So I went to Capitec

FlashSA said:
Zero interest on those accounts like SMART and Easy Account (apart from savings pocket)
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Does anyone really care about interest on such accounts? If you have decent amounts of money, put it in some form of investment account. Or in your house. Or into debt.
 
Claymore said:
Does anyone really care about interest on such accounts? If you have decent amounts of money, put it in some form of investment account. Or in your house. Or into debt.
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Yeah, interest on a zero balance is still zero.

Also, I don't get this whole moving bank accounts to save 50 bucks a months either. I'll spend R50 on a beer if I'm in the mood for that, and the convenience of having everything setup and working is worth at least that much to me. I'm not even going to notice that I have an extra R50 in my account at the end of the month.
 
Colin62 said:
Yeah, interest on a zero balance is still zero.

Also, I don't get this whole moving bank accounts to save 50 bucks a months either. I'll spend R50 on a beer if I'm in the mood for that, and the convenience of having everything setup and working is worth at least that much to me. I'm not even going to notice that I have an extra R50 in my account at the end of the month.
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That's R600 a year... It may not be a lot to you but it is to someone.
 
DA-LION-619 said:
That's R600 a year... It may not be a lot to you but it is to someone.
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I agree, and I have no problem with someone in that position saving every last cent that they can, and if I can help them, I will. But look at many of the people posting here - they drive cars that cost half a million rand, and whine about R50 a month in bank fees.

It's like the mad rush to fill their tanks on Tuesday before the petrol goes up. There was a guy at work who went to queue to fill up - his tank wasn't empty, he only managed to put in about 20 litres, and the price was going up about 30c a litre. I asked him to go and queue for me, and I'd pay him R10, and he told me I was nuts, it wasn't worth that. But he was quite happy to queue for a R6 saving.

Some things matter and some don't. To anyone on a decent salary, driving a new car, eating out now and again, R50 a month isn't noticeable.
 
Colin62 said:
I agree, and I have no problem with someone in that position saving every last cent that they can, and if I can help them, I will. But look at many of the people posting here - they drive cars that cost half a million rand, and whine about R50 a month in bank fees.

It's like the mad rush to fill their tanks on Tuesday before the petrol goes up. There was a guy at work who went to queue to fill up - his tank wasn't empty, he only managed to put in about 20 litres, and the price was going up about 30c a litre. I asked him to go and queue for me, and I'd pay him R10, and he told me I was nuts, it wasn't worth that. But he was quite happy to queue for a R6 saving.

Some things matter and some don't. To anyone on a decent salary, driving a new car, eating out now and again, R50 a month isn't noticeable.
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Well, there are figures out now that says that South Africa is the biggest nation of borrowers in the world. Something like 82% of the population is in debt .... and a lot of those I would guess severely so to the point where they are barely keeping head above water. Not saying that applies to the mybb peeps in their fancy cars that you are talking about .... but for many people that is in that situation every R50.00 saved on banking fees or R20.00 saved per tank when the petrol price goes up by R0.47 counts perhaps.
 
And THAT is many more eBucks worth and way less transaction charges than I would've earned / incurred if my money had sat in my FNB Gold Cheque account: CAPITEC.jpg
 
FlashSA said:
And THAT is many more eBucks worth and way less transaction charges than I would've earned / incurred if my money had sat in my FNB Gold Cheque account: View attachment 222738
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How much interest would that money have saved if you'd put it into a home loan instead of leaving it in a transactional account?
 
Claymore said:
How much interest would that money have saved if you'd put it into a home loan instead of leaving it in a transactional account?
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That interest is from money which sat until a debit order took it, or I used it to settle my credit card.

My savings are already parked in SA Homeloans Access Bond....
 
Got my SMS saying my interest is R212. Funny that's less than last month when it should be more. Seems it's not the total interest and only my transactional account. My fixed deposit still shows the opening balance. Weird.
 
Swa said:
Got my SMS saying my interest is R212. Funny that's less than last month when it should be more. Seems it's not the total interest and only my transactional account. My fixed deposit still shows the opening balance. Weird.
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Each account earns its own interest. Also, interest is not compounded daily as it only gets credited on the last day of the month so you can't earn interest on interest until the next month.

I run a spreadsheet with a daily running total which works out interest every day based on the days closing balance. It was 100% accurate for May even down to the cents - I was quite chuffed :-)
 
Another way to maximise Capitec interest is to wait for the Virgin Money CC statement before paying monthly accounts. As soon as statement arrives, I pay everything and start using that CC for day to day expenses. This leaves the actual rands in the Capitec account to earn interest for the full 55 days before I settle the CC.
 
ichigo said:
Nope only get UIF and SASSA money every month and would be nice to know how much interest my 12k will get.
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Leave the full R12k for a month and you'll get R45ish. Not massive, but it should cover bank charges and a Lotto ticket
 
FlashSA said:
Each account earns its own interest. Also, interest is not compounded daily as it only gets credited on the last day of the month so you can't earn interest on interest until the next month.

I run a spreadsheet with a daily running total which works out interest every day based on the days closing balance. It was 100% accurate for May even down to the cents - I was quite chuffed :-)
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That much I know. It wasn't paid out on the 31st however so I was wondering if it pays out on the day you open it.
 
Swa said:
That much I know. It wasn't paid out on the 31st however so I was wondering if it pays out on the day you open it.
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OK

I opened my Global and 4x savings on 20/04. April and May interest reflected on the last day of the month at midnight, as well as the R5 account fee deduction.
 
FlashSA said:
OK

I opened my Global and 4x savings on 20/04. April and May interest reflected on the last day of the month at midnight, as well as the R5 account fee deduction.
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Were any of those fixed deposits or just normal savings accounts?
 
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