Should I switch from FNB to Capitec?

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Mimen

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I had a look at my FNB cheque account fees and realised I pay 700 Rand per month in fees on my FNB cheque card. When I deduct all the pay and clear immediately fees it comes down to R500 per month. I then went to look at Capitec fees and they are way, WAY cheaper then FNB.
I then get about R200 pm in eBucks so that brings it down to R300 pm in fees.

I'm wondering if I should switch from FNB to Capitec but I'm worried about the service levels.

Is anyone with them currently and what do you think of the monthly cost and service fees?

Now I'm worried about the service levels and loosing my FNB app.
 
Mimen said:
I had a look at my FNB cheque account fees and realised I pay 700 Rand per month in fees on my FNB cheque card. When I deduct all the pay and clear immediately fees it comes down to R500 per month. I then went to look at Capitec fees and they are way, WAY cheaper then FNB.
I then get about R200 pm in eBucks so that brings it down to R300 pm in fees.

I'm wondering if I should switch from FNB to Capitec but I'm worried about the service levels.

Is anyone with them currently and what do you think of the monthly cost and service fees?

Now I'm worried about the service levels and loosing my FNB app.
Click to expand...

You are doing it wrong.

I have a FNB CC and Cheque Acc.

My total bank costs per month is less than R200

Cheque account is used for DO and salary and other income deposits. That's it.

CC is used for cash.
 
I have been a client now for more than 6 years. I have no complaints.

Mimen said:
monthly cost and service fees?
Click to expand...

I pay on average < R50 pm in total fees and get between R100-150 in interest. This is my active transactional account that I use for all efts, debit orders and swipes.

I am not sure what you mean by service levels. Everyone is on the same level, and gets the same service. They have an internet banking app and a masterpass app for zapper and snapscan, they have I have only had to use physical branches 6 times in the six years, always received friendly prompt service.
 
I switched from FNB to Capitec for the same reason you mentioned. My fees between my Credit card and cheque account was also around R700 p/m. Best decision I ever made. Pay less than R50 p/m now at Capitec and earn more interest than my monthly fees anyway. This is coming from a former FNB employee that used to try and get everyone to switch to FNB.

Also I have only needed to visit a branch twice for stolen card replacements and both times I was in and out with my new card in under 15 minutes.
 
The only thing you will miss with FNB is if you like Tap&Go functionality. For instant EFTs you will save a lot, 5 instant EFTs will cost you like R38, compared to the R200 with FNB.
 
Yes. My fees last month with a CC included was R42 and the interest R52.4. Also no 2.75% currency conversion fee on overseas purchases. As noted only things missing is fingerprint login and tap & go which most big retailers only upgraded to the last few months here anyway. No brainer really.
 
i was on Premier and downgraded in January back to Gold account, waaaaaay cheaper.
I am level 4 eBucks so in the end i kind of break even, i think i actually earn more back than what banking fees costs me.
Work the system in your favour
:thumbsup:
 
Mimen said:
I then get about R200 pm in eBucks so that brings it down to R300 pm in fees.

I'm wondering if I should switch from FNB to Capitec but I'm worried about the service levels.

Is anyone with them currently and what do you think of the monthly cost and service fees?

.
Click to expand...

I pay less than R70 a month in fees with Capitec - so way less than you even if you maximise your ebucks.
Service is excellent at Capitec, remember they are open on Sundays and things like that so it's such a convenient place. Also, they have the best security in terms of their banking app. Also, you submit all your authentication docs when you open your account and thereafter all authentication if you need something done in branch (whic is pretty much never) is all done via fingerprint, so you never have to worry about taking ID and proof or residence crap with you.
 
pinball wizard said:
I pay less than R70 a month in fees with Capitec - so way less than you even if you maximise your ebucks.
Service is excellent at Capitec, remember they are open on Sundays and things like that so it's such a convenient place. Also, they have the best security in terms of their banking app. Also, you submit all your authentication docs when you open your account and thereafter all authentication if you need something done in branch (whic is pretty much never) is all done via fingerprint, so you never have to worry about taking ID and proof or residence crap with you.
Click to expand...
smart bank :thumbsup:
 
You don't have to pay R700 in bank fees if you don't want to, and you can still stick with FNB. Some options:

- Drop the pay and clear, people can wait. Yes circumstances differ, but I've never had complaints about things taking too long to clear when EFTing from FNB
- Drop to Gold. I am assuming a fair amount of that R700 you pay comes from a higher account. I pay just under R200 with Gold, that includes credit card, account fee, and overdraft
- Adjust your spending habits to favour climbing ebucks levels. I did, and now I get around R800 in ebucks a month.
- If you're concerned with interest rates on savings, open up a Tymebank account, and get up to 9% PA. I have one and use it for savings only.

FNB also have low cost accounts structured much like Capitec, but I think you lose out on ebucks here.
 
Chuckmyster said:
i was on Premier and downgraded in January back to Gold account, waaaaaay cheaper.
I am level 4 eBucks so in the end i kind of break even, i think i actually earn more back than what banking fees costs me.
Work the system in your favour
:thumbsup:
Click to expand...

Gold cheque and Gold CC is R105 + R48 = R153
Premier cheque and Premier CC (Bundle) is R209

Thats R56 difference, Dont see how its Wayy cheaper?
Unless you are talking about the R5 easy account but then you don't get Ebucks for that.
 
Arex said:
Gold cheque and Gold CC is R105 + R48 = R153
Premier cheque and Premier CC (Bundle) is R209

Thats R56 difference, Dont see how its Wayy cheaper?
Unless you are talking about the R5 easy account but then you don't get Ebucks for that.
Click to expand...
i was paying over R400 a month for cheque and credit card, not R209, otherwise i wouldnt of downgraded
 
pinball wizard said:
I pay less than R70 a month in fees with Capitec - so way less than you even if you maximise your ebucks.
Service is excellent at Capitec, remember they are open on Sundays and things like that so it's such a convenient place. Also, they have the best security in terms of their banking app. Also, you submit all your authentication docs when you open your account and thereafter all authentication if you need something done in branch (whic is pretty much never) is all done via fingerprint, so you never have to worry about taking ID and proof or residence crap with you.
Click to expand...

All of the above, same for me, I've been with them for years now and never had cause to complain.
 
Chuckmyster said:
i was paying over R400 a month for cheque and credit card, not R209, otherwise i wouldnt of downgraded
Click to expand...

Where do the fees come from? I would think downgrading won't make the fees any better but actually make it worse as it lowers your monthly account fee and limits, for example your cash deposits/withdrawals limit per month is much less on gold than premium, maybe I'm missing something?
 
Arex said:
Where do the fees come from? I would think downgrading won't make the fees any better but actually make it worse as it lowers your monthly account fee and limits, for example your cash deposits/withdrawals limit per month is much less on gold than premium, maybe I'm missing something?
Click to expand...
im no genius on this topic but here is a screenshot from November on my Cheque account
1558515064502.png

and here is last month
1558515151200.png

like i said i have no idea how this stuff works but for me to go back to Gold status has meant i am scoring

i never ever make a deposit and i only withdraw from Pick n Pay as it is safe and free
 
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