CityPress - - Business - The new­bie worker

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.

Up-and-com­ing pro­fes­sional

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.

see be­low),

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.

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