Looking for a new bank

Which bank should I choose?

  • FNB

    Votes: 34 51.5%

  • Nedbank

    Votes: 9 13.6%

  • Absa

    Votes: 3 4.5%

  • Other (comment below)

    Votes: 20 30.3%
  • Total voters
    66
JayM said:
Max eB I can earn on premier is like R1K. On PW some months it's over R3K, but always at least 3x the account fee. So it's definitely not a waste of money for everyone.
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I don't consider eBucks or any rewards system when I look at banks, only service. If it works for the eBucks then it works I guess.

From a banking point of view - waste of money.
 
Hamster said:
If I was to open a new Bank Account right now in SA:

1. Investec if it is an option for you
2. Discovery Bank
3. FNB or Capitec depending on what you need.

FNB is a good bank but they still ha e branches and after being with them for over 15 years they finally forced me to go to a branch. Their secure chat is a glorified telephone number directory and anything above Premier is a waste of money.

But if your plan is to get balls deep in rubbish, home loans, life insurance etc and you want a one stop shop, FNB is hard to beat.
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Discovery bank seems like you've got to have a lot of products to get much benefit, like RA, other savings, life insurance, normal insurance etc.
 
derp90 said:
I work for myself, which is probably part of the problem.
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Yeah that is always a complicating factor.

Try signing up on transunion for your annual free credit report. It'll give you an idea of what's useful. You'll be able to see if your medical aid shows up there.
 
newby_investor said:
Yeah that is always a complicating factor.

Try signing up on transunion for your annual free credit report. It'll give you an idea of what's useful. You'll be able to see if your medical aid shows up there.
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I have already signed up on Clearscore (credit score 0), should I also do Transunion?
 
derp90 said:
I have already signed up on Clearscore (credit score 0), should I also do Transunion?
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I've only ever bothered with transunion. They're the market leaders so most established businesses use them.

All of the credit houses have to give you a free report every year (though it's often not as comprehensive as the paid ones). Some people like to stagger them out over the course of the year to check that no identity fraud has taken place but I haven't bothered with that.
 
newby_investor said:
I've only ever bothered with transunion. They're the market leaders so most established businesses use them.

All of the credit houses have to give you a free report every year (though it's often not as comprehensive as the paid ones). Some people like to stagger them out over the course of the year to check that no identity fraud has taken place but I haven't bothered with that.
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Okay will see what they say.
 
Hamster said:
I don't consider eBucks or any rewards system when I look at banks, only service. If it works for the eBucks then it works I guess.

From a banking point of view - waste of money.
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Well your previous post doesn't make much sense then. You say PC/PW is a waste of money, but for many it's effectively much cheaper to go PC/PW than Premier.
 
JayM said:
Well your previous post doesn't make much sense then. You say PC/PW is a waste of money, but for many it's effectively much cheaper to go PC/PW than Premier.
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Look, obviously you are hung up on the eBucks thing so it's my Q to leave.

Let's move on. I said what I had to say. More will agree with the way you look at banking than I do anyway.
 
I just left FNB for good after being their client for 20 years. They’re a hot mess and service has gone down.

Standard Bank service is amazing and their app is miles better than FNB. Their online website is also super slick. FNB online platforms are just terrible.
 
PotatoGuardian said:
I just left FNB for good after being their client for 20 years. They’re a hot mess and service has gone down.

Standard Bank service is amazing and their app is miles better than FNB. Their online website is also super slick. FNB online platforms are just terrible.
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Yeah I downloaded their app, it's horrific. Maybe I've made a mistake.
 
derp90 said:
I have medical aid but that doesn't seem to count.
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Any insurance in SA is required to be pre-paid. Medical aids debit their premium at the start of the covered month, so it isn't a credit agreement.
 
Woolworths was like "do you have any other store cards"... Seems you need a store card to get a store card, but you can't get a store card if you don't have a store card......
 
To get service out of FNB, tweet @RBJacobs. He's always gotten my issues attended to.

And just a tip - not sure how you receive your USD, but if you have the option, do not get it paid directly into your bank account - the Swift fees will kill you and the conversion rate offered by banks is awful. Open an account with a forex broker (I've used both Incompass and Exchange4Free - both fine). You'll get an account number with them (Incompass uses Investec, I think, Exchange4Free uses Mercantile) which you give to your clients. They pay into that account, then the broker contacts you and you have 30 days to convert the money into R; you'll get a better rate than at your bank, and they transfer via local EFT into your SA bank account so you pay no fees.

The FNB Global account is good if you want to keep the money in USD. You'll pay Swift fees when the money comes in, but you can hang onto it in USD for as long as you like, then when you need the bucks or when the Rand gets weak, you can convert it to R by transferring it to your Gold account fee-free.
 
ros_b said:
To get service out of FNB, tweet @RBJacobs. He's always gotten my issues attended to.

And just a tip - not sure how you receive your USD, but if you have the option, do not get it paid directly into your bank account - the Swift fees will kill you and the conversion rate offered by banks is awful. Open an account with a forex broker (I've used both Incompass and Exchange4Free - both fine). You'll get an account number with them (Incompass uses Investec, I think, Exchange4Free uses Mercantile) which you give to your clients. They pay into that account, then the broker contacts you and you have 30 days to convert the money into R; you'll get a better rate than at your bank, and they transfer via local EFT into your SA bank account so you pay no fees.

The FNB Global account is good if you want to keep the money in USD. You'll pay Swift fees when the money comes in, but you can hang onto it in USD for as long as you like, then when you need the bucks or when the Rand gets weak, you can convert it to R by transferring it to your Gold account fee-free.
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I had no idea you could do this?! I always have to sign that Exchange4Free reporting mandate, but I didn't consider that you could open an account with them!

Is it just like a normal bank account?

How does it compare to Currency Fair?
 
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Don't bargain on any reward system to offset any cost.

These things shift around a lot. One month you get an absolute bargain, next month you can no longer spend it at the place where you want to and you drop 2 levels.
 
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