Guiding consumers since 2009

Solidarity finds FNB to be SA's cheapest bank

By Staff Writer
A restructuring in the South African banking market has started in all earnest with a special offer from FNB.

According to the offer announced to the Solidarity Movement, all South Africans who move their bank accounts via FNB's telephonic direct sales office to an FNB Gold Cheque Account on the unlimited option before 31 December will receive two months' free banking services.

In Solidarity's report on bank charges FNB emerged this week as the commercial bank that generally has the cheapest current account. Standard Bank and Absa are generally the most expensive. However, the FNB benefit is available to all South Africans, and not just to members of the Solidarity Movement.

FNB also announced special measures to make it as easy as possible for people to move their bank accounts. Prospective FNB clients can simply SMS the word "HELP" to 32812. FNB's direct sales centre will then call the person. The moving of the account will be done entirely by telephone and FNB will help move debit orders linked to the account. The call centre agent will make the move as smooth as possible and it will not even be necessary to visit a branch. Any further conditions for qualifying for the two months of free banking services will also be explained to the client telephonically.

"We trust that these steps by FNB will be the start of more competition in banking. South Africans believe that it is hard to move to another bank.

Consequently, there isn't enough competition in the banking environment. Less competition means higher prices. However, the FNB offer makes it easier for people to move between banks. We trust that other banks will come up with similar measures. The result will be lower prices for everyone in South Africa. The power to lower bank charges lies in the hands of the consumer.

South Africa needs more activism in the banking sector," said Dirk Hermann, deputy general secretary of Solidarity.

Recent Articles

Featured New homeowner? Be aware of these extra expenses

You’ve overcome all the hurdles of buying a home. You’ve managed to pay your deposit and your closing payments, and now you’re a proud title deed holder. However, there are other expenses waiting around the corner. Are you prepared?

Your biggest credit conundrums – answered

Understanding your credit health is one of the most important factors in managing your finances. This is because it gives you insight into your debt, your borrowing ability, and your financial history. While many understand this, there are still many questions on how to do just that.

Avoid debt collectors, choose debt counselling

There are two things you can do when you are struggling to pay your debt. You can either let your creditors hand your debt over to debt collectors – or you can let debt counsellors help you deal with your debt.

Retail notes: easy investment option for new investors

Being a newbie in the world of investing can be challenging because you don’t know where and how to invest. With so many investment options, you could easily be befuddled. Justmoney looks at how retail notes can help you cut your teeth in the world of investing.   

Deals

Translux Student Discount

Price: Depends on destination
When: Daily
Where: Nationwide

Zimbali Senior Citizens Discount

Price: From R1342.00
When: Until 14 December 2019
Where: KwaZulu Natal

Free meal for kids at Mozambik Restaurant

Price: Free
When: Until 15 November 2019
Where: Johannesburg, Durban, Pretoria