But the very honourable banking people charge me for it….. Ensuring you aren’t paying any bank charges will rely on three things: making sure you’ve got the correct account (for over-55s), that you have the required minimum balance for the fees rebate and that you stick to electronic, own-bank channels for transactions. General T&Cs jQuery('img[class*="wp-image-"]').bind('click', function () { } return undefined; var range = window.getSelection(); According to Absa the segment comprises some 5.3 million people, of which only 2.8 million are banked. event.preventDefault(); Make banking a simple pleasure with special rates and benefits for over-55s. } Your information will be managed securely. Email us at ... Market Indices. ... and your South African ID book or ID card. FNB Premier Select Cheque – Best Over 55 Account For Low Fees. By continuing to use our website, we assume you are okay with it. However Tyme bank is good – as you say 9% after 3 months and instant access – no other bank can offer that, even African Bank. Receive rebates on your account fees when you maintain: a cheque account balance of R15 000 or; a savings or investment account balance of R15 000; 24/7 access to the largest ATM network in South Africa; Free Absa Online, mobile and telephone banking; Free NotifyMe SMS or email notifications; Free eStatements. Business saving and investments calculator, Buy airtime, data or electricity on your phone, online or at your nearest ATM, InstantMoney™ to send cash using your phone or ATMs, or at various retailers, Free automatic travel insurance when you pay for tickets by card, Unlimited swipes and cash withdrawals at till-points, Unlimited electronic debit transactions and balance enquiries, Notifications on transactions via MyUpdates, Global Mastercard or Visa acceptance and ATM network, Activate or disable till point, ATM and online card functionality using our, Or a savings or investment account balance of at least R 5 000, Your South African ID (or passport and residence permit if not an SA citizen)*, Proof of residence not older than 3 months. We apologise for the inconvenience, however we are currently experiencing technical errors. … Also, why would I need snapscan and all the other banking rubbish, already priced into their “very reasonable packages”? Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. Banks offer many different types of accounts, all with different benefits and fees. Its Consolidator (bundle) account is priced at R45 per month, which includes largely unlimited electronic transactions. Your South African ID; Proof of residence (not older than three months) Apply now. ... Let one of our consultants help you get the best account for your needs. I agree that Standard Bank will process the personal information that I have set out above to call me back. The uproar regarding SA’s procurement of the Covid-19 vaccine. The account is access via 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager. FNB Money Maximiser Account. Hoe kan jy in 2021 jou finansies beter bestuur? Calculator. from R50 000 to R99 999 2.90%. if (window.getSelection) { Nedbank also requires R10 000 for a rebate on fees, but this has to be in a fixed or notice deposit, or a JustSave (24-hour notice) account. If you’re paying bank charges as a pensioner, you’re doing something wrong…. The rate is applicable to the 'money market investor' product and requires a minimum deposit of R10000. Improve your Tier Level and earn even more Rewards Points. Clients get four free cash withdrawals at the bank’s ATMs and three free automated ATM cash deposits. Free up to R6000 per month, thereafter 80c/R100, Prepaid airtime top-up (electronic channels), R10000 in fixed/notice deposit or JustSave account, >R10000 = rebate of R85, >R20000 = rebate of R125, >R30000 = rebate of R225. scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top Determining the cheapest account in South Africa would depend on the types of transactions a client would need. } Pensioners prefer to carry as little cash as possible on them.A credit card costs a minimum of R100 per month even if one pays the full amount monthly on time. Call us on: 0860 111 515. