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Thread: 2x bank accounts. Should I close one?

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    2x bank accounts. Should I close one?

    Hi all,

    I currently have the following accounts with FNB...

    1x personal cheque account ( R99 p/m )
    1x Business Cheque Account ( R169 p/m )

    I'm thinking of closing the personal cheque account & opening up like a NO FEE PER MONTH bank account. I'm paying R99 p/m & I use my personal cheque account for everyday purchases.

    I know Capitec or something have accounts where you do not pay monthly fees. I just can't get over the fact that I'm paying R99 p/m to have a shiny gold ATM card.

    Please could anyone shine some light on this topic for me please. Like, how would this change affect me in the long run? Buying a house, car, applying for a home loan etc

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    Site Caretaker Dave A's Avatar
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    It's a good idea to keep your business and personal banking seperate. And Capitec seem to offer a good deal.

    Quote Originally Posted by Perform Computers View Post
    Please could anyone shine some light on this topic for me please. Like, how would this change affect me in the long run? Buying a house, car, applying for a home loan etc
    As a business owner, typically both accounts will come under scrutiny:

    Your personal account to assess what money you're getting out of the business,
    Your business account to see whether that income stream is sustainable.
    The trouble with opportunity is it normally comes dressed up as work.

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    Silver Member league_of_ordinary_men's Avatar
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    Why is your Business Cheque Account so expensive?I pay R59 pm at FNB for my Business Cheque Account.

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    Gold Member Chrisjan B's Avatar
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    Quote Originally Posted by league_of_ordinary_men View Post
    Why is your Business Cheque Account so expensive?I pay R59 pm at FNB for my Business Cheque Account.
    Does that include Internet Banking fees?
    My Internet Banking on ABSA is anything between R 180-00 and R 250-00 per month. Business.
    I do not use a cheque book.

    Personal account - use to be R 159-00 per month now R 79-00 per month plus R 18-00 per month for having an R 3 300-00 overdraft facility....

    BOVER Technologies
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    Elmine Botha Freelance Photographer - Photographer/ Videographer

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    Silver Member Darkangelyaya's Avatar
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    Capitec is excellent. Plus you can have 3 additional savings accounts, and name it whatever you want. Even your business name. Neat.
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    Gold Member Chrisjan B's Avatar
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    Me and my wife both have Capitec accounts too..
    BTW you can have a total 5 accounts....
    Up to R 10 000-00 more interest than over, so you put the amounts over R 10 000 in the other account/s.....

    BOVER Technologies
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    Gold Member Chrisjan B's Avatar
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    Quote Originally Posted by Darkangelyaya View Post
    Capitec is excellent. Plus you can have 3 additional savings accounts, and name it whatever you want. Even your business name. Neat.
    Just keep in mind that the business name is just an administrative issue and it will only work if you are a sole owner.

    You cannot use it as a business account per se...

    BOVER Technologies
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    Elmine Botha Freelance Photographer - Photographer/ Videographer

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    Diamond Member Blurock's Avatar
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    Quote Originally Posted by chrismine View Post
    Does that include Internet Banking fees?
    My Internet Banking on ABSA is anything between R 180-00 and R 250-00 per month. Business.
    I do not use a cheque book.

    Personal account - use to be R 159-00 per month now R 79-00 per month plus R 18-00 per month for having an R 3 300-00 overdraft facility....
    Absa and Standard are the most expensive banks. Absa charge horrific fees for their internet banking, but at FNB it is free! For a fee of R18 a month and a measly R3300 overdraft you can rather get a credit card with a limit of R30, 000 and pay about R360 p.a.

    You can also use the credit facility and settle the balance at the end of the month. If you stay in overdraft you pay interest on interest. NEVER carry a balance over to the next month because the interest makes it too expensive.
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    Diamond Member wynn's Avatar
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    Get an FNB gold personal debit card account for R97 PM and you get full on as many as you like free swipes, even for a cup of coffee, the only expense is when you draw cash from another bank's ATM, you can have a credit facility for free (no availability charge) and you only pay if you use it
    I am not sure what the Business cheque card costs but I am sure it is pretty much the same.
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    Silver Member league_of_ordinary_men's Avatar
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    Quote Originally Posted by chrismine View Post
    Does that include Internet Banking fees?
    My Internet Banking on ABSA is anything between R 180-00 and R 250-00 per month. Business.
    I do not use a cheque book.

    Personal account - use to be R 159-00 per month now R 79-00 per month plus R 18-00 per month for having an R 3 300-00 overdraft facility....
    Yes it does include internet banking.And I don't use a check book as well.

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