Discussion ... Standard Bank Credit Interest

[Rovert]

I want to get a view from some people...I'm livid. I've been a private banking client for years and only recently realised that I never receive credit interest on my current account. Is it just me who feels that it is totally unacceptable that a bank (not sure if other banks are the same) can make a decision that they pay no interest on credit balances? This I believe is just wrong! They are happy to charge you for this and that but have the audacity no to pay credit interest?? How does the Ombudsman allow this? I'm just thinking of the thousands of people out there who could do with an extra few rands a month etc....but no...we don't pay credit interest?? Your views?

[Siener]

It's a total ripoff. That's why I closed my Std Bank current account and moved to Capitec. Much better service levels, no IT problems and only R5 bank charges per month, AS WELL AS almost 5% interest on any credit balance in your account. I'm amazed that anyone still banks at the traditional big 4 banks.

[geordie1]

i have been a customer for years and I leave nothing of value in my current account and use a credit card for "free" use of credit for a month or so.if u understand how system works u try to use it to your advantage and if u do not like it then u swop to a different system.the bank is not your friend they call u a customer to make u feel ok while they make profit from u for the benefit of their shareholders

[AP]

Move to Investec if you want service for much cheaper. Also agree, the conventional banks are old fashion!

[Russ]

How about transferring it to your trading account which pays interest? Go to My account>cash>cost structure, for more information on interest rates.

[kwagga]

Move to Capitec.

[Rovert]

yeah exactly what I did

[am_1]

Ditto. Or drop any credit into your home loan or Money Market. I only use my current account for immediate transacting.

[#9]

not a banker - but my understanding is that current accounts are the worst things they can promote. They offer them mainly because they have to. The issue for a bank is that the money you have in a transaction account is meaningless to them. It doesn't help with their capital adequacy, they can't lend it out, and believe it or not, it costs them money - large amounts of it (loss leaders, I think). Remember they have to offer the same facility to the substantial number of breadline customers who take money out again within 2 or 3 days. So it is only natural for them to remove any incentive whatsoever for you to keep your money there.

[Rovert]

sure that could be the case hence I asked 'why don't you as my 'private banker' inform me of better options'....silence.