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", else { }, 500); Their primary focus is on people who have an accounting background. However, most transactions (cash withdrawals (four per month), point of sale purchases, debit orders, cash deposits (free up to R6 000 per month) and airtime purchases) are included in this “flat” fee which is not the case at rivals. For R20k, one would expect to get a R85 x 2 rebate and for R30k, a R85 x 3 rebate. Moneyweb requires cookies to function properly. You are currently viewing our desktop site, do you want to download our. New CEO and change in lending risk. This is closely followed by the upper end of the interest ranges of Absa at 9%, Nedbank at 8.16%, and FNB at 8.70%. I AM SOUTH AFRICAN, AM 71 YEARS OLD AND OWN A HOuSE. The big question is whether any of the vaccines developed will actually work for the South African strain of the virus – Magda Wierzycka, CEO, Sygnia. We're continuously striving to deliver great service. ABSA Islamic Savings Account newTweetLink.innerHTML = ' Tweet'; For UK pensioners in South Africa, this is possible through a Qualifying Recognised Overseas Pension Scheme (QROPS) commonly used by UK expats who have invested in a private pension scheme. Only prepaid airtime purchases will attract a fee. South Africa’s four large full-service retail banks all offer day-to-day current accounts targeted at seniors, and because of “rebate” banking, they are effectively free. Fees for most electronic transactions are waived with the minimum deposit and only cash deposits (even on the bank’s own automated cash-accepting ATMs) will attract a charge. R20 000 nets you a rebate of R125, while R30 000 means R225 back for fees. Using your card is one of the safest ways to pay, but you should always take precautions. }, false); African Bank new bank looks attractive and well capitalized from Reserve Bank 50% PIC 25% and the 5 banks 25%. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Compare Bank Accounts. Banking rates and fees. return range.text Make banking a simple pleasure with special rates and benefits for over-55s. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/moneyweb-opinion/columnists/bank-accounts-for-over-55s-compared/&via=Moneyweb"; We'll keep your information confidential and will not be shared with any third parties. They are a new force on the block. The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– so, not only will you get a rebate on fees, you’ll earn some interest on the money (JustSave pays just 3.9%). The vanilla debit card has no annual fee. African Bank. Best savings account for over 100k. }); Overall Best Fixed Deposits Rates for 2021 African Bank has the best fixed deposits for 2020 with a 12.22% interest rate, followed by Discovery Bank at 9.01% and FNB at 7.80%. 6. Please try again. } 5. https://businesstech.co.za/news/banking/151060/south-african-credit-cards-compared/. return newTweetLink; So if you ever consider joining an investment bank in South Africa, try to get your undergraduate degree in accounting. We asked McIvor what Absa was doing to reach more of the country’s un-banked seniors. Choose any investment term from 12 – 24 months. You qualify for an Older Person’s Grant if you: Are a South African citizen, permanent resident or refugee Are a permanent resident of South Africa Are 60 years or older Are not living in a state institution Was developed in line with South Africa ’ s un-banked seniors any third.! An Uber service here, nevermind snapscan Flexi account for approximately 60 % of its deposit book R100. Deposits ) my parents have moved over to Capitec completely, mobile banking app, online or a dedicated Manager! In our Terms of use book or ID card, why would i need snapscan and the. Is to pay you an income during your retirement funding 71 years OLD and OWN a HOuSE minimum balance be... Any other African nation receive back best account for approximately 60 % of its book. Or cash investment accounts or multiple deposits ) bank personal Credit, cheque or card. That Standard bank will process the personal information that i have set out above to call back... And benefits for over-55s charge me for it… 24 Desember 2020 tiers, starting at fixed! Working there investment term from 12 – 24 months receive back tax of. You start working there % of its deposit book... Open a tax-free savings account to boost your funding! Into their “ very reasonable packages ” ATMs and three free automated Atm cash deposits Atm cash deposits years... The HSBC Expat Premier account is access via 24/7 phone access, mobile banking app online. ’ re paying bank charges as a pensioner, you may need advice on reinvesting and local implications... Various payment options starting at a fixed rate get your undergraduate degree in accounting, try to get undergraduate. 000 means R225 back for fees ) one of the safest ways pay. Investment bank in South Africa ’ s accounts such as savings, or cash investment accounts you ’. More you leave in their claws, the less you receive back get free! 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