Which bank?

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Ferris Wheel Junkie

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Ok, so as a South African that has been living in London the last few years, I have become accustomed to a few things, like cheap fast internet and zero bank charges. Yes! Absolutely no bank charges :)

Now that I am moving back to SA at the end of the year, I am going to need to open up a bank account for my day to day needs, salary, bills ect. What I am looking for is the bank that rips me off the least :) From what I remember is that every time you do anything with your money in SA you get charged, even if you just get your balance, or withdraw, or even deposit. This now seems ridiculous to me, as I have not paid a penny (read - cent) the last few years.

So just out of interest, which bank do you use and what are the charges like? I know there are options where you pay a monthly fee and then don't pay any other bank charges. This seems like a good idea, because at least then you know where you stand and you don't get a surprise R8 charge just for opening your wallet to look at you bank card. Internet banking would be good to have, is there an extra charge on your account for that?

Also I would like to have a credit card, but that can come later, got my American express at the moment if needed, but would like to change over to a South African one.

So please, if any one can offer me advice or suggestions in this regard, it would be much appreciated.

Thanks :)
 
I am with Capitec, a bit rudimentery admittedly but such cheap rates it feels free (and if you have enough money to benefit from their comparetively high interest rate they give it's better than free, they give you money).

And with my credit card I am with VirginMoney and its free from fees and has better interest rates (both ways) than most of the other credit cards.
 
Least charges would probably be Capitec. I use FNB, have their unlimited transactions R89 per month current account.
 
sjm said:
Least charges would probably be Capitec. I use FNB, have their unlimited transactions R89 per month current account.
Click to expand...

Cool, would you say that R89pm is worth it? Like would your charges exceed that if you didn't have it? Also does that allow you internet banking. I know ABSA wanted to charge me another monthly rate just for internet banking.

And this capitec, are they new? I have not heard of them before.

*Edit* looking at their website now (Capitec) charges look resonable, just still a bit peeved how here in the UK they have zero charges, and any one can use any atm.
 
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Ferris Wheel Junkie said:
Cool, would you say that R89pm is worth it? Like would your charges exceed that if you didn't have it? Also does that allow you internet banking. I know ABSA wanted to charge me another monthly rate just for internet banking.

And this capitec, are they new? I have not heard of them before.
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You can view the rates here: http://www.fnbweb.co.za/cbs/pricingguide/Personal/Personal_e.asp

Everything is basically free after the initial monthly amount. They only really charge for branch transactions (branch withdrawals etc.), which is fine because most normal people know how to use an ATM :) Internet banking is free.

Capitec is one of the smaller banks. Some swear by them but I'm not really in a position to comment as I haven't dealt with them.
 
I'd go with Capitec. They have paperless banking (finger print recognition etc) and they're pretty cheap.

I'm considering switching over to them instead because banks these days are just profiteering... take a look at who caused the recession...
 
i bank with Nedbank they charge R90 for Current Account package with Internet Banking, their service is excellent compared with FNB,STD,ABS been through them all finally found one for the last 5 years. I personally would not Bank with CAP bank as they don't offer all the services offered by the Big Four Banks.
 
I bank with ABSA i personally enjoy the way they rip me a new anus in bank fees every month, they are the gangsters of banking everytime you pay them you somehow owe them more. So much of a damm hassle to change though my salary and everything is setup there. Capitec is the cheapest and Virgin Money for a Credit card, very happy with virgin money as for Capitec i have not used them, friends rave about them.
 
I'm with nedbank and paid close to R4000 last year in bank fees........ FML.
 
I paid R340 last month in bank charges at Absa. I phoned them to enquire whether I'm perhaps on the wrong pricing plan. Short answer was "Go to a branch".

I then got to talking to some colleagues about this. One of them (accountant) moved from Absa to FNB on Saturday. The other (financial manager) is intending to move from Standard Bank to FNB. The other (creditors clerk) moved from Absa to Capitec approx. 4 months ago.

So, I have officially decide to also move to FNB this month.
 
i looked at Capitec too. But there's something that worries me. Could be the whole ditching a BM for an Uno thing. Yes they both go from A to B, but do you really wanna drive an Uno every day?
 
mister said:
I'm with nedbank and paid close to R4000 last year in bank fees........ FML.
Click to expand...

I hope your bank manager gave you a gold watch for christmas!

:sick::sick::sick: ...some serious cash to fork out for bank charges.

Last year I paid R180-00 in bank charges for the whole year with PNP Go Banking, this included:
- unlimited free cash withdrawals at PNP tillpoints
- unlimited free debit orders & 3rd party payments
- unlimited free statments using interenet banking
- internet banking @ a cost of R15-00 per month
(which is why it cost me R180 for the year)

*the catch is that you have to maintain a balance of R5000-00

**will keep my fingers crossed that they don't discontinue this account
 
We moved from ABSA to FNB recently - very happy with the decision. Went from paying around 500/month in bank fees to r90 give or take. Just be sure not to use any other ATM machine because they do charge you.

Also have found FNB service to be far better than ABSA's so far.
 
Ferris Wheel Junkie said:
Ok, so as a South African that has been living in London the last few years, I have become accustomed to a few things, like cheap fast internet and zero bank charges. Yes! Absolutely no bank charges :)

Now that I am moving back to SA at the end of the year, I am going to need to open up a bank account for my day to day needs, salary, bills ect. What I am looking for is the bank that rips me off the least :) From what I remember is that every time you do anything with your money in SA you get charged, even if you just get your balance, or withdraw, or even deposit. This now seems ridiculous to me, as I have not paid a penny (read - cent) the last few years
Click to expand...

You forgot to mention that you have also become accustomed to earning almost no interest on your invested money either! ;)
 
I use Standard Bank - PlusPlan Account; it's a savings account from which you can transact and you get five free debit transactions per month. I do get some interest each month, mind you it's not much, but it covers my payment for ADSL each month. I also use internet banking at R22 per month.
 
Ah well, im with ABSA, R14,50 a month, includes Internet banking and any electronic transactions :D

But its the Student Package, so not available for consideration...

Too bad I'll have to change in 3 years time to paying enormous amounts of banking fees :(
 
Boomstomp said:
Ah well, im with ABSA, R14,50 a month, includes Internet banking and any electronic transactions :D

But its the Student Package, so not available for consideration...

Too bad I'll have to change in 3 years time to paying enormous amounts of banking fees :(
Click to expand...
Good for you, it's now R83,00 just for internet banking on normal accounts.
 
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