So I went to Capitec

Swa said:
Were any of those fixed deposits or just normal savings accounts?
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I elected to have 4x normal savings accounts. Big money is moved to my bond to get unmatched 9.3% interest so I have no need for a fixed deposit.
 
Can someone check my thought process here:

If I store all money in the 4 linked savings accounts and only move across into the Global One account bit by bit as I need to spend it, there is no risk of money theft via card skimming or other and therefore I can turn off sms notifications resulting in a further saving in bank charges?
 
With a fee of only 40 cents per SMS seems like a lot of unnecessary admin and a potential headache, eg. if in an area with poor network signal (cutting you off from the App or mobile banking as convenient access channels to transfer between those linked accounts. And you'd certainly be losing money driving to an ATM/branch to do those transfers) My advice; accept that your bank charges a per use fee to notify for transactions over R99 (or any minimum amount you choose eg. 500 etc. It's your risk; you manage it. You can also choose notifications during daylight hours only or vice versa) PS. Other banks also charge per sms on MOST of their pay-as-you-transact accounts too (and it's more than 40c). Bask in the joy of knowing what you pay for.
 
FlashSA said:
Can someone check my thought process here:

If I store all money in the 4 linked savings accounts and only move across into the Global One account bit by bit as I need to spend it, there is no risk of money theft via card skimming or other and therefore I can turn off sms notifications resulting in a further saving in bank charges?
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Correct.
 
And one more thing... to no one in particular. Bundled accounts are great for big spenders. If you're burning through 10 - 20k a month as a regular part of your routine, I'm happy for you and your lifestyle (home ownership, gym membership and whatever other loyalty schemes you're convinced you need and thus are willing to spend on) For everyone else there's Capitec. You know, just in case holding and earning interest on 1 - 10k of your disposable monthly income in a versatile bank product makes sense. (And yes, if you have disposable income on the higher end of that spectrum, there are better long-term investments, it's just that we're talking about banks accounts here, where at least 99% of the people here's money starts off...)
 
supersunbird said:
Correct.
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Thanks, I've just done so. That's another R4 saving in bank charges. Interest forecast over all accounts aiming for the R80 mark this month. LOVE Capitec - I could never earn that equivalent in eBucks on the other side.

Keeping my money in Capitec for longer by using the full 55 days of Virgin CC interest free credit is helping big time!
 
the eskimo said:
The short answer is FNB & eBucks is better for some and Capitec is better for others. I don't see the point in everyone having a go at each other just because they don't agree with you as to which option is best.

Capitec is aimed at a different market segment to FNB eBucks.

I used to bank with capitec, but as soon as I started earning and spending "real" money, I knew that I could get more from my bank and switched to FNB.
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+1. I'm reluctant to shout the merits of eBucks too loudly these days as the more people that know how to make eBucks work for them, the more difficult FNB will make it to earn eBucks. Different strokes for different folks, but with the eBucks I earn each month I can spend between R1600 to R2000 per month at Makro and their other partners (incredible connection, cape union mart, etc... this month) . My bank fees for credit card is about R70 per month and zero for cheque account unlimited transactions, fee saver option (been on this for ten years at least). Yes, I'm on reward level 5 (the max) and spending between 12k and 15k per month on credit card. This is for two people.

Thinking of moving my old man to Capitec though... He hardly does any transactions on his account.
 
Capitec, the only place where I've got thrown out of the bank for sitting on a red chair and not a blue one. Still they are getting mighty tempting though, FNB is becoming ridiculously expensive with their fees.
 
kamikazi said:
Capitec, the only place where I've got thrown out of the bank for sitting on a red chair and not a blue one. Still they are getting mighty tempting though, FNB is becoming ridiculously expensive with their fees.
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wut?
 
DA-LION-619 said:
wut?
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My thoughts as well. Apparently the people coming into the branch that haven't been helped sit on the red chairs. The people that have been helped sit on the blue chairs. I was very comfortable on my red chair sitting next to my wife and the queue management lady did not like that I ignored her, telling me to move to a blue chair.
 
kamikazi said:
My thoughts as well. Apparently the people coming into the branch that haven't been helped sit on the red chairs. The people that have been helped sit on the blue chairs. I was very comfortable on my red chair sitting next to my wife and the queue management lady did not like that I ignored her, telling me to move to a blue chair.
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Doesn't that branch have a ticketing system?
 
supersunbird said:
Why do people who have been helped need to sit at all? :confused:
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My thoughts exactly. The space could be used for people that haven't been helped yet. This is definitely not acceptable and not in line with other branches. It should be reported to head office.
 
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