A Little Bank Costs Review

Last month I scraped through, which doesn’t happen often. My mother used to call me “Tightwad” in less generous times, but I have improved upon this and she hasn’t called me this moniker in over a decade. A few bouts of unemployment also helped…

Still, I’ve always had a few cents jingling in my pocket at the end of the month, enough for a glass of wine for myself and a friend. You know? Anyway, this distressing situation gave me terrifying flashbacks and led me to do a little cost comparison between my two bank accounts. I have had my Absa account for over 30 years (thanks Dad), and my Capitec Bank account for about a year (thanks job in CB Marketing department).

* Disclaimer. Now that you know I work for CB, please realise that I am doing this review as a client, who can see that her savings amount to a few glasses of wine.

And the preliminary results are in. In the last month, I have paid R175.00 in banking fees at Absa. At Capitec Bank, R10.00. Let’s break it down.

Absa charges me R70.00 for Internet banking, R8 per debit order, R17 to withdraw R1000 and R1.05 to do card purchases or buy airtime remotely.

Capitec Bank charges me R5 to have my account, and then provides all remote facilities for free (Internet and app), R3.20 per debit order, and purchases using card is free. Notifications are between 40c and R1.20 each. In fact, get this, the CB bank account also gives you access to 4 savings accounts for free. The interest I have earned on these more than covers my Absa banking fees … No jokes, okes!

I feel a no-brainer moment coming on.

I can save quite a bit by making CB my main bank. They will even move my debit orders for free if I have my salary paid into my CB account.

What’s stopping me? Loyalty to Absa?

Watch this space. I see a trip to a CB branch coming up soon.

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One thought on “A Little Bank Costs Review

  1. Pingback: How to Save Money in 10 Minutes | The Tangled Pretzel

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