Would it make sense to have one’s salary paid directly into one’s home loan account and, after the monthly instalment goes off, to transfer the required cash to other accounts?
TOMMY NEL, HEAD OF CREDIT AT FNB HOME LOANS, REPLIES:
Customers are not able to have their salaries paid directly into a home loan account.
There is, however, nothing that stops them from transferring their full salary into their home loan’s flexi facility and then transferring it back to their transactional accounts as and when they need the money to save on their interest bill.
If your salary is paid on the same date every month, another useful trick to optimise your total interest bill is to schedule all the monthly debit orders for your credit agreements to run on your salary date. The national payments system processes all credits into accounts – like salaries – before any debits and debit orders scheduled for a particular day.
This could help optimise borrowing costs for consumers and also help keep their credit records in the best possible shape.
FNB also offers the One Account facility, which is an overdraft account secured by the property. While this is popular with some customers, our research shows that others prefer to not have one “big negative balance”. Customers need to find a solution that works for them.