Results 1 to 5 of 5

Thread: Interest rates

  1. #1
    Silver Member
    Join Date
    Sep 2012
    Location
    Louis Trichardt
    Posts
    262
    Thanks
    52
    Thanked 39 Times in 35 Posts

    Interest rates

    Good morning guys,

    I have a question, which will once again put banks in the limelight:

    Are savings accounts' interest rates not supposed to increase automatically the moment the prime rate changes (upwards or downwards)?

    I have a business account at FNB, a Money Market account at FNB, a credit card at ABSA, and a savings account at Capitec.

    All banks have increased their rates last month, as the prime rate increased with 0.25, but Capitec hasn't?

  2. #2
    Gold Member Houses4Rent's Avatar
    Join Date
    Mar 2014
    Location
    Cape Town
    Posts
    761
    Thanks
    7
    Thanked 55 Times in 51 Posts
    Ha, you beat me to post this. I had a major row with GoBanking in the last few days. I won't go into details as it was a triple call centre failure - as usual. I eventually end up with a lady which claims to be in the CEO's office. She made a few calls and voila came back that they are not obliged to go up with prime. Nedbank seems to have gone up (at least their inter rate site had an update), but GoBanking not at all. Off course if prime goes down I bet my bottom dollar that they will go down with prime too.
    She even claimed that there is no match in the market and I requested to send me her in depth market study to verify such claim. I am waiting.

    Capitec even dropped their rate while prime went up. They missed TWO increases and dropped it from 6% then 5% now 4.4% I escalated it twice and had zero response as to why that is. So I send both the Banking Ombuds and Personal Finance last night. I would be surprised if anything comes from it.

    Is there any other avenue one can pursue?
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
    083-3115551
    Global Residential Property Investor / Specialized Letting Agent & Property Manager

  3. #3
    Silver Member
    Join Date
    Sep 2012
    Location
    Louis Trichardt
    Posts
    262
    Thanks
    52
    Thanked 39 Times in 35 Posts
    @Houses4Rent,

    You will not believe the blunt answer I got upon enquiry:

    Thank you for your email.

    The interest rates and options can be found on our website at:
    https://www.capitecbank.co.za/global...rates-and-fees

    Should you have any further queries in this regard, please feel free to contact client care on 0860 10 20 43.



    I bet my bottom dollar that they will go down with prime too.
    My point exactly! They are quick to lower the rates when the prime goes down. I keep a fine eye on this too.

  4. #4
    Gold Member Houses4Rent's Avatar
    Join Date
    Mar 2014
    Location
    Cape Town
    Posts
    761
    Thanks
    7
    Thanked 55 Times in 51 Posts
    I fully believe you. Try telling them that this silly link does not answer your question and suggest to escalate it higher to someone who understands your question. Good luck.
    Houses4Rent
    "We treat your investment as we treat our own"
    marc@houses4rent.co.za www.houses4rent.co.za
    083-3115551
    Global Residential Property Investor / Specialized Letting Agent & Property Manager

  5. #5
    Gold Member Chrisjan B's Avatar
    Join Date
    Dec 2007
    Location
    GEORGE
    Posts
    610
    Thanks
    234
    Thanked 72 Times in 65 Posts
    I had a problem with the online payment facility which was fixed after much fanfare and my wife had a problem with a service issue at the branch which was not resolved to her satisfaction.

    Their support is not good but the monthly fee is good - if you have a bit of money in the account the interest is more than the fee.
    It seems we can not have it all....

    BOVER Technologies
    - computer sales and TeamViewer support
    Elmine Botha Freelance Photographer - Photographer/ Videographer

Similar Threads

  1. [Question] Low interest / interest-free loans to directors / members
    By dellatjie in forum Tax Forum
    Replies: 2
    Last Post: 18-Jun-14, 08:17 AM
  2. [Question] how to calculate interest and penalties/interest on vat
    By radeonman in forum Tax Forum
    Replies: 10
    Last Post: 16-Sep-13, 01:27 PM
  3. Rates
    By ColinK in forum Electrical Contracting Industry Forum
    Replies: 24
    Last Post: 18-Feb-12, 05:15 AM
  4. Interest rates down .5%
    By QUINN in forum Business Finance Forum
    Replies: 66
    Last Post: 10-Dec-10, 07:23 AM
  5. Surviving higher interest rates
    By Dave A in forum Business Finance Forum
    Replies: 15
    Last Post: 14-Dec-07, 11:17 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •