WHO REALLY IS THE
Ben is 24 years old and has just started his first job, earning a salary of R15 000 a month. He carries out not more than 17 transactions a month. His best options would be: Absa Transact at R34.95 a month FNB Easy Account at R36.50 a month Capitec Global One at R46.40 a month If he maintains a balance of R2 000, his Capitec fee would drop to R39.21 as it would be offset by the interest earned.
If he maintained a R10 000 balance in the Capitec account, the interest earned would reduce his banking costs to R9.65. If he banked with FNB and saved in the FNB Savings Pocket, he would earn 5.1% (R42), which would offset his FNB banking costs.
According to the study, the number of bank accounts available for this category has dwindled in recent years.
Accounts that fall into this category also limit you to a certain number of electronic transactions. For example, Absa’s Flexi Value Bundle only includes 11 transactions a month for a fee of R49. If you exceed 11 transactions, the monthly fee starts increasing quickly.
Siah is 30 years old and is working his way up the corporate ladder. He earns a monthly salary of R20 000 and carries out about 24 transactions a month on his account. His best options would be as follows:
Absa Flexi Value at R52.75 a month (this has limited transactions) FNB Smart Unlimited at R54.50 a month Capitec Global One account at R64 a month Siah could reduce his total cost of banking at Capitec if he maintained a balance of R10 000, at which point he would pay a net fee of R27.25 a month.
If you fall under this user profile or that of the established professional ( the bundle accounts are the cheapest banking option for you. However, the difference in the cost of the bank accounts was minimal and at this level or even the next (the established professional), you are more likely to be looking at additional benefits such as Standard Bank’s Take Me Home chauffeur service or FNB’s benefit of allowing you to buy smartphones and tablets at discounted prices over a two-year, no-interest repayment plan.
The established professional
Uhuru is 35 years old and already plays a senior role at her company. She earns R30 000 a month and there are about 29 transactions a month on her bank account. She is looking for a platinum account with all the benefits.
The FNB platinum cheque unlimited bank account is the cheapest option for her, based on her user profile, with a monthly fee of R151.60.