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Which bank do you use?  

16 members have voted

  1. 1. Which bank do you use?

    • Capitec
      6
    • Absa
      1
    • Nedbank
      2
    • Standard Bank
      0
    • FNB
      7
    • Other
      0


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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/standardbank/Personal/Banking/Savings-and-investments/Society-Scheme)

Interest Rate (http://www.standardbank.co.za/standardbank/Personal/Fees,-rates-%26-prices/Interest-rates/Society-Scheme)

 

Nedbank Club Account (https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/save-and-invest/savings-accounts/club-account.html)

Interest Rate (https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/interest-rates/account-interest-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?

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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.

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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%

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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.

 

Sent from my SM-A700F using Tapatalk

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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?

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Think Rules of the club....

 

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

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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 :D

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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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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 :D

 

I am now talking to their facebook people. Hopefully they can shed some light or give me the contact details of someone who can.

 

 

 

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?

 

Fully agree, thus will run this by Nedbank first, before we go down this route.


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I have a business account at Nedbank, including a Just Invest account. If you don't come right, let me know and I'll ask my nedbank business manager to answer whatever questions you have?

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Maybe ask him in any case. Specifically regarding the minimum deposits.

 

I have received a E-mail form Nedbank and from the looks of it it appears we as a investment club can register for the Just Invest account.

 

However the monthly payments minimum is what I want to highlight now to them since they requite minimum deposits of R500, however maybe they will understand that this will be 11 people giving R250.

 

The only drawback is this:

 

• At least two of the signatories nominated by the club (as recorded in the bank's records) will be required to sign when making withdrawals.

• There is no maximum number of club members, however at least three members nominated as signatories on behalf of the club, are to sign when opening the account.

• No transaction charges or account maintenance fees apply.

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, however at least three members nominated as signatories on behalf of the club, are to sign when opening the account.

 

 

can the three members sign at different branches when they open it? and then they perhaps send the signed stuff internally to the branch handling it? that's the only way I think of overcoming it

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Signatories are only required when making physical withdrawals at the bank. I'm assuming we will be using internet banking, if yes, then no signatories will be needed for withdrawals,you will however need to email/call them and give 24 hour notice so that they can release whatever amount you wanting to transfer out. This is where I start getting lost, where exactly will the money being "released for transfer" be transferred?

 

Usually the Just Invest account is secondary to your normal banking account.

 

I'm also assuming there will be a monthly charge for the internet banking part.

 

Insight?

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, however at least three members nominated as signatories on behalf of the club, are to sign when opening the account.

 

 

can the three members sign at different branches when they open it? and then they perhaps send the signed stuff internally to the branch handling it? that's the only way I think of overcoming it

 

That shouldn't be an issues as all signatures are kept digitally on record for said account. These records can be accessed by any branch for that purpose.

 

This will however need to be done via their small business department.

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