SMALL BANK. BIG VISION Over-confident in their status as The Big Four and blinded by greed, South Africa’s top banks were caught with their pants down when the economic crisis was upon them. Then, panic-stricken, when the shit hit the fan, they couldn’t come up with any practical contingency plan except to increase charges. As a result, Absa, FNB, Standard Bank and Nedbank are all reeling from the impact.

Meanwhile, a relatively small bank pre-empted the inevitable, and quietly implemented a consumer-friendly strategy that they believed would buffer the impact for them.

In the past twelve months Capitec Bank has attracted over 480 000 new clients, with the bank exceeding the 2-million mark in the number of clients by August 2009.

Capitec is rolling in it, and hats off to them.

Because, comparatively speaking, Capitec clients are also rolling in it.

 

A ‘Starter Out” account with Capitec - those with banking transactions between R3000-R5000 per month – costs just R79 per year.
The next best in this category is MTN MobileMoney at a cost of R696 a year. A whopping 780 percent higher.

A ‘Family Man’ account with Capitec – with transactions of R9000 – R11 000 per month would earn a positive return of R252 per year.

The next best option – FNB Smart Transmission Account – would show a negative return (cost) of R660 for the year.

Kader Khan
Editor
info@yummie.co.za