Would you move banks even if it meant paying more?

[xrapidx]

Have this on another forum as well :p

So - I bank with ABSA Private - and I'm sick of them.

My interest rate is prime -1.5% on my access bond (I think its an access bond, its one of those bonds that work like an overdraft, you can take money out as you please).

If I move to another bank I might end up with -1% - which on a loan of -R1,600,000 is quite a bit over the term....

BUT - I'm really sick of ABSA's pathetic services, their bankers are clueless - and their service is non-existent... and I pay over R350/m for the transactional side.... and then 6% f R4,000 per month on my RA with them.

Unfortunately, I don't quite make the cut yet for Investec or RMB Private Banks (anyone know someone who knows someone?  )- so my choices are limited to FNB, Standard and Nedbank.

[Andrew]

You might well find that you can do a bit of bargaining with whoever you choose, to get the same interest rate on your loan. But don't go Standard as they were recently rated, along with ABSA, as being the most expensive bank in SA.

I've been with FNB all my life, but they wouldn't give me a home loan - Nedbank would! So as much as I'd rather have all my accounts/loans with one bank, I'm sitting with two. Actually, FNB p*ssed me off royally about two years back - approached me, asked if I would be interested in switching my home loan across to them, I said of course, yes, filled out all the paperwork...and then they decided they didn't want me after all, lol...

But look into it - as I said, you might well be able to get the same interest - after all, at the end of the day all they want is to secure yet another person they can get money off.

[BigWoodenSpoon]

  avoid STD , my Father has had ENDLESSSSSSSS troubles with them and he's been with them for yeaaaaaars.

They cant even get the 'My Updates' right. Every transaction reports that he has a balance of -R100 in his cheque acc when in reality he has somewhat more than that. needless to say he has called them more times than any reasonable human being could be expected to remember but with no joy. But I think all banks in this country are full of BS, all you need to do is check out hellopeter.

I'm with ABSA and cant really complain, although I dont have a HUGE portfolio to complain about LOL, just a platinum cheque and credit account. - I suppose I just go to a good branch with friendly helpful and if u can believe it, knowledgable staff.

[xrapidx]

I've been with FNB all my life, but they wouldn't give me a home loan - Nedbank would! So as much as I'd rather have all my accounts/loans with one bank, I'm sitting with two. Actually, FNB p*ssed me off royally about two years back - approached me, asked if I would be interested in switching my home loan across to them, I said of course, yes, filled out all the paperwork...and then they decided they didn't want me after all, lol...

Yeh - I used to bank with FNB - and loved them. They also wouldn't do the initial home loan.

Then I tried again in June - and told the consultant not to waste my time if they can't match ABSA's offer - he guaranteed they would - came back with prime + 1% - I flipped my lid - he then said they still needed to work on the application, promised to get back to me and didn't - a week later I sent an email to him and my banker at FNB, he replied saying latest the following day, again nothing... eventually told them to sod off.

I've actually just posted on their facebook wall that I'm willing to try again if they can find someone else to assist me.

I mean I haven't missed a bond or credit card payment in my life - and I have debt of around R1,8m at the moment - it should count for something.

[Andrew]

Yeh - I used to bank with FNB - and loved them. They also wouldn't do the initial home loan.

Then I tried again in June - and told the consultant not to waste my time if they can't match ABSA's offer - he guaranteed they would - came back with prime + 1% - I flipped my lid - he then said they still needed to work on the application, promised to get back to me and didn't - a week later I sent an email to him and my banker at FNB, he replied saying latest the following day, again nothing... eventually told them to sod off.

I've actually just posted on their facebook wall that I'm willing to try again if they can find someone else to assist me.

I mean I haven't missed a bond or credit card payment in my life - and I have debt of around R1,8m at the moment - it should count for something.

I've got to the stage where I honestly believe that to get anything done successfully in this country, you need luck: to find the right person, at the right time, in the right place. On so many occasions I've hit a blank wall, complained to Hellopeter, and 24/48 hours later the problem almost always doesn't exist. So the intelligent staff do exist, they're just increasingly difficult to find.

[xrapidx]

I've got to the stage where I honestly believe that to get anything done successfully in this country, you need luck: to find the right person, at the right time, in the right place. On so many occasions I've hit a blank wall, complained to Hellopeter, and 24/48 hours later the problem almost always doesn't exist. So the intelligent staff do exist, they're just increasingly difficult to find.

100%

I used to have a personal banker at FNB that went out of her way for me - she sent me tickets to ballets, concerts, etc - when my card got swallowed in Australia they offered to have one delivered within 24-48 hours. They even waited to odd South African hours to be able to phone me in Australia at a decent hour.

