Savings account - FNB Call Account vs Capitec Global One

[MisterBigglesworth]

I don't have a savings account, and need to open one. Not looking at investing, just an account I can put in R500 a month, or however much I feel like each month - so after a few months I have a little extra for life's guilty pleasures

I'm with FNB so pay a fixed price each month for my banking, opening a FNB Call Account will cost me nothing. Only issue here is its 1% interest yearly. A Global One account is 4.4% interest, capitalised monthly - but it will cost me R5 a month in bank account fees, and then there is the fee of R1.50 to do an internet transfer or R1.05 tillpoint withdraw. I don't plan on transferring or withdrawing often...so it seems like Capitec is the way to go for my needs.

Just checking I haven't missed anything here...but looking at the 2 savings accounts, it appears Capitec is the better option here for me? Anyone else been in this situation with choosing between these 2 accounts?

 

[ToxicBunny]

Global One, without a doubt.

The interest rate is higher, and the fees are minimal...

 

[lerouc]

I just got me a FNB 32day notice account so that i can't touch it (easily) and i can easily put money in there and see it all at one place on my online banking.

I put the money in there for a specific reason saving up for something for example for a couple of months so the interest isn't the big factor.

 

[bokdrol]

Capitec is apparently the fastest growing bank in Africa. I would like to switch but the drama of changing all those debit orders........... My worry about super fast-growing businesses is that they are sometimes also the first to go belly-up.

 

[Other Pineapple Smurf]

@CrazyFig just pop into Capitec at the Mall on Sunday morning with your ID and proof of residence. You will be done within 15 minutes.

I'm happy with my Capitec account and it just works. I'm paying R100 a month for my FNB account (my bond is with them) and I get no value out of it, my Capitec has only once cost me over R100 in a month due to an insane amount of internet banking and ATM withdrawals.

 

[Other Pineapple Smurf]

I see CallAccount requires a balance of R1000 at all times.

 

[MisterBigglesworth]

Hmm...ok, mind made up. Will pop into Capitec. Sure...interest rate is not a huge selling point, but in using it as a savings account at least year on year I will feel comfort in knowing the R500 I have in a Capitec is still worth close to that amount a year later (taking inflation info account etc).

Let me give it a try...thanks guys

 

[Magnum]

April bank fees were R22.Interest on balance were R291.Capitec just needs to get a valid Credit card and ill be absolutely happy with them...

 

[BuckRogers]

Capitec account + virgin Credit card - > Winning combo !!

 

[Other Pineapple Smurf]

April bank fees were R22.Interest on balance were R291.Capitec just needs to get a valid Credit card and ill be absolutely happy with them...

Use VCpay for the credit card then. The only online place that does not take my Capitec card was Kalahari - I had to explain to them the concept of Capitec debit card when I queried them.

But agree if you want to make debt, then use Virgin. I had no complaints with their card when I still had one.