Programmable bank account Root launching next year

backstreetboy said:
I don't have any debit orders or so many transfers happening every month so not sure what you mean :confused:
Click to expand...

He means that your option might be free sure, but the FNB option literally pays you to bank with them.

So it’s a no brainer.

Free vs R1500 (before discounts etc) extra in my account is really an easy question to answer.
 
Hamster said:
I've asked FNB many a time to "fix" one of their half arsed implementations ...now I'll fix it my self by writing my own. Not gonna divulge stuff here because maybe I monetize it
Click to expand...

Haha, that narrows it down. The only "half-arsed" thing that I can think of with FNB is that "My Money" thing that they've got. It really adds no value. I could see how it could though if it did work properly.

Hamster said:
If you really cared about fees that much you'd have gone with FNB/eBucks and had the account for free plus groceries at a discount. So stop with the Capitec and Virgin Money crap. They're simply not that cheap if you have a lot of debit orders and transfers happening every month...they are lying to you.
Click to expand...
SauRoNZA said:
He means that your option might be free sure, but the FNB option literally pays you to bank with them.

So it’s a no brainer.

Free vs R1500 (before discounts etc) extra in my account is really an easy question to answer.
Click to expand...

For the whole eBucks thing to actually be profitable, you need to be a reasonably big spender. At some times in my life, that wasn't the case, even though I was earning quite well. If you're trying to escape the consumerist trap and achieve more zen in your life, then eBucks is probably not the rewards programme for you... Though at the moment it does suit me well enough to cover my bank fees and get some discounted vouchers from time to time.

Having said that though, backstreetboy must be paid by Capitec and Virgin Money by the way he punts them, it can get a bit tiring...

C4Cat said:
22seven doesn't have an API and only logs into your account once a day. Anyway it's not the same, and as a developer, I find this idea of root to be quite exciting... I was never comfortable giving a company all my login details for all my bank accounts, although I did join 22seven in the end, this would be a much better solution
Click to expand...

They don't have an API because that's the product they're selling you. And the advantage of it is that it works with basically any account.

Correct me if I'm wrong but even if you can monetise something with this Root API, you'd probably only be able to sell it to people who also have an account with them?
 
SauRoNZA said:
He means that your option might be free sure, but the FNB option literally pays you to bank with them.

So it’s a no brainer.

Free vs R1500 (before discounts etc) extra in my account is really an easy question to answer.
Click to expand...
Only if you spend R10k plus a certain way on certain things at certain retailers. I don't do that.
 
silkenphoenixx said:
For the whole eBucks thing to actually be profitable, you need to be a reasonably big spender. At some times in my life, that wasn't the case, even though I was earning quite well. If you're trying to escape the consumerist trap and achieve more zen in your life, then eBucks is probably not the rewards programme for you... Though at the moment it does suit me well enough to cover my bank fees and get some discounted vouchers from time to time.
Click to expand...

Not necessarily. It’s more about HOW you spend the money on things you NEED to pay for anyway.

The first R1000 of my eBucks return come purely from things I have to pay for every month.

Granted I cover my wife’s stuff and everything through my one account so more than most but then one could argue that as a single person you could get R500 for free.

That’s R500 more than at Virgin and Capitec.

Most people just mourn off about it without fully understanding it.

Which is to our benefit, so best backstreet boy stays with Capitec and Virgin.
 
backstreetboy said:
Only if you spend R10k plus a certain way on certain things at certain retailers. I don't do that.
Click to expand...

I’ll give you the credits for spending a certain way.

Either way it’s a lot better than free so you can’t continue to argue that Capitec and Virgin are better for being free or cheap.

You don’t have to spend 10k. Or I’ll argue that you will spend 10k anyway on standard household things anyway.

Even if you don’t you’ll still walk away with more money than using either Capitec or Virgin which was my exact point.

FYI. I have a Virgin card as a backup because it’s free. Nothing wrong with using that as a benefit, but it would be utterly retarded for me to drop FNB and lose R1500+ a month just to bank for “free”.

It’s simple economics.
 
SauRoNZA said:
Not necessarily. It’s more about HOW you spend the money on things you NEED to pay for anyway.

The first R1000 of my eBucks return come purely from things I have to pay for every month.
Click to expand...

Likewise - the same with mine at the moment. A couple of years ago, though, that wasn't the case. I had very few expenses (no car, rented accommodation) so even though I was earning fairly well the ebucks were less than my bank fees. My spending needed to increase.

Sure, once you're at a certain level you can do it smartly. Since upgrading to Premier I've rearranged things a bit and am in the black again. But I didn't rearrange my life to be able to do that, I took advantage of FNB features to do stuff I was going to do anyway. As you said.
 
silkenphoenixx said:
Likewise - the same with mine at the moment. A couple of years ago, though, that wasn't the case. I had very few expenses (no car, rented accommodation) so even though I was earning fairly well the ebucks were less than my bank fees. My spending needed to increase.

Sure, once you're at a certain level you can do it smartly. Since upgrading to Premier I've rearranged things a bit and am in the black again. But I didn't rearrange my life to be able to do that, I took advantage of FNB features to do stuff I was going to do anyway. As you said.
Click to expand...

For sure it won’t be universally applicable to everyone.

Or people simply wouldn’t want to jump through the hoops or change their ways.

Doesn’t remove from factual statement that “free” isn’t better than making a profit from your banking habits.
 
backstreetboy said:
It is when you compare it to this Root CC which probably won't be free. Not sure why Hamster took the thread off topic with his FNB/Ebucks drivel.
Click to expand...

About the same reason you pollute these threads with your capitec and vmcc drivel
 
i sigbed up for the beta months ago but didn't get my beta account. oh well i can't wait to see how it will work.
 
C4Cat said:
22seven doesn't have an API and only logs into your account once a day. Anyway it's not the same, and as a developer, I find this idea of root to be quite exciting... I was never comfortable giving a company all my login details for all my bank accounts, although I did join 22seven in the end, this would be a much better solution
Click to expand...

+1

The less third party, the less potential data leak.
 
backstreetboy said:
I don't have any debit orders or so many transfers happening every month so not sure what you mean :confused:
Click to expand...

A debit order is 3.5 rands at Capitec. 0 in most of the other banks.

When you have a phone contract, Internet, a car payment, a medical aid, 2 saving accounts, a tracker, a gym, a rent, a car insurance it does make a difference.
 
Last edited:
backstreetboy said:
It's just included in the R105 or whatever price. Not free.
Click to expand...

When you add each item one by one, the 105 is much cheaper than buying each item. Hence you can say that some items are free or that each item has a discount.

It depends on how you see it.
 
f2wohf said:
When you add each item one by one, the 105 is much cheaper than buying each item. Hence you can say that some items are free or that each item has a discount.

It depends on how you see it.
Click to expand...
Depends on how you use it. If you have 20 debit orders going off some of them might be free but 10 or less I'm doubtful.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X