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...
What Pravin’s budget means to you
This budget puts very little back into the pocket of ordinary South Africans and indirect taxes such as the fuel levy and sin taxes will add pressure to our pockets. We take a look at two hypothetical South Africans and what the budget means to...
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...
Wealth creation is about how you spend, not what you earn
This week I received two separate emails from readers who wanted to know where to invest their money. What made them stand out was that both of them had accumulated substantial money despite mediocre salaries. They had not built their wealth from...
Buy a house or save for lobola?
"I have just paid off my car and now I must decide whether to buy a property or start saving for lobola and buy the house after I am married. The problem is that I cannot afford both and I need to do one of the two. I am currently renting a flat at...
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...
Is your favourite brand shrinking?
Your favourite brand of toothpaste, chocolate, chips, rice or tomato sauce may be costing you the same, but are you getting the same amount of product for your money? As consumers watch their pennies some manufacturers are shrinking the amount of...
What people are buying online this holiday
If you are looking for gift ideas here are some interesting stats from kalahari.com on what people are buying this festive season. Also a big increase in the number of people shopping online. Kalahari.com expects online sales growth of up to 30%...
Previous Articles
Are we shopping ’til we drop?
This week I was in Johannesburg and was amazed at how busy the shops were. I was told, although I have not confirmed this, that when fashion store Zara opened in Sandton City recently it did a turnover of R2 million in one day. Admittedly Sandton City is patronised by...
Get free advice
The Financial Planning Institute of Southern Africa is hosting a Consumer Clinic, supported by the South African Savings Institute (SASI) as part of their Festive Seasons Campaign initiative. They will provide you with an opportunity to get free financial planning...
Tips to get your finances in order for 2012
Every year the same tips circulate about how to get your finances in order, but every year they are worth reading. Even if you just follow one tip, it is a step in the right direction. John Manyike, head of financial education at Old Mutual suggests the following...
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 the only difference...
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 by credit card...
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 stolen credit card...
10 ways to avoid financial disaster this festive season
The head of consumer education at one of the banks was blowing off some steam earlier this week as she lamented about how people never plan for the festive season. “This is an annual event, we know we will be spending money, this does not come as a surprise yet every...
Buy a car or pay off the bond?
“I am 29 years old and I have managed to save R100 000 with which I was planning to buy a new car (cash). However I realised that the car I am using is still in a good condition and is paid up and I can still use it for 2 more years. I have a home loan but I do not...
How to save R150 000 in seven years
"I am 23 years old and I earn R7000 a month. I want know where and how much to save so that I can buy a car worth R150 000 by the time I am 30 years old. I am thinking of buying a house too but I am tired of borrowing a car. At least my parents are still providing a...
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...