Which bank in SA is the best when it comes to technology/automating your finances?

Fireball

Well-Known Member
Joined
Feb 20, 2011
Messages
160
#1
Hi folks!

I've always been with ABSA (student account), but I think the time has come to make a switch (since they're forcing me to upgrade).

Now, I have done my fair bit of reading (mostly on MyBB and MoneyWeb) about the banks here and their technology, customer satisfaction, fees, etc.

It would seem that FNB or Capitec would be the best choice.
FNB in terms of technology, and Capitec in terms of price.

I'm a techie (programmer) and have a deep interest in all things personal finance.
One thing that I am hoping to do, is put my finances on "autopilot".

Which bank has the tools (internet banking/app) to make that happen?

E.g. As soon as my paycheck comes in, I want to:
  • Transfer 15% to savings account
  • Repay set amount/percentage to credit card (Virgin Money)
  • Pay monthly beneficiaries (not debit order stuff)
  • Etc.

But wait, that's not all!
I want to automate my savings as well.
E.g. As soon as money gets transferred into my savings:
  • 20% goes to emergency fund.
  • 10% to future car
  • 20% to vacation
  • 30% to buy-exotic-tiger-or-lion-or-both
  • etc.

I know FNB has perks like eBucks and stuff, but I'm not sure if it's worth the money? I don't want to fall into the trap of "spend-to-save" like I did with Discovery Vitality.

What are your thoughts/recommendations, folks?
 

Fireball

Well-Known Member
Joined
Feb 20, 2011
Messages
160
#2
Oh, and if this has any bearing on the above:

I don't currently have a home loan and don't intend to get one any time soon, since I'm likely going to emigrate to Canada in the next 5 years.

I am paying back a car loan that I got through Lindsay Saker VW financial services (underwritten by Wesbank), which I am aiming to pay off early in the next year.

I already mentioned the Virgin Money Credit card (which I love! Just wish they had an app)

I use the 22seven app (which is awesome!) to have an overview of my finances.
 
Joined
Aug 25, 2008
Messages
15,491
#4
FNB is the way to go.

Capitec internet banking is so lacking :(

I only use my capitec account to generate interest from my money.
 

Fireball

Well-Known Member
Joined
Feb 20, 2011
Messages
160
#6
You can contribute to their Tax Free Savings Account through the app and the fees are minuscule.
That's not a bad idea!
I've been meaning to open one of those accounts in the near future. Just want to settle my credit card and get my emergency fund to R10k first (should be done in the next 3 months, touch wood.)
 

Fireball

Well-Known Member
Joined
Feb 20, 2011
Messages
160
#7
FNB is the way to go.

Capitec internet banking is so lacking :(

I only use my capitec account to generate interest from my money.
That's the basic sentiment I've heard from people. FNB is technologically advanced, Capitec is no-frills and affordable.
 

Fireball

Well-Known Member
Joined
Feb 20, 2011
Messages
160
#8
If I'm not mistaken, Capitec has "savings pockets", which means you can assign X% to a certain goal, like "vacation" or whatever.
Does FNB have this as well?
 

Kerrits

Senior Member
Joined
Jan 27, 2014
Messages
766
#9
Almost all banks should allow you to set up recurring monthly payments for a specific amount. I don't know of any that use percentages.

Nedbank has My Financial life, which allows you to track your finances and net worth across bank accounts and even banks.
 

Fireball

Well-Known Member
Joined
Feb 20, 2011
Messages
160
#11
Thanks for all the suggestions folks.

@Chevron, I had a look at the Old Mutual money account. Not bad at all, but I think I'm going to stick to Capitec or FNB.

Since Capitec is so cheap, I'm going to open an account with both FNB and Capitec, take them for a test drive, and then decide.
Maybe I'll even do a comparison review or something.

Again, thanks for the input, MyBB'ers!
 
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