Posbank and how bad it is.

Rouxenator

Dank meme lord
Joined
Oct 31, 2007
Messages
35,783
In 2008 I opened a Posbank accont at the post office for some reason. I deposited R520 in it and forgot about it until I was cleaning up a few old drawers and found the account book.

Went in today to see how much was in it, not expecting a lot of growth, and was surprises to see it is R487.

Nice going SAPO.
 

Rouxenator

Dank meme lord
Joined
Oct 31, 2007
Messages
35,783
I honestly thought that being a saving account it would have grown. Sad to see that these days you are better off keeping money under the mattress.
 

KT-B

Honorary Master
Joined
Feb 3, 2014
Messages
25,747
I honestly thought that being a saving account it would have grown. Sad to see that these days you are better off keeping money under the mattress.
My kids opened ABSA ones and lost all their money due to not using it. The accounts were all closed. Savings no longer means you make money - even school kids lose theirs. I was under the impression there were no charges - boy was I wrong!
 

Rouxenator

Dank meme lord
Joined
Oct 31, 2007
Messages
35,783
Today is the first I heard of it. I was expecting below inflation growth, but not negative growth at all.

What is wrong with our banking system?
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
48,613
Today is the first I heard of it. I was expecting below inflation growth, but not negative growth at all.

What is wrong with our banking system?
Fees, and no interest rates in savings accounts (and not really on any other accounts except fixed deposits either) at the big 4 banks (and Postbank) until some of them made accounts to compete with Capitec which has a decent interest rate on their accounts. But nooooo, Capitec is the spaza or mickey mouse bank according to some losers, while in fact being a market disruptor.
 

Dups!

Senior Member
Joined
Apr 15, 2010
Messages
672
Fees, and no interest rates in savings accounts (and not really on any other accounts except fixed deposits either) at the big 4 banks (and Postbank) until some of them made accounts to compete with Capitec which has a decent interest rate on their accounts. But nooooo, Capitec is the spaza or mickey mouse bank according to some losers, while in fact being a market disruptor.
I think one would be better off with Tyme Bank when it comes to earning interest currently. I am just imagining how much would he have made had Tyme been around back then, obviously, having opened a goalsave account as well. Wouldn't have lost a cent and still made a bit on the interests.
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
48,613
I think one would be better off with Tyme Bank when it comes to earning interest currently. I am just imagining how much would he have made had Tyme been around back then, obviously, having opened a goalsave account as well. Wouldn't have lost a cent and still made a bit on the interests.
Yes, currently, but back in 2008 Capitec was available (my account opened Aug 2008), with a higher interest rate than now (9 or 10%ish) and the monthly fee was like R3.50.
 

Arthur

Honorary Master
Joined
Aug 7, 2003
Messages
24,184
Today is the first I heard of it. I was expecting below inflation growth, but not negative growth at all.

What is wrong with our banking system?
They're in cahoots with government on the fiat money scam.

Rather buy your kids gold. Kruger Rands, even 1/10, 1/4, or 1/2 oz. When the current house of cards collapses they'll thank you for it.
 

WillemRoos

New Member
Joined
May 8, 2019
Messages
8
Rather buy your kids gold. Kruger Rands, even 1/10, 1/4, or 1/2 oz. When the current house of cards collapses they'll thank you for it.
Agreed on this. Rather spend R2k on a 1/10th whenever you can afford it and put that away for your kids in a safe.
 

chrisc

Executive Member
Joined
Aug 14, 2008
Messages
7,307
Capitec pays 4.5% interest pa, and R5 monthly in fees. Therefore, you need to have a balance of over R1200 just to break even

AFAIK only retirees get "free" banking, but you have to leave a positive balance in the account to qualify
 

Düber

Senior Member
Joined
May 17, 2018
Messages
593
Today is the first I heard of it. I was expecting below inflation growth, but not negative growth at all
I have been going through my finances and must thank you for the investment tip! It seems like you almost did better than one of my RA's!

#@$&#@$ fee's!
 

Lupus

Honorary Master
Joined
Apr 25, 2006
Messages
16,203
I got my son an investment account about a year ago. Only way to save and earn interest, yes it's only 3 to 5% sometimes a bit higher depending on how things are but he's now R400 richer then he was.
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
48,613
They're in cahoots with government on the fiat money scam.

Rather buy your kids gold. Kruger Rands, even 1/10, 1/4, or 1/2 oz. When the current house of cards collapses they'll thank you for it.
What about guns and ammo too? Or else how will you defend yourself and your gold coins in the chaos following said collapse?
 
Top