A monthly debit order is undoubtedly one of the most powerful investment tools. It creates a savings discipline as it goes off your account before you have spent your money on consumables. But now studies show that, rand cost averaging, which...
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How the banks’ service and products stack up
We sent our new City Press intern Liziwe Ndalana to do some field research on opening a bank account. Liziwe’s experience highlights how important service is to us as customers. Liziwe was so impressed with Absa’s service she was nearly convinced...
Banking wars are good for your pocket
A banking price war is under way and is doing more to drive down bank fees than any government regulation could ever hope to achieve. Recently Standard Bank slashed its banking fees which, it claims, makes its range of transactional accounts...
What do you want from your bank?
This week I received a survey on what customers want from their banks. The Speak UP Report commissioned by Capitec aims to "draw attention to what people want from their bank and ultimately help give them what they really need". I have to confess...
Bank fee comparison is smoke and mirrors
FNB was the first bank to challenge Capitec in offering a no frills, simple bank account when they launched EasyPlan nearly two years ago. The other banks have followed and are now all aiming to provide low cost banking for under R30 per month. In...
Banking for less than R30
Absa recently extended Absa Transact in a bid to attract clients looking to pay less to transact and bank smart customers could pay as little as R29.15 in banking fees each month. Absa Transact was introduced in 2010, but has been completely...
The best way for your money to travel
Whenever I land overseas I withdraw some cash at the airport ATM using my credit card. However on my last overseas trip I discovered that my Mastercard was not accepted at the airport’s ATM’s which were all on the Cirrus network. It was a good...
Chip and PIN not as safe as you think
Chip and PIN cards were introduced in order to reduce the level of fraud on credit cards. The argument is that without the PIN your card cannot be used. However many bank customers have found that their cards are still being used fraudulently and...
EasyPay fights back
Next week an estimated 180 000 Easy Pay customers will receive an email offering money back rewards on all their EasyPay transactions. This is part of EasyPay’s strategy to restore credibility and regain customers’ confidence after the site was hit...
Absa taking on EasyPay?
Last week I wrote an article for Mail&Guardian on how EasyPay is fighting back after banks prevented their customers from using their credit cards to do transactions via EasyPay (see Easy Pay fights back). This was after a crime syndicate used...
Previous Articles
Can foreigners apply for loans?
“I am a foreigner with a work permit and a stable income. Can I still apply for a personal loan without a South African ID?” writes Taurai. Maya replies: It seems this differs between banks. Standard Bank may be a good option while FNB is a flat no. Standard Bank...
Should you save when you have debts to repay?
“I have a total debt if R63 000 with various credit providers. I have thought that I should start saving but not when I am under such debt. I would like to consolidate them but I am wondering with which institution. Is there one that you can recommend?” asks Andrew....
Credit Life: The cost of insurance on your loan
When you take out a loan or buy a car, you will often be encouraged to take out credit life which is an insurance to settle the loan should you die, become disabled or lose your job. While credit life has its place it can be abused and consumers need to understand...
The difference between a money-market and unit trust account
“What's the difference between a money market account and a unit-trust money-market account?” asks Roderick Maya replies: A money-market account offered by a bank is simply a bank account with a more aggressive interest rate. It's an investment account rather than a...
How do I start a savings club?
Savings clubs are very popular ways to save because they form a social contract between friends which helps create the discipline to save every month. Also when you are pooling your resources you are able to make a more significant investment. Why are you saving? When...
Making strides in shariah-compliant investing
You don't need to be Muslim to invest in shariah-compliant investment products – as the credit-crunch and fall-out showed, Islamic banking and investment products fared well by avoiding interest-bearing assets and securities, focusing on commodities and...
Protect yourself against insurance fraud
With white-collar crime on the rise, you might want to keep an eye on your bank statements and salary slips every month. The life insurance industry and the Association for Savings and Investment South Africa (Asisa) are urging people to be aware of an increase in...
Islamic banking – could it work for you?
When the global financial system was in meltdown not too long ago, the resilience of Islamic banks began to attract attention. Why were these banks able to weather the storm? The suggestion that a banking system is more stable without interest-bearing assets is a...
What is the cheapest bank account?
It really depends on your needs. Nedbank, Capitec and FNB seem to be the banks offering some of the best products. But you need to understand your banking profile first. Capitec can be cost effective if you do not do a lot of transactions in a month, but when I...