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Poll: Which bank do you use?
Standard Bank
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Discuss Bank Account
Currently members have suggested the following banks (If you know of other, this will be the place to mention your suggestion.):

Standard Bank Society Scheme (http://www.standardbank.co.za/standardba...ety-Scheme)
Interest Rate (http://www.standardbank.co.za/standardba...ety-Scheme)

Nedbank Club Account (https://www.nedbank.co.za/content/nedban...count.html)
Interest Rate (https://www.nedbank.co.za/content/nedban...rates.html)

Please discuss in this thread what bank account the club will use.
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I would have preferred the Nedbank Just Invest account as it has one of the highest interest rates around, only problem is the minimum deposit amount appears to be R500?

The problem is that I don't think the Nedbank Just Invest account is made for clubs and they might flag the account?

The only account I see that looks like it is tailored for Investment Clubs is the Nedbank Club Account?
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I'm not a banking expert, so really wouldn't know. Always just figured that the only real differences between bank accounts are interest rates and notice periods required for withdrawals :p

However, why would an account be flagged for people making deposits, it's called Just Invest, isn't that the reason for the deposits then, makes my head want to explode.

Yes, the Investment Club account is tailored for our purposes, but it gives extremely poor interest rates. Only plus side is there are no monthly fees afaik.

I will contact nedbank tomorrow and let you know if its possible.

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Okay, spoken to the lady at Nedbank.

Yes, we as a partnership qualify to open a Just Invest account with Nedbank, as we fall under Small Business Services. But we must go into a branch to open the account. (Sometimes what the sales person tells you over the phone, and what happens at a branch, is different, so we will see at that time.)

The problem here is the following:
* Minimum amount to open bank account -> R5,000
* You can make additional deposits of R500 or more at any time.

So we can't use this account from the start, but nothing stops us from opening the Club account, and then transferring from that to the Just Invest account.

The Club account:
* Minimum amount to open bank account -> R100
* Minimum balance to earn interest R1,000

On both accounts there are not bank costs.

Suggest we open a Club account, and once we have a balance of R5,000 then we transfer it to the Just Invest account which we open then. The monthly contributions are still paid into the Club account every month and we just transfer it then. We can't pay the monthly contributions into the Just account, because it is smaller than R500 at this stage.

The interest rates compared:

Just Invest
Balance range Nominal pa
< R5 000 0.00%
R5 000 - R9 999 5.50%
R10 000 - R19 999 6.00%
R20 000 - R49 999 6.50%
R50 000 - R99 999 6.50%
R100 000 - R249 999 6.60%
R250 000 - R499 999 6.65%
R500 000 + 6.75%

Club Account
Balance range Nominal pa
R1 000 - R4 999 2.80%
R5 000 - R9 999 3.05%
R10 000 - R14 999 3.30%
R15 000 - R24 999 3.40%
R25 000 - R39 999 3.40%
R40 000 - R49 999 3.50%
R50 000 - R74 999 4.20%
R75 000 - R99 999 4.45%
R100 000+ 5.15%

I think that is a good idea.

We use the club account to deposit money into and then at every R5 000 intervals we EFT it across to the Just invest account.

In reality we might need to look at those fees.

I know if I pay a EFT from Capitec there is a charge and if I receive money there is a charge as well iirc.

So point is we just need to look that the cost of moving money is not more than the actual interest gained if that makes sense.
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The description of the accounts states NO FEES, if they do charge, then I'm going to toitoi infront of their bank.

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Thanks for following up on the Just Invest account padjakkels, it's by far the better option interest wise.

I know it has been said we should look at R250 p/m investment, but surely that has not been set in stone, perhaps we can increase it to R500 ?

In which section of the forum can we discuss that?

Think Rules of the club....

As it is mentioned there: Initial amount of R1,000, and monthly subscription of R250.

Alright, I'll go open it there, hopefully the firing squad has taken the day off.

Okey will go to bank tomorrow. Had unexpected guests today
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Seems this weekend was unexpected. Will go to nedbank in this week.
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I'm still slightly confused how this is going to work since we currently don't know what the minimum monthly member contribution is going to be, but by the current look of things is might just stay at R250, which means we'll have to open two bank accounts since Nedbank Just Invest has a R500 minimum deposit limit.

Or keep to one account, but then be limited to very poor interest rates?

Unless Spreadsheet Ranger can twist Nedbanks arm to allow R250 deposits Big Grin

(06-03-2016, 09:27 AM)Spreadsheet Ranger Wrote:
We use the club account to deposit money into and then at every R5 000 intervals we EFT it across to the Just invest account

We need to becareful of this, as much as I am for it, whats the implications of the bank monitoring this activity and then closing our account? or penalizing us for it?

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