Remember this post in which I shared my distress at discovering the real amount I was paying in bank costs on my main bank account? And how I realised that it was easily covered by the interest I earned on the savings accounts at my other bank? Well, it took me a while to actually make good on what I said, but last Friday, I went to my nearest Capitec Bank branch and moved my stuff over from Absa Bank.
I’ve had this account since 1984.
What is the straw that finally broke the camel’s back, you wonder? I bet you too have seen it on your bank statement every month. It’s the little line that says “Admin Fee” but has no further description, and there are a few of those each month! And then the fact that my Internet banking fees are never the same from month to month. So, I never know what I pay.
My Absa Active Save account gives me 0.05% interest on the balance in my main account, Capitec’s Global One offers 4.5%. I could do all the sums and homework for you, but I suggest you go and have a look at your bank account and start adding up the nominal fees. And then do a comparison. Pick any other bank, but more if you can.
It took no more than 10 minutes to do the admin with the Capitec Bank consultant, and later the same day I received an SMS to tell me that my banking details had been updated as requested.
Unfortunately, I still have to keep the Absa account open, as I need it for the credit card and foreign exchange. But I know that it’s only a matter of time before I can kiss double bank accounts goodbye. That and I believe British Airways offers it’s loyal customers a credit card these days…