Last year the travel bug bit me hard and now I want to do more of it, but this means being more careful with my money. So it’s bye bye Woolie’s toilet paper and hello Clicks 18-roll bumper pack – something I buy like an American survivalist the moment it goes on special. I’ve also started hitting up Checkers around 4pm when all their microwave meals get marked down to half price and gleefully throw ten million into my trolley.
I’m also crazy in love with factory shopping and don’t mind travelling a few extra kilometres and possibly scratching around in boxes if I know I’m going to find fabulous things for less. For example, did you know that if you hit up Beaches swimwear factory shop in Maitland you can nab a bikini for R150?!
But the money-saving switches don’t stop there. A while back I told you how I’d left Cell C for Afrihost Mobile and it’s really paid off. The other switch I mentioned was moving from ABSA to Capitec. Again, it’s made a huge difference to my bottom line and I’m only too happy to share.
With ABSA’s Daily Banking Flexi Account, I was paying around R250 to R300 a month in bank charges and had no idea how that was happening. Whenever I looked at my ABSA account it was riddled with little debits and to this day I still don’t really know what they were for despite the fact that my account was a seemingly simple one. I only used it to receive income a few times a month (I work as a freelancer so I have multiple credits coming in), had five debits linked to it and then would pay off my credit card and rent. That was it. I’m not a fancy banker. I don’t even draw cash that much! But each month I’d see multiple fees for ‘notifications’ that varied in price (one time it was R7,70), a fluctuating internet banking fee (in December it was R143,90!), an admin fee of R16 and transaction charges for around R8 a pop but sometimes for R16,95.
Anyway, I got sick of it. And I kept hearing how all my more business savvy friends had moved to Capitec and were as happy as clams so I thought screw it, I’ll do the same and I haven’t looked back since. I now have a simple Capitec savings account called Global One. They don’t have a fussy online banking site – everything I need to do gets done via their app which is awesome. And get this – it’s FREE.
I use it to check my balance (for free), watch my five recurring payments go off and pay my rent and credit card and each of those transactions are just R1,50 a pop. Those seven transactions (five debits and two payments) are now costing me just R10,50. Then, in terms of a monthly admin fee, it’s just R5,50 – almost three times less expensive than ABSA.
As far as drawing cash goes, using a Capitec ATM costs just R6. You can also draw money from any PnP, Checkers or Shoprite till point for R1,50. However, if you’re really stuck and do need to use another bank’s ATM it’s just R8,50. (Using an ABSA ATM was costing me R3,95 plus R1,35 for every R100 I pulled out, so getting my mitts on R1000 meant paying R17,45!)
Opening the account was super simple and took about twenty minutes of my time and everything was explained to me by the friendly bank dude in a way that was super transparent and easy to understand. All I had to do was go into a Capitec branch with my ID and proof of residence and BOOM, an account was opened in my name and I left with a shiny, new gold Capitec debit card.
They even helped me move my debits although it is advised to keep your old bank account open until you’ve seen every debit has moved along. My ABSA account is still open right now (but I’ll close it this month) as Telkom are only keen to move a debit to an account that’s been open for three months or more.
So, as I type, my ABSA account is still draining me while, last month, my Capitec account cost me R37. THIRTY SEVEN! And I’m not doing anything special either – Capitec have 5,5 million clients paying less than R5o a month. Also, I get a 5,35% interest on a positive balance. I’d love to tell you what interest I was earning at ABSA but their site is so blerrie confusing I literally can’t figure it out. No lies!
In all, I’m a very happy customer who’s only regret is not making the switch two years ago. If I had, I’d have saved a whopping R5400! Like I said, I really want to travel a bit more this year and, at this rate, I’ll be able to hop on a plane that much faster.
This is a happily sponsored post.