Monday, 7 May 2007

FNB One Account - Is it the 1 Account?


The FNB One account. I'm sure you've all seen this on the news, on TV or even in the Cosmo( and no gents, I don't read the Cosmo)...

"What if you put your salary directly into your FNB home loan, over a couple of years it saves you thousands of rands AND IT DOES! You'll save a fortune on interest and if you're home loan was a bank account as well you'd have the best of both worlds."

The concept is incredible, it's what every home loan and financial advisor will suggest to you. Put your salary directly into your home loan so you can pay off that interest portion of your bond account. There's a catch to this One account though. It's a One account. What this means is that not only is it your FNB home loan but it's your FNB Home Loan account, your savings account, your credit card account and any other FNB account that you may have all joined into one.

The problem I have with this is how do you manage your money? How do you know how much you've spent on your credit card account, and how do you know if you've gone into your overdraft facility on your debit card? By consolidating all your accounts, are you giving FNB a chance to charge you more without you knowing? If you're not money savey, is this the option to go for, or are you going to get yourself further into debt?

If there are some FNB agents out there that read this BLOG, and there better be or I'm going to have to SPAM *@fnb.co.za ;-) please give us your comments, we're very interested to find out more about this...

For more information on the FNB One account speak to a consultant.

5 comments:

Trevor said...

I considered applying for the FNB One Account, but what put me off was the R125 Monthly Package Subscription Fee. This meant that I would be paying about R40 more in bank charges anyway.

Besides, my salary will only keep the account at a high balance for a few days. Thereafter it goes back to nearly zero after all my monthly debit orders have come off.

PlacidHomes.com said...
This comment has been removed by a blog administrator.
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Hercules said...

I'm also looking at the One Account and my immediate take on the matter is that while depositing your salary into your home loan account is a great idea, swiping a debit card against your home loan account at the furniture store is a BAD idea.

I'd setup the One Account to service my debit orders and keep a separate credit card account with low fees and 30-day interest-free use for discretionary month-to-month expenditure, thereby separating short-term and long-term commitments. If I overspend on the card, it will then still be immediately obvious.