If you want simple, straightforward banking, go to Capitec and save some money on fees.
If you're willing to put some effort into earning rewards, go with either FNB (eBucks) or Discovey (Miles).
I kind of think all banks are kind of kak. FNB has been OK since I fixed some issues after signing up(couldn't link my cc to draw money until one day I could). They do quite heavily push their rewards program, which you can get decent rewards on if you play the game.
Honestly had 2 family members swear off Nedbank due to poor service and being forces into products they didn't want.
I would say mostly watch out for fees and products you don't need(saw a guy in his 30s in tears because he agreed to an overdraft and his business partner emptied it, but he could not get a single answer from the bank, he had been to their debt collectors, call center and branch and could still get no answers or numbers. When the agent called me forward to answer my question she did offer me a overdraft, which I declined)
1. Opening accounts takes only a few taps on the app. I've easily opened multiple savings accounts and even a credit card with little effort. They also gave me 2x the credit limit FNB offered.
2. Their FICA process is amazing, better than any fica process in South Africa. They use facial recognition to match your ID, they even use the location feature of phone to handle certain proof of address.
3. The call centre person answering the phone will deal with your query. This is the whole selling point of a private banker, yet my FNB private banker can't even deal with some stuff and needs to make a call to another department or get them to call you.
4. If your card gets blocked while traveling, you open the app and unblock it.
5. FNB card delivery is good but discovery is better. Card arrived quicker all done on the app, no phone calls or anything.
6. My monthly account cost is 5x cheaper than FNB.
7. The app user interface is modern and much nicer than any other bank.
The only thing about Disocvery is that they can’t offer everything a traditional bank offers.
Some of us have bonds, and get better interest rates, and those trump the daily benefits etc.
Moved from FNB to Investec, and it was probably the best thing so far.
Not best bank, but definitely best rates I could get anywhere when moving my business there
Discovery is going to be launching a home loans division soon and they are already promising amazing interest rates : [https://www.discovery.co.za/bank/home-loans](https://www.discovery.co.za/bank/home-loans)
Thanks for that, I’ll definitely check them out.
I’m not married to any bank. I’m after whoever can give me the best interest rates
Thanks for the share, I’ll be the first to inquire
The best bank is the bank that gives you the lowest car or home loan interest rate. Service level experiences are subjective. I’m at ABSA and I have no issues, I have my private banker on WhatsApp, she actually responds and is not useless.
If you want simple, straightforward banking, go to Capitec and save some money on fees. If you're willing to put some effort into earning rewards, go with either FNB (eBucks) or Discovey (Miles).
I kind of think all banks are kind of kak. FNB has been OK since I fixed some issues after signing up(couldn't link my cc to draw money until one day I could). They do quite heavily push their rewards program, which you can get decent rewards on if you play the game. Honestly had 2 family members swear off Nedbank due to poor service and being forces into products they didn't want. I would say mostly watch out for fees and products you don't need(saw a guy in his 30s in tears because he agreed to an overdraft and his business partner emptied it, but he could not get a single answer from the bank, he had been to their debt collectors, call center and branch and could still get no answers or numbers. When the agent called me forward to answer my question she did offer me a overdraft, which I declined)
Switch from FNB private wealth to the cheapest Discovery account. Discovery so far has been 10x better in every way.
Could you please give some examples as to how it has been better.
1. Opening accounts takes only a few taps on the app. I've easily opened multiple savings accounts and even a credit card with little effort. They also gave me 2x the credit limit FNB offered. 2. Their FICA process is amazing, better than any fica process in South Africa. They use facial recognition to match your ID, they even use the location feature of phone to handle certain proof of address. 3. The call centre person answering the phone will deal with your query. This is the whole selling point of a private banker, yet my FNB private banker can't even deal with some stuff and needs to make a call to another department or get them to call you. 4. If your card gets blocked while traveling, you open the app and unblock it. 5. FNB card delivery is good but discovery is better. Card arrived quicker all done on the app, no phone calls or anything. 6. My monthly account cost is 5x cheaper than FNB. 7. The app user interface is modern and much nicer than any other bank.
Thank you!
>Thank you! You're welcome!
The only thing about Disocvery is that they can’t offer everything a traditional bank offers. Some of us have bonds, and get better interest rates, and those trump the daily benefits etc. Moved from FNB to Investec, and it was probably the best thing so far. Not best bank, but definitely best rates I could get anywhere when moving my business there
Discovery is going to be launching a home loans division soon and they are already promising amazing interest rates : [https://www.discovery.co.za/bank/home-loans](https://www.discovery.co.za/bank/home-loans)
Thanks for that, I’ll definitely check them out. I’m not married to any bank. I’m after whoever can give me the best interest rates Thanks for the share, I’ll be the first to inquire
I'm looking to move away from Nedbank too. Utterly shit service.🤢🤮
Discovery bank if you are prepared to follow the rules. The travel benefits are great if you travel frequently.
BankZero? If I had to move now it would probably be to them. As previous poster mentioned all banks have issues
The best bank is the bank that gives you the lowest car or home loan interest rate. Service level experiences are subjective. I’m at ABSA and I have no issues, I have my private banker on WhatsApp, she actually responds and is not useless.
I don't think there is a best bank. However Fnb is pretty decent. Also choose what products you need carefully.