Comparing SA Banks

[Blurock]

There is a difference between business banking and private banking. For private accounts there are different options not available to businesses and vice versa. The fee structures also differ.

If you are considering switching your business account, take the trouble to do some homework, decide on one or two options and get the bank to come and see you to explain the options. Very often the decision will be based on cost of internet banking (nobody uses cheques any more) and cash deposit fees if you are in that line of business.

For personal accounts there are different packages available, depending on your lifestyle. A premium package may suit you if you have debit orders and want a fixed monthly charge. You may choose this option if you fly often as it allows you access to private airport lounges. On the other hand, you may want a cheaper option and opt for a debit or credit card only with internet access. You can still make transfers, online payments and also use the credit card option when buying stuff.

Explore - there are many options available and you do not have to have them all with the same bank.

[Livespace]

I am considering a personal account with FNB because of all the benefits, mainly Ebucks and fuel rewards. The only disadvantage is that I have heard from family and friends that their service isn't always that good. I am currently banking with Absa and i find their service to be exceptional but their bank charges are a killer!

[Pap_sak]

Banks, unfortunately constantly change what and how much the charge for a service. The know, at the end of the day, as consumers, we are just too lazy to move our accounts. With FNB - 1 year ago you could deposit cash into an ATM into a savings account and they wouldn't charge for it - about 6 month ago that changed to 5 times a month - last month, 0.65% of all cash deposits. Nice, that will up bank fee's by around R400 p/m. (Making a list of suppliers I can now pay cash to if i go pick up stock ). Emailed payment confirmation - for ages was free, then (after everyone had updated their "recipients" , suddenly it became 50c, then 55c, think it's now on 60c - to now "modify a recipient" you now need 2 sms's.

every time i see FNB place a full page advert in the Sunday Times (at around R400K) telling us how great they are, I want to scream. In fact I now never read large adverts in the ST as a rule - they are always inserted by the rip off artists - banks or mtn and vodacom, and I certainly do not care what they have to say.

For a personal accounts I would still stay with Capitec - as well as their merchant services - I now have three of their GPS machines. as said before, the day capitec offers business banking is the day I will say goodbye to the big 4 for ever.

[Basment Dweller]

Don't forget bank statements.

Absa bank statements are cryptic and hard to read whilst FNB statements have nice pie charts, fee calculations, graphs showing what you spent in what sectors etc...makes a big difference.

Another thing, ATMs, FNB ATMs are everywhere and have better interfaces and are faster than Absa. ATMs is one of the blockers I have with getting a Capitec account, where do you draw cash?

FNB has these nice new ebanking stores that are open on Sundays with nice couches and swish looking lighting, I walked in there the other day an upgraded my credit card to platinum no problem, they sell ipads and other electronics.

Ebucks are awesome, I accumulate about R1500 a year in rewards. Absa rewards CHARGE you a fee every month, I think I'm losing money.

FNB>ABSA

[IanF]

Capitec you can draw cash at till points at checkers etc.

[andrecv]

I would say African bank is the best......hehehe...

[Houses4Rent]

African Bank is the cheapest to by, but they suspended trading....

Capitec was good, but now got too greedy and gravitated towards mainstream banks. They dropped the decent interest rate twice in the same time when prime went up...