Moratehi asks: I am an FNB cheque account holder and I am not happy. I feel like I am paying too much and would like to know what is the best cheque account in the country at the moment in the country.
Maya replies:
You did not specify which account you have but FNB’s Smart Account Unlimited is their best value account for R59.99. This fee includes all electronic transactions. So in other words all debit orders, internet and cellphone banking as well as purchases at stores using your debit card are free as well as withdrawals from FNB ATM’s. There is also funeral cover to the value of R11Â 000 included in the monthly fee. The account does not come with a cheque book and any branch transactions attract additional fees. You also pay an additional fee to use a non FNB ATM machine.
As a rule, in order to keep banking fees low you should avoid branch transactions, writing out cheques and using another bank’s ATM. Also don’t let your debit orders bounce as the penalty fees are high.
You could also find the right bank account for your needs by using one of the banking fees comparison websites: www.justmoney.co.za or www.thinkmoney.co.za. They will ask you for your typical monthly transactions and then recommend a bank account that meets your needs for the lowest price.
Other bank accounts to consider are Nedbank’s Savvy account at R65 a month or Capitec’s Global One account. Capitec offers high interest rates on positive balances and its fees are low and easy to understand. The websites would be able to calculate based on your monthly banking transactions whether Capitec’s offering is cheaper than one of the big four.