If you are considering moving to FNB from ABSA, just know this: The FNB bond is an inferior product to ABSA! When I had my primary bank account and bond with ABSA, they allowed me 2 options when I paid additional amounts into my bond: Either have an immediate and automatic reduction in monthly repayments (term stays the same), or keep the payments the same (which results in a shorter term). On both options, I still retained the flexi facility to withdraw additional available amounts during the term. But having moved to FNB in 2010 as a result of good benefits on the primary account, I notice in 2012 that they do not have the option of a reduced monthly payment when additional funds are paid in. I received formal response in this regard - they say it is their policy and "This was a decision made by Home Loan Credit department for all FNB Bond holders and will unfortunately not be reconsidered." This means that the payments stay the same while the term will in effect be reduced. They will only reduce repayment upon request but will capitalize the additional amount, which will no longer allow me to withdraw the lump sum should I need to. So, their bond product is inferior in my view!
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