Tips to Boost your eBucks

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Hmmm, it looks like I just make level 5 on the new rules - 17500 points. Little too close for comfort for me.

EDIT: On recalculating, I get 18500 points. I just need to make sure I log in to Wesbank Online once per month, and that I do all of my transactions via the banking app.

Come to think of it, the problem is that I don't always need to do transactions via the banking app. I mean, I buy airtime at the moment. I'll also start paying my electricity and levies via the app. I need to get at least 4.

Solution: Instead of buying R55 airtime, just buy R10 airtime 5 times!

I must point out that I think the requirement to use the app 4 times is retarded. How much does it save FNB compared to using the online banking website?
 
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zerocool2009 said:
If you invest R20 000 in anything, you will get less than R150

I am going for the R20K balance, still a bargain !
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But that ignores the effects of compound interest.

After 1 year your balance would be R21,876.14. After 2 years your balance would be R23,928.27. After 3 years your balance would be R26,172.91. After 5 years it would be R31,313.62.

So after 5 years you would have earned R11,313.62 in interest, and this is only going to keep growing exponentially.

If you assume your monthly fees to be R150 saved, then R150 x 60 = R9,000 saved after 5 years vs R11,313.62 interest earned.
 
Mike Hoxbig said:
But that ignores the effects of compound interest.

After 1 year your balance would be R21,876.14. After 2 years your balance would be R23,928.27. After 3 years your balance would be R26,172.91. After 5 years it would be R31,313.62.

So after 5 years you would have earned R11,313.62 in interest, and this is only going to keep growing exponentially.

If you assume your monthly fees to be R150 saved, then R150 x 60 = R9,000 saved after 5 years vs R11,313.62 interest earned.
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eish, too sharp!
 
Mike Hoxbig said:
But that ignores the effects of compound interest.

After 1 year your balance would be R21,876.14. After 2 years your balance would be R23,928.27. After 3 years your balance would be R26,172.91. After 5 years it would be R31,313.62.

So after 5 years you would have earned R11,313.62 in interest, and this is only going to keep growing exponentially.

If you assume your monthly fees to be R150 saved, then R150 x 60 = R9,000 saved after 5 years vs R11,313.62 interest earned.
Click to expand...

Well, it is now pay R199 for the bundled option or have R20K in my cheque account. I think if they raise it to R25K next year, I will take the bundled option (as I spend a month about R500 on banking fees), and that is currently refunded.
 
Mike Hoxbig said:
But that ignores the effects of compound interest.

After 1 year your balance would be R21,876.14. After 2 years your balance would be R23,928.27. After 3 years your balance would be R26,172.91. After 5 years it would be R31,313.62.

So after 5 years you would have earned R11,313.62 in interest, and this is only going to keep growing exponentially.

If you assume your monthly fees to be R150 saved, then R150 x 60 = R9,000 saved after 5 years vs R11,313.62 interest earned.
Click to expand...

Not so fast - what about inflation? Your R11 313 in interest earned is worth less in 5 years time than it is today.

Also, if you invest R150 per month, how long would it take for that to be worth R20k or more, given compounded interest?
 
zerocool2009 said:
Well, it is now pay R199 for the bundled option or have R20K in my cheque account. I think if they raise it to R25K next year, I will take the bundled option (as I spend a month about R500 on banking fees), and that is currently refunded.
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You guys are forgetting about all the other costs that the R199 covers. gjm already did the calculation and the bundled option is already R15~ cheaper than the Fee Saver, based on 15k and opportunity cost at 10%.

Based on 20k required, if my rough calc is correct, Fee Saver is now R56 more expensive than the bundled R199 option.
 
Ancalagon said:
Not so fast - what about inflation? Your R11 313 in interest earned is worth less in 5 years time than it is today.
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Calculation is based on a 9% return, so would still beat inflation at 6%.
Ancalagon said:
Also, if you invest R150 per month, how long would it take for that to be worth R20k or more, given compounded interest?
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Around 8 years.

Just for reference sake, your R20,000 lumpsum investment would also be worth just over R40,000 in 8 years.

But this assumes that the fee saver requirement would still be R20,000 in 8 years time, which it certainly won't be...
 
StrontiumDog said:
You guys are forgetting about all the other costs that the R199 covers. gjm already did the calculation and the bundled option is already R15~ cheaper than the Fee Saver, based on 15k and opportunity cost at 10%.

Based on 20k required, if my rough calc is correct, Fee Saver is now R56 more expensive than the bundled R199 option.
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True, but then I drop points on the eB points calculator as well if I work with a R0 balance
 
Ancalagon said:
I must point out that I think the requirement to use the app 4 times is retarded. How much does it save FNB compared to using the online banking website?
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also very odd for me - i mean really- i spent 15 years behind a pc, so its second nature to quickly go to the FNB website for a transaction, 1minute later its done.

typing my full password a mobile takes more than that.....


i see the app as an emergency option, but not as my every day banking tool :/
 
Ancalagon said:
Not so fast - what about inflation? Your R11 313 in interest earned is worth less in 5 years time than it is today.

Also, if you invest R150 per month, how long would it take for that to be worth R20k or more, given compounded interest?
Click to expand...

Just under 8 years at 9% interest.
 
Someone close this thread already... my FOMO is killing me :)
 
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