Unfortunately, see got moved to a higher position  - and my current banker wasn't interested in getting me a decent interest rate - so I moved to ABSA, its been downhill from there, I've been through more than have bankers, with only the last change being at my request.

FNB also have much better products and benefits - ABSA just have a plan old high fee'd bank account.

[Rodney_gold]

Keep the bond with Absa - prime minus 1.5 is good these days and then transfer your other stuff to whomever.
I am a platinum client with FNB , I have no od or any form of credit and ran an exemplary healthily positive accnt, bought a house , put down over a bar and a 1/2 deposit on 3.5 bar and FNB wouldnt give me a bond , this is 1 yr prior to the NCA
Absa gave me one in a day at prime minus 2. I leave all the rubbish accnts with FNB - keeping em at just enough to cover stop orders etc..too much schlep to change all the debits etc. Investment and my other decent accts are spread with other financial institutes , so FNB get bogger all,
New lurk at STD is to unilaterally increase the bond rate if you change employers...

[placebo]

In my opinion all banks are the same.One loves your custom the other one decides you are a credit risk and therefore refuses to grant the loan.I am with FNB and in all honesty have had ex cellant service.I did move a portion of my accounts to Nedbank in the early 2000's and received the worst service ever even although I gave Nedbank a huge investment call account.The one thing I have learnt about is if you change banks the new bank ask why?Believe me all banks talk to each other.

[milesgopal]

hi
im also with absa pvt.......
ive recently changed bankers cause i moved cities....
the service is better now but really sucked before..
i made enquiries bout a bond recently and they ballparked around prime -1 to prime - 1.1 so i think prime - 1.5 is really good especially given the current interest rate..
so i wouldnt change if i were you if the new bank doesnt match prime - 1.5

im gonna chat to investec soon and see what they can offer.....im almost sure ill be an investec client soon cause everyone raves about their service...

[placebo]

In to days times you will be lucky if you get prime -1%.Ever since the sub prime crisis hit America even S.A banks are scared of giving the rates they gave before.It has nothing to do with to (a certain extent to the NCA)but rather to do with the current economy in America and Europe.Sub prime rates are a thing of the past.My current bond rate is prime -2% although my house is valued at almost 3 times my current bond.(conservative resell value)I purchased a motor vehicle lately and the HP is at prime rate while my previous vehicle was at -2% Sign of the times.

[xrapidx]

hi
im also with absa pvt.......
ive recently changed bankers cause i moved cities....
the service is better now but really sucked before..
i made enquiries bout a bond recently and they ballparked around prime -1 to prime - 1.1 so i think prime - 1.5 is really good especially given the current interest rate..
so i wouldnt change if i were you if the new bank doesnt match prime - 1.5

im gonna chat to investec soon and see what they can offer.....im almost sure ill be an investec client soon cause everyone raves about their service...

Don't qualify for investec yet - hopefullly soon - them or RMB.

I thought changing branches or bankers would help - in my case it didn't - I really don't want to go through the process of moving, but when a banker can't tell you how the budget facility works on your credit card, and you have to explain it to him - its a sign of whats to come.

[egd]

What makes you think that Investec's any better than the others?

[xrapidx]

Most of the Investec/RMB clients I've spoken to have not had any complains - I've been asking around for some time now. I've mainly had complaints about ABSA, Standard and Nedbank - a few from FNB - and hardly any from Investec/RMB.

I'm not saying that Investec or RMB will be great - but they can't be as bad as what I currently have.

Even small issues, e.g. the bank can't even follow a small instruction on what to do with my new bank card - I asked my banker to contact me when its ready, so I can request for it to be delivered to me (R50) or sent to a specific branch - and as always, it goes straight to Cape Town - they then have to cancel and re-issue - I asked for it to be sent to Century City, I now have a notification saying its at the Blouberg post office.

[xrapidx]

FNB is still my first choice of banks I currently qualify for - maybe now that I don't have accounts with them they'll see it as new business and offer me a more competitive interest rate.

I'd rather go from ABSA's Private Bank to FNB's Platinum...

[Kane]

In my line of work I have the "happy" task of banking with Ned/Std/Absa/FNB-RMB on a daily basis; in terms of service I have had both good and bad from all of them, it really does boil down how good your personal banker is regardless of which institution he/she works for. Within any particular bank there is even a difference in service levels between branches; I have experienced this many times where the branch in area "A" will consistently deliver excellent service and branch "B" a few KMs across town is atrocious.

I am almost inclined to advise you to choose a personal banker rather than a bank; but there are of course cost considerations to weigh up too.