Help with Bank Accounts

[Pap_sak]

Banks generally are not that interested in building relationships and you will often find that even after banking with one bank for 20 years that another bank will give you better rates for mortgages and loans. Save your money and bank with capitec - so you don't get a cheque book, who cares, and grab a virgin CC- at least when you go to other banks looking for a morgage they will see you are a savvy customer. If you have to bank with the evil 4, FNB is the best IMO.

[eitai2001]

Banks generally are not that interested in building relationships and you will often find that even after banking with one bank for 20 years that another bank will give you better rates for mortgages and loans. Save your money and bank with capitec - so you don't get a cheque book, who cares, and grab a virgin CC- at least when you go to other banks looking for a morgage they will see you are a savvy customer. If you have to bank with the evil 4, FNB is the best IMO.

While I agree with you in the first part of your statement, from what I've heard ... Investec builds very good relationships with their clients.

And I just found out I earn interest on the positive balance of my cheque account which means provided I keep enough money in there (which isn't all that much), the monthly fee will already be covered.

I think they've sold me with that because no one else offered me interest on my cheque account +ve balance.

[greghsa]

I have been with FNB for 17 years now. I have had one or two issues over the years but nothing terrible. I have been approached by other institutions like Investec but have always thought that they were first a merchant/corporate bank and after that a individual bank. At FNB I am like any other client (is this a good or bad thing?) but at Investec I would be a high net worth customer that demands and get more personal attention. Personally I would rather blend into the woodwork than stick out. Clients that I play golf with that have Investec cards tend to be more flashy with their Investec cards, like it is a status symbol.

[eitai2001]

I have been with FNB for 17 years now. I have had one or two issues over the years but nothing terrible. I have been approached by other institutions like Investec but have always thought that they were first a merchant/corporate bank and after that a individual bank. At FNB I am like any other client (is this a good or bad thing?) but at Investec I would be a high net worth customer that demands and get more personal attention. Personally I would rather blend into the woodwork than stick out. Clients that I play golf with that have Investec cards tend to be more flashy with their Investec cards, like it is a status symbol.

For some it is a status symbol ... I'm more worried about the real benefits :P

[dcs]

Firstly, let me congratulate you on your honours.

For what its worth, I hate all banks equally. What you gain on the swings, you lose on the roundabouts, etc etc. The big four are not really in competition, merely monitor each other in terms of bank charges, interest rates, branch locations and so on.

The private banks tend to have far more stringent requirements to qualify for an account with them. Investec specifically waives requirements for CA's and aspirant CA's. I guess the other private banks would be pretty similar.

In terms of rating which bank is better, the big four will vary with the branch manger and the actual staff member you deal with. Capitec would also fall under this category. The private banks will give you much better service because you have a private banker on the other end of the phone and only get that with a business account in the commercial banks.

The real issues with banks only arise when the sh1* hits the fan. You should, despite your qualification, read some material on banking. There is a ton of it, and depending on what you plan to do with your life, the 'Crashproof your business' book by Peter Carruthers is a good starting point. That uncommon sense might make you plan to open accounts at more than one bank.

David

[Dave A]

the 'Crashproof your business' book by Peter Carruthers is a good starting point.

Should be compulsory reading for CA's in my opinion.