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.