get the 5.25% interest rate?

Do look at the Money Maximizer for over R100k.

Otherwise, this is just the Easy Pay-As-You-Go Account for R5.25 a month versus the Money on Call one.
Savings vs Money on Call.PNG

EDIT: Above is just ballpark figures, I did not take into account e.g. interest lost due to e.g. the R5.25 being taken off in the first month of the year, therefore losing you 11 months of interest on that amount. Pessimistically around R6 if you think you could have done something great with those 10%+ interest rates. :p
 
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NoviceDIYer

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Jul 6, 2013
Messages
101
I have figured this out - called them. You can either have a savings pocket or the new savings account. And, no, they do not automatically convert you from the old product to the new one. You must specifically ask.

The rates are MUCH better on the new one, so it's worth sharing
 

Blu82

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Nov 15, 2005
Messages
1,588
I have figured this out - called them. You can either have a savings pocket or the new savings account. And, no, they do not automatically convert you from the old product to the new one. You must specifically ask.

The rates are MUCH better on the new one, so it's worth sharing
Does the bank you change from a cheque account work to this new savings account? I just called the consultant and their impression was no.
 

NoviceDIYer

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Jul 6, 2013
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Does the bank you change from a cheque account work to this new savings account? I just called the consultant and their impression was no.
I don't know but I don't use that feature. I don't pay for purchases with my cheque card. I only use my credit card for swipes at merchants.
 

mubz

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Jun 21, 2008
Messages
153
I have figured this out - called them. You can either have a savings pocket or the new savings account. And, no, they do not automatically convert you from the old product to the new one. You must specifically ask.

The rates are MUCH better on the new one, so it's worth sharing
do you need to go into a branch to open the new savings account, or can it be done telephonically?
 

NoviceDIYer

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Jul 6, 2013
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101
do you need to go into a branch to open the new savings account, or can it be done telephonically?
I converted my savings pocket to savings account telephonically. I called the savings and investments number provided by the team of bankers on app secure chat. Tel. 087 320 4321.

If you don't already have a savings pocket account, you may actually be able to do it with the app / website.
 

C4Cat

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Nov 9, 2015
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I have different accounts for different savings goals. Each gets an arbitrary amount deposited each month. It's how I budget for things.
E.g.

Emergency fund
Car maintenance
Phone replacement
Vacation / Holiday
House deposit
Clothes
Games/Toys/Apps
Washing mashine

etc...

Also, that link doesn't give any useful info. I've been there. I've read quite a few pages. Looked at the FAQs. Read the PDFs.
Still haven't found the information I'm looking for. Which is why I am asking people here.
I thought of doing it this way but I get higher interest returns if I put all my money into one savings account. So now I keep all my savings goals in a spreadsheet, divided up, but the actual money is saved in one savings account (on Capitec) separate from my day to day transactions account.
 

mubz

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Joined
Jun 21, 2008
Messages
153
I converted my savings pocket to savings account telephonically. I called the savings and investments number provided by the team of bankers on app secure chat. Tel. 087 320 4321.

If you don't already have a savings pocket account, you may actually be able to do it with the app / website.
if you opt for the "new savings account" will they migrate the savings pocket to the new savings account, or will i need to transfer money out from my savings pocket, and then transfer it to the new savings account once set up
 

Eti1

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Feb 26, 2016
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if you opt for the "new savings account" will they migrate the savings pocket to the new savings account, or will i need to transfer money out from my savings pocket, and then transfer it to the new savings account once set up
The SO received this sms yesterday:

FNB:) Your Linked Savings Pocket is now called Savings Account and earns up to 6.30% pa. View rates on fnb.co.za. Ts&Cs apply. FNB a div of FRB Ltd. FSP624

She didn't do anything to get it.
 

terencej

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Jun 4, 2012
Messages
2,662
I have different accounts for different savings goals. Each gets an arbitrary amount deposited each month. It's how I budget for things.
E.g.

Emergency fund
Car maintenance
Phone replacement
Vacation / Holiday
House deposit
Clothes
Games/Toys/Apps
Washing mashine

etc...

Also, that link doesn't give any useful info. I've been there. I've read quite a few pages. Looked at the FAQs. Read the PDFs.
Still haven't found the information I'm looking for. Which is why I am asking people here.
I do exactly this with Capitec

Main savings account
Car fund
Emergency fund
Holiday fund
Pets fund

I have created multiple re-occurring debits to go transfer a set amount every month.

And you can do all of this on your ass on the couch in front of the tv with the app on phone!
 
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NoviceDIYer

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Jul 6, 2013
Messages
101
The SO received this sms yesterday:

FNB:) Your Linked Savings Pocket is now called Savings Account and earns up to 6.30% pa. View rates on fnb.co.za. Ts&Cs apply. FNB a div of FRB Ltd. FSP624

She didn't do anything to get it.
Oh wow. That is good - perhaps it was very new when I spotted it and they had not yet done the conversion batch when I investigated the product. Good to hear this though
 

NoviceDIYer

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Jul 6, 2013
Messages
101
if you opt for the "new savings account" will they migrate the savings pocket to the new savings account, or will i need to transfer money out from my savings pocket, and then transfer it to the new savings account once set up
I left money in it and they migrated it for me within 24 hours of asking
 
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